FIMA CORPORATION ANNUAL REPORT 2016

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FIMA CORPORATION BERHAD

(21185-P) |

Annual Report

2016

The functions of GIA are complementary to, but different from that of external auditors. It undertakes

regular monitoring of the Group’s key controls and procedures, an integral part of the Group’s system

of internal control. An internal audit review highlights major weaknesses in control procedures and

makes recommendations for improvements. GIA also undertakes investigation on behalf of the Audit

Committee and follows up on complaints on matters affecting the Group’s operations.

Details of the Company’s internal control system and framework are set out in the Statement on Risk

Management and Internal Control of this Annual Report.

ENSURE TIMELY AND HIGH QUALITY DISCLOSURE

The Company has in place a Corporate Disclosure Policy to provide the Group with appropriate guidance

to discharge its disclosure obligations and ensure that all communications to the public by the Company are

timely, complete and accurate in accordance with all applicable legal and regulatory requirements. Corporate

disclosure practices are administered and overseen by a Corporate Disclosure Committee.

The Company’s website at

is the key communication channel for the Company to reach

its shareholders and stakeholders and it provides quick access to information about the Group. The website

includes all announcements made by the Company, financial results, annual reports and the corporate and

governance structure of the Company. Notice of AGM, minutes of AGM and slide presentations made at

AGM are also available on the Company’s website.

RELATIONSHIP WITH SHAREHOLDERS

The Board views the Company’s general meetings as a valuable opportunity for shareholders to exchange

views and engage in active dialogue with the Board. Shareholders are encouraged to attend the AGM

whereby they may raise questions and concerns with regards to the Company’s business and performance.

The Board endeavors to ensure that all Board members, senior management and external auditors are in

attendance to respond to the shareholders queries. To ensure transparency, the Board will also share with

the shareholders the Board’s responses to questions raised by the Minority Shareholders Watchdog Group.

COMPLIANCE STATEMENT

The Board is of the view that the Company has, in all material aspects applied the principles and complied with

the recommendations of MCCG 2012, save for the recommendation that the tenure of an independent director

shall not exceed a cumulative term of 9 years where the non-observance has been explained in this Statement.

This Statement is made in accordance with the resolution of the Board dated 3 June 2016.

STATEMENT OF

CORPORATE GOVERNANCE

(contd.)