Overview
Sime Darby’s Commitment to Corporate Governance
It is the Group’s objective to strengthen its corporate governance continuously
- Promote integrity, transparency, accountability and responsiveness
- Ensure appropriate checks and balance between Divisions and the Group
- Cultivate ethical business conduct behavior through the new Code of Business Conduct
Sime Darby Corporate Governance Framework
The Board of Sime Darby Berhad is also known as Main Board and has overall responsibility for the Group. The Main Board is supported by Flagship Subsidiary Boards (“FSBs”), each with oversight of one Division.
The matters reserved for the Main Board include:
- Divisional strategy, plans and budget
- Acquisitions and disposals and transactions exceeding the authority limits of FSBs
- Changes to senior Divisional management
- Changes to key policies, procedures and delegated authority limits of the Group
The FSBs officially formed in January 2011
- Meets on a quarterly basis, prior to the main Board meeting
- Subject to the oversight and counsel of the Main Board
- Each FSB will also be supported by a GAC and a TC if required
The Board Committees
The Board Committees are established to assist Main Board in the discharge of its statutory and fiduciary responsibilities. There are four Board Committees namely; Governance and Audit Committee, Risk Management Committee, Nomination and Remuneration Committee and Tender Committee.
Their functions and roles are as follow:
Sime Darby is the first GLC to sign the Corporate Integrity Pledge as part of its effort towards rehabilitating its image
On the 9th June 2011, Sime Darby took the initiative as the first GLC to sign the Corporate Integrity Pledge, as part of its anti-corruption measures. In line with the with the Group’s foundation which is built on the Core Values that guide the actions and the way we conduct our businesses
The objectives of the signing and handling of the Corporate Integrity Pledge are;
- To educate its suppliers and employees as regards to business ethics and integrity, in accordance with rules and regulations set by the Authority
- All Sime Darby staff and stakeholders will be given training on integrity enhancement and corruption prevention
Implementation of Sime Darby Corporate Governance Framework
The framework is primarily implemented through two ways and there are:
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