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ENRICHING tHE FUtURE ENRICHING NAtIoNAL PRoGRESS ENRICHING StAKEHoLDER VALUE ENRICHING SUStAINABLE IMPACt

StAtEMENt ON CORPORAtE GOVERNANCE (CONtINuED)

Summary of Key Proposals Apart from approval papers, the Board of KWAP had also
deliberated on reports which were tabled for its notification
The Board is responsible for the long-term success of KWAP on monthly or quarterly basis, amongst others, are as follows:
and is accountable to the stakeholders in ensuring that
KWAP is managed effectively and achieves the strategic • Notification on Investment Activities and Performance
objectives that have been set. The Board discharged those Reports;
responsibilities through Board Meetings and focused on a • Notification on Financial Reports;
number of specific areas such as strategy, governance and
performance. The key proposals approved by the Board for • Notification on Pension Services Department
2023 are as follows: Performance Review;
• Quarterly Pension Contribution Report;
• KWAP’s Corporate Scorecard and Financial Results
for 2022; • Quarterly Risk Management and Compliance
Department Report;
• KWAP’s Business Plan, Corporate Scorecard and
Manpower Planning for Financial Year 2024; • Progress Report on TERAS 5 Implementation;
• KWAP Investment Strategy and Return Target 2024; • Notification on Integrity, Governance and Anti-
Corruption Measures Update by KWAP and its
• KWAP’s Audited Financial Statements for Financial
Year 2022; Subsidiaries; and
• Notification on Action Plan on Principles on Good
• KWAP’s Expenditure Budget for Financial Year 2024;
governance for government-Linked Investment
• Establishment of KWAP Investment Policy Statement; Companies.
• KWAP’s Corporate Governance Framework; tHE INVEStMENt PANEL
• KWAP Sustainability Roadmap;
KWAP Act also requires the establishment of an Investment
• Revision of Retirement Fund Act 2007 [Act 662] - Final Panel, a body which is responsible for matters pertaining
KWAP Implementation Proposals; to the investment of the Fund established under Section
7(1) of KWAP Act. The Investment Panel is generally
• Digital Transformation Strategy for KWAP;
responsible to recommend the relevant investment policies
• Amendments to KWAP Whistleblowing Policy; and strategies of KWAP to be approved by the Board.
Further, the Investment Panel shall have the authority and
• Amendments to KWAP Anti-Bribery and Corruption limit as specified under KWAP Act, KWAP’s Investment
Policy;
Policy, Investment guideline and/or other relevant policies
• Revision of the Terms of Reference of Management currently in force.
Committees of Kumpulan Wang Persaraan
(Diperbadankan); Composition of the Investment Panel
• Board, Board Committees and Investment Panel The Investment Panel shall consist of the following
Remuneration Policy; members, as stipulated in Section 7(2) of KWAP Act, who
shall be appointed by the Minister of Finance:
• Incorporation of Special Purpose Vehicle (SPV) for
KWAP’s Property Acquisition; (i) a Chairman who shall be the Chairman of the Board or
• Appointment of Board Nominee Directors in KWAP’s such other person as may be appointed by the Minister
Subsidiaries and Associates; of Finance (Section 7(2)(a) of KWAP Act);

• Enhanced Procurement Model for KWAP; (ii) a representative from the Ministry of Finance (Section
7(2)(c) of KWAP Act);
• Sustainability Risk Framework and Policy;
(iii) the Chief Executive Officer of KWAP, who shall be the
• Cloud Governance Framework and Policy; and Secretary of the Investment Panel (Section 7(2)(d) of
• KWAP’s Thought Leader Framework. KWAP Act); and
112 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) i INtEGRAtED REPoRt 2023