Chia Song Kooi, 60 years old, male, Malaysian, was appointed as an Executive Director of the Company on 3 January 2000. Chia Song Swa, 60 years old, male, Malaysian, was appointed as an Executive Director of the Company on 3 January 2000. Chia Seong Fatt, 64 years old, male, Malaysian, was appointed as an Executive Director of the Company on 3 January 2000.
Professor datin Paduka setia dato’ dr. Aini Binti
Aini Binti Ideris, 67 years old, female, Malaysian, was appointed as an Independent Non-Executive Director of the Company on 1 January 2016. Kow Poh Gek, 62 years old, female, Malaysian, was appointed as an Independent Non-Executive Director of the Company on 1 April 2018. Chan Wai Yen, Millie, 64, female, Malaysian, was appointed as an Independent Non-Executive Director of the Company on 1 April 2018.
Ms. Chan Wai Yen, Millie
Cynthia Toh Mei Lee, 46, female, Malaysian, was appointed as an Independent Non-Executive Director of the Company on 1 April 2018. Cynthia Toh is not related to any director and/or major shareholder of the Company. Wee Beng Chuan, 57, male, Malaysian, was appointed as an Independent Non-Executive Director of the Company on 1 July 2020.
By the end of the ten years, QL was included in the MSCI Global Index, which testifies to our value proposition as an attractive investment based on market capitalization and liquidity levels. The encouraging results are largely attributable to the positive performance of the Marine Products Manufacturing (MPM). As we continue on the momentum of building sustainable growth, we are aware of the uphill pull that the coming months could bring as economies fight for survival amid the ongoing pandemic.
Mr. Chia song kooi
Crowning this momentous celebration is the naming of our executive Chairman,
MPM's resurgence from the previous financial year was carried over to FY2020 on the back of better fish landings and weaker domestic currency. Year-on-year, this translates to 15% growth as PBT also grew by 23% to RM192 million from the previously recorded RM156 million. To push forward to grow the business sustainably and continuously create shared value, a total of RM350 million was pumped into the business during the last financial year in various capacity and efficiency building exercises in the MPM and ILF business pillars.
MPM)
Activities on this investment have resumed and we expect completion in the second half of FY2021. With higher quality fishmeal for aquaculture feed, QL is in a position to tap more markets, and is made more attractive and competitive by a weaker ringgit. Fishmeal prices that recovered in the fourth quarter of FY2020 are expected to weaken heading into the second half of the new fiscal year.
Across our operations, we produced 5.8 million eggs per day, cementing our position as a leading egg producer in Malaysia for the financial year. Likewise, in Vietnam, QL aims to more than double production from 850,000 eggs per day to 1.8 million eggs per day. The target is for this unit to collect 1.3 million eggs per day from the existing and new farms by FY2021.
PoA)
Convenience store Chain (familyMart)
ABout this stAteMent
We measure and track the impacts of key sustainability issues from our day-to-day operations for proactive issue management which is a critical part of the sustainability governance structure. Subsequently, the identified SSC members, Senior Management members and Branch Managers were engaged to discuss and determine the level of impact of each of the material sustainability issues on QL. The result of the materiality assessment is tabulated under the Materiality Matrix as shown below.
Integrity is one of our four core values that form the foundation of our business activities; the other is win-win, teamwork and innovation. We have established a Code of Conduct that applies to all employees, including the Group's Directors, to clearly set out expectations to demonstrate the highest levels of professionalism in the performance of work and dealings with internal and external stakeholders. The Group's Code of Conduct communicates the Group's commitment to ethical business towards its stakeholders, including its customers, suppliers, employees, the environment and the community.
In accordance with section 17A of the MACC Act 2019, QL established and published its Anti-Bribery Policy (“ABP”) and an updated version of the Whistleblowing Policy in June 2020, a copy of which can be found on the QL website at http:// ql.com.my/corporate-governance.html. The adopted ABP reflects QL's commitment to maintaining integrity and its existing strong stance against bribery and corruption practices in its business operations. Our key suppliers, contractors and other business partners are required to adhere to our anti-bribery policy.
QL's ABP also includes a ban on facilitating payments, zero tolerance for any involvement in bribery, clear guidelines on gifts and entertainment, and expenses involving third party representatives. To reflect the change under the new policy, we have updated the whistle policy to support the implementation of the policy. Through the established whistleblowing channel, Group employees or stakeholders can report genuine concerns about unethical conduct, malpractice, illegal actions or failure to comply with legal requirements, without fear of reprisal.
It provides protection to the whistleblower in terms of confidentiality of identity as well as against retaliation.
CoVid-19 Pandemic funds
400,000 PIECES OF THREE-PLY MASKS DONATED BY MAPLETREE INVESTMENTS
The Board of Directors of QL Resources Berhad is pleased to present this Corporate Governance (“CG”) Overview
- Board Composition
- Remuneration
- Audit Committee (“AC”)
- Risk Management and Internal Control
- Conduct of General Meeting
The members of the Board of Directors and the Board Committees fulfilled their duties and responsibilities in the 2020 financial year by their attendance at the meetings of the Company, as set out in the table below: -. It also sets out the roles and responsibilities of the Board of Directors, the Individual Directors and the Senior Independent Director. In August 2019, the Board of Directors also reviewed and approved the amendments to the Board Charter, whereby the term of service of the Independent Director may not exceed a cumulative term of 9 years.
Management discussion on integrity and governance: the corporate accountability provision, the "adequate procedures" and the implementation of the national anti-corruption plan. Further details on the activities of the Nomination Committee are set out in the CG report. The Board fulfills its responsibilities in the risk management and oversight functions through its Risk Management Committee (“RMC”) to manage the overall risk exposure of the Group.
