2004 - Hiap Teck Venture Berhad

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CORPORATE GOVERNANCE STATEMENT The Board of Hiap Teck Venture Berhad acknowledges the importance of maintaining good corporate governance in the Group. To achieve this objective, the Board has initiated moves to ensure that the principles of corporate governance are being applied. During the year under review, the Board has complied with most of the best practices as set out under Part 2 of the Malaysian Code on Corporate Governance (“the Code”) and is pleased to present its report on the extent of its compliance with the Code. The Board of Directors The Company is led and controlled by an effective board comprising a balanced mix of directors with both professional and business experience. The Board comprises of 4 Executive Directors, 5 Independent Non- Executive Directors, a Non-Independent Non-Executive Director and an alternate Director. The role of the Chairman and the Managing Director is separate to ensure a balance of power. Currently, the Board is chaired by Tan Sri Dato’ Alwi bin Jantan, an Independent Non-Executive Director whereas Mr Kua Hock Lai, the Managing Director, leads the management in the operation and implementation of Board policies and decisions. The Board is provided with sufficient and timely information to enable it to discharge its duties effectively. This information includes both verbal and written details. Senior management would be invited to be present at the Board and Audit Committee meetings, as and when required, to provide further explanation and representation to the Board. Strategic issues such as acquisition and disposal of Group’s investments or assets; announcement to regulators; corporate and restructuring exercises are presented to the Board for its decision to ensure that the direction and control of the Group is firmly in the Board’s control. All Directors have access to further information which they may require in discharging their duties including seeking independent professional advice, if necessary, at the Company’s expense. They also have access to the advice and services of the Company Secretary, whose removal may only be made with the approval of the Board. There were 7 Board of Directors’ Meetings held during the financial year ended 31 July 2004. Details of the Board of Directors’ Meetings and their attendance at these meetings are shown in page 62 of this report. Directors’ Training Orientation will be provided to new Directors and training needs for each Director are identified to enable Directors to attain the appropriate skills and knowledge to contribute effectively for the achievement of the aims and aspiration of the Company. Appointment to the Board The Board formed a Nomination Committee on 24 September 2003 comprising exclusively of nonexecutive directors. The members of the Nomination Committee are as shown below. The Nomination Committee is responsible for proposing new nominees for the Board and for assessing directors as an on-going basis. Nevertheless, the actual decision as to who shall be nominated remains the responsibility of the full Board after considering the recommendation of the Nomination Committee. The Nomination Committee ensures an assessment on the effectiveness of the Board, Committee and the contribution of each Director will be carried out once a year. Nomination Committee NAME DESIGNATION DIRECTORSHIP Tan Sri Dato’ Alwi bin Jantan Chairman Independent Non-Executive Director Mohamed Nizam bin Member Independent Non-Executive Director Abdul Razak Cheah Shu Boon Member Non-Independent Non-Executive Director HIAP TECK VENTURE BERHAD 9
The Company’s Articles of Association provides that all directors are required to submit themselves for reelection at least once every three years. The Company is entitled to the service of the Company Secretary to ensure the appointment of each of its Director is properly made. Mr. Yeoh Chong Keat has been appointed the Senior Independent Non-Executive Director of the Board to whom concerns from the shareholders relating to the Company may be conveyed. Directors’ Remuneration The Board formed a Remuneration Committee on 24 September 2003. The members of the Remuneration Committee are as shown below. The Remuneration Committee is responsible for recommending to the Board the remuneration packages of the Executive Directors, whilst the Board as a whole determines the remuneration of the Non-Executive Directors. The individual Director concerned does not participate in the discussion of his or her own remuneration. It is the policy of the Committee to structure the remuneration of the Executive Directors so as to link his rewards to the Group’s performance whilst the remuneration of the Non-Executive Directors is determined in accordance with their experience and the level of responsibilities assumed. Fees payable to all Directors are proposed at the Annual General Meeting for the shareholders’ approval. Subsequent to the establishment of the Remuneration Committee, the members of the Remuneration Committee have met once to review and discuss on the remuneration of the Directors. The Committee, having determined on the respective remuneration of the Executive and Non-Executive Directors, recommended its proposals to the Board for approval. Remuneration Committee NAME DESIGNATION DIRECTORSHIP Tan Sri Dato’ Alwi bin Jantan Chairman Independent Non-Executive Director Cheah Shu Boon Member Non-Independent Non-Executive Director Kua Hock Lai Member Managing Director Yeoh Chong Keat Member Independent Non-Executive Director The following are the remuneration bands of the Directors: EXECUTIVE NON-EXECUTIVE REMUNERATION BANDS DIRECTORS DIRECTORS RM50,000 and below - 7* RM200,001 – RM250,000 3 - RM3,450,001 RM3,500,000 1 - * Inclusive of fees paid to an alternate Director during her office as Director for the Financial Year ended 31 July 2003. 10 HIAP TECK VENTURE BERHAD
Page 1 and 2: 2004 annual report C R E A T I N G
Page 3 and 4: CORPORATE STRUCTURE 100% 100% 100%
Page 5 and 6: PROFILE OF THE BOARD OF DIRECTORS T
Page 7 and 8: CHAIRMAN’S STATEMENT On behalf of
Page 9: FINANCIAL HIGHLIGHTS Revenue (RM’
Page 13 and 14: STATEMENT ON INTERNAL CONTROL The B
Page 15 and 16: AUDIT COMMITTEE REPORT The Audit Co
Page 17 and 18: 6. Audit Committee Report The Commi
Page 19 and 20: Directors’ Report The directors h
Page 21 and 22: ISSUE OF SHARES AND INITIAL PUBLIC
Page 23 and 24: Statement by Directors Pursuant to
Page 25 and 26: Balance Sheets as at 31 July 2004 N
Page 27 and 28: Consolidated Statement of Changes i
Page 29 and 30: Cash Flow Statements for the year e
Page 31 and 32: Notes to the Financial Statements 3
Page 33 and 34: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 35 and 36: 2. SIGNIFICANT ACCOUNTING POLICIES
Page 37 and 38: 3. PROPERTY, PLANT AND EQUIPMENT (C
Page 39 and 40: 5. OTHER INVESTMENTS GROUP COMPANY
Page 41 and 42: 11. CASH AND CASH EQUIVALENTS GROUP
Page 43 and 44: 14. TRADE PAYABLES The normal trade
Page 45 and 46: 18. DEFERRED TAX (CONT’D) Deferre
Page 47 and 48: 23. DIRECTORS' REMUNERATION Directo
Page 49 and 50: 25. TAXATION (CONT’D) Company 200
Page 51 and 52: 30. SIGNIFICANT RELATED PARTY TRANS
Page 53 and 54: 33. SIGNIFICANT EVENTS In conjuncti
Page 55 and 56: 34. SEGMENTAL INFORMATION (CONT’D
Page 57 and 58: Analysis of Shareholdings as at 15
Page 59 and 60: DIRECTORS’ SHAREHOLDING as at 15
Page 61 and 62:
financial year, amongst others, on
Page 63 and 64:
Statement Accompanying Notice of An
Page 65 and 66:
Company Secretaries HIAP TECK VENTU
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2004 - Hiap Teck Venture Berhad

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