Post on 23-Feb-2020
transcript
28 • 29
CORPORATE GOVERNANCE STATEMENT
The Board of Directors (the Board) of United Malayan Land Bhd (UM Land or the Company) is fully committed to
ensuring the highest standards of corporate governance are being practiced throughout the UM Land Group of
Companies (the Group) by reaffirming its support of the recommendations of the Malaysian Code on Corporate
Governance (the Code). The Board constantly strives to discharge its responsibilities in a professional manner to
protect and enhance shareholders’ value and the financial performance and growth of the Group.
In this regard, the Board is pleased to report to the shareholders the manner in which the Company has applied the
principles and complied with the best practices of the Code throughout the financial year ended 31 December 2003.
BOARD OF DIRECTORS
The Board comprises members from diverse professional backgrounds and experience in the financial, business, legal
and technical fields which are crucial for the Group to achieve its objectives.
The Board provides direction and effective control of the Company and is responsible for the overall strategic, financial
and organisational matters of the Group.
MEETINGS
The Board ordinarily meets at least four times a year with additional meetings convened when urgent issues and
important decisions are required to be taken between the scheduled meetings. During the financial year ended 31
December 2003, the Board met five (5) times to deliberate and consider a variety of significant matters including
review on quarterly financial statements, several corporate proposals as well as other related business that required
due approval.
Details of attendance of each Director who were in office during the year under review are set out below:
Name of Directors Attendance % of attendance
Mohamed Ali Rashed Alabbar (Appointed on 17/11/03) Nil Nil
Tham Kui Seng 3/5 60
Dato’ Ng Eng Tee 5/5 100
Dato’ Syed Hamid Bin Syed Hussain Alhabshee (Appointed on 1/10/03) 2/2 100
Datuk Syed Ahmad Khalid Bin Syed Mohammed 4/5 80
Datuk Nur Jazlan Bin Tan Sri Mohamed 5/5 100
Datuk Mohd Khamil Bin Jamil (Appointed on 20/2/03) 3/5 60
Dr Choo Kian Koon (Appointed on 1/1/03) 4/5 80
Ng Eng Soon 5/5 100
Pee Tong Lim 5/5 100
Dato’ Abdullah Bin Mohd Yusof (Resigned on 17/11/03) 4/4 100
Ismail Bin Abd Halim (Resigned on 20/1/03) Nil Nil
101069 From CGS 27-80 FA 5/30/04 6:02 PM Page 28
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT
- continued
BOARD BALANCE AND COMPOSITION
As at the date of this statement, the Board consists of ten members; comprising one non-executive Chairman, two
executive Directors and seven non-executive Directors, out of which three are independent. One of the non-executive
Directors has appointed an alternate Director. A brief profile of each director is presented on pages 6 to 12 of this
Annual Report.
The Chairman is a non-independent non-executive Director, who has separate and distinct duties and responsibilities
from that of the Chief Executive. There is clear division of responsibilites between the Chairman and the Chief
Executive to ensure proper balance of power and authority.
Although all Directors have equal responsibilities for the Group’s operations, the role of the independent non-executive
Directors is particularly important in ensuring that the strategies proposed by Management are fully disclosed and
examined in order to protect the interest of shareholders and other minority interested parties.
SUPPLY OF INFORMATION
The Board has full and unrestricted access to all information pertaining to the Group’s business and affairs to enable
it to discharge its duties effectively.
Prior to each Board meeting, an agenda together with relevant Board papers and reports for each agenda item to
be discussed will be forwarded to each director well before the scheduled meeting to enable the Directors to obtain
further clarification or explanation, where necessary, in order to be properly briefed before the meeting.
The Board may also seek independent professional advice at the Company’s expense where necessary, in the furtherance
of their duties. All Directors have access to the advice and services of the Company Secretary.
APPOINTMENTS TO THE BOARD
The Board through the Nomination Committee’s recommendations ensure that the level and make-up of the Directors
are of the necessary calibre, experience and qualification needed to manage the Company and Group successfully.
DIRECTORS’ TRAINING
All Directors are provided with appropriate training and guidance as to their duties and responsibilities as Directors
of a public listed company. In addition, a brief induction to the Group is provided to newly appointed Directors.
During the year, all Directors have attended and successfully completed the Mandatory Accreditation Programme
(MAP) conducted by KLSE Training Sdn Bhd. Directors appointed after October 2003 have received approval for an
extension of time from Bursa Malaysia Securities Berhad (Bursa Malaysia) to complete their MAP.
101069 From CGS 27-80 FA 5/30/04 6:02 PM Page 29
30 • 31
CORPORATE GOVERNANCE STATEMENT
- continued
The members of the Board are currently undergoing the Continuing Education Programme (CEP) to further enhance
their skills and knowledge as well as to obtain the required CEP points. Directors also receive further training from
time to time, particularly on relevant new laws and regulations and changing commercial risks.
RE-ELECTION
In accordance with the Company’s Articles of Association, one-third of the Directors shall retire from office at each
Annual General Meeting, subject to the retirement of all Directors at least once in every three years. Retiring Directors
can offer themselves for re-election.
Directors who are appointed as additional directors or to fill casual vacancies during the year are subject to re-election
by the shareholders at the next Annual General Meeting following their appointments.
DIRECTORS’ REMUNERATION
Directors’ remuneration are recommended by the Remuneration Committee, and is determined at levels which enable
the Company to attract and retain the Directors with the relevant experience and expertise needed to manage the
Group effectively. For executive directors, the component parts of remuneration are structured so as to link rewards
to corporate and individual performance. For non-executive Directors, the level of remuneration reflects the experience
and level of responsibilities undertaken by these directors.
The determination of remuneration packages for non-executive Directors, including the non-executive Chairman, is
a matter for the Board as a whole. The Directors concerned are required to abstain from deliberations and voting on
decisions in respect of their individual remuneration.
A summary of the total remuneration of the Directors, distinguishing between executive and non-executive Directors,
in aggregate with categorisation into appropriate components and the number of directors whose remuneration
falls into each successive bands of RM50,000 for the financial year ended 31 December 2003 are disclosed below:
Non-
Executive Executive
Directors Directors Total
(RM) (RM) (RM)
Basic salaries and bonus 562,500 - 562,500
Fees 32,500 185,625 218,125
Meeting allowance 18,000 86,400 104,400
Benefits-in-kind 85,725 - 85,725
Total 698,725 272,025 970,750
101069 From CGS 27-80 FA 5/30/04 6:02 PM Page 30
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT
- continued
Non-
Executive Executive
Directors Directors Total
RM 0 – RM50,000 - 9 9
RM50,001 – RM100,000 1 - 1
RM100,001 – RM150,000 1 - 1
RM450,001 – RM500,000 1 - 1
Total 3 9 12
BOARD COMMITTEES
The Board has established the following Board Committees with clearly defined terms of reference to assist in the
execution of its duties and responsibilities:
These Board Committees are empowered to examine particular issues and make recommendations to the Board in
accordance with their respective terms of reference. With the exception of the Executive Committee to which the
Board has granted discretionary authority to deliberate and decide certain operational matters, the ultimate
responsibility for final decision on all matters lies with the Board as a whole.
AUDIT COMMITTEE
The Audit Committee consists of three non-executive Directors of whom two are independent. An independent Director
must chair the Committee.
The Committee is authorised by the Board to investigate any activities within its terms of reference and shall have
unrestricted access to both the internal and external auditors and members of Management of the Group. The
activities carried out by the Committee during the year under review are summarised in the Audit Committee
Report of this Annual Report. The terms of reference of the Audit Committee are set out on pages 50 to 53 of this
Annual Report.
AuditCommittee
ExecutiveCommittee
NominationCommittee
RemunerationCommittee
TenderBoard
Committee
Board of Directors
Board Committees
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 31
32 • 33
CORPORATE GOVERNANCE STATEMENT
- continued
EXECUTIVE COMMITTEE (“EXCO”)
The EXCO consists of the following members :-
- Mohamed Ali Rashed Alabbar (Chairman)
Non-independent non-executive director (Appointed on 14/1/2004)
- Dato’ Ng Eng Tee
Non-independent executive director
- Dato’ Syed Hamid Alhabshee
Non-independent executive director (Appointed on 20/10/2003)
- Dr Choo Kian Koon
Non-independent non-executive director (Appointed on 1/7/2003)
- Dato’ Abdullah bin Mohd Yusof (Chairman)
Non-independent non-executive director (Resigned on 17/11/2003)
The functions of the EXCO include but are not limited to the evaluation of the Group’s strategic plans, approving all
major investments and business deals, approving authority and financial limits and advising on the overall Management
policies of the Company. The Committee also reviews the performance evaluation and reward system to be used as
a basis of measurement of Management’s effectiveness, ensuring the development and implementation of an investor
relation programme and such other functions as may be delegated by the Board from time to time to assist the Board
in discharging its fiduciary duties.
NOMINATION COMMITTEE
The Nomination Committee consists of the following members :-
- Mohamed Ali Rashed Alabbar (Chairman)
Non-independent non-executive director (Appointed on 14/1/2004)
- Datuk Syed Ahmad Khalid bin Syed Mohammed
Independent non-executive director
- Datuk Nur Jazlan bin Tan Sri Mohamed
Independent non-executive director
- Dato’ Abdullah bin Mohd Yusof (Chairman)
Non-independent non-executive director (Resigned on 17/11/2003)
During the year under review, the Committee considered and recommended the appointment of four new directors.
Other duties of the Committee are to review annually, the size of all Boards of Directors within the Group having
regard to the structure and balance of appointments between executives and non-executives, the required mix of
skills and experience and other qualities, including core competencies, which non-executive Directors bring to the
Boards within the Group.
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 32
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT
- continued
REMUNERATION COMMITTEE
The Remuneration Committee consists of the following members :-
- Mohamed Ali Rashed Alabbar (Chairman)
Non-independent non-executive director (Appointed on 14/1/2004)
- Tham Kui Seng
Non-independent non-executive director
- Dato’ Ng Eng Tee
Non-independent executive director
- Dato’ Abdullah bin Mohd Yusof (Chairman)
Non-independent non-executive director (Resigned on 17/11/2003)
The Committee’s functions include the recommendation of a remuneration framework for all Executive Directors and
the remuneration arrangements for individual Executive Directors. It also reviews the succession plan for key executive
positions within the Group as well as review the competitiveness of the directors’ and executives’ remuneration structure
and policy to keep itself fully informed of developments and best practices in the field of remuneration and compensation.
In addition, the Committee also reviews employees’ participation in the Employees’ Share Option Scheme (ESOS) in
accordance with the By-Laws of the ESOS and within such powers and duties as conferred upon it by the Board.
TENDER BOARD COMMITTEE
The Tender Board Committee was established on 26 February 2004 and consists of the following members:-
- Datuk Mohd Khamil bin Jamil
Non-independent non-executive director
- Dato’ Ng Eng Tee
Non-independent executive director
- Dato’ Syed Hamid Alhabshee
Non-independent executive director
- Dr Choo Kian Koon
Non-independent non-executive director
The Committee is tasked by the Board in general to assist in overseeing the Group’s tender and contract procurement
processes in compliance with the Group’s relevant policies and requirements.
Its duties and responsibilities include but are not limited to ensuring that the procurement process is in compliance
with relevant policies and requirements by undertaking verification relating to technical and financial strength of
the bidders and their certification with relevant bodies. In addition, the Committee also considers, evaluates and
approves awards which are beneficial to the Company taking into consideration various factors such as price, usage
of products and services and duration of service.
