FGV Annual Report 2020

238 FGV HOLDINGS BERHAD Annual Integrated Report 2020 Statement On Risk Management And Internal Control Authority & Responsibility Information & Monitoring FGV’s performance against the business plan and annual budget is measured and monitored through the following mechanisms: Tableau Online Performance Dashboard Selected key employees use the Tableau as a performance dashboard to monitor monthly business performance and to analyse and make appropriate business decisions with the view of achieving the Group’s organisational goals. The Tableau performance dashboard covers both financial and operational parameters. The dashboard is reviewed by the Group Chief Financial Officer (GCFO) and accessible to FGV Top Management. Financial and Operational Review The GCEO and GCFO present the Group Quarterly Financial Statements and Operational Performance analysis to the Audit Committee and the Board. The Board-approved Group Quarterly Financial Statements are subsequently announced to Bursa Securities. In addition, monthly financial and operational reviews are conducted at GMC level. Organisation Structure In the year 2020, FGV Group made some changes to its Group structure to reflect its two new growth areas: Integrated Farming and Consumer Products, both reporting direct to the GCEO. Consumer Product Sector, led by a Chief Consumer Product Officer who joined FGV in June 2020, was created to focus on the marketing and distribution of FGV’s consumer products. Integrated Farming Division, on the other hand, which was previously under the Plantation Sector, now reports directly to the GCEO. FGV Group’s Limit of Authorities (LOA) The Group LOA which is approved by FGV Board promotes organisational efficiency by empowering Management in the running of FGV day-to-day business activities and is aligned to the Group’s business conducts and risks tolerance. The Group LOA establishes a sound framework and inculcates accountability within the Group, including the segregation of duties, which facilitate timely, effective and quality decision making in addition to a stricter financial controls. During the year, Management continues to review and update the Group’s LOA to ensure its applicability and alignment with the Group’s other Policies.