He is the Chairman of the Audit Committee and a member of the Nominations Committee and the Remuneration Committee. He is an alternate director of Tiong Thye Company Sdn Bhd, a major shareholder of the company.
CHAIRMAn’s
Based on the payment of interim and special dividends, the Board does not recommend a final dividend for FY2021. On behalf of the board, I would like to thank management and staff for their continued commitment despite trying personal circumstances.
In FY2021, the Company paid total single-level dividends of 30 sen per share unit, consisting of a first interim single-level dividend of 8 sen per share unit, a second interim single-level dividend of 8 sen per share unit and special dividends of 14 sen per share. stock unit, for a total amount of RM27,408,975. We are grateful for the opportunity to function as an essential service through the various phases of the Movement Control Order (“MCO”) imposed by the Malaysian government.
MAnAGEMEnT dIsCUssIOn
And AnALYsIs
MAnAGEMEnT dIsCUssIOn And AnALYsIs (COnT’d)
Accordingly, net worth per share attributable to owners of the company increased to RM8. The Group incurred a total loss of RM5,091,682 from its share of the results of oil palm plantation investments in Indonesia for FY2021.
CORPORATE GOVERnAnCE
OVERVIEW sTATEMEnT
Summary of Governance Practices The Board is aware of the combined roles that the Chairman has historically held. The minutes of the meetings are drawn up by the Company Secretary and distributed to all directors for review, confirmed by the Board of Directors and signed as a correct report by the Chairman of the subsequent meetings.
CORPORATE GOVERnAnCE OVERVIEW sTATEMEnT (COnT’d)
- Step-up
- Step-up
- Step-up
- Step-up
The board has established a code of business conduct ("Code of Conduct"), which must be observed by directors and members of management. Stakeholders are able to form an opinion about the overall effectiveness of the board and individual directors.
The group is exposed to price volatility as a result of fluctuations in the prices of fresh fruit clusters (“ffb”), crude palm oil (“CPO”) and palm kernel (“PK”) on the commodity market. The system of risk management and internal control is designed to meet the specific needs of the Group and to manage risks to which the Group is exposed, rather than eliminate the risk of failure to achieve business objectives.
And InTERnAL COnTROL
The Board of Directors has overall responsibility for maintaining an effective and sound system of risk management and internal control and for assessing its adequacy, and recognizes that there are inherent limitations to any system of risk management and internal control. The internal audit reports provide a summary of the audit approach, scope, significant audit findings, the overall opinion for the internal control assessment, management comments on the audit findings and recommendations.
There is a Policy Manual that includes the Limit of Authority to serve as a guide for Group operations and personnel to operate within accepted Group practices. The internal audit function has the main objective of conducting a review of the internal control system to determine whether the accounting and internal control procedures have been followed, as well as to identify recommendations to strengthen the accounting and internal control system so that foster a strong management control environment.
COnT’d)
The Audit Committee and the Board review recurring related party transactions at the respective meetings of the Audit Committee and the Board. Reviewed and examined the annual audit plan prepared by the external auditors for the audit of the annual financial statements.
REPORT On
Reviewed and processed the audit report and the external auditors' comments for the audit of annual accounts. The Audit Committee complies with Bursa Malaysia Securities Berhad's main market listing requirements that all.
AUdIT COMMITTEE
The regulations of the Audit Committee can be found on the Company's website. Prepared an internal audit plan for fiscal year 2021 and attended an Audit Committee meeting to submit the internal audit plan to the Audit Committee for review and deliberation.
REPORT On AUdIT COMMITTEE (COnT’d)
Prepared two internal audit reports and attended two separate audit committee meetings to present their internal audit reports for review and discussion with the audit committee. The internal audit reports also covered management's follow-up on the implementation of recommendations in their previous reports.
- Management commitment and responsibility Principle 2 – Transparency
- Compliance to legal requirements Principle 4 – Social responsibility, health, safety and
- Environment, natural resources, biodiversity and ecosystem services
- Best practices
- Development of new plantings
The palm oil sector is facing increased scrutiny from stakeholders (including investors), particularly on environmental and social practices and impacts. Malaysia's MSPO certification scheme establishes mandatory sustainability standards for oil palm plantations, independent and organized smallholdings and palm oil processing facilities.
3 of 3 Estates
Our commitments to shared responsibility and sustainable palm oil are demonstrated through the adoption of the Malaysian Sustainable Palm Oil (MSPO) Standards, under which all our Malaysian palm oil properties and mills were certified in June 2019. The certification covers management requirements, specific performance requirements and production traceability throughout the supply chain from raw materials to processing and production of palm oil and palm oil-based products.