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 33
34 • 35
CORPORATE GOVERNANCE STATEMENT
- continued
INVESTOR RELATIONS AND SHAREHOLDER COMMUNICATION
In line with good corporate governance, the Group adopts an open and transparent policy in respect of its relationship
with its shareholders and investors. Consequently, when the Group embarks on new business and strategic ventures,
press conferences are held to keep the shareholders, investors and public informed of significant developments.
The Company communicates with its shareholders and investors through the Annual Report, Annual General Meeting
and its website (www.umland.com.my). At every Annual General Meeting, a question and answer session will be held
to provide a forum for dialogue and interaction with shareholders. In addition, the timely releases of the quarterly
financial results and public announcements made by the Company through Bursa Malaysia provides shareholders
and investors with an overview of the Group’s performance and operations.
ACCOUNTABILITY AND AUDIT
FINANCIAL REPORTING
The Directors ensure that the financial statements are prepared in accordance with Companies Act, 1965 and the
applicable approved accounting standards set by the Malaysian Accounting Standards Board so as to present a balanced
and understandable assessment of the Group’s financial position and prospects.
DIRECTORS’ RESPONSIBILITY STATEMENT IN
THE PREPARATION OF THE ANNUAL FINANCIAL STATEMENTS
The Board is responsible for ensuring that the financial statements of the Group give a true and fair view of the state
of affairs of the Group and of the Company as at the end of the accounting period and of the profit and loss and
cashflow for the period then ended.
In preparing the financial statements, the Directors have selected suitable accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent. The Directors have also ensured
that all applicable accounting standards have been followed and prepared financial statements on the going concern
basis as the Directors have a reasonable expectation, having made enquiries, that the Group and of the Company
have adequate resources to continue in operational existence for the foreseeable future.
The Directors also have responsibility for ensuring that the Company keeps accounting records which disclose with
reasonable accuracy the financial position of the Group and of the Company and which enable them to ensure that
the financial statements comply with the provisions of Companies Act, 1965.
The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets
of the Group to prevent and detect fraud and other irregularities.
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 34
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT
- continued
STATEMENT ON INTERNAL CONTROL
The Board’s Statement on Internal Control is set out on pages 44 and 46 of this Annual Report, which provides an
overview of the nature and scope of internal control of the Group in financial year 2003, in compliance with Paragraph
15.27(b) of Listing Requirements of Bursa Malaysia.
RELATIONSHIP WITH THE AUDITORS
The Board maintains a professional relationship with the Company’s Auditors through the Audit Committee. A full
report of the Audit Committee enumerating its role in relation to the internal and external auditors is set out on
pages 50 to 53 of this Annual Report.
Signed on behalf of the Board of Directors in accordance with their resolution dated 29 April 2004.
Mohamed Ali Rashed Alabbar Dato’ Ng Eng Tee
Chairman Joint Deputy Chairman / Executive Director
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 35
36 • 37
PENYATA URUSAN TADBIR KORPORAT
Lembaga Pengarah (Lembaga Pengarah) United Malayan Land Bhd (UM Land atau Syarikat) memberikan komitmenyang sepenuhnya bagi memastikan piawaian tertinggi dalam urus tadbir korporat diamalkan di seluruh KumpulanSyarikat (Kumpulan) UM Land dengan menegaskan sokongannya terhadap saranan Kod Urus Tadbir Korporat Malaysia(Kod). Lembaga Pengarah sentiasa berusaha melaksanakan tanggungjawabnya secara profesional bagi melindungidan meningkatkan nilai para pemegang saham serta prestasi kewangan dan perkembangan Kumpulan.
Seiring dengan ini, Lembaga Pengarah dengan sukacitanya melaporkan kepada para pemegang saham tentang carabagaimana Syarikat telah menerapkan prinsip-prinsip tersebut serta mematuhi amalan terbaik Kod di sepanjang tahunkewangan berakhir 31 Disember 2003.
LEMBAGA PENGARAH
Lembaga Pengarah terdiri daripada ahli-ahli yang memiliki latar belakang profesional serta pengalaman yang pelbagaidalam bidang kewangan, perniagaan, perundangan serta teknikal yang mana ia adalah amat penting bagi Kumpulanuntuk mencapai objektifnya.
Lembaga Pengarah memberikan arah tuju dan kawalan yang berkesan terhadap Syarikat serta bertanggungjawabterhadap keseluruhan perkara berhubung strategi, kewangan serta organisasi Kumpulan.
MESYUARAT
Lembaga Pengarah lazimnya bertemu sekurang-kurangnya empat kali setahun dengan mesyuarat tambahan diadakanapabila perkara-perkara mustahak serta keputusan penting perlu dibuat di antara tempoh mesyuarat yang telahdijadualkan. Sepanjang tahun kewangan berakhir 31 Disember 2003, Lembaga Pengarah telah bermesyuarat sebanyaklima (5) kali bagi membincang dan menimbangkan pelbagai perkara penting, termasuk meneliti semula penyatakewangan suku tahunan, beberapa cadangan korporat serta lain-lain urusan perniagaan berkaitan yang memerlukankelulusan sewajarnya.
Butiran tentang kehadiran setiap Pengarah yang memegang jawatan di sepanjang tahun di bawah kajian adalahseperti yang dibentangkan di bawah:
Nama Pengarah Kehadiran % kedatangan
Mohamed Ali Rashed Alabbar (Dilantik pada 17/11/03) Tiada TiadaTham Kui Seng 3/5 60Dato’ Ng Eng Tee 5/5 100Dato’ Syed Hamid Bin Syed Hussain Alhabshee (Dilantik pada 1/10/03) 2/2 100Datuk Syed Ahmad Khalid Bin Syed Mohammed 4/5 80Datuk Nur Jazlan Bin Tan Sri Mohamed 5/5 100Datuk Mohd Khamil Bin Jamil (Dilantik pada 20/2/03) 3/5 60Dr Choo Kian Koon (Dilantik pada 1/1/03) 4/5 80Ng Eng Soon 5/5 100Pee Tong Lim 5/5 100Dato’ Abdullah Bin Mohd Yusof (Meletak jawatan pada 17/11/03) 4/4 100Ismail Bin Abd Halim (Meletak jawatan pada 20/1/03) Tiada Tiada
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 36
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA URUSAN TADBIR KORPORAT
- sambungan
KESEIMBANGAN DAN KOMPOSISI LEMBAGA PENGARAH
Mengikut tarikh penyata ini, Lembaga Pengarah terdiri daripada sepuluh orang ahli, yang merangkumi seorangPengerusi bukan eksekutif, dua Pengarah eksekutif dan tujuh Pengarah bukan eksekutif di mana tiga daripadanyaadalah pengarah bebas. Salah seorang daripada Pengarah bukan eksekutif telah melantik seorang Pengarah silih ganti.Profil ringkas berkaitan setiap pengarah dibentangkan di mukasurat 6 hingga 12 di dalam Laporan Tahunan ini.
Pengerusinya merupakan Pengarah bukan eksekutif bukan bebas, yang mempunyai tugas dan tanggungjawab yangberasingan serta jelas berbanding dengan Ketua Eksekutif. Terdapat pembahagian tanggungjawab yang nyata diantara Pengerusi dan Ketua Eksekutif bagi memastikan wujudnya keseimbangan kuasa yang sewajarnya.
Sungguhpun kesemua Pengarah mempunyai tanggungjawab yang sama rata terhadap operasi Kumpulan, namunperanan Pengarah bukan eksekutif bukan bebas secara khususnya adalah penting dalam memastikan bahawastrategi yang disarankan oleh pihak Pengurusan dibentang dan dikaji sepenuhnya bagi melindungi kepentinganpara pemegang saham serta pihak minoriti yang berminat.
PEMBERIAN MAKLUMAT
Lembaga Pengarah boleh mendapatkan semua maklumat yang sepenuhnya dan tanpa had berkaitan perniagaan sertahal-ehwal Kumpulan bagi membolehkannya melaksanakan tanggunjawab dengan berkesan.
Sebelum berlangsungnya setiap mesyuarat Lembaga Pengarah, suatu agenda berserta dengan kertas dan laporanLembaga Pengarah yang relevan bagi setiap perkara dalam agenda yang akan dibincangkan akan diserahkan kepadasetiap pengarah jauh terlebih dahulu sebelum berlangsungnya mesyuarat yang dijadualkan untuk membolehkan paraPengarah mendapatkan huraian dan penjelasan lanjut, di mana perlu, agar mereka diberikan taklimat yang sewajarnyasebelum mesyuarat.
Lembaga Pengarah juga boleh mendapatkan khidmat nasihat profesional bebas di atas perbelanjaan Syarikat di manaperlu, dalam usaha melaksanakan kewajipan mereka. Kesemua Pengarah boleh mendapatkan nasihat serta khidmatSetiausaha Syarikat.
PELANTIKAN KE LEMBAGA PENGARAH
Menerusi saranan yang dibuat oleh Jawatankuasa Pencalonan, Lembaga Pengarah dapat memastikan bahawa tahapserta komposisi Pengarah adalah terdiri daripada mereka yang mempunyai kaliber, pengalaman dan kelayakan yangdiperlukan untuk mengurus Syarikat serta Kumpulan dengan jayanya.
LATIHAN PARA PENGARAH
Kesemua para Pengarah diberikan latihan serta bimbingan yang bersesuaian mengikut tugas dan tanggungjawabmereka sebagai Pengarah sebuah syarikat senarai awam. Selain itu, suatu induksi ringkas mengenai Kumpulan turutdiberikan kepada Pengarah yang baru dilantik.
Di sepanjang tahun, kesemua Pengarah telah menghadiri dan berjaya menamatkan Program Akreditasi Mandatori(MAP) yang dikendalikan oleh KLSE Training Sdn. Bhd. Para Pengarah yang dilantik selepas Oktober 2003 telahmenerima kelulusan perlanjutan tempoh daripada Bursa Malaysia Securities Berhad (Bursa Malaysia) untuk menamatkanMAP mereka.
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 37
38 • 39
PENYATA URUSAN TADBIR KORPORAT
- sambungan
Ahli Lembaga Pengarah buat masa ini sedang menjalani Program Pendidikan Lanjut (CEP) bagi meningkatkan lagikemahiran serta pengetahuan mereka di samping mendapatkan mata CEP yang diperlukan. Para Pengarah jugamenerima latihan lanjut dari masa ke semasa, khususnya tentang undang-undang dan peraturan baru yang berkaitanserta perubahan risiko komersial.
PEMILIHAN SEMULA
Selaras dengan Tataurusan Syarikat, satu pertiga dari para Pengarah hendaklah bersara dari memegang jawatan padasetiap Mesyuarat Agung Tahunan, tertakluk kepada persaraan kesemua Pengarah sekurang-kurangnya sekali setiaptiga tahun. Pengarah yang bersara boleh menawarkan diri mereka untuk pemilihan semula.
Pengarah yang dilantik sebagai pengarah tambahan atau bagi mengisi kekosongan biasa di sepanjang tahun adalahtertakluk kepada pemilihan semula oleh para pemegang saham di Mesyuarat Agung Tahunan yang akan datangberikutan dari pelantikan mereka.
GANJARAN PARA PENGARAH
Ganjaran para Pengarah dicadangkan oleh Jawatankuasa Ganjaran, dan ditentukan sehingga ke tahap yang membolehkanSyarikat menarik minat serta mengekalkan Pengarah yang memiliki pengalaman serta kemahiran yang relevan dandiperlukan bagi menguruskan Kumpulan dengan berkesan. Bagi pengarah eksekutif, komponen pembahagian ganjarandisusun agar ia turut mengaitkan ganjaran dengan prestasi korporat serta individu. Bagi Pengarah bukan eksekutifpula, tahap ganjaran mereka membayangkan pengalaman serta beban tanggunjawab yang dipikul oleh mereka.
