Page 111 - KWAP_Integrated-Report_2023

ENRICHING PERFORMANCE AND COMMITMENTS ENRICHING ACCOUNTABILITY AND INTEGRITY ENRICHING RESILIENCE AND SUSTAINABLE GROWTH OTHER INFORMATION

Section 9 (1) of KWAP Act provides that the Board shall Components of an Effective Board
appoint a Chief Executive Officer on terms and conditions
as the Board deems fit, subject to the approval of the Structuring a High-Performing Board
Minister of Finance. The Chief Executive Officer shall have
such powers and duties as may be conferred or imposed KWAP aspires to put in place a Board structure that
upon him by this Act or as may be conferred or imposed by matches the organisational requirements. For the
the Board from time-to-time. Board to operate efficiently and give the right level
of attention and consideration to relevant matters,
The Chief Executive Officer is assisted by the management the Board Committees assist the Board in fulfilling its
in handling the day-to-day administration of KWAP and oversight functions. The terms of reference of each
its employees. The Chief Executive Officer is also an ex- Board Committee defines committees’ roles with
officio member of the Board as well as the Secretary to the composition to complement the Board’s requirements.
Investment Panel. Board members are selected based on the requirements
as prescribed by KWAP Act. The performance of the
Responsibilities and Accountabilities of the Board Board, as a whole and each individual member, is
assessed and evaluated regularly.
Under Section 6 of KWAP Act, the Board shall be
responsible for the administration and management of
KWAP. The Board is therefore entrusted to administer, Ensuring Effective Board Operations and Interactions
set the strategic directions and oversee the management
of KWAP with a focus on protecting and enhancing the Effective Board operations and interactions require
interests of its contributors and stakeholders. productive meetings. KWAP ensures quality and
timeliness of all Board information in line with good
In line with its statutory responsibility and as part of governance and best practices for well-informed
its functions, the Board formulates and determines decision making by the Board. Trust is built through
administration and management of policies and procedures positive interaction, dynamics and open communication
to ensure KWAP achieves its objectives with success and within the Board and with the Management.
excellence.
Initiatives undertaken in Line with Principles on Good Fulfilling the Board’s Fundamental Roles and
Governance for Government-Linked Investment Responsibilities
Companies (PGG)
The Board provides guidance to the Management in
In continuation of its initiative in 2022, the outcome of the developing corporate strategy, policy directions and
Board and Investment Panel’s Effectiveness Assessment setting of targets for performance management. It
(BEA) had been presented to the Board Nomination and upholds a strong corporate performance management
Remuneration Committee (BNRC) and Board in May 2023. approach whilst exercising its oversight function. It
BEA had been conducted for prudency and best practice, also oversees development of the organisation’s future
in ensuring that the Board and Investment Panel members leaders and human capital to ensure continuity and
of KWAP are continuously improving and carried out their manages the organisational risks. The Board ensures
roles and functions effectively. its obligations to the stakeholders are met by adopting
a stakeholders’ perspective when making decisions as
This is also in line with the Pgg which states that “a board well as balances valid stakeholders’ interests.
evaluation facilitated by independent experts is conducted
once every year”.

109