Page 128 - Bank-Muamalat-AR2020

126 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
About Us
ANNUAL REPORT FY2020

COMMITTED TO
STRONG GOVERNANCE

OUR GOVERNANCE
Bank Muamalat FRAMEWORK
Malaysia Berhad Our governance framework takes
(“Bank Muamalat”) guidance from: Companies Act 2016
is firmly committed (“CA 2016”), Islamic Financial Services
Act 2013 (“IFSA 2013”), BNM Policy
to high standards of Document on Corporate Governance Strategy Capital and
corporate governance (“BNM CG”), Malaysian Code on Finance
and maintaining a sound Corporate Governance (“MCCG 2017”)
framework for the control and other relevant requirements as BOARD OF DIRECTORS
and management of the outlined under the respective guidelines
Group’s business. by BNM. Source of Authority/Roles and Responsibilities
specified in:
Please refer to the table on the side

The Board recognises the vital The composition of the Board
importance of a sound governance Committees, in particular the BNRC, Board Nomination & Remuneration Committee
(“BNRC”)
culture to the continued success of BAC, BRMC and BVC complies with Provides a formal and transparent procedure for
the Group. Our core values underpin the following requirements of the BNM the appointment and remuneration of directors,
our governance culture and emphasise CG: CEO and members of Shariah Committee as well as
the behaviours that will enable the • Minimum of/at least three (3) assessment of effectiveness of the Board as a whole,
Shariah Committee members and performance of
Bank to continue to succeed in what Directors CEO and key senior management officers.
we do. The governance framework is • Chaired by an Independent Director The BNRC focuses on reviewing and recommending:
designed to ensure that the Board, led • The appointment and re-appointment of
by the Chairman, is able to monitor the • Comprise a majority of Independent Independent and Non-Independent Non-Executive
sustainability of the business model, Directors Directors.
performance against strategy and • The Chairman of the Board does not • The appointment and re-appointment of Shariah
Committee members
opportunities and threats as they arise. chair any of the Board Committees • The revised composition of the Board Committees.
When reviewing performance against • Comprise Directors who have the • The new appointment/renewal/revision of the
strategy, the Board looks to ensure it skills, knowledge and experience contract of service of Senior Management and
continues to align with the Group’s relevant to the responsibilities of the their remunerations.
culture and delivers long-term success respective Board Committees
to the Group and its stakeholders.

GOVERNANCE STRUCTURE

Board of Board Committees and Management
Shareholders CEO CHIEF EXECUTIVE OFFICER
Directors Shariah Committee Team
(“CEO”)
The key responsibilities of the CEO:
Managing day-to-day business operations in line with
the strategy and key performance indicators set by
the Board.

MANAGEMENT COMMITTEES

Management Committee helps the CEO
• Set performance targets