We are committed to a high standard of corporate governance in conducting our business and our board of directors ensures that an effective self-regulatory and monitoring mechanism exists and is practiced.

Management access to our directors for guidance and exchange of views both within and outside of the formal environment of Board and Board committee meetings. Formal Board meetings are held at least four times each year and as warranted by circumstances.

Remuneration Committee

Ms. Jessie Yeo Hong Cheng (Chairperson)
Capt. Billy Lee Chee Fong
Mr. Raja Mohd Said Bin Raja Mohd Shafik
Ms. Tan Siew Hui (Secretary)

The Remuneration Committeeˇ¦s function is to consider and determine within its terms of reference, all matters concerning remuneration package of the chief executive officer (CEO) and principal officers of the Society, and to review the appropriateness of honoraria and allowance for directors of the Society.

The principal responsibilities of the Remuneration Committee are -
Review and recommend to the board for decision:

1. all principal officers’ and the CEO’s specific remuneration packages, including annual increments, variable bonus and other incentive plans;
2. the policies and framework for remuneration of directors; and
3. each directors honoraria and allowance, for shareholder’s approval at the AGM.

As part of its review, the Remuneration Committee takes into account the following:

1. guidelines on honoraria and allowances fixed by the Registry of Co-operative Societies;
   
2. the level of honoraria to directors shall be appropriate to the level of contribution and takes into account the co-operative's relative performance and the performance of the directors;
3. co-operative directors generally serve in voluntary capacities and do not expect market levels of remuneration for their services on co-operative board;
4. the level of honoraria to directors shall be appropriate to attract and retain the directors;
5. remuneration for CEO and principal officers shall commensurate with their responsibilities and the risks involved, taking into account the co-operative's performance and other industry benchmarks; and
6. remuneration for CEO and principal officers shall also enable the co-operative to attract and retain sufficiently qualified candidates to manage the co-operative successfully, taking into account that co-operatives play a social role in addition to their commercial nature.

Internal Audit Committee

Capt. Billy Lee Chee Fong (Chairman)
Mr. Mohamad Bin Abu Bakar
Mr. Raja Mohd Said Bin Raja Mohd Shafik
Ms. Tan Siew Hui (Secretary)

The Internal Audit Committee is to assist the Board of Directors in carrying out its oversight responsibilities relating to the organization's  accounting and operational policies and procedures, system of internal control, financial reporting practices and audit process.

The functions of the Internal Audit Committee are -

• Review with the external auditor, the audit plan, the findings on the evaluation of the system of internal accounting controls and the audit report.
• Review with the internal auditor, the scope of the internal audit procedures and findings on the evaluation of the system of internal controls.
• Review the mid-year and year end financial reports, and thereafter to submit them to the Board of Directors.
• Nominate and recommend a registered public accounting firm to the Board of Directors and then to the General Meeting for their appointment as external auditor and approval of the fees.
• Review annually the effectiveness of the system of internal controls, including financial, operational and compliance controls and risk management.
• Review the assistance given by the organization's officers to the Internal Audit Committee, external and internal auditors.