PERNYATAAN TADBIR URUS KORPORAT - KWSP

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PERNYATAAN TADBIR URUS KORPORAT - KWSP

Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja100KWSP melalui penglibatannya di dalam pasaran ekuitiakan terus menggalakkan syarikat pelaburannya untukmempraktiskan amalan terbaik tadbir urus korporat di dalamorganisasi. Selaras dengan itu, KWSP telah menghadiri danmenyertai pelbagai aktiviti-aktiviti berkaitan tadbir uruskorporat, antaranya Minggu Tadbir Urus Korporat yangdianjurkan oleh pihak Bursa Malaysia Berhad, dialog bersamapihak-pihak berkuasa, interaksi bersama pengurus danaluar KWSP, pelabur-pelabur institusi dan juga pengurusansyarikat bagi membincangkan isu-isu tadbir urus korporat.Pada 17 Mei 2010, KWSP telah menerbitkan buku prinsiptadbir urus korporat dan garis panduan pengundian.Penerbitan buku ini adalah usaha berterusan KWSP dalammenggalakkan serta mewar-warkan prinsipnya di dalamamalan tadbir urus korporat di Malaysia. Buku tersebutyang mengandungi prinsip dan garis panduan pengundianboleh dijadikan panduan oleh pelabur-pelabur lain. KWSPberharap dengan penerbitan ini, ia dapat mendidik parapemegang saham dan pihak syarikat berhubung kepentinganmengamalkan tadbir urus korporat yang baik di dalamorganisasi. Antara penekanan yang diberikan di dalam bukutersebut adalah:i. Mesyuarat Pemegang SahamKWSP amat menggalakkan pihak syarikat untukmendedahkan serta memaklumkan kepada pemegangsaham berhubung keputusan keseluruhan pengundianmesyuarat agung dan percaya bahawa minit mesyuaratpemegang saham harus disediakan bagi pemeriksaanapabila dikehendaki.EPF with its significant presence in equity market willcontinuously encourage its investee companies to adopt soundcorporate governance practice in the organisation. In line withthis, EPF had initiated and participated in various corporategovernance activities, among others are participating in theCorporate Governance Week organised by Bursa MalaysiaBerhad, dialogue with regulators, engagement with EPF’sExternal Fund Managers and Institutional Investors as wellas meetings with the management of companies to addresscorporate governance issues.On 17th May 2010, the EPF had published its own corporategovernance principles and voting guidelines. The publicationsignifies a milestone in the EPF’s continuous effort to promoteand communicate its stance on corporate governance practicesin Malaysia. The booklet which contains principles and votingguidelines will be useful as a guide to other investors. It is hopethat this publication is able to educate the shareholders andcompanies on the importance of good corporate governancepractices within the organisation. Among the focus area in thisbooklet are as follows:i. Shareholders MeetingThe EPF strongly encourage the company to discloseand present the collective result to shareholders duringthe general meeting and believes that minutes of theshareholder meetings should be made available forshareholders inspection upon request.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja101ii.iii.Lembaga PengarahKWSP percaya bahawa lembaga pengarah yang efisiendan efektif akan meneraju syarikat kepada kejayaanuntuk tempoh jangka masa panjang. Oleh itu, beberapakriteria untuk lembaga pengarah telah ditetapkan dengankeutamaan ditekankan kepada komposisi lembaga pengaraheksekutif dan bukan eksekutif, had tempoh perkhidmatanpengarah bebas, kedatangan ahli lembaga pengarah,pembahagian kuasa antara Pengerusi dan Ketua PegawaiEksekutif syarikat, had keahlian lembaga pengarah, danahli jawatankuasa lembaga.Perkara LainDi antara isu-isu yang disentuh pada bahagian ini adalahpolisi dividen, kuasa menerbit dan mengagihkan saham dibawah Seksyen 132D Akta Syarikat 1965, pembelian baliksaham, Skim Opsyen Saham Pekerja dan urusniaga denganpihak berkaitan.KWSP percaya bahawa amalan tadbir urus korporat yang baikdapat menjamin