2 of 2 Palm Oil Mills
The Group's certification under the MSPO Supply Chain Certification Scheme (SCCS) was also renewed, ensuring continued relevance and effectiveness in meeting the stated sustainability objectives of the MSPO standards. Despite the dramatic changes in the macro environment and the impact of the COVID-19 pandemic, we have maintained our commitment and tenacity by continuing to serve our customers while taking as many measures as possible to protect our employees and maintain the sustainability practices that we have already entered. place that impacts the larger community.
11,327 hectares
This statement contains certain forward-looking statements relating to the Group's financial position, results, operations and activities, including statements about our sustainability objectives, ambitions and planned initiatives. Our sustainability management structure, which was formalized in fiscal year 2018, ensures the implementation of our sustainability plans and promotes accountability.
This Statement provides information on our sustainability performance covering our financial period from 1 September 2020 to 31 August 2021. The following section of this Statement highlights our management approach, initiatives and performance for the material sustainability matters.
Identification
We define material sustainability issues as those that can have a significant economic, environmental and social impact on our business and stakeholders. In carrying out the materiality assessment, a three-step process (Diagram 2) was carried out to identify and prioritize material sustainability matters of importance to the Group.
Prioritisation
We review our material sustainability matters annually, taking into account internal and external factors and feedback from our stakeholders, to ensure that the material sustainability matters we have identified remain relevant and that emerging issues are captured as material sustainability issues. Our stakeholder engagement sessions throughout fiscal year 2021 provided us with valuable insights for the annual review of our materials sustainability matters, and we found that the materials sustainability matters we report on in 2020 remain our priorities.
Validation
The Group operates a comprehensive Occupational Safety and Health (OSH) management system based on the requirements of the Occupational Safety and Health Act 1994. The Group appoints a Group Safety and Health Officer (GSHO) who together with his deputy supervises safety supervisors with their Occupational Safety and Health Committees (OSH Committees) in each operational unit.
Interview with Jemima Estate Safety Supervisor - Nursyakilla Hanum
What is your role as a safety supervisor and the steps taken to uplift safety and health performance
Do you think our workforce understand that management takes their welfare to heart?
What's your assessment and opinion on the current ongoing COVID-19 estate management plan and how can we further improve?
As a matter of principle, we offer our employees fair and equal opportunities regardless of gender, age or ethnicity. While we meet the national minimum wage requirement, the wages of many of our employees are significantly higher than that of the minimum wage.
Interview with Jemima Estate Safety Supervisor - Nursyakilla Hanum (cont’d.)
What is the secret of your ability to interact with your peers and workers to convey the importance of safety and health in the workplace?
What will you like others to understand of your journey as a safety supervisor?
What training are you planning to get to improve your knowledge and skills as a safety supervisor? How far have your progressed? Why do you do it?
Due to the physically demanding nature of our work, the majority of our workforce is male and middle-aged. As a socially responsible employer, the Group complies with labor laws and regulations and ensures that adequate measures are in place to protect the safety and well-being of our people.
Interview with Mr. Andi, Loader at Keratong Estate
Gua Musang Estate and Palm Oil Factory Jemima Estate Keratong Estate B Keratong Estate Section A and Palm Oil Factory. System providers for our Keratong Estate palm oil mill have been selected and the installation of APCS and CEMS will be included in our FY2022 palm oil mill upgrade plan.
Directors’
There have not been many indemnities given or liability insurance taken out during the financial year, or since the end of the financial year, for any person who is or has been a director or officer of the Company. The names of the Company's directors in office from the beginning of the financial year to the date of this report are:
Directors’ report (coNt’D)
According to the register of shareholdings of the directors, the interests of the directors in office at the end of the financial year in shares of the Company during the financial year were as follows: During the financial year, or since the end of the financial year, no amounts of compensation have been paid to the statutory auditors of the Company.
DeclaratioN
If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the relevant disclosures in the financial statements of the Group and the Company or, if any. The accompanying accounting policies and explanatory information form an integral part of the financial statements.
Net gain/(loss) from changes in the fair value of the investment. joint venture income. reserves for fair value correction Share of others comprehensive. loss)/income of joint ventures in relation to the employee.
Notes to the
Summary of significant accounting policies 1 Basis of preparation
- Changes in accounting policies
Notes to the fiNaNcial statemeNts (coNt’D)
Summary of significant accounting policies (cont'd.) 3 Standards issued but not yet effective
Corporate information
Summary of significant accounting policies (cont'd.) 4 Basis of consolidation
Summary of significant accounting policies (cont'd.) 4 Basis of consolidation (cont'd.)
