BIMB Integrated Annual Report 2017

34 Intended Outcome Board decisions are made objectively in the best interests of the company taking into account diverse perspectives and insights. Practice 4.6 In identifying candidates for appointment of directors, the board does not solely rely on recommendations from existing board members, management or major shareholders. The board utilises independent sources to identify suitably qualified candidates. Application : Applied. Explanation on application of the practice : The Board assisted by the Nomination and Remuneration Committee is responsible for developing plans to identify the necessary and desirable competencies and skills of Directors and succession plans to ensure there is an appropriate dynamic of skills, experience, expertise and diversity on the Board. The NRC also performs an oversight function for the appointment as well as the succession planning for key Senior Management. The Nomination and Remuneration Committee source and evaluate the suitable candidates based on the recommendation from the existing Board members, Management, major shareholders as well as through external sources such as Directors’ register by FIDE Forum, Bank Negara Malaysia and from independent professional firm. During the Financial Year under review, the Board/NRC had reviewed and appointed Encik Khairul Kamarudin as the new CEO on 8 August 2017 replacing the former Group CEO, i.e., Dato’ Sri Zukri Samat who retired on 8 June 2017. The Board/NRC had also considered and approved the proposed appointment of Tan Sri Ambrin Buang as the new Chairman, to replace Tan Sri Samsudin Osman who retired on 31 January 2018. The mix of skills, experience, expertise and qualification were analysed prior to their respective appointments. The Board is satisfied that the NRC has effectively discharged its duties pertaining to the nomination, remuneration and succession management functions as sets out in its TOR. Based on the annual evaluation for the Financial Year under review, the Board collectively concur that the succession plan for the CEO and Management as well as for the Company’s future leaders has been appropriately developed.