Penentuan pakej ganjaran bagi Pengarah bukan eksekutif, termasuk Pengerusi bukan eksekutif, secara keseluruhannyamerupakan urusan Lembaga Pengarah. Pengarah yang terbabit perlu bersifat berkecuali dari mengambil bahagiandalam perbincangan dan keputusan pengundian yang berkaitan dengan ganjaran mereka masing-masing.
Ringkasan bagi jumlah ganjaran para Pengarah, yang dibezakan antara Pengarah eksekutif dan bukan eksekutif dalamagregat mengikut kategori komponen yang bersesuaian serta bilangan pengarah, yang mana ganjarannya adalahmengikut urutan kelompok setiap RM50,000 bagi tahun kewangan berakhir 31 Disember 2003 dibentangkan sepertidi bawah:
PengarahPengarah BukanEksekutif Eksekutif Jumlah
(RM) (RM) (RM)
Gaji pokok dan bonus 562,500 - 562,500Yuran 32,500 185,625 218,125Elaun mesyuarat 18,000 86,400 104,400Manfaat barangan 85,725 - 85,725Jumlah 698,725 272,025 970,750
101069 From CGS 27-80 FA 5/30/04 6:03 PM Page 38
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA URUSAN TADBIR KORPORAT
- sambungan
PengarahPengarah BukanEksekutif Eksekutif Jumlah
RM 0 – RM50,000 - 9 9RM50,001 – RM100,000 1 - 1RM100,001 – RM150,000 1 - 1RM450,001 – RM500,000 1 - 1Jumlah 3 9 12
JAWATANKUASA LEMBAGA PENGARAH
Lembaga Pengarah telah menubuhkan Jawatankuasa Lembaga Pengarah yang berikut dengan bidang tugas yangtelah ditetapkan dengan jelas bagi membantu melaksanakan tugas dan tanggungjawabnya:
Jawatankuasa Lembaga Pengarah ini diberi kuasa untuk meneliti isu-isu tertentu dan mengemukakan cadangan kepadaLembaga Pengarah selaras dengan bidang tugas mereka masing-masing. Dengan pengecualian terhadap JawatankuasaEksekutif, yang mana Lembaga Pengarah telah memberikannya kuasa untuk menimbang dan membuat keputusanmengikut budi bicaranya mengenai perkara yang berhubung dengan operasi tertentu, tanggungjawab muktamadberhubung keputusan akhir untuk semua perkara, secara keseluruhannya terletak di tangan Lembaga Pengarah.
JAWATANKUASA AUDIT
Jawatankuasa Audit terdiri daripada tiga orang Pengarah bukan eksekutif yang mana dua daripadanya adalah pengarahbebas. Jawatankuasa ini harus dipengerusikan oleh Pengarah bebas.
Lembaga Pengarah telah memberi kuasa kepada Jawatankuasa ini untuk menyiasat sebarang kegiatan yang terletakdi bawah bidang kuasanya dan berpeluang mendapatkan maklumat yang tidak terbatas daripada kedua-dua juruauditluaran dan dalaman serta anggota Pengurusan Kumpulan. Kegiatan yang telah dilaksanakan oleh Jawatankuasa disepanjang tahun di bawah kajian diringkaskan di dalam Laporan Jawatankuasa Audit di dalam Laporan Tahunan ini.Bidang tugas Jawatankuasa Audit turut dibentangkan di mukasurat 54 hingga 57 di dalam Laporan Tahunan ini.
JawatankuasaAudit
JawatankuasaEksekutif
JawatankuasaPencalonan
JawatankuasaGanjaran
JawatankuasaLembagaTender
Lembaga Pengarah
Jawatankuasa Lembaga Pengarah
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 39
40 • 41
PENYATA URUSAN TADBIR KORPORAT
- sambungan
JAWATANKUASA EKSEKUTIF (“EXCO”)
EXCO terdiri daripada ahli-ahli berikut:-
- Mohamed Ali Rashed Alabbar (Pengerusi)Pengarah bukan eksekutif bukan bebas (Dilantik pada 14/1/2004)
- Dato’ Ng Eng TeePengarah eksekutif bukan bebas
- Dato’ Syed Hamid AlhabsheePengarah eksekutif bukan bebas (Dilantik pada 20/10/2003)
- Dr Choo Kian Koon Pengarah bukan eksekutif bukan bebas (Dilantik pada 1/7/2003)
- Dato’ Abdullah bin Mohd Yusof (Pengerusi)Pengarah bukan eksekutif bukan bebas (Meletak jawatan pada 17/11/2003)
Peranan EXCO merangkumi tetapi tidak terbatas kepada menilai pelan strategik Kumpulan, meluluskan semuapelaburan dan urusan perniagaan yang penting, sebagai badan berkuasa meluluskan had kewangan serta memberinasihat berkaitan keseluruhan dasar Pengurusan Syarikat. Jawatankuasa turut mengkaji semula penilaian prestasi sertasistem ganjaran untuk digunakan sebagai asas bagi mengukur keberkesanan Pengurusan, memastikan pembangunandan pelaksanaan program perhubungan pelabur serta fungsi lain yang berkemungkinan diberikan oleh LembagaPengarah dari masa ke semasa untuk membantu Lembaga Pengarah menjalankan kewajipan fidusiarinya.
JAWATANKUASA PENCALONAN
Jawatankuasa Pencalonan terdiri daripada ahli-ahli berikut:-
- Mohamed Ali Rashed Alabbar (Chairman)Pengarah bukan eksekutif bukan bebas (Dilantik pada 14/1/2004)
- Datuk Syed Ahmad Khalid bin Syed MohammedPengarah bukan eksekutif bebas
- Datuk Nur Jazlan bin Tan Sri MohamedPengarah bukan eksekutif bebas
- Dato’ Abdullah bin Mohd Yusof (Chairman)Pengarah bukan eksekutif bukan bebas (Meletak jawatan pada 17/11/2003)
Sepanjang tahun di bawah kajian, Jawatankuasa telah menimbang dan mencadangkan perlantikan empat orangpengarah baru. Tanggungjawab lain Jawatankuasa adalah untuk mengkaji semula pada setiap tahun, saiz kesemuaLembaga Pengarah di dalam Kumpulan dengan menimbangkan struktur serta keseimbangan perlantikan di antaraeksekutif dan bukan eksekutif, kepelbagaian kemahiran dan pengalaman serta kualiti-kualiti lain yang diperlukan,termasuk teras kecekapan yang dibawa masuk oleh Pengarah bukan eksekutif ke dalam Lembaga Pengarah Kumpulan.
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 40
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA URUSAN TADBIR KORPORAT
- sambungan
JAWATANKUASA GANJARAN
Jawatankuasa Ganjaran terdiri daripada ahli-ahli berikut:-
- Mohamed Ali Rashed Alabbar (Chairman)Pengarah bukan eksekutif bukan bebas (Dilantik pada 14/1/2004)
- Tham Kui SengPengarah bukan eksekutif bukan bebas
- Dato’ Ng Eng TeePengarah eksekutif bukan bebas
- Dato’ Abdullah bin Mohd Yusof (Pengerusi)Pengarah bukan eksekutif bukan bebas (Meletak jawatan pada 17/11/2003)
Peranan Jawatankuasa termasuk membuat cadangan berkaitan rangka ganjaran untuk semua Pengarah eksekutifserta mengaturkan ganjaran bagi setiap Pengarah eksekutif. Ia turut meneliti semula pelan urutan bagi jawataneksekutif utama di dalam Kumpulan serta mengkaji semula sejauh mana kompetitifnya struktur dan dasar ganjaranpengarah dan eksekutif agar ia mengetahui sepenuhnya tentang perkembangan serta amalan terbaik berkaitanaspek ganjaran dan pampasan. Selain itu, Jawatankuasa juga turut mengkaji semula penglibatan pekerja di dalamSkim Opsyen Saham Kakitangan (ESOS) selaras dengan Undang-Undang Kecil ESOS dan tertakluk kepada bidangkuasa serta tugas yang diberikan kepadanya oleh Lembaga Pengarah.
JAWATANKUASA LEMBAGA TENDER
Jawatankuasa Lembaga Tender telah ditubuhkan pada 26 Februari 2004 dan terdiri daripada ahli-ahli berikut:-
- Datuk Mohd Khamil bin JamilPengarah bukan eksekutif bukan bebas
- Dato’ Ng Eng Tee Pengarah eksekutif bukan bebas
- Dato’ Syed Hamid AlhabsheePengarah eksekutif bukan bebas
- Dr Choo Kian Koon Pengarah bukan eksekutif bukan bebas
Secara amnya, Jawatankuasa ini dipertanggungjawabkan oleh Lembaga Pengarah untuk membantu mengawasiproses pemerolehan tender dan kontrak Kumpulan agar mematuhi dasar serta keperluan relevan Kumpulan.
Tugas serta tanggungjawabnya turut merangkumi tetapi tidak terbatas kepada memastikan bahawa proses pemerolehanmematuhi dasar serta keperluan yang berkaitan dengan cara mengesahkan kekuatan teknikal dan kewangan parapembida serta persijilan mereka dengan badan-badan yang berkaitan. Selain itu, Jawatankuasa juga turut menimbang,menilai dan meluluskan pemberian yang dapat memberikan manfaat kepada Syarikat dengan mengambil kira pelbagaifaktor seperti harga, penggunaan produk dan perkhidmatan serta tempoh perkhidmatan.
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 41
42 • 43
PENYATA URUSAN TADBIR KORPORAT
- sambungan
PERHUBUNGAN DENGAN PARA PELABUR DAN KOMUNIKASI DENGAN PARA PEMEGANG SAHAM
Seiring dengan urus tadbir korporat yang cemerlang, Kumpulan mengamalkan dasar yang terbuka serta telus berkaitanperhubungannya dengan para pemegang saham dan pelabur. Justeru itu, apabila Kumpulan mengorak langkah kedalam perniagaan baru dan usaha niaga strategik, sidang akhbar diadakan bagi memaklumkan para pemegangsaham, pelabur serta masyarakat umum tentang perkembangan penting tersebut.
Syarikat berkomunikasi dengan para pemegang saham dan pelaburnya melalui Laporan Tahunan, Mesyuarat AgungTahunan serta laman webnya (www.umland.com.my). Di setiap Mesyuarat Agung Tahunan, suatu sesi soal jawab akandiadakan bagi menyediakan medan perbincangan untuk berdialog dan berinteraksi dengan para pemegang saham.Tambahan lagi, pengeluaran keputusan kewangan suku tahunan yang tepat pada masanya serta pengumuman awamyang dibuat oleh Syarikat melalui Bursa Malaysia memberikan gambaran kepada para pemegang saham serta pelaburtentang prestasi dan operasi Kumpulan.
KEBERTANGGUNGJAWABAN DAN AUDIT
LAPORAN KEWANGAN
Para Pengarah memberi jaminan bahawa penyata kewangan telah disediakan selaras dengan Akta Syarikat, 1965 danpiawaian perakaunan yang diluluskan serta diterima pakai yang disediakan oleh Lembaga Piawaian PerakaunanMalaysia agar dapat membentangkan suatu taksiran yang seimbang dan boleh difahami berhubung kedudukan sertaprospek kewangan Kumpulan.
PENYATA TANGGUNGJAWAB PARA PENGARAH BERHUBUNG PENYEDIAAN PENYATA KEWANGAN TAHUNAN
Penyata Tanggungjawab Para Pengarah berhubung penyediaan Penyata Kewangan Tahunan Lembaga Pengarahbertanggungjawab untuk memastikan penyata kewangan Kumpulan memberikan gambaran yang benar dan saksamaberkenaan hal ehwal Kumpulan dan Syarikat pada akhir tempoh perakaunan dan berkaitan untung rugi serta alirantunai untuk tempoh yang berakhir.
