FGV Annual Report 2015

96 Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 Chairman’s Statement on Corporate Governance We aim to ensure that good corporate governance continues to provide a solid basis for our business, in promoting transparent and ethical business conduct at all levels, and continuing to add value for our Stakeholders. We hold the view that while governance structures and processes are important, it is how well they are implemented and function within the Group that is the question we must carefully consider. The Board Governance & Risk Management Committee has been mandated by the Board to review the effectiveness and adequacy of the Group’s governance structures. In 2014, we embarked on a journey to ensure excellence in the way we conduct our corporate governance policies and activities within our organisation. This pursuit lead to 6 initiatives which paved way to meeting those objectives. The below table outlines our efforts and its progress, in addition to showcasing our long-term goals. Initiatives Enhancing Approach Objectives Progress 6 Initiatives toward excellence in Corporate Governance 1. Corporate Governance (CG) Checklist • To create necessary documents, policies, procedures and work instructions to have in place (required and/or good to have). • To review the documents, policies, procedures and work instructions every 3 years or earlier based on necessity. Phase 1 of FGV Board Manual completed and launched on 26 November 2014. Work-In-Progress: Phase 2 of FGV Board Manual was carried out in FY2015- 016; expected to be approved in March/April 2016 and launch in Q3 2016. Group Governance Department shall undertake Phase 3 for CG Best Practices in H2/2016-H1/2017. 2. FGV’s Code on Corporate Governance (FGV-CoCG) The FGV-CoCG shall provide a standard code foundation for all business decisions and activities to enable FGV to achieve sustainable businesses worldwide. Work-In-Progress: expected to be completed in FY2016. 3. FGV Corporate Governance Plan (FGV-CGP) (+Compliance Plan (FGV-CP) • To provide the guardrail that guides, directs, and controls business decisions and activities to enable FGV Group to achieve sustainable businesses globally. • To drive FGV to focus on processes and structures in order to achieve business prosperity, and discharges corporate accountability with the ultimate objective of long-term value realisation for Shareholders and Stakeholders. Work-In-Progress: FGV-CP is expected to be completed in FY2016 and FGV-CGP is expected to be completed in 2017. On behalf of the FGV Board, I am pleased to present the Group’s corporate governance statement for 2015. This report gives details on our progress, achievements, challenges and areas in which we seek to improve. Dear Shareholders