FIC is committed to conduct its business in accordance with the high standards of corporate governance. FIC’s objective is to adopt and implement the best practices in corporate governance through robust commitment given within FIC Group of Companies.

 

The Board of Directors of FIC recognizes the paramount importance of having good corporate governance policies and practices towards the success of FIC Group of Companies in terms of ensuring continuous and sustainable growth done in the best interest of all its stakeholders. 

 

The corporate governance best practices ensure the entity’s businesses and affairs are strictly adhered to the principles and the culture of good governance such as integrity, honesty, transparency (openness), accountability and professionalism.

 

The FIC Group of Companies will consistently put its effort in evaluating, reviewing and refining its governance practices regularly and respond to evolving best practices to reflect changes in the law, rules and regulation as well as the changing needs of the Group, when appropriate.

 

Board of Directors

The Board of Directors takes full responsibility for the overall performance of FIC and its Group of Companies. It is also committed to ensure that the highest standards of corporate governance are observed throughout the FIC Group of Companies so that the affairs of the group are conducted with integrity, professionalism and in compliance with the relevant laws, directives, rules and regulations.

 

The Board of Directors has clearly defined the division and separation of authorities and responsibilities between the Board and the Management, the Chairman and the Chief Executive Officer, and the Board Committees. This is to ensure all roles should be clear-cut in order for the person(s) in-charge to discharge their delegated duties effectively.

 

Board and Management Committees

The Board of Directors has also established the FIC Board Committees and the Management Committees to assist the Board in the discharge of its fiduciary duties and responsibilities. The mandate and responsibility of each Committee are defined and delegated by the Board. Each Committees operates under the approved Terms of Reference.


The FIC Board and Management Committees are as follows:

 

Board Committees

·         Board Investment Committee;

·         Board Nomination and Remuneration Committee; and

·         Board Governance and Risk Management Committee

·         (covers Board Audit Committee’s roles and responsibilities)

 

Management Committees

·         Investment Evaluation Management Committee; and

·         Risk Management Committee