77 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 Board Diversity and Gender In recognition of the benefits of a diverse Board in terms of the ability to tap into the many talents which the Board members from their different ages, cultural backgrounds, industry exposure, expertise, competency, experience, knowledge and gender bring to the Company, as well as, their abilities to respond to business opportunities more rapidly and creatively, the Company has endeavoured and will continue to endeavour to achieve an appropriate mix of members to achieve diversification. During the search of a suitable candidate, one of the key considerations is to ensure that the skill-set of the Board is appropriately balanced to support the strategies and long-term goals of KIBB Group. Amongst others, the considerations include whether the skill-set of the new candidate could complement the collective skill-set of the existing Directors, the integrity and the character of the candidate, the ability to contribute different perspectives to the Board, as well as the ability to commit sufficient time and attention to the affairs of the Company and whether he/ she could fit in with the Company’s culture. Following the issuance of the revised MCCG by the SC on 28 April 2021, the Board of KIBB had, at its meeting on 29 July 2021, deliberated on the status of KIBB’s application of the Practices and adoption of the StepUp Practices of the MCCG. Arising from the gap analysis, the Board had identified certain action plans in terms of application and adoption of the Practices and StepUp Practices, respectively. One of the action plans identified was to adopt Practice 5.9 of the MCCG which recommended for the Board to comprise at least 30% women Directors. Being a Capital Markets Services Licence (“CMSL”) Holder under the SC, KIBB is also required to comply with the requirements of Paragraph 5.06 of the SC’s Guidelines on Corporate Governance for Capital Market Intermediaries (“SC’s CG Guidelines”), for the Board of a CMSL Holder to comprise at least 30% women Directors. Consequential to the appointment of Madam Chin Siew Siew as an INED, the Board composition had moved closer to the requirement of 30% women Directors. Even though KIBB had not fully adopted Practice 5.9 under the MCCG, it had, however, deemed as having fulfilled the requirement of Paragraph 5.06 of the SC’s CG Guidelines, as the SC allowed the rounding up of the percentage up to a maximum 5%. To fully adopt Practice 5.9 of the MCCG, the Board will endeavour to source for suitable woman candidates for future appointment as and when changes to the Board composition are required or reviewed, in line with the Company’s business direction and strategy, within a timeframe of three (3) years or less from the issuance of the MCCG on 28 April 2021. Any appointment of a woman Director would be based on merit and potential contributions that she could bring to KIBB, as well as the Group. CORPORATE GOVERNANCE OVERVIEW STATEMENT
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