BIMB Integrated Annual Report 2017

3 restructuring, risk and control, human capital including succession planning, related party transaction and capital financing. The key objectives of the Board are to: ✔ Oversee the conduct of the Company’s business including the formulation of strategy and performance objectives, control and accountability systems, corporate governance framework, risk management practices and human capital management. ✔ Approve and monitor the progress of major capital expenditure, fund-raising, acquisitions and divestitures. ✔ Fulfil statutory and fiduciary responsibilities by monitoring the operational, financial and risk management processes of the Company and Group. ✔ Set the risk appetite within which the Board expects Management to operate and ensure that there is an appropriate risk management framework to manage and monitor significant financial and non- financial risks. ✔ Review the efficiency and quality of the Company and the Group’s financial reporting process and systems of accounting and internal controls. ✔ Ascertain the independence of the internal and external auditor function. ✔ Monitor compliance with established policies and procedures. ✔ Evaluate the performance of the Board and Board Committees. The Board sets the strategic direction and oversees that the conduct of the businesses of the Company and the Group is in compliance with the law and ethical values. Some of the activities in 2017 considered by the Board in discharging its key fiduciary duties, leadership functions and responsibilities are set out below: Matters considered by the Board Activities Reviewing and adopting a strategic plan The Board plays a pivotal role in reviewing the Company’s strategic direction and approving corporate strategic initiatives developed by the Management. The Board deliberates annually on the Company’s strategy and business plans as proposed by the Management, including the annual capital and revenue budget for the ensuing year as well as the Key Performance Indicators (“ KPIs ”). This will ensure that the KPIs correspond The Management of BHB and its subsidiaries presented their 2017 budget for Board’s notification and approval at the Board meeting held in January 2017. The Board deliberated in length and took note on the building blocks of the main drivers for the strategies for 2017. In ensuring that the Company’s strategic and business plans are met, the Board had at its Board meeting held in throughout year 2017 deliberated and provide guidance before decision was