sesebuah perniagaan diuruskan dengan carayang telus, amanah dan bertanggungjawab. Sebagai pemegangamanah dana persaraan, KWSP secara berterusan akanmelaksanakan pelaburan dalam pasaran modal dan bergantungpada pulangan pasaran untuk menjana dividen kepada ahliahlinya.Tadbir urus korporat dalam pasaran modal, khususnyapelaburan, adalah amat penting bagi memelihara nilai pelaburanKWSP. Amalan tadbir urus korporat yang baik diharap dapatmengurangkan pendedahan syarikat terhadap krisis kewangandan meningkatkan ketelusan yang seterusnya akan membawakepada pembangunan pasaran modal yang mampan.Sebagai langkah awal KWSP untuk menjadi telus kepadapemegang berkepentingan, KWSP telah membuat pendedahanpendedahanberhubung pelaburan seperti laporan pelaburanuntuk setiap suku tahun yang merangkumi maklumat alokasiaset KWSP dan pendapatan yang dijana daripada aset-asettersebut, saiz dana KWSP dan juga prospek untuk suku tahunyang akan datang. Selain itu, KWSP juga menyenaraikan 30saham terbesar yang dilabur di dalam Laporan Tahunan KWSPdan Laporan Suku Tahun di laman web rasmi KWSP.ii.iii.Board of DirectorsThe EPF believe that an efficient and effective board maylead to the success of the company over the long-term. Thus,certain criteria for boards has been set with the emphasis oncomposition of executive and non-executive directors termlimit for independent directors, board attendance, separationof power between Chairman and Chief Executive Officer (CEO)of the company, directorship limit and board committee.Other MattersAmong the issues covered under this area are the dividendpolicy, authorities to allot shares under Section 132D of theCompanies Act 1965, share buy-back scheme, EmployeesShare Option Scheme (ESOS), and related party transactions.The EPF believes that good corporate governance practices mayassure a business is managed in a manner that is transparent,accountable and responsible. As a provident fund, the EPF continuallyinvests in capital markets and relies on market returns to generatedividends to our members. Good governance reduces companies’vulnerability to financial crises and improves transparency, whichwill lead to sustainable capital market development.As an initial step to be transparent to our stakeholders, the EPF hasbeen disclosing information pertaining to its investment such asquarterly reports on investment which entails the details on EPF’sasset allocation and revenue generated from those assets, EPF’stotal fund size, and outlook for the following quarter. In addition, thelist of top 30 equity investments of EPF are also being disclosed inEPF’s Annual Report and our official website on a quarterly basis.EPF is committed to continuously strive for the highest standard ofcorporate governance throughout the organisation as a fundamentalpart of discharging its fiduciary duty and responsibility to protectand enhance members saving and to ensure sustainable growth.The EPF will also continue to promote best practices on a broaderbasis through actions in the area of public policy, collaboration withother shareholders and continuous engagement with companies.KWSP komited dan akan terus berusaha untuk mempraktisamalan terbaik tadbir urus korporat di dalam organisasisebagai langkah asas KWSP dalam melaksanakan tugas dantanggungjawab fidusiarinya untuk melindungi dan meningkatkansimpanan ahli serta memastikan pertumbuhan yang berterusan.KWSP juga akan sentiasa mempromosikan amalan terbaiktadbir urus korporat dengan pendekatan yang lebih luas meliputipenyertaan dalam penetapan polisi awam berkaitan tadbir uruskorporat, kerjasama dengan pemegang saham lain dan interaksiberterusan dengan pihak syarikat.