104 Kenanga Investment Bank Berhad Annual Report 2021 Our Sustainability Approach About This Report We Are Kenanga Message From Chairman and GMD ADDITIONAL INFORMATION Audit and Non-Audit Fees The details of the audit and non-audit fees payable to the External Auditors, Ernst & Young PLT (“EY”) and its affiliates, for the Financial Year Ended 31 December 2021 are provided below. Group Level Group (RM) KIBB (RM) Statutory Audit 582,791 355,000 Audit/ Assurance Related 57,945 57,945 Non-Audit Fees – Non-Audit Fees – EY Tax Team 70,500 26,262 30,000 0 Total Non-Audit 96,762 30,000 Grand Total 737,498 442,945 Related Party Transactions (“RPTs”) and Recurrent Related Party Transactions (“RRPTs”) RPTs and/ or RRPTs entered into by the Company and/ or KIBB Group are reviewed by the AC during its quarterly meetings to ensure compliance with the MMLR. Material Contracts Involving Interests of Directors, GMD or Major Shareholders There were no material contracts entered into by the Company or its subsidiary companies involving the interests of the Directors, the GMD or major shareholders which still subsisted at the end of the Financial Year Ended 31 December 2021. Utilisation of Proceeds Raised from Corporate Proposals On 28 May 2021, the Company had issued RM63,500,000 of Subordinated Notes under the RM250 million in nominal value Tier 2 Subordinated Note Programme which was established on 27 March 2017. The proceeds from the issuance are being utilised for working capital requirement. Details on the outstanding subordinated notes under the programme are set out under Note 25 of the Financial Statements section appearing on pages 241 and 242 of this Annual Report. Employees’ Share Scheme After obtaining the Shareholders’ approval at an Extraordinary General Meeting (“EGM”) held on 25 May 2017, KIBB had, on 21 September 2017, established and implemented an Employees’ Share Scheme (“ESS” or “the Scheme”) of up to 10% of its total issued share capital (excluding treasury shares) at any one time during the duration of the Scheme for the Eligible Employees1 which would be valid for a period of five (5) years from its commencement date. Following the Board of KIBB’s approval on 10 June 2020, the duration of the ESS has been extended for another five (5) years from 21 September 2022 to 20 September 2027 in accordance with the provisions of the By-Laws of the ESS. The ESS comprises the Employees’ Share Option Scheme (“ESOS”) and Employees’ Share Grant Plan (“ESGP”). It is governed by the ESS By-Laws approved by the Shareholders at the aforesaid EGM and administered by the ESS Committee, comprising three (3) INEDs. 1 The Employee(s) and Executive Directors of the KIBB Group who meet(s) the criteria of eligibility for participation in the Scheme as set out in By-Law 5
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