137 How We Are Governed Financial Statements Shareholders’ Information Additional Information OUTLOOK AND PROSPECTS FOR 2022 (CONT’D.) Given that the economy remains uncertain as COVID-19 and its variants continue to pose a lingering threat, fiscal policy would likely remain expansionary. The government is expected to continue handing out additional funds in times of need on top of the record-high expenditure planned under Budget 2022 to ensure a sustainable growth recovery. Although the high deficit remained a concern, we expect the fiscal deficit to edge lower to 6.1% in 2022 (2021 forecast: 6.6%), underpinned by the relatively stable and high Brent crude oil price and the steady rise in economic activities and private sector spending. With the challenging economic and political sentiments weighing down the market, equity broking business is expected to face headwinds, exacerbated by the increase in stamp duty on share trading. Mitigating this, and to increase and diversify revenue source, we are rolling out algorithmic trading tools to our clients and traders, as well as foreign shares trading via our joint venture, Rakuten Trade Sdn Bhd. Our investment management is expected to further pick-up its growth momentum both in profitability and asset under administration as it diversifies into foreign investments and more Environmental, Social, and Governance focused products, while our investment banking business is expected to benefit from a stronger deal pipeline this year. Digitalisation remains at our core, and we will be delivering more digital products and tools in 2022 to help drive both top line and bottom line. INDEMNIFICATION OF DIRECTORS The Bank has maintained a Directors and Officers Liability Insurance on a group basis up to the aggregate limit of RM30.0 million against any legal liability incurred by the Directors and officers in the discharge of their duties while holding office for the Group. The Directors and officers shall not be indemnified by such insurance for any gross negligence, fraud, intentional breach of law or breach of trust proven against them. The total amount of insurance premium paid for the Directors and Officers of the Bank for the current financial year was RM59,500. DIRECTORS The names of the Directors of the Bank in office since the beginning of the financial year and at the date of this report are: Tan Sri Dato' Seri Syed Zainol Anwar Ibni Syed Putra Jamalullail (Independent Non-Executive Director/Chairman) Datuk Syed Ahmad Alwee Alsree (resigned on 11 June 2021) (Non-Independent Non-Executive Director/Deputy Chairman) Dato' Richard Alexander John Curtis (resigned on 11 June 2021) (Non-Independent Non-Executive Director) Luigi Fortunato Ghirardello (Non-Independent Non-Executive Director) Ismail Harith Merican (Non-Independent Non-Executive Director) Luk Wai Hong, William (Independent Non-Executive Director) Jeremy Bin Nasrulhaq (Independent Non-Executive Director) Norazian Binti Ahmad Tajuddin (Independent Non-Executive Director) Kanagaraj Lorenz (Independent Non-Executive Director) Choy Khai Choon (appointed on 13 December 2021) (Non-Independent Non-Executive Director) The names of the Directors of the Group's subsidiaries who served the respective Boards of the subsidiaries since the beginning of the current financial year to the date of this report are disclosed in Note 53 to the financial statements.
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