BEE 2024 PROCESS 24 December 2024 Surveys prepared and circulated 17 March 2025 Completed surveys received 20 March 2025 Report recommended by NRC 25 March 2025 Report reviewed and approved by the Board Overall, the results of the BEE 2024 reflected a generally satisfactory performance, affirming the effectiveness of the Board, Board Committees, and individual Directors in fulfilling their roles. The Board acknowledges the findings and results, as well as the areas needing improvements, and has taken action to address these appropriately. Scope for the BEE 2024 exercise includes the following topics: Board of Directors’ Assessment Board Skills Matrix Assessment Directors’ Self and Peer Assessment Fit and Proper Assessment Independence Assessment on Independent Directors BOARD IMPROVEMENT PLANS QUESTIONNAIRES AND BOARD SURVEY Best practices, common themes, and priorities BOARD DISCUSSION Summary of Strengths and Challenges Key Observations, Priorities, and Themes Relevant benchmarking OUR PROCESS Board Committees Assessment BOARD LEADERSHIP AND EFFECTIVENESS The Board conducts an annual review of its performance and that of its Committees. In 2024, the Board continued the BEE exercise, which was carried out internally. The Board recognises that a continuous and constructive review of its performance is crucial for achieving its objectives and realising its full potential. The process underlying the BEE 2024 exercise is as depicted below: Based on the assessment from BEE 2024, the key focus areas are as follows: KEY FOCUS AREAS Improving communication efficiency and decision making process to ensure timely and informed decisions on critical issues. Board Effectiveness Address key critical issues to improve non-performing estates. Plantation Strengthening sustainability practices with a strong focus on ESG risk management in the plantation and agriculture sectors. Embracing digital transformation as a key priority to enhance operational efficiency, improve data management, and maintain competitiveness. Effective governance and strategic oversight of subsidiaries in ensuring alignment with corporate objectives. Navigating macroeconomic risks, and focusing on positioning FGV towards long-term resilience and success. Talent Development and succession planning which is critical for maintaining strong leadership at all levels of the organisation. Environmental, Social and Governance 197 Sec 07 SUSTAINING VALUE THROUGH GOOD GOVERNANCE (CORPORATE GOVERNANCE OVERVIEW STATEMENT)
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