Overview

Independent Directors’ Tenure Policy

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WHAT IS IDT POLICY

The IDT Policy sets out the approach of the Board concerning the tenure of Independent Directors for Kumpulan Perangsang Selangor Berhad (“KPS Berhad” or “the Company”) in line with the best practice of the Malaysian Code on Corporate Governance (“MCCG”) issued by the Securities Commission (“SC”) and Corporate Governance Guide (4th Edition) (“Bursa CG Guide”) issued by the Bursa Malaysia Securities Berhad (“Bursa Securities”).

SCOPE

The IDT Policy shall apply to the KPS Berhad Group Board level.

OBJECTIVES

The IDT Policy is designed with the following objectives:

  • To ensure that the Board is at all times operating in an effective manner to best promote the interest of the Company
  • To safeguard the interest of shareholders, provide impartiality in decision-making and effective oversight of management; and
  • Address the need for Board refreshment since the long tenure of Independent Directors and familiarity may erode the Board’s objectivity.

GUIDING PRINCIPLES

The IDT Policy is developed based on references made in relevant paragraphs of Bursa Malaysia Main Market Listing Requirements and practices under MCCG related to Independent Director.

ASPECTS OF IDT POLICY

  • IDT Policy Statement – The tenure on an INED of KPS Berhad shall not exceed a cumulative term limit of nine (9) years
  • IDT Policy Statement – The tenure of an Independent Director shall not exceed a cumulative term limit of nine (9) years without further extension.
  • Monitoring & Reporting
  • Responsibility
  • Review Policy of the IDT – The IDT Policy will be reviewed by SD every three (3) years at the minimum to ensure it remains relevant and aligned with the current prevailing rules, laws and regulatory requirements.