- Subsidiary
- Investments in an associate and joint ventures
- Basis of consolidation
Summary of significant accounting policies (cont'd.)
- Investments in an associate and joint ventures (cont'd.)
- Revenue recognition
Summary of significant accounting policies (cont'd.) 8 Property, plant and equipment and depreciation
- Consumable biological assets
Summary of significant accounting policies (cont'd.) 10 Inventories
- Foreign currencies
Summary of significant accounting policies (cont'd.) 12 Employee benefits
- Income taxes (a) Current tax
- Inventories
Summary of significant accounting policies (cont'd.) 13 Income taxes (cont'd.)
- Provisions
- Impairment of non-financial assets
Summary of significant accounting policies (cont'd.) 15 Impairment of non-financial assets (cont'd.)
- Cash and cash equivalents
- Financial instruments – initial recognition and subsequent measurement i) Financial assets
- Income taxes (cont'd.) (b) Deferred tax (cont'd.)
- Financial instruments – initial recognition and subsequent measurement (cont'd.) i) Financial assets (cont'd.)
- Financial instruments – initial recognition and subsequent measurement (cont'd.) ii) Financial liabilities (cont'd.)
The Group and the Company have decided to irrevocably classify their capital investments in this category. The Group and the company have not identified any financial liabilities as measured at fair value through profit or loss.
Summary of significant accounting policies (cont'd.) 18 Leases
- Segment reporting
- Share capital and share issuance expenses
Summary of significant accounting policies (cont'd.) 21 Fair value measurement
Summary of significant accounting policies (cont'd.) 22 Current versus non-current classification
Significant accounting judgements and estimates
Revenue and cost of sales
Dividend income
Other income
Other expenses
Auditors remuneration
Employee benefits expense
Directors' remuneration
Income tax expense
Earnings per stock unit
Dividends
August 2020
- Property, plant and equipment (cont'd.)
- Investment in a subsidiary
- Investments in an associate and joint ventures
- Investments in an associate and joint ventures (cont'd.) a) Investment in an associate
- Investments in an associate and joint ventures (cont'd.) a) Investment in an associate: (cont'd.)
Investments in an associated company and joint ventures (continued) a) Investment in an associated company: a) Investment in an associated company:. loss due to impairment of investments in. Investments in an associated company and joint ventures (continued) a) Investment in an associated company: (continued) a) Investment in an associated company: (continued).
August 2020
- Investments in an associate and joint ventures (cont'd.)
- Investments in an associate and joint ventures (cont'd.) b) Investments in joint ventures: (cont'd.)
Investments in associates and joint ventures (continued) b) Investments in joint ventures: (continued) b) Investments in joint ventures: (continued).
August 2021
August 2021 (cont'd.) (ii) Summarised statements
- Investments securities
- Investments securities (cont'd.) (a)
- Inventories
- Consumable biological assets
- Receivables
- Cash and bank balances
- Payables
- Payables (cont'd.)
- Deferred tax liabilities
- Deferred tax liabilities (cont'd.)
- Share capital
- Other reserves
- Other reserves (cont'd.)
- Retained profits
- Segment information
- Related party disclosures
- Capital commitments
- Financial risk management objectives and policies
- Financial risk management objectives and policies (cont'd.) (c) Interest rate risk
- Capital management
- Significant event
The Group's and the Company's consumable biological assets include immature FFB before harvest. The aim of the Group and the Company is to manage investment returns and price risk.
AS AT 30 NOVEMBER 2021
Penama untuk RHB (Asing) Sdn Bhd, Pengecualian An untuk Phillip Securities Pte Ltd UOB Kay Hian Nominees (Asing) Sdn Bhd, Pengecualian An untuk UOB Kay Hian. Rengo Malay Estate Private Limited Gemas Bahru Estates Sdn Bhd Bidor Tahan Estates Sdn Bhd Mikdavid Sdn Bhd.
121Net carrying
LIst oF
PRoPeRtIes
AS AT 31 AUGUST 2021
INFoRMAtIoN
Meeting Platform https://agm.digerati.com.my/sinthye-online ("Virtual Meeting Portal") In view of the COVID-19 pandemic and with the safety of the Company's shareholders, employees and directors being of primary concern, the Board has considered all available options and has decided that the 63rd GM will be held completely virtual and entirely through Remote Participation and Voting (“RPV”) facilities. The live webcast will end after the Chairman of the 63rd GM declares the closure of the 63rd GM.
CHIN TECK
PLANTATIONS BERHAD
195801000113 (3250-V) (Incorporated in Malaysia)
ANNUAL REPORT 2021