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja105Mesyuarat Lembaga dan Panel PelaburanSejumlah 10 mesyuarat Lembaga (empat daripadanya adalahMesyuarat Khas) dan 18 mesyuarat Panel Pelaburan (tigadaripadanya adalah Mesyuarat Khas) telah diadakan pada tahun2010. Butir-butir kehadiran ahli adalah seperti berikut:The Board and Investment Panel MeetingsA total of 10 Board (including four Special Board) and 18 InvestmentPanel (including three Special Investment Panel) meetings wereheld in 2010. The details of members’ attendance at meetings areas follows:MESYUARAT LEMBAGA/Board Meetings.NAMA/NAMEKEHADIRAN/ATTENDANCE1. Tan Sri Samsudin Osman (Pengerusi/Chairman) 10/10WAKIL KERAJAAN/GOVERNMENT REPRESENTATIVES2. Datuk Latifah Datuk Abu Mansur (Naib Pengerusi/Vice Chairman)Datuk Nozirah Bahari (Ahli Silih Ganti/Alternate Member)3. Dato’ Sri Abu Bakar Bin Hj Abdullah (mulai Julai 2010/from July 2010)Tan Sri Ismail Adam (sehingga Julai 2010/until July 2010)Datuk Ab. Khalil Ab. Hamid (Ahli Silih Ganti/Alternate Member)4. Dato’ Segarajah RatnalingamEncik Mohd Sahar Darusman (Ahli Silih Ganti/Alternate Member)5. Datuk Hj Sukarti WakimanDatuk Hj Nordin Siman (Ahli Silih Ganti/Alternate Member)6. Datuk Hj Mohamad Morshidi Abdul GhaniDatu Abdul Ghafur Shariff (Ahli Silih Ganti/Alternate Member)3/106/109/108/1010/10Wakil Majikan/Employers Representatives7. Dato’ Azman Shah Haron 10/108. Tan Sri Mustafa Mansur 9/109. Encik Mohd Hasnol Ayub 6/10Wakil Pekerja/Employees Representatives10. Tuan Syed Shahir Syed Mohamud 9/1011. Encik Andrew Lo Kian Nyan 8/1012. Encik Ahmad Shah Mohd Zin 5/1013. Cik Chin Yung Chiew @ Rebecca 10/10Profesional/Professionals14. Tan Sri Lee Lam Thye 8/1015. Datuk Dr. Hussein Awang 10/1016. Encik Halim Hj Din 7/10Ex-Officio17. Tan Sri Azlan Zainol 10/10


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja106Mesyuarat Panel Pelaburan /Investment Panel Meetings.NAMA/NAMEKEHADIRAN/ATTENDANCE1. Tan Sri Samsudin Osman (Pengerusi/Chairman) 16/182. Datuk Latifah Datuk Abu Mansor 12/183. Puan Nor Shamsiah Mohd Yunus 12/184. Dato’ Sri Mohamed Nazir Abdul Razak 11/175. Dato’ Mohammed Azlan Hashim 13/176. Encik David Lau Nai Pek 13/187. Tan Sri Azlan Zainol (Ex-Officio) 18/18HONORARIUM DAN ELAUN KEHADIRAN AHLI LEMBAGA DAN PANEL PELABURAN/HONORARIUM AND ATTENDANCE ALLOWANCE OF BOARD AND INVESTMENT PANEL MEMBERsJenis Elaun/Types of Allowances.ELAUN/LEMBAGA/ALLOWANCEBOARD(RM)PANELPELABURAN/INVESTMENTPANELLEMBAGA/PANEL PELABURAN/JAWATANKUASA AUDIT LEMBAGA/JAWATANKUASA PENGURUSAN RISIKOLEMBAGA/JAWATANKUASA RISIKOPANEL PELABURAN/BOARD/INVESTMENT PANEL/BOARD AUDIT COMMITTEE/BOARDRISK MANAGEMENT COMMITTEE/INVESTMENT PANEL RISK COMMITTEEJAWATANKUASALEMBAGA LAIN/OTHER BOARD’SCOMMITTEESHonorarium(sebulan/per month)2,000 2,000Pengerusi Mesyuarat/Chairman of MeetingKehadiran Mesyuarat(termasuk Ahli Silih Ganti)/Meeting Attendance(including Alternate Members)1,000 1,0001,000 800Pada tahun 2010, jumlah bayaran honorarium dan elaun Ahli Lembaga dan Ahli Panel Pelaburan adalah masing-masing sebanyakRM480,000 dan RM437,800.For the year 2010, the total honorarium and allowances paid to the Board and Investment Panel members were RM480,000 and RM437,800respectively.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja107Emolumen Pengurusan Kanan/Emolument of Top Management.JAWATAN/POSITIONKetua Pegawai Eksekutif/Timbalan Ketua Pegawai Eksekutif (Operasi)/Timbalan KetuaPegawai Eksekutif (Polisi & Perancangan Korporat)/Timbalan Ketua Pegawai Eksekutif(Kewangan & Khidmat Pelanggan)/Timbalan Ketua Pegawai Eksekutif (Pelaburan)Chief Executive Officer/Deputy Chief Executive Officer (Operations)/Deputy Chief Executive Officer(Policy & Corporate Planning)/Deputy Chief Executive Officer (Finance & Customer Care)/DeputyChief Executive Officer (Investment)EMOLUMEN/EMOLUMENT(RM)3,732,802KOMUNIKASI DENGAN PEMEGANG BERKEPENTINGANLembaga mengakui ia perlu bersikap telus kepada pemegangberkepentingannya, khususnya ahli KWSP. Semua perubahanutama dan maklumat penting seperti tanggungan untukmencarum, pengeluaran dan manfaat, prosedur, saluranpenyampaian perkhidmatan baru dan perkara-perkara