Asgari Bin Mohd Fuad Stephens was appointed as an independent non-executive director on 1 January 2019. Lim Ted Hing was appointed as an independent non-executive director of Innoprise Plantations Berhad on 14 August 2019.
The group also spent RM1.183 million on oil palm plantation development ie supply or filling and sunk costs. On the other hand, labor shortage continued to be a threat to the palm oil industry and affected the overall performance of the Group.
DiviDenD
This sustainability statement will outline our efforts to practice and improve sustainability in economic, environmental and social aspects. We will highlight some of the achievements achieved through 2021 from our efforts to convert waste into energy to enriching forests to our effort to help the local community.
Short-term GoalS
SuStainability viSion
SuStainability miSSion
This statement covers the various sustainability-related performance, achievements and initiatives for SJI's properties and palm oil mill operations. The statement covers the period from 1 January 2021 to 31 December 2021 and follows the Amendments to the Main Market Listing Requirements of Bursa Malaysia Berhad ("Bursa Securities") regarding the sustainability statement in annual reports.
GovernanCe
Anti-bribery and anti-corruption policy Going forward, the company plans to develop a more comprehensive sustainability policy that serves as a guiding compass for the company's sustainability values and practices. The table below maps the company's initiatives for the SDGs for the current reporting period.
The sustainability issues most important to our business have been identified based on an analysis of internal documents, peer reviews and our risk register to identify risks and opportunities for the business.
Community
The following issues were considered material for the Group, categorized into the 4 pillars of our sustainability strategy:
Marketplace
Workplace
As part of the group's commitment to being environmentally responsible, all 6 of our estates and the mill are MSPO certified. External laboratory assessments of river water are carried out every four months to ensure full compliance.
SuStainable foreStry
The Company will not do business with those who violate the rights of others, such as by using forced or child labor. The company will pay workers the minimum wage according to current government decree, whether local or foreign workers.
The Board of Directors recognizes its responsibility to ensure that the Group has a reliable system of internal control and risk management practices for good corporate governance and regularly reviews its adequacy and integrity to protect shareholders' investments, customer interests and Group assets. As there are limitations inherent in the system of internal control, the Group's internal control is designed to manage rather than eliminate the risk of failure to achieve business objectives.
Below is the Board's Statement on Risk Management and Internal Control, which describes the nature and purpose of the Group's risk management and internal control during the year. The concept of reasonable assurance also recognizes that the cost of control procedures should not exceed the expected benefits.
The Audit Committee met five (5) times during the year to discharge its duties and responsibilities. The Audit Committee is subject to its internal regulations, which will be periodically reviewed and updated. An annual assessment and evaluation of the performance and effectiveness of the Audit Committee was carried out by the Board of Directors through its Nomination Committee for the financial year ending December 31, 2021.
During the financial year, the audit committee carried out its tasks and fulfilled its tasks in accordance with the rules of procedure. The summary of the work carried out by the audit committee during the financial year consisted of the following:
The Audit Committee was evaluated based on the following six key areas and the Board was satisfied that the Audit Committee had performed its duties and functions in accordance with its terms of reference. For the year under review, all members of the Audit Committee had participated in various collective or individual webinars, seminars, talks, briefings and/or workshops, the details of which are presented in the GC Report.
The Board of Directors is pleased to present their report together with the audited accounts of the Group and the Company for the financial year ended 31 December 2021. The Company's main activities are investment holding and the provision of management services to subsidiaries. RM With regard to the financial year ended 31 December 2020 as stated in the management report on this.
According to the directors' share register, the interests of the directors in office at the end of the financial year in the shares of the Company during the financial year were as follows: None of the other directors in office at the end of the financial year had any interest in shares in the Company or its affiliated corporations during the financial year.
STATuTORY DeCLARATIOn
Summary of SiGnifiCant aCCountinG poliCieS 1 Basis of preparation
- Changes in accounting policies
- Changes in accounting policies (continued)
- Standards issued but not yet effective
- Standards issued but not yet effective (continued)
- Basis of consolidation
- Basis of consolidation (continued) Business combinations and goodwill
- Property, plant and equipment
- Biological assets
- Impairment of non-financial assets
- Current versus non-current classification
- Financial instruments – initial recognition and subsequent measurement
- Financial instruments – initial recognition and subsequent measurement (continued) (i) Financial assets (continued)
- Financial instruments – initial recognition and subsequent measurement (continued) (ii) Financial liabilities (continued)
- Financial guarantee contract
- Cash and cash equivalents
- Inventories
- Provisions
- Borrowing costs
- employee benefits (a) Short term benefits
- employee benefits (continued) (b) Defined contribution plans
- Leases
- Leases (continued) As lessee (continued)
- Fair value measurement
- Fair value measurement (continued)
- Revenue
- Taxes
- Taxes (continued)
- Segment reporting
- Share capital and share issuance expenses
- Contingencies
The Group and the Company participate in the national pension schemes as defined by the laws of the countries in which they operate. Employees of the Group and the Company receive compensation in the form of stock options as compensation for services rendered. The Group and the Company recognize right-of-use assets on the commencement date of the lease (ie the date the underlying asset is available for use).
