GLOMAC : Corporate Governance Report

CORPORATE GOVERNANCE REPORT

STOCK CODE	:	5020
COMPANY NAME	:	GLOMAC BERHAD
FINANCIAL YEAR	:	April 30, 2022

OUTLINE:

SECTION A - DISCLOSURE ON MALAYSIAN CODE ON CORPORATE GOVERNANCE

Disclosures in this section are pursuant to Paragraph 15.25 of Bursa Malaysia Listing Requirements.

SECTION B - DISCLOSURES ON CORPORATE GOVERNANCE PRACTICES PERSUANT CORPORATE GOVERNANCE GUIDELINES ISSUED BY BANK NEGARA MALAYSIA Disclosures in this section are pursuant to Appendix 4 (Corporate Governance Disclosures) of the Corporate Governance Guidelines issued by Bank Negara Malaysia. This section is only applicable for financial institutions or any other institutions that are listed on the Exchange that are required to comply with the above Guidelines.

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SECTION A - DISCLOSURE ON MALAYSIAN CODE ON CORPORATE GOVERNANCE

Disclosures in this section are pursuant to Paragraph 15.25 of Bursa Malaysia Listing Requirements.

Intended Outcome

Every company is headed by a board, which assumes responsibility for the company's leadership and is collectively responsible for meeting the objectives and goals of the company.

Practice 1.1

The board should set the company's strategic aims, ensure that the necessary resources are in place for the company to meet its objectives and review management performance. The board should set the company's values and standards, and ensure that its obligations to its shareholders and other stakeholders are understood and met.

Application	:	Applied
Explanation on	:	The Board of Directors (the "Board") of Glomac Berhad ("Glomac" or
application of the		the "Company") recognises the importance of adopting robust
practice		corporate governance standards in its efforts to enhance shareholders'
		value, whilst ensuring probity and safeguarding other stakeholders'
		interest.
		In tandem with its value creation role, the Board assumes an active role
		in the development and oversight of the overall strategic direction of
		the Company and its subsidiaries ("the Group"). The Board establishes
		the Group's goals and strategic directions, setting goals and targets for
		management and monitoring the achievement of goals and targets.
		During the year under review, the Board and Senior Management
		reviewed the Group's strategy in light of the ever-present risks
		associated with the COVID-19 pandemic. As with the preceding year,
		the Board deliberated on the impact of the pandemic on the property
		industry as a whole and to understand the key trends in adapting to the
		"new normal".
		In order to effectively measure and monitor the performance and
		progress of Management towards achieving the strategic objectives of
		the Group, the Board has established a set of Key Performance
		Indicators that incorporates both quantitative and qualitative elements.
		The quarterly financial results and budget reports are amongst others,
		tabled to the Board during Board meetings to keep Directors apprised
		on the latest operational developments and any significant issues
		pertaining to the Group.
		Additionally, the Board directs its efforts to identify and evaluate
		principal risks surrounding the Group as outlined in the Statement on
		Risk Management and Internal Control, whilst ensuring the
		implementation of appropriate systems to manage these identified
		risks. The risk management and internal control framework has been
		developed with a view of ingraining ethical, prudent, and professional
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behaviour across every level of the Group's operations. In this regard, the Board, as the pivot of corporate governance, is committed to fostering a healthy corporate culture by setting the "tone at the top".

In pursuit of the business objectives, the Board is mindful of its responsibility on the environmental, economic, and social aspects of business sustainability. Notably, the Group leverages technology to promote environmental sustainability for selected development projects. Adequate measures are also taken to ensure the safety and livelihood of its employees as well as corporate social responsibility contributions. The details of the Company's sustainability activities and performance are discussed in the Sustainability Statement of the Annual Report.

On the stakeholder engagement front, the Board continuously ensures that effective channels of communication are maintained to provide stakeholders with appropriate platforms to channel pertinent views or concerns, as outlined in the Sustainability Statement.

Explanation for	:
departure

Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.

Measure:

Timeframe:

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Intended Outcome

Every company is headed by a board, which assumes responsibility for the company's leadership and is collectively responsible for meeting the objectives and goals of the company.

Practice 1.2

A Chairman of the board who is responsible for instilling good corporate governance practices, leadership and effectiveness of the board is appointed.

Application	:	Applied
Explanation on	:	The Board is led by Tan Sri Dato' Mohamed Mansor bin Fateh Din, the
application of the		Group Executive Chairman, who is also the founder of the Group. He
practice		was appointed to the Board on 1 April 1986.
		The Chairman is responsible for leading and ensuring effective conduct
		of the Board. In fulfilling the role, he amongst others carries out the
		following:
		The Chairman is responsible for leading and ensuring effective conduct
		of the Board. In fulfilling the role, he amongst others carries out the
		following:
		• Providing leadership for the Board so that the Board can perform
		its responsibilities effectively;
		• leading the Board in setting the values and standards of the
		Company;
		• ensuring efficient organisation and conduct of the Board's function
		and meeting.
		• ensuring effective communication with shareholders and other
		relevant stakeholders;
		• facilitating the effective contribution of Non-Executive Directors
		and ensuring constructive relations are maintained between the
		Executive and Non-Executive Directors;
		• encouraging active participation and allowing dissenting views to
		be freely expressed; and
		• leading the Board in establishing and monitoring good corporate
		governance practices in the Company.
		The Chairman is deputised by the Group Executive Vice Chairman,
		namely Datuk Fong Loong Tuck. The responsibilities of the Chairman are
		codified in the Board Charter, which is available on Glomac's website at
		www.glomac.com.my.
Explanation for	:
departure

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Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.

Measure:

Timeframe:

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