lainberkaitan sentiasa dimaklumkan kepada ahli dari semasa kesemasa. Dalam tahun semasa, KWSP telah mengadakan 10mesyuarat/seminar dengan pelbagai pemegang berkepentingan.Ini termasuk, antara lain, Kongres Kesatuan Sekerja Malaysia(Malaysian Trade Unions Congress, MTUC), PersatuanPerancangan Kewangan Malaysia (Financial Planning Associationof Malaysia, FPAM) dan Persatuan Pengguna Islam Malaysia.Selain daripada itu, KWSP secara berterusan mengadakan sesidialog dengan syarikat-syarikat yang mana KWSP melabur.Dalam tahun 2010, KWSP telah mengadakan sesi lawatan ke 28syarikat-syarikat tempatan. KWSP juga telah menghadiri sertamengundi secara aktif dalam 106 Mesyuarat Agung Tahunan dan51 Mesyuarat Agung Luar Biasa syarikat di mana KWSP melabur.Memandangkan KWSP bergiat aktif dalam mengawal seliapelaburannya, KWSP telah melantik wakilnya dalam LembagaPengarah syarikat tersenarai dan tidak tersenarai. Setakat 31Disember 2010, KWSP mempunyai wakil Lembaga Pengarah didalam 10 syarikat tersenarai dan 17 syarikat tidak tersenarai.COMMUNICATION WITH STAKEHOLDERSThe Board acknowledges the need to be transparent to itsstakeholders, particularly the EPF’s members. All major changesand material information such as changes in liability to contribute,withdrawals and benefits, procedures, new service delivery channelsand other related matters are communicated to its members on aregular basis. During the year under review, the EPF conducted10 meetings/dialogues with various stakeholders, which included,among others, the Malaysian Trade Unions Congress (MTUC),Financial Planning Association of Malaysia (FPAM) and PersatuanPengguna Islam Malaysia.Apart from this, the EPF continues to hold dialogues with its investeecompanies. In 2010, the EPF visited 28 local companies. The EPFalso attended and voted actively in 106 AGMs and 51 EGMs of itsinvestee companies. As EPF becomes more active in overseeing itsinvestments, the organisation has appointed its nominees on Boardsof listed and unlisted companies. As at 31 December 2010, EPF hasnominees in 10 listed companies and 17 unlisted companies.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja109• Pelan bisnes dan belanjawan tahunan disediakan olehunit-unit operasi, dikaji semula oleh jawatankuasapengurusan yang berkaitan dan diluluskan oleh Lembaga.KWSP mempunyai proses perancangan pelan bisnes danbelanjawan tahunan terperinci dan rasmi yang mengambilkira objektif jangka pendek dan jangka sederhanaorganisasi.• KWSP mempunyai garis panduan yang teratur mengenaipengambilan dan pemecatan kakitangan, program latihankakitangan, penilaian prestasi tahunan dan prosedurprosedurlain yang berkaitan bagi memastikan kakitanganberdaya saing dan dilatih secukupnya untuk menjalankantanggungjawab mereka.• Dasar dan prosedur yang didokumentasi bagi memastikanpematuhan terhadap kawalan dalaman seperti pengasingantugas, proses penyemakan dan pengesahan secara bebasserta kawalan capaian sistem, yang mana kesemuanyadikemaskini dari semasa ke semasa.• Sebuah fungsi audit dalam yang menyediakan penilaianbebas terhadap kecukupan dan kewibawaan sistemkawalan dalaman. Ini dicapai melalui kajian semula aktivitibisnes utama KWSP berdasarkan pelan audit tahunan yangdiluluskan oleh Jawatankuasa Audit Lembaga.• Pelan pengurusan kawalan fraud bersepadu untukmencegah dan mengesan fraud telah diwujudkan termasukpolisi Anti-Fraud dan Pendedahan Maklumat.• Dasar Keselamatan ICT yang didokumen, menggariskandasar dan prosedur yang perlu untuk memastikankerahsiaan, kewibawaan dan ketersediaan maklumat, datadan aplikasi di dalam organisasi.• Fungsi pengurusan risiko operasi (‘ORM’) yang membantuPengurusan dan pemilik risiko mengenal pasti, menilaidan mengkaji semula risiko-risiko penting serta menilaikecukupan kawalan dalaman untuk mengatasi risikotersebut. Fungsi ORM turut membantu JawatankuasaPengurusan Risiko Lembaga mengawasi aktiviti pengurusanrisiko KWSP. Pemilik risiko dan kawalan turut memberikanpengesahan digital berhubung dengan keberkesanan risikodan kawalan milik mereka.