The Board of Directors believes that the existing risk management and internal control systems are adequate and effective to protect the investments of shareholders and the assets of the Group, and the interests of customers, employees and other stakeholders. The details of the risk management and internal control framework are set out in the Risk Management and Internal Control Statement of this annual report. The Board of Directors strives to provide a balanced and understandable assessment of the position and prospects of the Company and the Group to shareholders, investors and regulatory authorities in the various financial and non-financial information.
During the General Meeting, the Board of Directors informs the shareholders about the status of the Group's activities and activities.
The Audit Committee was established on 15 January 2000 by the Board of Directors to assist the Board in its
FINANCIAL STATEMENTS AND CORPORATE GOVERNANCE
Reviewed recurring transactions with related parties of a revenue or commercial nature that are necessary for the day-to-day operations of the company and its subsidiaries' ordinary operations to ensure that these transactions were conducted on normal commercial terms and within the mandate given by shareholders. Reviewed and recommended that the Board of Directors approve the circular to shareholders with respect to the proposed shareholder mandates for recurring related party transactions and proposed new mandates for additional recurring related party transactions of a revenue or trading nature. Reviewed non-recurring related party transactions to ensure they were conducted at arm's length and were in the best interest of the company.
The Corporate Governance Statement, the AC Report and the Risk Management and Internal Control Statement were reviewed and recommended to the Board of Directors for approval. Assessed the objectivity and independence of the external auditors in carrying out their audit during the financial year, including their appointment for non-audit services. Evaluated the performance and competence of the external auditors and recommended their reappointment to the Board of Directors.
Meeting with the external auditors on May 30, 2019 and February 27, 2020 without the presence of the Executive Directors and management to review any concerns/issues affecting their audit, including the extent of cooperation provided by management with regarding their access to financial information and accounting records. Reviewed and recommended the appointment of the Company's external auditors for the provision of non-audit services, after reviewing and considering the following: -. The nature of the non-audit services provided by the external auditors or their affiliates and the fees paid for such services in relation to the audit fees;
The services would not compromise their independence or there were safeguards against threats to the objectivity and independence of the audit as a result of the provision of non-audit services or the tenure of the external auditors.
INTERNAL AUDIT
- Basis of preparation
- Basis of preparation (continued)
- Significant accounting policies
- Significant accounting policies (continued) (a) Basis of consolidation (continued)
- Significant accounting policies (continued) (b) Foreign currency (continued)
- Significant accounting policies (continued) (c) Financial instruments (continued)
- Significant accounting policies (continued) (d) Property, plant and equipment
- Significant accounting policies (continued) (f) Leases
- Significant accounting policies (continued) (f) Leases (continued)
- Significant accounting policies (continued) (h) Investment properties
- Significant accounting policies (continued) (j) Inventories (continued)
- Significant accounting policies (continued) (n) Impairment (continued)
- Significant accounting policies (continued) (r) Revenue and other income
- Significant accounting policies (continued) (u) Earnings per ordinary share
- Government grant
- Assets under hire purchase
- Capital work-in-progress
- Right-of-use assets
- Variable lease payments based on sales
- Investment properties (continued)
- Intangible assets
- Investment in subsidiaries (continued) Non-controlling interests in subsidiaries
- Investment in subsidiaries (continued)
- Investment in associates
- Investment in associates (continued)
- Deferred tax assets/(liabilities) (continued) Movement in temporary differences during the year
- Amounts due from subsidiaries Subsidiaries
- Trade and other receivables (continued) 2 Other receivables
- Trade receivables
- Biological assets
- Biological assets (continued)
- Biological assets (continued) Fair value information (continued)
- Inventories
- Prepayments and other assets
- Derivative financial assets/(liabilities)
- Cash and cash equivalents
- Capital and reserves 1 Share capital
- Translation reserve
- Hedging reserve
- Trade and other payables
- Other payables Non-current
- Trade payables
- Amount due to associate
- Supplier factoring facilities
- Amount due to subsidiaries
- Employee benefits
- Contract with customers Contract liabilities
- Results from operating activities
- Finance costs
- Finance income
- Earnings per ordinary share Basic earnings per ordinary share
- Dividends
- Financial instruments
- Categories of financial instruments
- Categories of financial instruments (continued)
- Financial instruments (continued)
- Net losses and gains arising from financial instruments
- Financial risk management
- Credit risk (continued) Trade receivables (continued)
- Financial instruments (continued) 4 Credit risk (continued)
- Credit risk (continued)
- Liquidity risk
- Financial instruments (continued) 5 Liquidity risk (continued) Maturity analysis (continued)
- Financial instruments (continued) 6 Market risk
- Currency risk
- Market risk (continued)
- Financial instruments (continued) 6 Market risk (continued)
- Interest rate risk (continued) Exposure to interest rate risk
- Hedging activities .1 Cash flow hedge
There were no significant disruptions or weaknesses in the Group's internal control system during the reporting year. However, the interests of the Group are served through representation on the boards of directors of the respective associated companies. The Directors are pleased to present their report and the audited annual accounts of the Group and the Company for the financial year ending March 31, 2020.
There were no changes in the issued and paid-up capital of the Company during the financial year. A financial asset or a financial liability is recognized in the statement of financial position when, and only when, the Group or the Company becomes a party to the contractual terms of the instrument. Changes in fair value of the agricultural products are recognized in profit or loss. k) Non-current assets held for sale.
Rental income from investment properties is recognized in profit or loss on a straight-line basis over the term of the lease. The business segment format is based on the Group's operations management and internal reporting structure. At each reporting date, the Group assesses whether any trade receivables are credit impaired.
At the end of the reporting period, the Group did not recognize any provision for impairment losses. The profile of the interest rate of the significant financial instruments with interest of the Group and the Company, based on the book values at the end of the reporting period was:. Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.