At the lease commencement date, the Group and the Company recognize lease liabilities measured at the present value of the lease payments to be made during the lease term. Contingent liabilities and assets are not recognized in the statements of financial position of the Group and the Company.
SiGnifiCant aCCountinG JuDGementS anD eStimateS
- Judgements made in applying accounting policies
- Key sources of estimation uncertainty
An equity instrument is any contract that shows a residual interest in the assets of the Group and the Company, after deducting all its liabilities. Management has not made critical judgments in applying the accounting policies of the Group and the Company to the amounts included in the financial statements. Management has assessed the likelihood of the outcome of the matter and, after advice from the Group's counsel, has concluded that it should be disclosed as a potential contingent liability.
The Group reports its biological assets at fair value, with changes in fair value recognized in profit or loss. The book value and key assumptions used to determine the fair value of biological assets are further disclosed in note 15. c) Provisions for expected credit losses of other receivables.
CoSt of SaleS
DireCtorS’ remuneration
11. Directors' remuneration (continued) The total remuneration of the directors of the Company is as follows: Group Company 2021 Fees RM Salaries and/or other remuneration RM Benefits - in kind RMTotal RM Fees RM. Income tax is calculated at the Malaysian statutory tax rate of the estimated assessable profit for the year. In previous year, unabsorbed business losses up to the year of assessment 2018 will be deductible against statutory income up to year of assessment 2025 and unabsorbed business losses from year of assessment 2019 onwards will only be allowed to be carried forward for a maximum period of seven (7) consecutive years of assessment.
Any amount that has not been used at the end of 2025, respectively the seven (7) year evaluation period, will not be taken into account. However, based on the Finance Act 2021 which was published on 31 December 2021, with effect from assessment year 2019, the period to carry forward unabsorbed business losses up to assessment year 2018 and unabsorbed business losses from assessment year 2019 onwards. have been extended until 2028 and a maximum period of ten (10) years of evaluation respectively.
Bhd., has been granted Pioneer Status under Section 127 of the Income Tax Act, 1967, exempting from tax 100% of the subsidiary's statutory income from the operation of the biomass plant for a period of 10 years, commencing from 31 December 2014. At the reporting date, the Group and the Company have unused tax losses, unabsorbed capital allowances and agricultural allowances available for offset against future taxable income. There have been no other transactions involving ordinary shares between the reporting date and the date of authorization of these financial statements.
December 2021 Cost
December 2020
- bioloGiCal aSSetS
- leaSeS
- inveStmentS in SubSiDiarieS
- inventorieS
- CaSh anD bank balanCeS
- borrowinGS
- traDe anD other payableS
- Share Capital
- other reServe
- fair value of aSSetS anD liabilitieS Determination of fair value
- finanCial riSk manaGement obJeCtiveS anD poliCieS
- Capital manaGement
- SeGment information
- DiviDenDS
- authoriSation of finanCial StatementS for iSSue
The oil palm plantation of the Group is being developed on a piece of land leased from Benta Wawasan Sdn. Set out below are the carrying amounts of rental obligations of the Group and the movements during the period (continued. The weighted average effective interest rate of deposits with a licensed bank of the Group as at the reporting date.
These banking facilities of the Group are provided by: i) Corporate guarantees given by the Company. The Group's and the Company's exposure to liquidity risk arises mainly from mismatches in the maturities of financial assets and liabilities. Interest rate risk is the risk that the fair value or future cash flows of the Group's financial instruments will fluctuate due to changes in market interest rates.
To the extent that the ongoing impact has been assessed, the Group and the Company have taken into account the uncertainties arising from the COVID-19 pandemic when preparing the financial statements.
Resolution 4
To receive the Audited Financial Statements for the financial year ended 31 December 2021 and the Directors' and Auditors' Reports thereon. To approve the payment of directors' fees for the Group in an amount up to but not exceeding RM600,000 from 24 May 2022 until the next Annual General Meeting of the Company; To approve the payment of directors' allowances and benefits for the Group in an amount up to but not exceeding RM80,000 from 24 May 2022 until the next Annual General Meeting of the Company;.
Reappointing Messrs. Ernst & Young PLT as accountants of the Company and authorizing the directors to determine their remuneration. Proposed extension of the existing shareholder mandate for recurring related party transactions of an income or trading nature.
To carry out all other business of the company, about which the company must be properly informed in accordance with the company's articles of association and the law. A member who has the right to participate and vote at the general meeting has the right to appoint a proxy to attend and vote on his behalf, and the proxy does not necessarily have to be a member of the company. The required general authorization to issue shares is a renewal of the authorization approved by shareholders on August 26, 2021.
No individual is seeking election as a Director at the 28th Annual General Meeting of the Company. Please refer to item (b) of the Explanatory Notes to the Notice of the 28th Annual General Meeting for information regarding general mandate for issuing securities.
Innoprise Plantations Berhad
