The Board of Directors (“the Board”) of Apex Equity Holdings Berhad is committed to ensuring good corporate governance is practiced throughout the Group as a fundamental part of discharging its fiduciary responsibilities to protect and enhance shareholders’ value and the financial performance of the Group.
Throughout the financial year ended 31 December 2017 (“FYE 2017”) the Company applied the Principles of the Malaysian Code on Corporate Governance (“MCCG”) as follows:
Principle A: Board Leadership and Effectiveness
The Board’s main roles are to create value for shareholders and provide leadership to the Group. It is primarily responsible for the Group’s overall strategic plans and direction, overseeing the conduct of the businesses, risk management, succession planning, and effective investor relations, as well as ensuring the systems and processes of internal controls and management are adequate and effective. It also provides overall strategic guidance, effective oversight on the governance, and management of the business affairs of the Group.
Principle B: Effective Audit and Risk Management
The External Auditors report to the Audit and Risk Management Committee (ARMC) in respect of their audit on each year’s statutory financial statements on matters that require the attention of the ARMC. They are also required to declare their independence annually to the ARMC as specified by the By-Laws issued by the Malaysian Institute of Accountants.
The Board has put in place a Group Risk Management Committee (GRMC), which includes the representative Head of Group/ Department and representatives from Credit Risk Management Department to evaluate, monitor, and manage the risks that may impede the fulfilment of our business objectives. They have been tasked to identify and communicate the existing and potential critical risk areas and the management action plans to mitigate such risks by working with the internal auditors in providing periodic reports and updates to the ARMC.
The Internal Auditors perform their function with impartiality, proficiency, and due professional care, undertaking regular monitoring of the Apex Group’s key controls and procedures, which are an integral part of the Group’s system of internal control. Internal Audit Reports are presented to the ARMC for its review and deliberation.
Principle C: Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders
The Board is assisted by the ARMC to oversee the Group’s financial reporting processes and the quality of its financial reporting, and to ensure that the financial statements of the Group and the Company comply with applicable financial reporting standards in Malaysia. Such financial statements comprise the quarterly financial reports announced to Bursa Securities and the annual audited financial statements.
The Company recognises the importance of effective and timely communication with shareholders and investors to keep them informed of the Group’s latest financial performance and business/corporate matters affecting the Company. Such information is made available to shareholders and investors through the Annual Reports, the various disclosures, and announcements made to Bursa Securities and on the Company’s corporate website.