Eng - IOI Group

corporategovernanceThe Board of Directors of the Company fully subscribes to the principles and recommendations embodied in theMalaysian Code of Corporate Governance (“the Code”) and strives to adopt the substance and not merely the formbehind the corporate governance prescription.In addition to the implementation of the Code, the Company’s own corporate governance practices have always beenguided by its “Vision IOI” framework whereby responsible and balanced commercial success is to be achieved byaddressing the interests of all stakeholders, that is, our customers, our shareholders, our people, our business associatesand our nation and the society in which we operate. A set of core values and guiding principles guides our people at alllevels in the conduct and management of our business and affairs of the Group. We believe that good corporategovernance results in quantifiable and sustainable long term success and creation of shareholder value as well asbenefits for all other stakeholders. Hence, the Board of Directors is committed to ensuring that a high standard ofcorporate governance is practised throughout the IOI Group in the best interest of all stakeholders.The Board is pleased to provide the following statement, which outlines how the Group has applied the principles laiddown in the Code. Except for matters specifically identified, the Board of Directors has complied with the best practicesset out in the Code.THE BOARD OF DIRECTORSRoles and Principal DutiesThe Board takes full responsibility for the overall performance of the Company and of the Group.The Board establishes the vision and strategic objectives of the Group, directing policies, strategic action plans andstewardship of the Group’s resources towards realising “Vision IOI”. It focuses mainly on strategies, financialperformance, critical and material business issues and specific areas such as principal risks and their management,internal control system, succession planning for senior management, investor relations programme and shareholders’communication policy.The executive directors take on primary responsibility for managing the Group’s business and resources. The intimateknowledge of the executive directors and their “hands-on” management practices have enabled the Group to haveleadership positions in its chosen industries.IOI Corporation BerhadAnnual Report 200378