• Rancangan Kesinambungan Perniagaan (‘BCP’) diwujudkanbagi memastikan kesinambungan bisnes jika berlakugangguan yang ketara atau bencana.• Annual business plans and annual budgets are prepared bythe operating units, reviewed by the relevant managementcommittees and approved by the Board. There is a detailedand formalised annual business and budget planning processin place that looks at both the immediate and medium-termobjectives of the organisation.• Proper guidelines within the organisation for hiring andtermination of staff, staff training programmes, annualperformance appraisals and other relevant procedures toensure that staff are competent and adequately trained incarrying out their responsibilities.• Documented policies and procedures to ensure compliance withinternal controls such as segregation of duties, independentchecks and verification processes, system access controls areupdated from time to time.• An internal audit function that provides an independentassessment on the adequacy and integrity of the system ofinternal controls. This is achieved through the review of keyactivities of EPF businesses based on the annual internal auditplan as approved by the Board Audit Committee.• An integrated fraud control management plan to preventand detect fraud including Anti-Fraud and Whistleblowingpolicies.• A documented ICT Security Policy, which outlines the necessarypolicies and procedures to ensure confidentiality, integrityand availability of information, data and application within theorganisation.• An operational risk management (‘ORM’) function thatfacilitates the Management and risk owners to identify assessand review significant risks as well as assess the adequacy ofinternal controls to mitigate it. The ORM function also supportsthe Board Risk Management Committee in overseeing riskmanagement activities of the EPF. Risks and controls ownersalso provide digital assurance on the effective management ofrisks and controls under their ownership.• Business Continuity Plans (‘BCP’) to ensure business continuityin case of significant upheavals or disaster.• All EPF core processes are in compliance with MS ISO 9001standard.• Semua proses teras KWSP adalah berlandaskan kepadapiawaian MS ISO 9001.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja110PEMBANGUNAN MASA DEPANKWSP telah melaksanakan Polisi dan Prosedur Chinese Wall bagimeningkatkan lagi kawalan dalaman berkaitan pengendalian,penggunaan dan pemeliharaan maklumat sensitif harga untukmengelakkan sebarang potensi percanggahan kepentingandalam KWSP.Polisi ini telah dilaksanakan pada Januari 2011.KESIMPULANLembaga berpandangan bahawa sistem kawalan dalaman KWSPadalah mantap dan mencukupi untuk melindungi kepentinganahli. Kajian semula oleh Lembaga terhadap keberkesanansistem kawalan dalaman disokong oleh:• Jawatankuasa Pengurusan Risiko Lembaga yangbermesyuarat sekurang-kurangnya empat kali setahununtuk mengawasi aktiviti pengurusan risiko KWSP;• Jawatankuasa Audit Lembaga yang bermesyuaratsekurang-kurangnya empat kali setahun dan mengkajisemula penemuan dan cadangan yang dikemukakan olehjuruaudit dalam dan Pejabat Ketua Audit Negara; dan• Pejabat Ketua Audit Negara yang memberi sijil audittahunan kepada akaun kewangan dan laporan pengurusan.Pernyataan ini disediakan selaras dengan resolusi ahli Lembagabertarikh 28 Februari 2011.FUTURE DEVELOPMENTThe EPF has established the Chinese Wall Policy and Procedures tofurther enhance the internal control in relation to the treatment, useand protection of price sensitive information in order to avoid anypotential conflict of interest within the EPF.This policy has been implemented in January 2011.CONCLUSIONThe Board is of the opinion that the system of internal controlsin place within the EPF is sound