Affin Bank Berhad | Annual Report 2020

199 CORPORATE GOVERNANCE OVERVIEW STATEMENT AFFIN BANK BERHAD 197501003274 (25046-T) | ANNUAL REPORT 2020 Corporate Governance Priorities The Bank has applied all recommended practices in MCCG save for the following:- Practice 7.2 The remuneration of Top-5 key Senior Management Practice 11.2 Integrated Reporting Moving forward, the Bank will continue to refine and work towards achieving high quality outcomes in the realm of corporate governance. The Board has identified the following forward-looking action items that will help to achieve its corporate governance objectives:- 1. Disclosure of Directors and Senior Management’s Remuneration The Board wishes to give assurance that the remuneration of Directors and Senior Management commensurate with their individual performance, taking into consideration of the Bank’s performance as it is benchmarked against the market. The remuneration packages of Senior Management are based on experience, expertise, skills and industry benchmark. Total remuneration of its employees is also set out in the Audited Financial Statements for financial year ended 31 December 2020 which allow shareholders to assess whether the remuneration of Directors and Senior Management commensurate with their performance taking into consideration of the Bank’s performance. The Board may consider disclosing the aggregate of the top 5 Senior Management’s remuneration component including salary, bonus, benefits in-kinds and other emoluments. 2. Integrated Reporting The Company has yet to adopt an integrated reporting. The Board acknowledges that integrated reporting goes beyond a mere combination of the reports in the Annual Report into a single document. Nevertheless, there are coordination efforts among cross-functional departments in preparing the various statements and reports in the Annual Report. The Board may consider adopting integrated reporting in future. LOOKING AHEAD With global market conditions expected to remain challenging and the world still in the grips of the pandemic, active corporate governance and robust systems of oversight are critical. The Bank’s rigorous governance framework has kept the Group agile and effective in uncertain times, sustaining growth and steering the Bank to new strengths. The Board will continue to refine the Group’s governance structure, sustain ethical corporate culture and guide the Management on the furtherance of the Group’s Sustainability Plan. The Bank will maintain a close watch on the rapidly evolving market conditions, and confident that it has the right governance structure and team in place to maintain the momentum of high-performance business units in leading the Group towards greater resilience and recovery