FORGING AHEAD - Tradewinds Plantation Berhad

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64 CORPORATE GOVERNANCE STATEMENT ON INTERNAL CONTROL THE TRADEWINDS PLANTATION BERHAD GROUP’S (“THE GROUP”) SYSTEM OF INTERNAL CONTROL IS DESIGNED TO MEET THE GROUP’S BUSINESS OBJECTIVES AND SAFEGUARD THE GROUP’S ASSETS, SHAREHOLDERS’ INVESTMENTS AND THE INTERESTS OF CUSTOMERS, REGULATORS AND EMPLOYEES IN ACCORDANCE WITH S167A OF THE COMPANIES ACT, 1965. THE INTERNAL CONTROL SYSTEM COVERS THE AREAS OF RISK MANAGEMENT, FINANCE, OPERATIONS MANAGEMENT INFORMATION SYSTEM AND COMPLIANCE WITH THE RELEVANT LAWS AND REGULATIONS. TRADEWINDS PLANTATION BERHAD Annual Report 2010
The Board of Directors (“the Board”) is ultimately responsible for the Group’s system of internal control, which includes the establishment of an appropriate control environment and framework, as well as reviewing its adequacy and efficiency. The Board acknowledges that risks cannot be completely eliminated. The system by its nature can only provide reasonable and not absolute assurance against material misstatement, operational failures, fraud or loss. RISK MANAGEMENT A formal group-wide enterprise risk management framework covering the Group’s core business activities to identify, evaluate and manage significant business risks that may affect the achievement of its business objectives has been approved by the Board and implemented. This enterprise risk management framework is continuously reviewed by the Board for its adequacy and effectiveness. Management is responsible to inculcate a risk-awareness culture and continuously reviewing the existing risk management framework to enhance risk awareness for managing risks and internal control, ensuring compliance with applicable laws and regulations and the policies adopted by the Board. The following key features have been incorporated in the Group’s risk management framework :- 1. The Group reaffirms its on-going process of risk management by conducting relevant courses on risk awareness, risk assessment process and methodology to keep abreast with latest developments and requirements. The group-wide risk assessment process includes reevaluating existing key risk areas and identifying new key risk areas, potential impact and likelihood of those risks occurring, the effectiveness of control and adopting the appropriate action plans to mitigate those risks. CORPORATE GOVERNANCE The risk reports of each business unit and support services department across the Group are updated and presented to the Risk Management Committee for review and thereafter to the Board on a semi-annual basis on the significant risks and controls available to mitigate those risks. 2. Evaluating key risks facing each business and operation of the Group, potential impact and likelihood of those occurring, the control effectiveness and action plans to manage those risks will continuously be carried out throughout various divisions, subsidiaries and departments by the Management. OTHER KEY ELEMENTS OF INTERNAL CONTROL Apart from the above, the other key elements of the Group’s internal control system which has been reviewed by the Board are described below:- 1. Specific responsibilities have been delegated to the relevant Board Committees which have written Terms of Reference. These Committees have the authority to examine all matters within their scope of responsibility and report back to the Board with their recommendations. The ultimate responsibility for the final decision on all matters however lies with the Board. 2. The management of the various companies in the Group is delegated to the respective heads of operation and their management teams, whose roles and responsibilities and authority limits are set by the holding company’s Board. 3. The Management is responsible for the periodic review and stream lining of policy and procedural manuals to be adopted across the Group. These are supplemented by operating standards set by Management for application across the Group. TRADEWINDS PLANTATION BERHAD Annual Report 2010 65
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Level 9, Menara HLA No. 3, Jalan Ki
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CORPORATE GOVERNANCE 56 Statement o
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4 STATUTORY REPORTING NOTICE OF ANN
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NOTICE OF ANNUAL GENERAL MEETING AN
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8 STATUTORY REPORTING STATEMENT ACC
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GROUP FINANCIAL HIGHLIGHTS 2010 200
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STRATEGIC INVESTMENTS We will remai
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Page 20 and 21: 18 CORPORATE INFORMATION CORPORATE
Page 22 and 23: 20 CORPORATE INFORMATION BOARD OF D
Page 28 and 29: 26 CORPORATE INFORMATION TRADEWINDS
Page 30 and 31: 28 CORPORATE INFORMATION MANAGEMENT
Page 32 and 33: 30 CORPORATE INFORMATION GROUP CORP
Page 35: STRATEGIC DIVERSIFICATIONS Through