and sufficient to safeguard theinterests of members. The Board’s review of the effectiveness of thesystem of internal controls is supported by:• The Board Risk Management Committee which meets at aminimum of four times a year to oversee risk managementactivities of EPF;• The Board Audit Committee which meets at a minimum of fourtimes a year and reviews the findings and recommendations ofthe internal auditor and the Auditor General’s Office; and• The Auditor General’s Office, which gives the annual auditcertificate on the financial statements of EPF.This statement is made in accordance with the resolution of themembers of the Board dated 28 February 2011.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja111PERNYATAAN PENGURUSAN RISIKO PELABURANSTATEMENT ON INVESTMENT RISK MANAGEMENT“Panel Pelaburan bertanggungjawab terhadap perkara-perkaraberkaitan pelaburan KWSP dan menggalas tanggungjawabterhadap rangka kerja pengurusan risiko pelaburan.The Investment Panel is responsible for matters pertaining to theinvestments of the Fund and it acknowledges responsibility for theinvestment risk management framework.“TANGGUNGJAWABBerdasarkan Akta Kumpulan Wang Simpanan Pekerja 1991, PanelPelaburan bertanggungjawab terhadap perkara-perkara berkaitanpelaburan KWSP dan menggalas tanggungjawab terhadap rangkakerja pengurusan risiko pelaburan. Rangka kerja ini diwujudkanuntuk mengurus dan bukannya menghapuskan risiko salah nyataatau kerugian dalam melaksanakan dasar, matlamat dan objektifpelaburan organisasi. Justeru itu, ia hanya boleh memberi jaminankeberkesanan yang munasabah dan bukan secara mutlak.RESPONSIBILITYIn accordance with the Employees Provident Fund Act 1991, theInvestment Panel is responsible for matters pertaining to theinvestments of the Fund and it acknowledges responsibility forthe investment risk management framework. The framework isdesigned to mitigate rather than to eliminate the risk of misstatementor loss in carrying out the organisation’s investment policies, aimsand objectives. It can, therefore, only provide reasonable and notabsolute assurance of effectiveness.RANGKA KERJA PENGURUSAN RISIKO PELABURANKWSP telah menyediakan rangka kerja pengurusan risikopelaburan yang meliputi struktur tadbir urus, pelbagai polisi danproses, alokasi modal dan pengukuran. Rangka kerja ini sentiasadikaji semula sebagai sebahagian daripada usaha berterusanuntuk meningkatkan lagi pengurusan risiko di KWSP.INVESTMENT RISK MANAGEMENT FRAMEWORKThe EPF has put in place an investment risk management frameworkcovering governance structure, policies and processes, capitalallocation and measurement. The framework is regularly reviewedas part of the continuous effort to enhance risk management inEPF.STRUKTUR PENGURUSAN RISIKO• Panel Pelaburan, melalui Jawatankuasa Risiko PanelPelaburan, bertanggungjawab untuk mengawasipengurusan risiko berkaitan dengan keputusan pelaburanyang dibuat oleh KWSP;• Jawatankuasa Risiko Pengurusan, yang dipengerusikan olehKetua Pegawai Eksekutif, bertanggungjawab untuk memantaudan mengkaji semula aktiviti-aktiviti pengurusan risiko danmembantu Jawatankuasa Risiko Panel Pelaburan; dan• Jabatan Pengurusan Risiko membantu Pengurusan danJawatankuasa Risiko Panel Pelaburan dengan menyediakanukuran, pemantauan dan pelaporan secara bebas bagipendedahan risiko pelaburan KWSP.RISK MANAGEMENT STRUCTURE• The Investment Panel through Investment Panel RiskCommittee is responsible for overseeing risk managementpertaining to EPF’s investment decisions making;• The Management Risk Committee, chaired by the ChiefExecutive Officer, is responsible for monitoring and reviewingrisk management activities and supporting the InvestmentPanel Risk Committee; and• The Risk Management Department supports the Managementand the Investment Panel Risk Committee by providingindependent measurement, monitoring and reporting of EPF’sinvestment risk exposures.


