FGV Annual Report 2015

335 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING Notes to the Financial Statements For The Financial Year Ended 31 December 2015 ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 53 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions and balances. Federal Land Development Authority (“FELDA”), a significant shareholder of the Company, effectively owns 33.7% (2014: 33.7%) of the issued share capital of the Company. FELDA is a statutory body corporate set up under the Land Development Act 1956, and controlled by the Malaysian Government. The Group considers that, for the purpose of FRS 124 – “Related Party Disclosures”, FELDA and the Malaysian Government is in the position to exercise significant influence over it. As a result, the Malaysian Government and Malaysian Government controlled bodies (collectively referred to as “government-related entities”) are related parties of the Group and the Company. Apart from the individually significant transactions as disclosed in Notes 28, 44, 46, 53(c), 53(e) and 53(f) to the financial statements, the Group and the Company have collectively, but not individually, significant transactions with other government-related entities which include but not limited to the following: (i) Purchasing of goods and services, including use of public utilities and amenities (ii) Placing of bank deposits with government-related financial institutions These transactions are conducted in the ordinary course of the Group’s business on terms consistently applied in accordance with the Group’s internal policies and processes. These terms do not depend on whether the counterparties are government-related entities or not. Significant related parties and relationships are summarised as follows: (i) Subsidiaries Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. (“FGVPM”) Felda Holdings Berhad (“FHB”) Felda Agricultural Services Sdn. Bhd. (“FASSB”) Felda Engineering Services Sdn. Bhd. (“FESSB”) Felda Kernel Products Sdn. Bhd. (“FKPSB”) Felda Marketing Services Sdn. Bhd. (“FELMA”) Felda Palm Industries Sdn. Bhd. (“FPISB”) Felda Prodata Systems Sdn. Bhd. (“Prodata”) Felda Rubber Industries Sdn. Bhd. (“FRISB”) Felda Security Services Sdn. Bhd. (“FSSSB”) FPM Sdn. Bhd. (“FPMSB”) Felda Travel Sdn. Bhd. (“Felda Travel”) Felda Bulkers Sdn. Bhd. (“FBSB”) Felda Global Ventures Capital Sdn. Bhd. (“FGVC”) FGV Trading Sdn. Bhd. (“FGV Trading”) (ii) Joint ventures FPG Oleochemicals Sdn. Bhd. (“FPG”) Felda Iffco Sdn. Bhd. Group (“FISB Group”) MAPAK Edible Oil Pvt. Ltd. (“MAPAK”) (iii) Associate F.K.W Global Commodities (Private) Limited (“FKW”) (iv) Other related companies Yayasan Felda (Entity controlled by FELDA)