FIC is committed in maintaining a high standard of corporate governance practices within the FIC Group of Companies and devoted considerable effort to identify and formalise best practices. FIC's objective is to adopt and implement the best practices in corporate governance through robust commitment given within the FIC Group of Companies.

 

The Board of Directors of FIC recognises 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 Board of Directors

The primary role of the Board of Directors of FIC is to protect and enhance long-tern shareholder value. It sets the overall strategy for the FIC Group of companies and supervises executive management. It also ensures that good corporate governance policies and practices are implemented within the FIC Group of Companies. In the course of discharging its duties, the Board of Directors of FIC acts in good faith, with due diligence and care, and in the best interests of FIC and its shareholders.

 

Day-to-day operations of the business of FIC are delegated to the management who is led by the FIC Group Chief Executive Officer. They are being closely monitored by the Board of Directors of FIC and are accountable for the performance of FIC as measured against the corporate goals and business targets set by the Board of Directors of FIC.

 

Board Committees 

 

The Board of Directors of FIC delegates its powers and authorities from time to time to committees in order to ensure the operational efficiency and specific issues are being handled with relevant expertise. Three board committees have been established with each having specific duties and authorities as set in their Terms of Reference.

 

The three FIC Board Committees are as follows:

·         Board Investment Committee;

·         Board Nomination and Remuneration Committee; and

·         Board Governance, Risk and Audit Committee.

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In addition to the above mentioned Board Committees, the Risk Management Committee and Whistleblowing Committee were set up under the supervision of the Board Governance, Risk and Audit Committee to ensure that good corporate governance practices are implemented within the FIC Group of Companies and proper compliance procedures are followed.  

 

Key Internal Control Process

The Board of Directors of FIC maintains a sound system of internal control to safeguard shareholders' investment and FIC's assets. The effectiveness of the internal control system is reviewed at least annually by the Board Governance, Risk, Audit Committee, covering all materials controls including strategic, financial, operational and compliance controls as well as risk management systems.

 

FIC's internal control is based on assessment of risk through a control-procedures-framework to manage risks and procedures for compliance monitoring.

 

The said internal control system is designed to meet FIC Group of Companies' particular needs and has embedded process for the identification, evaluation and management of significant business risks. The process if reviewed and monitored by the Governance and Risk Management Division. With this in place, FIC is able to evaluate the key risks including ethical matters and ensure that effective controls and procedures are in place to manage these risks.

 

Code of Conduct and Ethics

The Code of Conduct and Ethics (CoCE) contains detailed policy statements on the standards of good corporate behaviour, and it is every employee's duty to ensure adherence to the highest ethical standards at FIC. As such, the CoCE serves as a common reference point to FIC common core values.

  

Whistleblowing

The Whistleblowing Policy is designed to facilitate FIC Group of Companies' employees and stakeholders to disclose any improper conduct within FIC Group of Companies, where matters raised are deliberated by the Whistleblowing Committee. Updates are provided on a regular basis to the Board Governance, Risk and Audit Committee. To lodge a report, please email whistleblowing@fic.net.my