Page 136 - Bank-Muamalat-Annual-Report-2021

134 BANK MUAMALAT MALAYSIA BERHAD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

BOARD LEADERSHIP AND
EFFECTIVENESS

Shariah Structured Training: Shariah Principle and any breach of ethics as described in the CoBC, conflict of
Essential Business Contracts in Islamic Banking and interests, bribery and corruption, anti-money laundering/
Finance combating the financing terrorism, and/or any fraudulent
MyFintech Week 2022 Sustainability Challenge act as may be described in Bank Muamalat’s Anti Bribery
Accelerator Code system and other relevant documents.
SC-FIDE FORUM Dialogue: Capital Market Masterplan In light of the requirements stipulated under the BNM CG
3 and the CA 2016, Bank’s Whistleblowing Policy, established
BNM-FIDE FORUM Dialogue with Tan Sri Nor Shamsiah by the Board provides a secure reporting avenue via the
binti Mohd Yunus, Governor of Bank Negara Malaysia Ethics Hotline for employees and third parties, who have
Ask An Expert Webinar - Board Composition & Dynamics knowledge or are aware of any improper conduct or
unethical behaviour including suspected fraud, bribery,
Cybersecurity Oversight in the Boardroom
corruption and criminal activity.
v. Ethical Business Conduct and Whistle Blowing
REMUNERATION
The Board promotes good corporate governance culture
to ensure that Bank Muamalat conducts its business with Remuneration of Directors and Senior Management
integrity, in an ethical and transparent manner.
The Board has delegated to the BNRC the responsibility to
To this end, the Board has established the Code of oversee and recommend the structure of the remuneration
Business Conduct (“CoBC”). The CoBC sets out the conduct policy and frameworks for the Directors and Senior
expected of all directors, employees and third parties Management. Bank Muamalat’s Remuneration Policy has been
doing business with Bank Muamalat. The CoBC outlines, developed to attract and retain Directors and management of
inter alia, Bank Muamalat’s procedures relating to the calibre needed to spearhead Bank Muamalat.
non-discrimination, whistleblowing, Bank Muamalat’s
assets and properties, confidential information, personal The remuneration structure for Non-Executive Directors takes
data protection, insider trading, fraud, conflict of into consideration the relevant factors including function,
interests, bribery and anti-corruption. Bank Muamalat’s workload, responsibilities and time spent for the preparation
directors and employees affirm their commitment to the for the Board and Board Committee meeting. It comprises fees,
CoBC. meeting allowance and benefits in kind. A premium is given to
the Chairman of the Board and Board Committees in view of
The CoBC has recently been enhanced to include his/her additional role in guiding and managing the Board and
fundamental principles on Competence, Integrity, Board Committees.
Fairness, Confidentiality and Objectivity which shall be
consistently applied across Bank Muamalat. This is to align In line with good corporate governance practice, the
the CoBC with the requirement of Professional Code for Remuneration Policy/structure shall be reviewed every three
the financial services industry developed by Financial (3) years or as and when BNRC or the Board deem necessary.
Services Professional Board (“FSPB”); relevant points
The remuneration for the Non-Executive Directors is subject
in mitigating rapid changes resulting from Industrial
to annual approval by the shareholders.
Revolution 4.0 (IT devices utilisation, social media usages
and cyber security); and new items from relevant Acts,
The PCEO’s Corporate Scorecard and key senior management's
regulatory requirements and Guidelines amongst other,
Key Performance Indicators are reviewed and tracked by the
the Adequate Procedures in relation to Corporate Liability
BNRC on an annual basis.
pursuant to subsection (5) of Section 17A, Malaysian
Anti-Corruption Commission (“MACC”) Act 2009. The aggregate emoluments received by the Directors of the Bank
during the financial year ended 31 December 2021 are disclosed in
Bank Muamalat has zero tolerance on any conduct that Note 35 from page 268 of the Audited Financial Statement for the
financial year ended 31 December 2021.
constitutes a wrongdoing or malpractice which may include