MISC Annual Report 2017

127 Corporate Governance STAKEHOLDERS BOARD OF DIRECTORS OF MISC BERHAD PRESIDENT/GROUP CEO MANAGEMENT COMMITTEE BOARD AUDIT AND RISK COMMITTEE BOARD NOMINATION AND REMUNERATION COMMITTEE CORPORATE GOVERNANCE OVERVIEW STATEMENT The Board of D i rectors (t he Board ) , Management and employees of MISC Berhad (MISC or t he Company) cont i nue to i mprove t he standard of corporate governance pract i ces t hroughout t he MISC Berhad Group (t he Group). MISC bel i eves t hat sound corporate governance pract i ces are fundamental towards w i nn i ng i nvestors' conf i dence and are prerequ i s i tes to ach i ev i ng t he Company's ult i mate object i ves of enhanc i ng long-term shareholders' value and protect i ng shareholders' i nterest. The Board strives to ensure that the Company’s corporate governance practices conform to the best practice recommendations as laid down in the Malaysian Code on Corporate Governance 2017 (MCCG 2017). The Company’s corporate governance practices also conform to the requirements of Main Market Listing Requirements (MMLR) of Bursa Malaysia Securities Berhad (Bursa Securities). This overview statement shall provide the application of the principles set out in MCCG 2017 and shall be read in conjunction with the Corporate Governance Report, which is made available online at www.misc.com.my. CORPORATE GOVERNANCE FRAMEWORK The Company’s corporate governance framework is reviewed by the Board from time to time to ensure its relevance and ability to support operational requirements. The corporate governance structure of the Company, as shown below, illustrates how the MISC Corporate Governance Framework is structured in terms of responsibility and accountability. Each layer of responsibility, i.e., Board of Directors, Board Committees, Management Committee, Business Units and Service Units, is distinctly different but complements each other in attaining the objectives of the Group. LNG SHIPPING PETROLEUM & PRODUCT SHIPPING OFFSHORE BUSINESS MARITIME EDUCATION & TRAINING SUPPORT SERVICES