Laporan Tahunan 2010 Annual ReportLembaga Kumpulan Wang Simpanan Pekerja112KAWALAN RISIKOPernyataan Tahap Risiko yang diluluskan oleh Panel Pelaburanmenggariskan secara umum tahap risiko yang boleh diterima olehKWSP dan menjadi asas kepada alokasi dana untuk pelaburan.Kajian semula terhadap alokasi aset sentiasa dilaksanakanuntuk memastikan bahawa dana yang dilaburkan adalah selarasdengan tahap risiko KWSP.Jawatankuasa Risiko Panel Pelaburan telah menyediakanpelbagai dasar dan had untuk memastikan risiko-risiko dikawalbagi setiap kelas aset. Tambahan kepada dasar dan had tersebut,Sistem Risiko dan Atributasi Prestasi, Model Portfolio Kredit danPenarafan Korporat, telah dilaksanakan dan dipertingkatkansecara berterusan untuk memastikan risiko diukur secarasistematik.Panel Pelaburan, melalui Jawatankuasa Risiko Panel Pelaburansentiasa mengkaji semula pengukuran risiko, alokasi modal,pelbagai polisi, proses dan had untuk memastikan keberkesananyang berterusan.KESIMPULANPanel Pelaburan yakin bahawa amalan pengurusan risikopelaburan di KWSP adalah kukuh dan memadai untuk melindungipelaburan KWSP. Kajian semula Panel Pelaburan terhadapkeberkesanan rangka kerja pengurusan risiko pelaburanini dibantu oleh Jawatankuasa Risiko Panel Pelaburan yangbermesyuarat sekurang-kurangnya empat kali setahun danmengkaji semula laporan risiko dan pematuhan daripada pihakpengurusan.RISK CONTROLSThe Risk Appetite Statements, as approved by the Investment Panel,broadly outline the level of risks that EPF is willing to tolerate andform the basis of funds allocation for investment. A review on assetallocation is regularly conducted to ensure funds are invested withinEPF’s risk appetite.The Investment Panel Risk Committee has put in place variouspolicies and limits to ensure risks are mitigated for each assetclass. To complement the policies and limits, Risk and PerformanceAttribution Systems, Credit Portfolio Model and Corporate Ratingare installed and continuously enhanced to ensure the risks aresystematically measured.The Investment Panel through the Investment Panel Risk Committeeregularly reviews the risk measurement, capital allocation, policies,processes and limits to ensure their continued effectiveness.CONCLUSIONThe Investment Panel is confident that the investment riskmanagement practices in place within the EPF are sound andsufficient to safeguard the investments of the EPF. The InvestmentPanel’s review of the effectiveness of the investment riskmanagement framework is supported by the Investment PanelRisk Committee, which meets a minimum of four times a year andreviews risk and compliance reports from the management.The statement is made in accordance with the resolution of themembers of the Investment Panel dated 08 February 2011.Pernyataan ini disediakan berdasarkan resolusi semua AhliPanel Pelaburan bertarikh 08 Februari 2011.

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