Dalam menyediakan penyata kewangan, para Pengarah telah memilih dasar perakaunan yang bersesuaian sertamengguna pakainya secara tekal dan membuat keputusan serta anggaran yang munasabah dan penuh berhemat.Para Pengarah turut memberi jaminan bahawa semua piawaian perakaunan yang diterima pakai telah dipatuhi danmenyediakan penyata kewangan ini berdasarkan andaian bahawa perniagaan akan berterusan memandangkan paraPengarah mempunyai jangkaan yang munasabah, setelah membuat siasatan, bahawa Kumpulan dan Syarikatmempunyai sumber yang mencukupi untuk meneruskan kewujudan operasi di masa hadapan sejauh yang nampak.
Para Pengarah juga mempunyai tanggungjawab bagi memastikan Kumpulan menyimpan rekod-rekod perakaunanyang mendedahkan ketepatan yang munasabah tentang kedudukan kewangan Kumpulan dan Syarikat dan yangmembolehkan mereka memastikan bahawa penyata kewangan tersebut mematuhi peruntukan Akta Syarikat, 1965.
Para Pengarah mempunyai tanggungjawab menyeluruh untuk mengambil langkah-langkah yang sewajarnya tersediabuat mereka bagi melindungi aset Kumpulan dan mencegah serta mengesan penipuan dan sebarang perkara lainyang menyimpang dari kebiasaan.
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 42
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA URUSAN TADBIR KORPORAT
- sambungan
PENYATA KAWALAN DALAMAN
Penyata Kawalan Dalaman oleh Lembaga Pengarah tertera di mukasurat 47 dan 49 di dalam Laporan Tahunan ini,yang mana ia memberikan gambaran tentang bentuk dan skop kawalan dalaman Kumpulan dalam tahun kewangan2003, sebagai mematuhi Perenggan 15.27(b) Syarat-syarat Penyenaraian Bursa Malaysia.
HUBUNGAN DENGAN JURUAUDIT
Lembaga Pengarah mengekalkan hubungan yang profesional dengan Juruaudit Syarikat melalui Jawatankuasa Audit.Sebuah laporan lengkap Jawatankuasa Audit yang menjelaskan peranannya berhubung dengan juruaudit dalamandan luaran dibentangkan di mukasurat 54 hingga 57 dalam Laporan Tahunan ini.
Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi mereka bertarikh 29 April 2004.
Mohamed Ali Rashed Alabbar Dato’ Ng Eng TeePengerusi Naib Pengerusi Bersama / Pengarah Eksekutif
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 43
44 • 45
STATEMENT ON INTERNAL CONTROL
INTRODUCTION
Paragraph 15.27(b) of the Listing Requirements of Bursa Malaysia requires the board of directors of public listed
companies to include in its annual report a “statement about the state of internal control of the listed issuer as a
group”. The Board of Directors (“Board”) of the Company is committed to maintaining the state of internal control
in the Group and is pleased to provide the following statement, which outlines the nature and scope of internal
control of the Group during the year.
BOARD’S RESPONSIBILITY
The Board is ultimately responsible for the Group’s system of internal control which includes the establishment of
an appropriate control environment and framework as well as reviewing its adequacy and integrity. Because of the
limitations that are inherent in any system of internal control, it can only provide reasonable but not absolute assurance
against material misstatement or loss, as it is designed to manage rather than eliminate the risk of failure to achieve
business objectives. The system of internal control covers, inter alia, risk management procedures and financial,
operational and compliance controls.
The Board has established an ongoing process for identifying, evaluating and managing significant risks faced by the
Group. This process has been in place throughout the year and up to the date of approval of the annual report and
financial statements. It has been regularly reviewed by the Board and accords with the Statement on Internal Control:
Guidance for Directors of Public Listed Companies (“Internal Control Guidance”) issued by the Task Force on Internal
Control with the support and endorsement of the Bursa Malaysia.
Whilst the Board maintains ultimate control over risk and control issues, it has delegated to the executive management
the implementation of the system of risk management and internal control within an established framework. The Board
has established key policies and has carried out a specific assessment of the Group’s risk management and internal
control systems.
ENTERPRISE RISK MANAGEMENT FRAMEWORK
The Board fully supports the contents of the Internal Control Guidance and through the Audit Committee, continually
reviews the adequacy and effectiveness of the risk management processes in place within the various business units of
the Group. As such, the Board has formalised the process for identifying, evaluating and managing significant risks
faced by the Group through the establishment of an enterprise risk management framework.
Management is responsible for the management of risk, for developing, operating and monitoring the system of
internal control and for providing assurance to the Board that it has done so in accordance with the policies adopted
by the Board. Further independent assurance is provided by the internal audit function, which operates across the Group.
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 44
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
STATEMENT ON INTERNAL CONTROL
- continued
The Board believes that maintaining a sound system of internal control is founded on a clear understanding and
appreciation of the following key elements of the Group’s enterprise risk management framework:
• The Board has approved a risk policy and procedure manual for adoption within the Group. The risk policy and
procedure manual outlines mainly the risk management strategies and policies, risk communication structure and
monitoring of the Group’s risk management framework.
• A Group Risk Management Committee, headed by the Chief Executive, has been established with the responsibility
to identify and communicate to the Board the present and potential critical risks the Group faces, their changes
and the management’s action plans to manage these risks.
• The appointment of a Group Risk Coordinator at the Group level as well as Risk Coordinators at business unit level
ensures that there is clear leadership, direction and coordination of the group-wide application of risk management.
• The management team of respective business units have formulated action plans with implementation timescales
to address key risks and control issues highlighted during every risk assessment exercise.
• The risk profiles of respective business units are reassessed regularly i.e. three times annually. Periodic updates on
the risk profiles of business units are communicated to the Group Risk Management Committee.
The Board considers that the enterprise risk management framework is robust, but will still subject the framework to
continuous improvement, taking into consideration better practices and the changing business environment.
INTERNAL AUDIT FUNCTION
The internal audit function of the Group is outsourced to external consultants who report directly to the Audit Committee.
Internal audit reviews the internal controls within the key activities of the Group’s businesses on the basis of a
three-year internal audit strategy and a detailed annual internal audit plan presented to the Audit Committee for
approval. The internal audit function adopts a risk-based approach and prepares its audit strategy and plan based on
the risk profiles of the major business units of the Group.
The resulting internal audit reports, including management’s recommended remedial actions, are reviewed by the
Audit Committee. The Committee presents its findings to the Board based on the frequency of internal audit cycles
set out in the internal audit strategic plan.
For further details, please refer to the Audit Committee Report.
101069 From CGS 27-80 FA 5/30/04 6:04 PM Page 45
46 • 47
STATEMENT ON INTERNAL CONTROL
- continued
OTHER RISK AND CONTROL PROCESSES
The current system of internal control and risk management in the Group has within it, the following elements:
• There is in place an organisational structure with formally defined lines of responsibility and delegation of authority.
• An established financial limits of authority, which have been endorsed by the Board, are in place to ensure proper
accountability and delegation of authority.
• A budgetary control system is in place whereby annual budgets are prepared by business units and approved by
the Board. Review of actual performance against budget is regularly carried out, and this review encompasses
both financial and non-financial key performance indicators. All major variances are reported to the Board of
the Company. Appropriate remedial actions will be taken by the management to minimise the adverse effect of
such variances, where necessary.
• Standard operating procedures in respect of certain operational areas have been established to regulate the day-
to-day operations within the Group. Such standard operating procedures are reviewed and revised when necessary.
WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES
There were no material losses incurred during the current financial year as a result of weaknesses in internal control.
Management continues to take measures to strengthen the control environment.
This statement is made in accordance with the resolution of the Board dated 29 April 2004.
Mohamed Ali Rashed Alabbar Dato’ Ng Eng Tee
Chairman Joint Deputy Chairman / Executive Director
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 46
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA KAWALAN DALAMAN
PENGENALAN
Perenggan 15.27(b) Keperluan Penyenaraian Bursa Malaysia memerlukan pihak lembaga pengarah syarikat yang
disenarai awam untuk memasukkan ke dalam laporan tahunannya suatu “penyata tentang keadaan kawalan dalaman
syarikat tersebut sebagai sebuah kumpulan”. Lembaga Pengarah (“Lembaga Pengarah”) Syarikat komited dalam
menyelenggarakan keadaan kawalan dalaman Kumpulan dan dengan sukacitanya membentangkan penyata berikut,
yang menyatakan ciri-ciri dan skop kawalan dalaman Kumpulan sepanjang tahun.
TANGGUNGJAWAB LEMBAGA PENGARAH
Lembaga Pengarah mempunyai tanggungjawab muktamad terhadap sistem kawalan dalaman Kumpulan termasuk
mewujudkan kawalan persekitaran dan rangka kerja yang bersesuaian serta mengkaji semula kecukupan dan
kewibawaan sistem tersebut. Disebabkan oleh keterbatasan yang sedia wujud dalam mana-mana sistem kawalan
dalaman, ia hanya boleh memberikan jaminan yang sewajarnya dan bukan jaminan mutlak terhadap sebarang salah
nyata atau kerugian penting, kerana sistem ini telah direka untuk mengurus dan bukannya menghapuskan risiko
kegagalan bagi mencapai objektif perniagaan. Antara lain, sistem kawalan dalaman ini merangkumi prosedur
pengurusan risiko serta kawalan kewangan, operasi dan pematuhan.
Lembaga Pengarah telah menetapkan suatu proses yang berterusan bagi mengenal pasti, menilai dan menyelenggara
risiko-risiko penting yang dihadapi oleh Kumpulan. Proses ini telahpun diguna pakai sepanjang tahun sehingga ke
tarikh kelulusan laporan tahunan dan penyata kewangan. Ia kerap dikaji semula oleh Lembaga Pengarah dan adalah
selaras dengan Penyata berkaitan Kawalan Dalaman: Panduan untuk Para Pengarah Syarikat Senarai Awam (“Panduan
Kawalan Dalaman”) yang dikeluarkan oleh Pasukan Petugas berkaitan Kawalan Dalaman dengan sokongan Bursa
Malaysia.
Sungguhpun Lembaga Pengarah mempunyai kawalan muktamad terhadap isu-isu risiko dan kawalan, ia telah
mengamanahkan pelaksanaan sistem pengurusan risiko dan kawalan dalaman mengikut rangka kerja yang telah
ditetapkan kepada pihak pengurusan eksekutif. Lembaga Pengarah telah menetapkan polisi-polisi utama dan telah
menjalankan penilaian khusus berkaitan sistem pengurusan risiko dan kawalan dalaman Kumpulan.
RANGKA KERJA PENGURUSAN RISIKO ORGANISASI
Lembaga Pengarah menyokong sepenuhnya isi kandungan Panduan Kawalan Dalaman dan melalui Jawatankuasa
Audit, ia berterusan mengkaji semula kecukupan dan keberkesanan proses pengurusan risiko yang diterima pakai di
dalam pelbagai unit perniagaan Kumpulan. Justeru itu, Lembaga Pengarah telah menetapkan proses mengenal pasti,
menilai dan menguruskan risiko-risiko penting yang dihadapi oleh Kumpulan menerusi penubuhan rangka kerja
pengurusan risiko organisasi.
