The following matters were the governance areas that were deliberated by the Board in FY2024 and key focus areas going forward, to be addressed or implemented in the next financial year and beyond: Key corporate governance focus areas for FY2024 i. Monitored the progress of Bank Islam’s commitment towards Sustainability initiatives. ii. Enhanced the Board’s oversight on ESG and climate matters. iii. Enhanced the annual Board Effectiveness Evaluation. iv. Reviewed Succession Planning for the Board and Management. v. Reviewed the Group’s Board Charter and TORs of the Board and Management Committees to incorporate, amongst others, climate risk oversight, enhancement of governance practices, etc. vi. Enhanced Board Diversity with appointment of a new Director. vii. Made changes to the Board Committees to enable rotation and enrich Directors’ experience. viii. Reviewed Board Independence by conducting assessment on Fit and Proper, Conflict of Interest, and commitment via independent validation of the Directors’ external professional commitments. ix. Reviewed the report on Conflict of Interest and Potential Conflict of Interest of Directors and Management. Future corporate governance priorities i. Succession Planning for the Board and Management that supports Bank Islam future plans and objectives. ii. Incorporate in the Board annual evaluation exercise the assessment on Board’s effectiveness in ESG related initiatives. iii. Diversity in Board composition that enhances oversight and focus on ESG and sustainability. iv. Enhance Directors development on Digital Transformation, ESG and sustainability v. Improve on MSWG scorecard. vi. Board dynamics to ensure effective drive and support of the annual targets and long terms goals of Bank Islam. vii. Review to TORs and Board Charter that will enhance the Board’s effectiveness. BOARD SIZE, COMPOSITION AND DIVERSITY As at to date, the Board comprises of nine (9) Directors, out of which seven (7) or 77% are Independent NEDs, including the Chairman. The composition therefore exceeds the requirements of Paragraph 15.02 of the MMLR of Bursa Securities and Practice 5.2 of the MCCG as the majority of its members are Independent NEDs. The Board considers diversity from a number of different aspects, including gender, age, educational background and professional experience, skills, knowledge and length of service. The Board is committed to maintain diversity in its composition and decision-making process. Accordingly, three (3) Independent NEDs are women, reflecting a 33% female representation on the Board in line with the recommendation of the MCCG. The skills and experience matrix of the Board are set out below. For further details on the Board composition and diversity, including nationality, age and gender, please refer to page 188. 215 www . b a n k i s l am. c om 01 02 03 04 05 06 07 ACCOUNTABILITY 08 09
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