Page 38 and 39: 36 PERFORMANCE REVIEW CHAIRMAN’S
Page 46 and 47: 44 PERFORMANCE REVIEW BuSINESS REvI
Page 48 and 49: BuSINESS REvIEW By CHIEF EXECuTIvE
Page 54: STRATEGIC EXPERTISE As our sights a
Page 58 and 59: 56 CORPORATE GOVERNANCE STATEMENT O
Page 64 and 65: DIRECTORS’ REMUNERATION The remun
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Page 72 and 73: AUTHORITY The Audit Committee shall
Page 74 and 75: 72 CORPORATE GOVERNANCE ADDITIONAL
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Page 78: STRATEGIC INNOVATIONS We are commit
Page 82 and 83: 80 CORPORATE SOCIAL RESPONSIBILITY
Page 90: STRATEGIC REACH We are increasing t
Page 93 and 94: DIRECTORS’ REPORT The Directors h
Page 95 and 96: DIRECTORS’ BENEFITS Since the end
Page 97 and 98: SIGNIFICANT EVENTS DURING THE FINAN
Page 99 and 100: STATEMENT BY DIRECTORS In the opini
Page 101 and 102: REPORT ON OTHER LEGAL AND REGULATOR
Page 103 and 104: LIABILITIES Non-current liabilities
Page 105 and 106: Group Company 2010 2009 2010 2009 (
Page 107 and 108: Equity Share Share component Retain
Page 109 and 110: CASH FLOWS FROM INVESTING ACTIVITIE
Page 111 and 112: NOTES TO THE FINANCIAL STATEMENTS 3
Page 113 and 114: 4. SIGNIFICANT ACCOUNTING POLICIES
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4. SIGNIFICANT ACCOUNTING POLICIES
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5. ADOPTION OF NEW FRSs AND AMENDME
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6. SIGNIFICANT ACCOUNTING ESTIMATES
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6. SIGNIFICANT ACCOUNTING ESTIMATES
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7. PROPERTY, PLANT AND EQUIPMENT (c
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9. INVESTMENTS IN SUBSIDIARIES (con
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11. INVESTMENT IN A JOINTLY CONTROL
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13. GOODWILL ON CONSOLIDATION At co
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15. TRADE AND OTHER RECEIVABLES FIN
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15. TRADE AND OTHER RECEIVABLES (co
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17. NON-CURRENT ASSETS HELD FOR SAL
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19. RESERVES (continued) (c) Supple
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21. BORROWINGS Current liabilities
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24. IRREDEEMABLE CONVERTIBLE UNSECU
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25. ISLAMIC DEBT SECURITIES - SECUR
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26. DEFERRED TAX (continued) Recogn
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27. TRADE AND OTHER PAYABLES Trade
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28. REVENUE Group Company 2010 2009
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30. PROFIT BEFORE TAX (continued) A
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32. EARNINGS PER ORDINARY SHARE ATT
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34. ACQUISITION OF SUBSIDIARIES 201
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34. ACQUISITION OF SUBSIDIARIES (co
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35. OPERATING SEGMENTS (continued)
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35. OPERATING SEGMENTS (continued)
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36. FINANCIAL INSTRUMENTS (continue
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36. FINANCIAL INSTRUMENTS (continue
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37. FINANCIAL RISk MANAGEMENT OBJEC
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38. RELATED PARTY DISCLOSURES (cont
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38. RELATED PARTY DISCLOSURES (cont
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42. SIGNIFICANT EVENTS SUBSEQUENT T
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44. OPENING STATEMENT OF FINANCIAL
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PLANTATION REvIEW OIL PALM 2010 200
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mATERIAL PROPERTIES Of TRADEWINDS P
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Company/ Location/Address HS(D) 389
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Company/ Location/Address Country L
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Company/ Location/Address Lot No. 0
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ANALySIS Of SHAREHOLDINgS AS AT 25
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LIST OF THIRTY (30) LARGEST SHAREHO
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ANALySIS Of IRREDEEmABLE cONvERTIBL
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SUBSTANTIAL ICULS HOLDER Name Direc
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SOUTHERN PENINSULAR REGION Regional
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MIRI REGION Regional Office c/o Lad
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Proxy Form I / We _________________
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