Pihak pengurusan bertanggungjawab terhadap pengurusan risiko, iaitu bagi membangun, mengendali dan memantau
sistem kawalan dalaman serta memberi jaminan kepada Lembaga Pengarah bahawa ia telah dilaksanakan mengikut
dasar-dasar yang diterima pakai oleh Lembaga Pengarah. Jaminan bebas yang selanjutnya diberikan melalui fungsi
juruaudit dalaman yang beroperasi di seluruh Kumpulan.
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 47
48 • 49
PENYATA KAWALAN DALAMAN
- sambungan
Lembaga Pengarah percaya bahawa sebuah sistem kawalan dalaman yang bagus harus diselenggarakan berdasarkan
pemahaman yang jelas serta wujudnya kesedaran tentang unsur-unsur utama rangka kerja pengurusan risiko organisasi
Kumpulan seperti yang dinyatakan di bawah:
• Lembaga Pengarah telah meluluskan dan menerima pakai satu buku panduan polisi dan prosedur risiko untuk
Kumpulan. Buku panduan polisi dan prosedur risiko ini menggariskan tentang strategi serta polisi pengurusan
risiko, struktur komunikasi risiko dan pemantauan rangka kerja pengurusan risiko Kumpulan.
• Sebuah Jawatankuasa Pengurusan Risiko Kumpulan yang diketuai oleh Ketua Eksekutif telahpun ditubuhkan
dengan tanggungjawab untuk mengenal pasti dan melaporkan kepada Lembaga Pengarah tentang risiko kritikal
yang wujud dan berkemungkinan dihadapi oleh Kumpulan, perubahan risiko serta pelan tindakan pihak pengurusan
dalam mengendali risiko-risiko tersebut.
• Pelantikan Penyelaras Risiko Kumpulan di peringkat Kumpulan serta Penyelaras Risiko di peringkat unit perniagaan
dapat menjamin adanya kepimpinan, arah tuju serta penyelarasan yang jelas bagi menerima pakai pengurusan
risiko di dalam kumpulan.
• Kumpulan pengurusan setiap unit perniagaan telah menghasilkan pelan tindakan berserta skala masa pelaksanaannya
bagi mengatasi isu-isu risiko dan kawalan yang penting yang ditekankan pada setiap latihan penilaian risiko.
• Profil risiko setiap unit perniagaan akan dinilai semula secara kerap, contohnya tiga kali setahun. Pengemaskinian
berkala profil risiko unit perniagaan akan dilaporkan kepada Jawatankuasa Pengurusan Risiko Kumpulan.
Lembaga Pengarah beranggapan bahawa rangka kerja pengurusan risiko organisasi adalah kukuh, tetapi rangka
kerja tersebut masih tertakluk kepada penambahbaikan yang berterusan, dengan mengambil kira amalan kerja
yang lebih baik serta persekitaran perniagaan yang berubah.
FUNGSI AUDIT DALAMAN
Fungsi audit dalaman Kumpulan diserahkan kepada perunding luar yang membuat laporan terus kepada
Jawatankuasa Audit.
Audit dalaman meneliti semula kawalan dalaman berkaitan aktiviti utama perniagaan Kumpulan berdasarkan
strategi tiga tahun audit dalaman serta pelan audit dalaman tahunan yang terperinci yang dikemukakan kepada
Jawatankuasa Audit untuk mendapatkan kelulusan. Fungsi audit dalaman mengguna pakai pendekatan berasaskan
risiko dan mempersiapkan strategi serta pelan auditnya berdasarkan profil risiko unit-unit perniagaan utama Kumpulan.
Hasil laporan audit dalaman, termasuk tindakan pemulihan yang disarankan oleh pihak pengurusan, akan dikaji
semula oleh Jawatankuasa Audit. Jawatankuasa ini akan membentangkan penemuannya kepada Lembaga Pengarah
berdasarkan kekerapan kitaran audit dalaman yang ditetapkan di dalam pelan strategik audit dalaman.
Untuk maklumat lanjut, sila rujuk Laporan Jawatankuasa Audit.
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 48
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
PENYATA KAWALAN DALAMAN
- sambungan
RISIKO LAIN DAN PROSES KAWALAN
Sistem semasa kawalan dalaman dan pengurusan risiko semasa di dalam Kumpulan mempunyai unsur-unsur berikut:
• Wujudnya struktur organisasi yang secara rasmi menggariskan dengan jelas tanggungjawab serta pembahagian
kuasa.
• Terdapatnya had kuasa kewangan yang diperakui oleh Lembaga Pengarah bagi memastikan kebertanggung-
jawaban dan pembahagian kuasa yang sewajarnya.
• Sistem kawalan belanjawan telahpun diwujudkan di mana belanjawan tahunan disediakan oleh unit-unit
perniagaan dan diluluskan oleh Lembaga Pengarah. Kajian semula prestasi sebenar berbanding belanjawan
kerap dilakukan, dan kajian semula ini merangkumi kedua-dua penunjuk utama prestasi kewangan dan bukan
kewangan. Semua varians penting akan dilaporkan kepada Lembaga Pengarah Syarikat. Tindakan pemulihan yang
sewajarnya akan diambil oleh pihak pengurusan bagi mengurangkan kesan buruk daripada varians tersebut, di
mana perlu.
• Prosedur pengendalian yang standard berkaitan bidang pengendalian tertentu telahpun diwujudkan bagi
mengawal selia operasi harian di dalam Kumpulan. Prosedur pengendalian yang standard ini akan kerap dikaji
dan akan disemak semula apabila perlu.
KELEMAHAN DI DALAM KAWALAN DALAMAN YANG MENGAKIBATKAN KERUGIAN KETARA
Tiada sebarang kerugian ketara yang ditanggung di sepanjang tahun kewangan semasa akibat daripada kelemahan
di dalam kawalan dalaman. Pihak pengurusan berterusan mengambil langkah memperkukuhkan persekitaran kawalan.
Penyata ini telah disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 29 April 2004.
Mohamed Ali Rashed Alabbar Dato’ Ng Eng TeePengerusi Naib Pengerusi Bersama / Pengarah Eksekutif
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 49
50 • 51
AUDIT COMMITTEE REPORT
TERMS OF REFERENCE
The Audit Committee was established to act as a committee of the Board of Directors and its Terms of Reference are
set out on pages 52 and 53 of the Annual Report.
MEMBERSHIP AND MEETINGS
The Audit Committee comprises the following members of the Board of Directors namely:
• Datuk Syed Ahmad Khalid Bin Syed Mohammed
- Chairman / Independent Non-Executive Director
• Datuk Nur Jazlan Bin Tan Sri Mohamed
- Member / Independent Non-Executive Director
• Dr Choo Kian Koon (Appointed on 1 January 2003)
- Member / Non-Independent Non-Executive Director
During the financial year ended 31 December 2003, the Committee held a total of seven (7) meetings inclusive of three
(3) special meetings. Details of attendance by the members who were in office during the year under review are set
out below:
Number of % of meetings
meetings attended attended
Datuk Syed Ahmad Khalid Bin Syed Mohammed 7/7 100
Datuk Nur Jazlan Bin Tan Sri Mohamed 7/7 100
Dr Choo Kian Koon 7/7 100
The meetings were also attended by the senior management of the Group and the Group’s external auditors upon
invitation by the Chairman of the Committee.
SUMMARY OF ACTIVITIES
The Audit Committee performed the following activities during the financial year in the discharge of their duties and
responsibilities:
• Reviewed and approved quarterly and year end financial results, external audit plans and related fees for the Group;
• Reviewed findings of audit examination conducted by the external auditors during the financial year;
• Quarterly review of recurrent related party transactions of the Group covered by the shareholders’ mandate and
where relevant, additional related party transactions and their appropriate disclosure requirements; and
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 50
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
AUDIT COMMITTEE REPORT
- continued
Other main issues discussed by the Committee are as follows:
• Discussed and adopted results of an enterprise-wide risk management review of the Group which evaluated the
impact of significant business risks affecting the Group upon which measures were to be taken to manage such risks;
• Approved and adopted the Group’s Risk Management policies and procedures that will serve as a guide to the
management on how to integrate risk management into its day-to-day operations. The risk policy and procedure
document defines risk management strategies and policies of the Group, risk assessment process, risk communication
structure and monitoring;
• Consider the risk management and communication structure of the Group including ongoing monitoring and
assessment of the Group’s risk profile;
• Reviewed and approved the Statement of Internal Control for inclusion in the annual report and consider compliance
with regulatory requirements.
INTERNAL AUDIT FUNCTION
The internal audit function of the Group is outsourced to external consultants who report directly to the Audit
Committee.
In line with the enterprise risk management review of the Group, the internal auditors have developed the Group’s
internal audit strategic plan for a three-year period from 2002 to 2004. The Audit Committee has adopted and
approved the Group’s internal audit strategic plan and the detailed annual internal audit plan for the year 2003.
Internal audit activities of the Group will be undertaken within the broad framework of the strategic plan, subject to
review from time to time based on the changes in risk profiles of the Group.
The internal audit review for the year 2003 covers United Malayan Land Bhd, Seri Alam Properties Sdn Bhd and
Bangi Heights Development Sdn Bhd with the overall scope and emphasis areas concentrated on high and significant
risk areas of the following business processes:
United Malayan Land Bhd Seri Alam Properties Sdn Bhd Bangi Heights Development Sdn Bhd
• Strategic management; • Sales and marketing; and • Strategic management;
• Legal and regulatory; and • Project management. • Sales and marketing;
• Financial management. • Township management;
• Project management;
• Financial management;
• Human resource management; and
• Information technology management.
The Audit Committee reviewed results of the internal audit exercise and considered the major findings of the exercise,
including the recommendations by the internal auditors in key areas with improvement opportunities as well as
management’s proposed remedial action plans. A follow-up review on these highlighted observations and action
plans will be carried out by the internal auditors in their subsequent review cycle.
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 51
52 • 53
AUDIT COMMITTEE REPORT
- continued
TERMS OF REFERENCE OF THE AUDIT COMMITTEE
COMPOSITION
The Audit Committee shall be appointed by the Board from amongst their number and shall consist of not less than
3 members, a majority of whom shall be independent directors of the Company. The Chairman of the Committee shall
be an independent director.
MEETINGS
Meetings shall be held not less than four times a year. A quorum shall be formed when a majority of the Committee
members are independent directors. The Chairman may call for a meeting upon the request of any Committee
member, the Managing Director and the internal and external auditors. The attendance of employees, other directors,
representatives of the internal and external auditors at such meetings will be at the Committee’s invitation.
The Secretary to the Audit Committee shall be the Company Secretary or Assistant Company Secretary or any other
person appointed by the Committee. The Secretary will be responsible for keeping the minutes of meetings of the
Committee and circulating them to Committee members and other members of the Board of Directors.
AUTHORITY
The Committee is authorised by the Board to investigate any activities within its terms of reference and shall have
unrestricted access to both the internal and external auditors and members of management of the Group. The
Committee is also authorised by the Board to obtain independent professional advice and to secure the attendance
of outsiders with relevant experience and expertise if it considers this necessary in the performance of their duties.
