POWERS DELEGATED TO MANAGEMENT The Board grants the GCEO specified levels and limits of authority, along with the power to oversee the Company and its operations. The GCEO may further delegate certain aspects of his authority and power to the Management team as needed. However, the GCEO remains accountable to the Board for the Group’s performance. The GCEO and his Management team are obligated to report regularly to the Board on the progress made by the Group’s business units. LIMITS OF AUTHORITY To ensure the accountability of the GCEO and Senior Management, the Group has implemented Limits of Authority, which govern the limits of transactions that each level of Management can approve or commit to the Group and specify transactions that require escalation and approval by the Board or Board Committees. All changes to the Limits of Authority must be approved by the Board and may be revised as and when needed. The Board reviews the Company’s policies and procedures to ensure alignment with evolving best governance standards. The Board prioritises engagement with FGV’s diverse stakeholders by maintaining effective, transparent, and regular communication to build trust and facilitate mutual understanding of each other’s objectives and expectations. The comprehensiveness of FGV’s Governance and Integrity Framework ensures the orderly discharge of the Board’s roles and responsibilities, with the powers of the Board delegated to the relevant Committees as depicted in the Framework. Corporate Governance Overview Statement MATTERS RESERVED FOR THE BOARD The Board has a formal schedule of matters specifically reserved for its decision, as noted below, and delegates other responsibilities to Management for day-to-day operations. The following matters are reserved for the Board to determine and/or approve, except to the extent that the Board resolves that the determination and/or approval of any such matter shall be delegated to the Committees of the Board or Senior Management: PRINCIPLE A Board Structure Board and Senior Management Remuneration The Company and the Group Operations Group Strategy and Business Plan Financial Matters Investment and Divestment 194 FGV Holdings Berhad | Annual Integrated Report 2024
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