Page 52 - HRC_AR2020

50 I 2020 ANNUAL REPORT I gOvERNANCE

CORPORATE gOvERNANCE

OvERvIEW STATEmENT

hengyuan Refining Company Berhad (Company or hRC) is committed to upholding honesty,
integrity and fairness in all aspects of its business and operations and ensuring that good corporate
governance is practised as part of building a sustainable and long-term business.

In September 2020, the Company was recognised in the The Board of Directors (Board) is pleased to provide an overview
Minority Shareholders Watch Group (MSWG) Corporate of the Company’s corporate governance practices during
Governance Awards 2019 as one of the top 100 companies the financial year ended 31 December 2020 (FY 2020) in
for corporate governance disclosure, and rated number 52 accordance with the Main Market Listing Requirements
among the top 100 companies for overall corporate governance (MMLR) of Bursa Malaysia Securities Berhad (Bursa Malaysia)
and performance. In addition, HRC scored full marks in the and the Malaysian Code on Corporate Governance (MCCG).
FTSE4Good index review in December 2020 for governance. This statement is to be read together with the Company’s
These achievements were accorded to the Company based on Corporate Governance Report 2020 which is published on the
public information and disclosures in the financial year ended Company’s website at www.hrc.com.my.
2019. HRC shall continue its efforts in practising and promoting
good corporate governance as part of the fundamental
principles of the Company.

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS

I. BOARD RESPONSIBILITIES
The primary role of the Board is to represent, promote and protect the interests of the Company, including its shareholders and
stakeholders. To effectively discharge the Board’s functions and responsibilities, certain powers are delegated to the management
team of the Company (Management) and the following Board Committees:
i. Board Audit Committee (BAC);
ii. Board Nominating and Remuneration Committee (BNRC);
iii. Board Risk management Committee (BRmC);
iv. Board Projects Review Committee (BPRC);
v. Board Tender Committee (BTC); and
vi. Board Whistleblowing Committee (BWC).
Amongst others, the Board assumes the following responsibilities:

No Principal Responsibilities Explanation and updates for FY 2020
i To promote good corporate The Company has a full set of governance controls, policies and procedures, including
governance culture within the HRC’s General Business Principles, Code of Conduct, Manual of Authorities, a control
Company which reinforces framework and approval checks at various levels to instil good corporate governance
ethical, prudent and practices within the Company.
professional behaviour

ii Reviewing and adopting a On 26 November 2020, the Board approved the Business Plan 2021 tabled by
strategic plan for the Company Management, which sets out the strategies and timelines to achieve both short-term
and long-term value creation for the Company.
The focus of the business strategy for the year 2021 is to survive the crisis caused by
the COVID-19 pandemic, to continue to instil the Company’s vision, mission and core
values and to build for a sustainable business future.