DUTIES
The duties of the Committee shall be:-
• To consider the appointment of the external auditors, the audit fee and any questions of resignation and dismissal;
• To discuss with the external auditors:
- The audit plan;
- Their evaluation of the system of internal controls; and
- The audit report on the financial statements;
• To ensure co-ordination of the external audit process where more than one audit firm is involved;
• To review the assistance given by employees of the Group to the external and internal auditors;
101069 From CGS 27-80 FA 5/30/04 6:05 PM Page 52
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
AUDIT COMMITTEE REPORT
- continued
• To review the quarterly and year-end financial statements of the Company, focusing particularly on:
- Changes in accounting policies and practices;
- Significant and unusual events;
- Significant adjustments arising from the audit;
- The going concern assumption; and
- Compliance with accounting standards and other legal requirements;
• To discuss findings and matters arising from the interim and final audits, and any matters the auditors may wish
to discuss;
• To review the internal and external auditors’ management letter and management’s response;
• To do the following where an internal audit function exists:
- Review the adequacy of the scope, functions and resources of the internal audit function, and that it has the
necessary authority to carry out its work;
- Review the internal audit programme and results of the internal audit process and where necessary, ensure that
appropriate action is taken on the recommendations of the internal audit function; and
- Review any appraisal or assessment of the performance of members of the internal audit function;
• To review any related party transactions and conflict of interest situation that may arise within the Company or
the Group;
• To consider the major findings of internal and special investigations and management’s response; and
• To consider other matters as defined by the Board.
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 53
54 • 55
LAPORAN JAWATANKUASA AUDIT
BIDANG TUGAS
Jawatankuasa Audit telah ditubuhkan untuk bertindak sebagai jawatankuasa kepada Lembaga Pengarah dan Bidang
Tugasnya dinyatakan di mukasurat 56 dan 57 di dalam Laporan Tahunan ini.
KEAHLIAN DAN MESYUARAT
Jawatankuasa Audit terdiri daripada ahli-ahli Lembaga Pengarah berikut:-
• Datuk Syed Ahmad Khalid Bin Syed Mohammed
- Pengerusi / Pengarah Bukan Eksekutif Bebas
• Datuk Nur Jazlan Bin Tan Sri Mohamed
- Ahli / Pengarah Bukan Eksekutif Bebas
• Dr Choo Kian Koon (Appointed on 1 January 2003)
- Ahli / Pengarah Bukan Eksekutif Bukan Bebas
Sepanjang tahun kewangan berakhir 31 Disember 2003, Jawatankuasa telah mengadakan sebanyak tujuh (7) mesyuarat
termasuk tiga (3) mesyuarat istimewa. Butiran tentang kehadiran ahli yang memegang jawatan di sepanjang tahun di
bawah kajian dibentangkan seperti di bawah:
Bilangan mesyuarat % mesyuarat
yang dihadiri yang dihadiri
Datuk Syed Ahmad Khalid Bin Syed Mohammed 7/7 100
Datuk Nur Jazlan Bin Tan Sri Mohamed 7/7 100
Dr Choo Kian Koon 7/7 100
Mesyuarat tersebut turut dihadiri pengurusan kanan Kumpulan serta juruaudit luaran Kumpulan setelah dijemput
oleh Pengerusi Jawatankuasa.
RINGKASAN KEGIATAN
Jawatankuasa Audit telah menjalankan kegiatan-kegiatan berikut di sepanjang tahun kewangan dalam usaha
melaksanakan tugas serta tanggungjawab mereka:
• Meneliti semula dan meluluskan keputusan kewangan suku tahunan serta akhir tahun, rancangan audit luaran
dan yuran yang berkaitan bagi Kumpulan;
• Mengkaji semula hasil penemuan yang diperolehi dari pemeriksaan audit yang dikendalikan oleh juruaudit luaran
sepanjang tahun kewangan;
• Kajian suku tahunan Kumpulan terhadap urus niaga pihak berkaitan yang berulangan dan termaktub di bawah
mandat yang diberikan para pemegang saham dan di mana berkaitan, urus niaga tambahan pihak berkaitan serta
keperluan pendedahan yang sewajarnya; dan
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 54
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
LAPORAN JAWATANKUASA AUDIT
- sambungan
Isu-isu penting yang lain yang dibincangkan oleh Jawatankuasa adalah seperti berikut:
• Membincangkan dan menerima pakai keputusan kajian semula pengurusan risiko seluruh organisasi Kumpulan
yang menilai kesan daripada risiko utama perniagaan yang menjejaskan Kumpulan, yang mana langkah-langkah
akan diambil untuk menangani risiko tersebut;
• Meluluskan dan menerima pakai dasar serta prosedur Pengurusan Risiko bagi Kumpulan yang mana ia akan
bertindak sebagai panduan kepada pihak pengurusan tentang bagaimana untuk mengintegrasikan pengurusan
risiko ke dalam operasi hariannya. Dokumen berkaitan dasar serta prosedur risiko menjelaskan tentang strategi
dan dasar pengurusan risiko Kumpulan, proses penaksiran risiko, struktur komunikasi serta pemantauan risiko;
• Menimbangkan tentang pengurusan risiko dan struktur komunikasi Kumpulan termasuk pemantauan serta
penaksiran yang sedang dijalankan terhadap profil risiko Kumpulan;
• Meneliti semula dan meluluskan Penyata Kawalan Dalaman untuk dimasukkan ke dalam laporan tahunan dan
menimbangkan pematuhan terhadap keperluan peraturan.
PERANAN AUDIT DALAMAN
Peranan audit dalaman Kumpulan diperolehi dari sumber luar, iaitu perunding luar yang membuat laporan terus
kepada Jawatankuasa Audit.
Seiring dengan kajian semula pengurusan risiko organisasi Kumpulan, juruaudit dalaman telah menghasilkan rancangan
strategik audit dalaman Kumpulan untuk tempoh tiga tahun dari tahun 2002 sehingga 2004. Jawatankuasa Audit telah
menerima pakai dan meluluskan rancangan strategik audit dalaman Kumpulan serta rancangan audit dalaman tahunan
yang terperinci bagi tahun 2003. Kegiatan audit dalaman Kumpulan akan dilaksanakan mengikut kerangka rancangan
strategiknya yang meluas, tertakluk kepada penelitian semula dari masa ke semasa dan berdasarkan perubahan di
dalam profil risiko Kumpulan.
Kajian semula audit dalaman bagi tahun 2003 meliputi United Malayan Land Bhd, Seri Alam Properties Sdn Bhd dan
Bangi Heights Development Sdn Bhd dengan skop keseluruhan dan bidang yang ditekankan tertumpu kepada bidang
yang berisiko tinggi dan penting bagi proses perniagaan berikut:
United Malayan Land Bhd Seri Alam Properties Sdn Bhd Bangi Heights Development Sdn Bhd
• Pengurusan strategik; • Jualan dan pemasaran; dan • Pengurusan strategik;
• Perundangan dan • Pengurusan projek. • Jualan dan pemasaran;
peraturan; dan • Pengurusan perbandaran;
• Pengurusan kewangan. • Pengurusan projek;
• Pengurusan kewangan;
• Pengurusan sumber manusia; dan
• Pengurusan teknologi maklumat.
Jawatankuasa Audit telah mengkaji semula keputusan tentang audit dalaman yang dijalankan dan telah menimbangkan
hasil penemuan penting yang diperolehi darinya, termasuk cadangan oleh juruaudit dalaman dalam bidang utama
dengan peluang peningkatan serta pelan tindakan pemulihan yang disarankan oleh pihak pengurusan. Suatu susulan
kajian semula tentang pemerhatian yang agak menonjol ini dan pelan tindakannya akan dilaksanakan oleh juruaudit
dalaman menurut kitaran penelitian semula yang berikutnya.
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 55
56 • 57
LAPORAN JAWATANKUASA AUDIT
- sambungan
BIDANG TUGAS JAWATANKUASA AUDIT
KOMPOSISI
Jawatankuasa Audit dilantik oleh Lembaga Pengarah dari kalangan ahli mereka dan ia hendaklah terdiri tidak
kurang daripada 3 orang ahli, yang kebanyakannya merupakan pengarah bebas Syarikat. Pengerusi Jawatankuasa ini
hendaklah merupakan seorang pengarah bebas.
MESYUARAT
Mesyuarat hendaklah diadakan tidak kurang dari empat kali setahun. Sebuah kuorum akan dibentuk apabila
sebahagian besar daripada ahli Jawatankuasa merupakan pengarah bebas. Pengerusi boleh memanggil untuk
bermesyuarat mengikut permintaan dari mana-mana ahli Jawatankuasa, Pengarah Urusan dan juruaudit dalaman
serta luaran. Kehadiran kakitangan, pengarah lain, wakil juruaudit dalaman serta luaran di mesyuarat tersebut
adalah bergantung kepada jemputan dari pihak Jawatankuasa.
Setiausaha kepada Jawatankuasa Audit merupakan Setiausaha Syarikat atau Penolong Setiausaha Syarikat atau
mana-mana orang lain yang dilantik oleh Jawatankuasa. Setiausaha bertanggungjawab mengambil minit mesyuarat
Jawatankuasa tersebut serta mengedarkannya kepada ahli-ahli Jawatankuasa serta ahli-ahli Lembaga Pengarah
yang lain.
BIDANG KUASA
Jawatankuasa telah diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang kegiatan yang terletak di bawah
bidang kuasanya dan boleh mendapatkan khidmat yang tidak terhad daripada kedua-dua juruaudit dalaman dan
luaran serta ahli pengurusan Kumpulan. Jawatankuasa ini turut diberi kuasa oleh Lembaga Pengarah untuk mendapatkan
nasihat profesional bebas serta menjemput hadir orang luar dengan pengalaman serta kemahiran yang relevan
sekiranya ia dirasakan perlu dalam melaksanakan tugas mereka.
TUGAS
Tugas-tugas jawatankuasa adalah:-
• Untuk menimbangkan perlantikan juruaudit luaran, yuran audit dan sebarang persoalan tentang perletakan jawatan
serta pemecatan;
• Untuk membincangkan dengan juruaudit luaran:
- Perancangan audit;
- Penilaian mereka terhadap sistem kawalan dalaman; dan
- Laporan audit berkaitan penyata kewangan;
• Untuk memastikan penyelarasan proses audit luaran di mana lebih dari satu firma juruaudit terlibat;
• Untuk mengkaji semula bantuan yang diberikan oleh kakitangan Kumpulan kepada juruaudit dalaman serta luaran;
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 56
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
LAPORAN JAWATANKUASA AUDIT
- sambungan
• Untuk mengkaji semula penyata kewangan suku tahunan dan akhir tahun Syarikat, dengan tumpuan khusus
terhadap:
- Perubahan dalam dasar dan amalan perakaunan;
- Peristiwa penting dan luar biasa;
- Pelarasan penting yang timbul dari audit tersebut;
- Andaian bahawa perniagaan akan berterusan; dan
- Pematuhan terhadap piawaian perakaunan serta keperluan perundangan yang lain;
• Untuk membincangkan hasil penemuan serta perkara-perkara yang timbul daripada audit interim dan akhir serta
sebarang perkara yang ingin dibincangkan oleh juruaudit;
• Untuk mengkaji semula surat pengurusan daripada juruaudit dalaman dan luaran serta jawapan balas pihak
pengurusan;
• Untuk melakukan yang berikut, di mana fungsi audit wujud:
- Mengkaji semula kecukupan skop, peranan dan sumber jabatan audit dalaman dan memastikan ia memiliki
kuasa yang diperlukan untuk melaksanakan kerjanya;
- Mengkaji semula program audit dalaman serta keputusan proses audit dalaman dan di mana perlu, memastikan
tindakan yang sewajarnya diambil berkaitan cadangan juruaudit dalaman; dan
- Meneliti semula sebarang penilaian atau taksiran tentang prestasi anggota juruaudit dalaman;
• Untuk mengkaji semula sebarang urus niaga pihak berkaitan serta kemungkinan timbulnya percanggahan
kepentingan di dalam Kumpulan ataupun Syarikat;
• Untuk menimbangkan penemuan penting dari penyiasatan dalaman serta penyiasatan istimewa dan tindak
balas pihak pengurusan; serta
• Untuk menimbangkan perkara-perkara lain sebagaimana yang ditetapkan oleh Lembaga Pengarah.
