Eng - IOI Group

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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
Roles and Principal Duties cont’dThe independent non-executive directors are actively involved in various Board committees and contribute significantlyto areas such as performance monitoring and enhancement of corporate governance and controls. They provide a broaderview, independent assessment and opinions on management proposals sponsored by the executive directors and acapable check and balance for the executive directors.Although a relatively small board, it provides an effective blend of entrepreneurship, business and professional expertisein general management, finance, legal and technical areas of the industries the Group is involved in. A key strength ofthis structure has been the speed of decision-making.Board Composition and BalanceThe Board comprises seven members, of whom four are executive directors and three are independent non-executivedirectors. The Board composition complies with the KLSE Listing Requirements that requires a minimum of 2 or 1/3of the Board to be independent directors. A brief profile of each director is presented on pages 26 to 29 of theAnnual Report.79IOI Corporation BerhadAnnual Report 2003
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www.ioigroup.comIOI Corporation Ber
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OPERATING BACKGROUNDThe Malaysian e
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FINANCIAL OVERVIEW cont’dGroup’
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REVIEW OF RESULTS cont’dEBIT cont
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OTHER CORPORATE DEVELOPMENT AND GRO
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SOCIAL CONTRIBUTIONSAs a responsibl
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ACKNOWLEDGEMENTOn behalf of the Boa
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noticeofannualgeneralmeetingNOTICE
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noticeofannualgeneralmeeting cont
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oostingjobfulfilment“When it come
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oardofdirectorsTan Sri Dato’ Lee
Page 29 and 30: Dato’ Lee Yeow ChorExecutive Dire
Page 31 and 32: Datuk Khalid b Hj HusinIndependent
Page 34 and 35: groupfinancialoverviewBalance Sheet
Page 36 and 37: groupperformancehighlightsIOI Corpo
Page 38 and 39: five-yearfinancialhighlightsIn RM
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Page 43 and 44: HIGHLIGHTS cont’d• Net operatin
Page 45 and 46: ECONOMIC PROFIT AND RETURNS cont’
Page 47 and 48: RISK MANAGEMENTThe Group has in pla
Page 49 and 50: Financial Risk Management cont’d
Page 51 and 52: management’sdiscussionandanalysis
Page 53 and 54: Area Statement (In Hectares)Year en
Page 55 and 56: OPERATIONS cont’dAlthough oil yie
Page 57: OUTLOOK AND PROSPECTSPrices of edib
Page 65 and 66: OPERATIONS cont’dIn line with the
Page 67 and 68: RESULTS cont’dThe Group’s overa
Page 69 and 70: ValKepongKLCCKualaLumpurKL SentralP
Page 73 and 74: OPERATIONSThe Group’s palm oil re
Page 75 and 76: PROSPECTSThe oleochemical sub-segme
Page 77 and 78: 4 Duties and ResponsibilitiesIn ful
Page 79: ACTIVITIES cont’dviiReview of the
Page 83 and 84: Board Composition and Balance cont
Page 85 and 86: Re-electionIn accordance with the C
Page 87 and 88: Directors’ Remuneration cont’d1
Page 89 and 90: Financial Reporting cont’dIn addi
Page 91 and 92: NATURE OF OUR INTERNAL CONTROLS CON
Page 93 and 94: otherinformationCOMPOSITION OF SHAR
Page 95 and 96: Type of Recurrent Interested Direct
Page 97 and 98: Type of Recurrent Interested Direct
Page 99 and 100: 27 Tan Sri Dato’ Lee Shin Cheng i
Page 101 and 102: groupbusinessstructurePlantationPla
Page 103 and 104: EuropeNetherlands : Wormerveer and
Page 105 and 106: ■ Plantation1 Bukit Dinding Estat
Page 107 and 108: • The exercise price of Warrants
Page 109 and 110: MARCH 2003• IOI achieved a 5th pl
Page 111 and 112: socialcontributions• In conjuncti
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Page 116 and 117: directors’reportThe Directors of
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Page 122 and 123: directors’report cont’dRESERVES
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incomestatements for the financial
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groupproperties cont’dAPLANTATION
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groupproperties cont’dBDEVELOPMEN
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groupproperties cont’dDINDUSTRIAL
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groupproperties cont’dEOTHER PROP
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LIST OF TOP 30 SHAREHOLDERS cont’
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Eng - IOI Group

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