Kuching (Sarawak), Wednesday, 24 November 2021 – Cahya Mata Sarawak Berhad (the Company or the Group) today unveiled plans to enhance corporate governance, management accountability and proactively raise its risk management capability following a review of financial and investment activities undertaken by its appointed Independent Financial Advisor.
The Company would also embark on a Human Capital Transformation Programme to build a culture of governance and growth across the Group to strengthen the accountability and integrity at all levels of Senior Management.
In a statement to Bursa Malaysia, the Company said key measures included:
- Strengthening Risk Oversight at Board level on enterprise material risk and to provide updates on key projects on a timely manner so that the Board will be continuously appraised of such risk exposure;
- Setting up of an Investment Committee chaired by the Group Managing Director to review and recommend all proposals and investments to the Board for information and approval as appropriate and timely;
- Setting up an independent Group Risk Division to drive risk management throughout the Company; and
- Strengthen accountability and integrity at all levels of senior management to further build a culture of governance and growth across the Group.
- The Company has already taken initial steps toward this direction by bringing in several key leaders including Chief Risk Officer, Chief Technical Officer, Chief of Staff and Head of Compliance.
It expects to augment these initiatives with a Group-wide revamp of processes, procedures and controls to improve project bidding, monitoring of project costs and significantly improve project management.
The Company expressed confidence that it would drive higher returns for its business and investment activities, unlock shareholder values and would be able to deliver better results with these initiatives. The realignment of management structure to drive governance, transparency, accountability and to inculcate the culture of pro-active risk management is aimed at delivering value to all stakeholders.