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 57
58 • 59
ADDITIONAL COMPLIANCE INFORMATION
1 SHARE BUY BACKS
During the financial year, the Company repurchased 245,000 of its own shares from the open market of Bursa
Malaysia for a total consideration of RM228,164. Details of the shares repurchased are as follows:
No. of
Ordinary Highest Lowest Average
Shares of Total Price Paid Price Paid Price Paid
Month RM1 Each Consideration Per Share Per Share Per Share
RM RM RM RM
March 8,000 7,080 0.88 0.86 0.89
April 106,000 93,502 0.885 0.85 0.88
May 59,000 54,014 1.06 0.86 0.92
June 69,400 70,587 1.10 0.98 1.02
July 2,600 2,981 1.15 1.10 1.15
245,000 228,164 1
Since the implementation of the share buy back scheme, the Company has purchased 290,000 of its own shares at
a total purchase consideration of RM349,255 or at an average price of RM1.20 per share. These shares are now
being held as treasury shares.
2 MATERIAL CONTRACTS
Save as disclosed below, there are no material contracts of the Company and /or its subsidiaries, involving directors’
and major shareholders’ interest, either still subsisting at the end of the financial year or, if not then subsisting,
entered into since the end of the previous financial year:
(i) Tenancy agreement dated 25 September 2001 between United Malayan Land Bhd (“UM Land”) and Pernas
International Holdings Berhad, a substantial shareholder of UM Land. The tenancy agreement is for the
rental of office space at RM62,252.40 per month for a duration of 3 years from 1 July 2001 to 30 June 2004.
(ii) Management agreement dated 9 May 2002 between UM Land and CapitaLand Residential Limited, a substantial
shareholder of UM Land. The management agreement is for the procurement of management and technical
assistance at Singapore Dollar 8,380 per month for a duration of 3 years from 1 January 2001 to 31 December
2003. On 11 March 2004, both parties have mutually agreed to extend the management agreement for a duration
of one year from 1 January 2004 to 31 December 2004 on similar terms and conditions.
(iii) On 7 March 2003, UM Residences Sdn Bhd (“UMR”), a wholly-owned subsidiary of UM Land, entered into an
agreement to purchase with Liang Court (Malaysia) Sdn Bhd (“LCSB”) to dispose 48 units of serviced apartments
known as ‘Seri Bukit Ceylon’, which UMR is constructing and developing, and 24 vehicle parking bays, which
are accessory parcels to 24 units of the aforesaid 48 units of serviced apartments, to LCSB for a total cash
consideration of RM11,440,090.
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 58
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
ADDITIONAL COMPLIANCE INFORMATION
- continued
2 MATERIAL CONTRACTS - continued
(iii) - continued
In accordance with the terms and conditions of the agreement to purchase, LCSB and UMR have entered into
48 separate standard sale and purchase agreements on 8 December 2003 upon procurement of approvals from
the Foreign Investment Committee and relevant State Authority.
(iv) On 7 March 2003, UMR entered into a joint venture agreement with LCSB to establish a joint venture
partnership (Partnership) to govern the material aspects and conduct of the business of operation and
management of the following:
(a) 48 units of the Seri Bukit Ceylon serviced apartments located between the 5th and 8th floor which had been
purchased by LCSB for purposes of the leasing agreements to be entered into between LCSB and the
Partnership;
(b) another 48 units of the Seri Bukit Ceylon serviced apartments located between the 9th and 12th floor for
purposes of the leasing agreements to be entered into between UMR and the Partnership; and
(a) and (b) collectively referred to as “Somerset Service Apartments” and
(c) other units of the Seri Bukit Ceylon serviced apartments owned by individual owners (other than LCSB and
UMR) (Corporate Service Apartments) which are leased to UMR or its nominee pursuant to leasing agree-
ments for subsequent re-letting to third parties,
(a), (b) and (c) collectively referred to as the “Business”, by the Partnership.
The Partnership also entered into a management agreement with Ascott International Management (Malaysia)
Sdn Bhd (AIMSB) dated 7 March 2003 for purposes of engagement and appointment of AIMSB to operate,
maintain, manage and market the Business for and on behalf of the Partnership. As consideration for the
management services to be rendered by AIMSB, the Partnership has agreed to pay, interalia, the following
fees to AIMSB for each operating year during the initial 5-year period from the date of commencement:
• 3% of the total revenue of the Somerset Service Apartments for that operating year;
• 10% of the gross operating profit of the Somerset Service Apartments for that operating year; and
• 5% of the total revenue of the Corporate Service Apartments for that operating year.
(v) Sale and purchase agreement dated 11 June 2003 between Seri Alam Properties Sdn Bhd and Pee Tong Lim,
a director of UM Land, for the sale of a shop lot for a cash consideration of RM650,000.
(vi) Sale and purchase agreement dated 11 July 2003 between UMR and Pee Tong Lim, a director of UM Land, for
the sale of a unit of serviced apartment for a cash consideration of RM253,778.
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 59
60 • 61
ADDITIONAL COMPLIANCE INFORMATION
- continued
2 MATERIAL CONTRACTS - continued
(vii) Sale and purchase agreement dated 31 July 2003 between UMR and Datuk Nur Jazlan Bin Tan Sri Mohamed,
a director of UM Land, for the sale of a unit of serviced apartment for a cash consideration of RM244,478.
(viii) Sale and purchase agreement dated 15 September 2003 between UMR and Dato’ Seri Megat Najmuddin bin
Datuk Seri Dr Haji Megat Khas, a director of PERNAS International Holdings Berhad which in turn is a substantial
shareholder of UM Land, for the sale of a unit of serviced apartment for a cash consideration of RM253,778.
3 NON-AUDIT FEES
Non-audit fees paid to external auditors for the financial year ended 31 December 2003 amounted to RM70,272.
4 RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
At an Extraordinary General Meeting on 25 June 2003, the Company had obtained a shareholders’ mandate to
allow the Company and/or its subsidiaries to enter into recurrent related party transactions of a revenue or
trading nature. Pursuant to Paragraph 10.09(1)(b) of the Listing Requirements of Bursa Malaysia, the details of
the recurrent related party transactions conducted during the current financial year are disclosed as follows:
Mandated Related Parties Nature of Transactions Value RM Interested Parties
(i) Abdullah & Zainuddin Procurement of legal services 18,752 Interested director
Dato’ Abdullah bin Mohd Yusof
(ii) Ascott International Procurement of 50,000 Interested major shareholder
Management technical consultancy and CapitaLand Limited
(Malaysia) Sdn Bhd management services
Interested directors
Tham Kui Seng
Dr Choo Kian Koon
Jennifer Loh nee Seah Bee Eng
(iii) Bangi Heights Provision of 1,920,000 Interested major shareholders
Development Sdn Bhd management services CapitaLand Limited
Chee Tat Holdings (S) Pte Ltd
Provision of financial 2,164,805 Dato’ Ng Eng Tee
assistance by pooling of Ng Eng Soon
funds from the Company Ng Eng Ghee
and/or subsidiaries to Bangi
Heights Development Interested directors
Sdn Bhd via centralised Tham Kui Seng
treasury management Dato’ Ng Eng Tee
for a duration not Dr Choo Kian Koon
exceeding 3 years Ng Eng Soon
Jennifer Loh nee Seah Bee Eng
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 60
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
ADDITIONAL COMPLIANCE INFORMATION
- continued
4 RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE - continued
Mandated Related Parties Nature of Transactions Value RM Interested Parties
(iv) CapitaLand Procurement of 221,424 Interested major shareholder
Residential Limited management services CapitaLand Limited
Interested directors
Tham Kui Seng
Dr Choo Kian Koon
Jennifer Loh nee Seah Bee Eng
(v) OneSentral Park Sdn Bhd Rental of condominium 60,000 Interested major shareholder
CapitaLand Limited
Interested directors
Tham Kui Seng
Dr Choo Kian Koon
Jennifer Loh nee Seah Bee Eng
(vi) PERNAS International Rental of office premise 748,828 Interested major shareholders
Holdings Berhad PERNAS International
Procurement of hotel 45,532 Holdings Berhad
accommodation and meals Perspective Lane (M) Sdn Bhd
Restu Jernih Sdn Bhd
Tan Sri Syed Mokhtar Shah
bin Syed Nor
Interested directors
Mohamed Ali Rashed Alabbar
Datuk Mohd Khamil bin Jamil
(vii) PERNAS International Procurement of burglar 9,892 Interested major shareholders
Security Management alarm system PERNAS International
Sdn Bhd Holdings Berhad
Rental of office premise 10,000 Perspective Lane (M) Sdn Bhd
Restu Jernih Sdn Bhd
Tan Sri Syed Mokhtar Shah
bin Syed Nor
Interested directors
Mohamed Ali Rashed Alabbar
Datuk Mohd Khamil bin Jamil
101069 From CGS 27-80 FA 5/30/04 6:06 PM Page 61
62 • 63
ADDITIONAL COMPLIANCE INFORMATION
- continued
4 RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE - continued
Mandated Related Parties Nature of Transactions Value RM Interested Parties
(viii) PRISM Protection Procurement of 98,658 Interested major shareholders
Services Sdn Bhd security services PERNAS International
Holdings Berhad
Perspective Lane (M) Sdn Bhd
Restu Jernih Sdn Bhd
Tan Sri Syed Mokhtar Shah
bin Syed Nor
Interested directors
Mohamed Ali Rashed Alabbar
Datuk Mohd Khamil bin Jamil
(ix) PERNAS Travel Procurement of air tickets 35,896 Interested major shareholders
& Tours Sdn Bhd PERNAS International
(formerly known Holdings Berhad
as PERNAS Travel Perspective Lane (M) Sdn Bhd
Services Sdn Bhd) Restu Jernih Sdn Bhd
Tan Sri Syed Mokhtar Shah
bin Syed Nor
Interested directors
Mohamed Ali Rashed Alabbar
Datuk Mohd Khamil bin Jamil
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 62
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
MAKLUMAT PEMATUHAN TAMBAHAN
1 BELIAN BALIK SAHAM
Sepanjang tahun kewangan, Syarikat telah membeli balik 245,000 sahamnya dari pasaran terbuka Bursa Malaysia
dengan jumlah balasan sebanyak RM228,164. Butiran belian balik saham adalah seperti berikut:
Bil. Bayaran Bayaran Bayaran
Saham Harga Harga Harga
Biasa bernilai Jumlah Tertinggi Terendah Purata
Bulan RM1 Sesaham Balasan Sesaham Sesaham Sesaham
RM RM RM RM
Mac 8,000 7,080 0.88 0.86 0.89
April 106,000 93,502 0.885 0.85 0.88
Mei 59,000 54,014 1.06 0.86 0.92
Jun 69,400 70,587 1.10 0.98 1.02
Julai 2,600 2,981 1.15 1.10 1.15
245,000 228,164 1
Sejak pelaksanaan skim belian balik saham, Syarikat telah membeli balik 290,000 sahamnya pada balasan
pembelian berjumlah RM349,255 atau pada harga purata RM1.20 sesaham. Saham itu kini disimpan sebagai
saham perbendaharaan.
