GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia
GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia
annual report 2009 | Gula peraK BerHaD (8104-X) STATEMENT ON CORPORATE GOVERNANCE (Cont’d) DIRECTORS’ REMUNERATION The remuneration of the Directors is determined based on the responsibility, contribution and performance of each Director. Directors do not participate in decisions regarding their own remuneration packages and directors’ fees must be approved by the shareholders at the AGM. The aggregate remuneration of the Directors categorised into appropriate components and analyzed into bands of RM50,000 for the financial year ended 31 March 2009 is set out below: Salaries (RM) Fees (RM) Total (RM) Executive 1,452,000 – 1,452,000 Non-Executive – 72,000 72,000 Number of Directors Range of remuneration Executive Non-Executive Less than RM50,000 – 3 RM50,000 to RM100,000 – – RM100,001 to RM150,000 – – RM150,001 to RM200,000 4 – RM200,001 to RM250,000 – – RM250,001 to RM300,000 1 – Above RM300,000 1 – SHAREHOLDERS The board aims to ensure timely disclosure of information to all shareholders. The Company keeps the shareholders abreast of the overall financial performance and future developments of the Group through its annual report and accounts, timely release of quarterly financial results made through Bursa Securities as well as press releases and circulars where appropriate. The AGM remains the principal forum for communication and dialogue with shareholders. The AGM provides the opportunity for interaction amongst shareholders, Directors and Management, where the shareholders are at liberty to raise questions on the AGM agenda. Press conference is normally held after the AGM to brief members of the Press on the performance of the Group for the benefit of potential investors as well as for shareholders who are unable to attend the AGM. ACCOUNTABILITy AND AUDIT The Audit Committee oversees the financial reporting and internal control system of the Group. The Audit Committee comprises of two (2) Independent, Non-Executive Directors and one (1) Non-Independent Non-Executive Director. The primary responsibilities of the Audit Committee are set out in the Audit Committee Report on pages 21 to 23 FINANCIAL REPORTING The Board is responsible to ensure that the financial statements of the Company and of the Group are made out in accordance with applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965. Through the continuing disclosure of the Group’s financial position via timely announcement of quarterly and audited results, shareholders are kept abreast of the Group’s performance throughout the financial year. The Audit Committee assists the Board by reviewing the disclosure and information to ensure completeness, accuracy and validity of the information in the reports. INTERNAL CONTROL The information on the Group’s internal control is presented in the Statement of Internal Control. 17 www.gulaperak.com.my
www.gulaperak.com.my 18 RELATIONSHIP wITH AUDITORS annual report 2009 | Gula peraK BerHaD (8104-X) STATEMENT ON CORPORATE GOVERNANCE (Cont’d) The Company maintains a formal and transparent relationship with its external auditors, in seeking professional advice and ensuring compliance with the applicable accounting standards in Malaysia. The Audit Committee has the authority to communicate directly with the external auditors and the auditors may request a meeting with the Committee as and when necessary. DIRECTORS’ RESPONSIBILITy STATEMENT IN RESPECT OF THE PREPARATION OF THE AUDITED FINANCIAL STATEMENT The Board is responsible for ensuring that the financial statements of the Group give a true and fair view of the state of affairs of the Group and of the Company as at the end of the financial year and of the results and cash flows for the financial year then ended. In preparing the financial statements, the Directors have ensured that applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965 have been applied. The Directors, in preparing the financial statements, have selected and applied consistently suitable accounting policies and made responsible and prudent judgements and estimates. The Directors also have a general responsibility for taking such steps as are reasonably available to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
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RELATIONSHIP wITH AUDITORS<br />
annual report 2009 | Gula peraK BerHaD (8104-X)<br />
STATEMENT ON CORPORATE GOVERNANCE (Cont’d)<br />
The Company maintains a formal and transparent relationship with its external auditors, in seeking professional advice<br />
and ensuring compliance with the applicable accounting standards in <strong>Malaysia</strong>. The Audit Committee has the authority to<br />
communicate directly with the external auditors and the auditors may request a meeting with the Committee as and when<br />
necessary.<br />
DIRECTORS’ RESPONSIBILITy STATEMENT IN RESPECT OF THE PREPARATION OF THE AUDITED FINANCIAL STATEMENT<br />
The Board is responsible for ensuring that the financial statements of the Group give a true and fair view of the state of affairs<br />
of the Group and of the Company as at the end of the financial year and of the results and cash flows for the financial year then<br />
ended. In preparing the financial statements, the Directors have ensured that applicable approved accounting standards in<br />
<strong>Malaysia</strong> and the provisions of the Companies Act, 1965 have been applied.<br />
The Directors, in preparing the financial statements, have selected and applied consistently suitable accounting policies and<br />
made responsible and prudent judgements and estimates. The Directors also have a general responsibility for taking such<br />
steps as are reasonably available to them to safeguard the assets of the Group and to prevent and detect fraud and other<br />
irregularities.
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