Annual Report 2020

Corporate Governance Overview Statement The Board of Directors of QL Resources Berhad is pleased to present this Corporate Governance (“CG”) Overview Statement to provide shareholders and investors with an overview of the CG practices of the Company during the financial year ended 31 March 2020. This overview takes guidance from the three key principles as set out in the Malaysian Code on Corporate Governance 2017 (“MCCG”). To ensure the Company continues to adopt the best CG practices, the Board conducts annual reviews of its practices with reference to the MCCG. This review was conducted in May 2019 and subsequently in June 2020 where the Board reviewed the Gap Analysis Report on the departures and plans to apply them. As at 31 March 2020, the Company applied/adopted 32 out of the total of 36 recommended practices in the MCCG 2017. The explanations on departures were disclosed in the CG Report. This statement is to be read together with the CG Report of the Company. The Company’s detailed application of each practice is disclosed in the CG Report which is available on QL’s website: http://ql.com.my/corporate-governance.html. PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS I. Board Responsibilities The Board is responsible for formulating and reviewing the Group’s strategic plans and key policies, and charting the course of the Group’s business operations whilst providing effective oversight of the Management’s performance, risk assessment and controls over business operations. The Board is responsible for determining the nature and extent of the principal risks it is willing to take in achieving its strategic objectives. In setting the strategic direction, the Board ensures that there is an appropriate balance between promoting long-term growth and delivering short-term objectives, and to be in line with QL’s vision and mission statements. In order to ensure orderly and effective discharge of the above functions and responsibilities of the Board, the Board delegates specific responsibilities to the relevant Board Committees, Executive Chairman and the Group Managing Director (“GMD”), all of which have their terms of reference to govern their respective scopes and responsibilities. Annual Report | 2020 QL Resources Berhad 74