2 KONTRAK-KONTRAK PENTING
Selain dari apa yang dinyatakan di bawah, Syarikat dan/atau anak syarikatnya tidak ada sebarang kontrak penting
yang melibatkan kepentingan para pengarah dan pemegang saham utama, sama ada ia masih wujud di hujung
tahun kewangan atau, jika ia tidak wujud, dibuat sejak hujung tahun kewangan sebelumnya:
(i) Perjanjian penyewaan bertarikh 25 September 2001 di antara United Malayan Land Bhd (“UM Land”) dan Pernas
International Holdings Berhad, iaitu pemegang saham utama UM Land. Perjanjian penyewaan tersebut adalah
untuk sewaan ruang pejabat pada kadar RM62,252.40 sebulan untuk tempoh 3 tahun dari 1 Julai 2001 sehingga
30 Jun 2004.
(ii) Perjanjian pengurusan bertarikh 9 Mei 2002 di antara UM Land dan CapitaLand Residential Limited, iaitu
pemegang saham utama UM Land. Perjanjian pengurusan tersebut adalah untuk mendapatkan bantuan
pengurusan dan teknikal pada nilai Dolar Singapura 8,380 sebulan untuk tempoh 3 tahun dari 1 Januari 2001
sehingga 31 Disember 2003. Pada 11 Mac 2004, kedua-dua pihak sama-sama bersetuju untuk melanjutkan
perjanjian pengurusan bagi tempoh satu tahun dari 1 Januari 2004 sehingga 31 Disember 2004 berdasarkan
syarat-syarat dan peraturan yang sama.
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 63
64 • 65
MAKLUMAT PEMATUHAN TAMBAHAN
- sambungan
2 KONTRAK-KONTRAK PENTING - sambungan
(iii) Pada 7 Mac 2003, UM Residences Sdn Bhd (“UMR”), anak syarikat milik penuh UM Land, telah membuat
perjanjian pembelian dengan Liang Court (Malaysia) Sdn Bhd (“LCSB”) bagi menjual 48 unit pangsapuri
perkhidmatan yang dikenali sebagai ‘Seri Bukit Ceylon’, yang sedang dibina dan dimajukan oleh UMR, serta
24 petak tempat letak kenderaan, yang merupakan sebahagian aksesori kepada 24 unit daripada 48 unit
pangsapuri perkhidmatan yang dinyatakan, kepada LCSB untuk balasan tunai berjumlah RM11,440,090.
Selaras dengan syarat-syarat dan peraturan perjanjian pembelian, LCSB dan UMR pada 8 Disember 2003 telah
membuat 48 perjanjian jual beli yang standard secara berasingan setelah memperolehi kelulusan daripada
Jawatankuasa Pelaburan Asing dan Pihak Berkuasa Negeri yang berkenaan.
(iv) Pada 7 Mac 2003, UMR telah membuat perjanjian usaha sama dengan LCSB bagi menubuhkan sebuah
perkongsian (Perkongsian) usaha sama untuk mentadbir aspek-aspek penting serta perjalanan perniagaan
berhubung pengendalian dan pengurusan yang berikut:
(a) 48 unit pangsapuri perkhidmatan Seri Bukit Ceylon yang terletak di antara tingkat 5 dan 8 yang telah dibeli
oleh LCSB bagi tujuan perjanjian penyewaan yang akan dibuat di antara LCSB dan Perkongsian;
(b) 48 unit pangsapuri perkhidmatan Seri Bukit Ceylon yang lain yang terletak di antara tingkat 9 dan 12 bagi
tujuan perjanjian penyewaan yang akan dibuat di antara LCSB dan Perkongsian; dan
(a) dan (b) secara kolektif dirujuk sebagai “Pangsapuri Perkhidmatan Somerset” dan
(c) unit-unit lain pangsapuri perkhidmatan Seri Bukit Ceylon yang dimiliki oleh pemilik-pemilik individu (selain
daripada LCSB dan UMR) (Pangsapuri Perkhidmatan Korporat) yang disewakan kepada UMR ataupun
penamanya selaras dengan perjanjian penyewaan untuk penyewaan semula kepada pihak ketiga yang
berikutnya.
(a), (b) dan (c) yang secara kolektifnya dirujuk sebagai “Perniagaan”, oleh Perkongsian.
Perkongsian juga turut membuat perjanjian pengurusan bertarikh 7 Mac 2003 dengan Ascott International
Management (Malaysia) Sdn Bhd (AIMSB) bagi tujuan mengambil dan melantik AIMSB untuk mengendali,
menyelenggara, mengurus dan memasarkan Perniagaan untuk dan bagi pihak Perkongsian. Sebagai balasan
kepada khidmat pengurusan yang akan diberikan oleh AIMSB, pihak Perkongsian telah bersetuju untuk mem-
bayar, antara lain, bayaran-bayaran berikut kepada AIMSB untuk setiap tahun operasinya di sepanjang tempoh
5 tahun terawal dari tarikh permulaannya:
• 3% daripada jumlah hasil Pangsapuri Perkhidmatan Somerset bagi tahun operasi tersebut;
• 10% daripada untung kasar operasi Pangsapuri Perkhidmatan Somerset untuk tahun operasi tersebut; dan
• 5% daripada jumlah hasil Pangsapuri Perkhidmatan Korporat untuk tahun operasi tersebut.
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 64
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
MAKLUMAT PEMATUHAN TAMBAHAN
- sambungan
2 KONTRAK-KONTRAK PENTING - sambungan
(v) Perjanjian jual beli bertarikh 11 Jun 2003 di antara Seri Alam Properties Sdn Bhd dan Pee Tong Lim, pengarah
UM Land, bagi penjualan sebuah lot kedai untuk balasan tunai sebanyak RM650,000.
(vi) Perjanjian jual beli bertarikh 11 Julai 2003 di antara UMR dan Pee Tong Lim, pengarah UM Land, bagi penjualan
satu unit pangsapuri perkhidmatan untuk balasan tunai sebanyak RM253,778.
(vii) Perjanjian jual beli bertarikh 31 Julai 2003 di antara UMR dan Datuk Nur Jazlan Bin Tan Sri Mohamed, pengarah
UM Land, bagi penjualan satu unit pangsapuri perkhidmatan untuk balasan tunai berjumlah RM244,478.
(viii) Perjanjian jual beli bertarikh 15 September 2003 di antara UMR dan Dato’ Seri Megat Najmuddin bin
Datuk Seri Dr Haji Megat Khas, pengarah PERNAS International Holdings Berhad yang merupakan
pemegang saham utama UM Land, bagi penjualan satu unit pangsapuri perkhidmatan untuk balasan tunai
berjumlah RM253,778.
3 YURAN-YURAN BUKAN AUDIT
Yuran-yuran bukan audit yang dibayar kepada juruaudit luaran bagi tahun kewangan berakhir 31 Disember 2003
berjumlah RM70,272.
4 URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN
Pada Mesyuarat Agung Tahunan Luarbiasa yang diadakan pada 25 Jun 2003, Syarikat telah memperolehi mandat
daripada para pemegang saham yang membenarkan Syarikat dan/atau syarikat-syarikat subsidiarinya menjalankan
urusniaga pihak berkaitan yang berulangan berbentuk penghasilan atau perniagaan. Menurut Perenggan 10.09(1)(b)
Syarat-syarat Penyenaraian Bursa Malaysia, butir-butir urusniaga pihak berkaitan yang berulang yang dilaksanakan
sepanjang tahun kewangan semasa adalah seperti berikut:
Pihak Berkaitan yang
Diberi Mandat Bentuk Urusniaga Nilai RM Pihak yang Berkepentingan
(i) Abdullah & Zainuddin Mendapatkan khidmat 18,752 Pengarah yang berkepentingan
perundangan Dato’ Abdullah bin Mohd Yusof
(ii) Ascott International Mendapatkan khidmat 50,000 Pemegang saham utama
Management nasihat teknikal dan yang berkepentingan
(Malaysia) Sdn Bhd pengurusan CapitaLand Limited
Pengarah yang berkepentingan
Tham Kui Seng
Dr Choo Kian Koon
Jennifer Loh nee Seah Bee Eng
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 65
66 • 67
MAKLUMAT PEMATUHAN TAMBAHAN
- sambungan
4 URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN- sambungan
Pihak Berkaitan yangDiberi Mandat Bentuk Urusniaga Nilai RM Pihak yang Berkepentingan
(iii) Bangi Heights Peruntukan khidmat 1,920,000 Pemegang saham utamaDevelopment Sdn Bhd pengurusan yang berkepentingan
CapitaLand LimitedPeruntukan bantuan 2,164,805 Chee Tat Holdings (S) Pte Ltd
kewangan dengan cara Dato’ Ng Eng Teemengumpulkan dana Ng Eng Soondaripada Syarikat Ng Eng Gheedan/atau subsidiarikepada Bangi Heights Pengarah yang berkepentinganDevelopment Sdn Bhd Tham Kui Sengmelalui pengurusan Dato’ Ng Eng Teeperbendaharaan berpusat Dr Choo Kian Koonuntuk tempoh tidak Ng Eng Soonmelebihi 3 tahun Jennifer Loh nee Seah Bee Eng
(iv) CapitaLand Mendapatkan khidmat 221,424 Pemegang saham utamaResidential Limited pengurusan yang berkepentingan
CapitaLand Limited
Pengarah yang berkepentinganTham Kui SengDr Choo Kian KoonJennifer Loh nee Seah Bee Eng
(v) OneSentral Park Sdn Bhd Penyewaan kondominium 60,000 Pemegang saham utamayang berkepentinganCapitaLand Limited
Pengarah yang berkepentinganTham Kui SengDr Choo Kian KoonJennifer Loh nee Seah Bee Eng
(vi) PERNAS International Penyewaan premis pejabat 748,828 Pemegang saham utamaHoldings Berhad yang berkepentingan
Mendapatkan penginapan 45,532 PERNAS International hotel dan makanan Holdings Berhad
Perspective Lane (M) Sdn BhdRestu Jernih Sdn BhdTan Sri Syed Mokhtar Shah
bin Syed Nor
Pengarah yang berkepentinganMohamed Ali Rashed AlabbarDatuk Mohd Khamil bin Jamil
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 66
UNITED MALAYAN LAND BHD (4131-M) • LAPORAN TAHUNAN 2003 ANNUAL REPORT
MAKLUMAT PEMATUHAN TAMBAHAN
- sambungan
4 URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN- sambungan
Pihak Berkaitan yangDiberi Mandat Bentuk Urusniaga Nilai RM Pihak yang Berkepentingan
(vii) PERNAS International Mendapatkan sistem 9,892 Pemegang saham utamaSecurity Management penggera kecurian yang berkepentinganSdn Bhd PERNAS International
Penyewaan premis pejabat 10,000 Holdings BerhadPerspective Lane (M) Sdn BhdRestu Jernih Sdn BhdTan Sri Syed Mokhtar Shah
bin Syed Nor
Pengarah yang berkepentinganMohamed Ali Rashed AlabbarDatuk Mohd Khamil bin Jamil
(viii) PRISM Protection Mendapatkan khidmat 98,658 Pemegang saham utamaServices Sdn Bhd keselamatan yang berkepentingan
PERNAS InternationalHoldings Berhad
Perspective Lane (M) Sdn BhdRestu Jernih Sdn BhdTan Sri Syed Mokhtar Shah
bin Syed Nor
Pengarah yang berkepentinganMohamed Ali Rashed AlabbarDatuk Mohd Khamil bin Jamil
(ix) PERNAS Travel Mendapatkan tiket 35,896 Pemegang saham utama& Tours Sdn Bhd penerbangan yang berkepentingan(dahulunya dikenali PERNAS Internationalsebagai PERNAS Travel Holdings BerhadServices Sdn Bhd) Perspective Lane (M) Sdn Bhd
Restu Jernih Sdn BhdTan Sri Syed Mokhtar Shah
bin Syed Nor
Pengarah yang berkepentinganMohamed Ali Rashed AlabbarDatuk Mohd Khamil bin Jamil
101069 From CGS 27-80 FA 5/30/04 6:07 PM Page 67