FGV Annual Report 2018

66 REINFORCED OUR STANDARDS OF GOVERNANCE FGV HOLDINGS BERHAD GOVERNANCE AT FGV: LEADERSHIP AND EFFECTIVENESS BOARD ACTIVITIES WHAT THE BOARD DID THIS YEAR Board activities are structured to develop the Group’s strategy and to enable the Board to support executive management on the delivery of the Group’s strategy within a transparent governance framework. Key matters considered by the Board in 2018 were as follows: • Business Plan 2019-2021 (BP21) and Budget 2019 for FGV Group • 1H 2018 Mid-Year Review and 2H 2018 Forecast • 2018 Top Management Key Performance Indicators (KPI) • FGV Turnaround Plan • FGV Group Quarterly Risk Report • FGV Group and Upstream Cluster Risk Appetite Statements • Risk Register and FGV Group Top 10 Risks • Enhanced Project Risk Assessment • Governance Quantum Leap project • Scenario Analysis exercise • Risk Management Framework Roadmap • Organisation structure • Updates on sustainability matters • Enhanced and strengthened Group Investment Policy • Divestment of FGV subsidiaries and joint venture companies • Liquidation and striking off of FGV subsidiaries and joint venture companies • Assessment on the effectiveness of partnership and joint venture performance • Entering into Memorandum of Understanding (MoU) STRATEGY, RISK AND SUSTAINABILITY INVESTMENTS AND DIVESTMENTS • Financial Statements for FY2017 • Quarterly Report on Consolidated Results • FGV Group’s recurrent related party transactions • Re-appointment of external auditor for FY2018 • Audit fee for FGV Group for FY2018 • FGV and FGV Group’s financial performance against budget and key performance targets • Board Charter, Terms of Reference of Board Committees, Group Human Resources Policies, Discretionary Authority Limits and establishing Legal Authority Limit and Signing Protocol, Finance Policies and Procedures, Business Continuity Management Policy and Framework, Sustainability Policy, Treasury Policies and Procedures Manual in relation to Foreign Exchange Hedging, Procurement Policies and Procedures and FGV Board Remunerations Policy • Schedule of FGV Board meetings for the year 2019 • Status of compliance to MCCG 2017 • Material litigation updates within the Group • Formation of new Board Committees • Group Internal Audit Charter FINANCIAL GOVERNANCE