ANNUAL REPORT
ANALYSIS
NAMES OF MEMBERS :
1. NOORAZURA BT RAZALI
2015151993
2. AIN AMIEZA BT ABDUL RAZAK
2014125957
3. MUHAMMAD HAZZIQ IZWAN B YAHAYA 2013346155
4. NUR RAIHANA BT AMINORDIN
2014143315
ECO WORLD DEVELOPMENT GROUP
BERHAD
2017
NATURE OF BUSINESS:
Property Development Company
VISION OR MISSION
Shareholder Theory Stakeholder Theory
(Vision) (Mission)
Creating world–class eco-living in all company
developments.
Being a caring and responsible organization which
actively contributes back to society.
Having a reputation for providing unmatched
Creating tomorrow and beyond product and service quality to our customers at all
times.
Leading with passion in the pursuit of innovation
and sustainability to create enduring value.
Delivering exciting and consistent growth to our
stakeholders and shareholders.
CHAIRMAN STATEMENT
The strategies relates to the shareholders’
theory or the stakeholder’s theory
Shareholder Theory Stakeholder Theory
• This tremendous feat is a testament to the strong brand
positioning built over the last four years with the aim of
• In 2017, this determination to go achieving market leadership through our ongoing efforts to
beyond traditional boundaries inspired provide unmatched product and service quality to our
us to form a new division called customers reflect with the Mission no 3.
EcoWorld X. Led by a young team
comprising largely Gen-Y members, • It also demonstrates Team EcoWorld’s sound execution
the first innovation introduced by capabilities, tenacity in the face of adversity, and drive to
EcoWorld X has been the EcoWorld consistently create value for our customers, shareholders
Labs Series which represents a totally and stakeholders reflect with the Mission no 4.
new take on how the commercial
component of a township can be • The 3rd consecutive year that sales has crossed the
designed and activated. RM6B mark reflect with the Mission no 5.
ETHICAL / CSR PROGRAMS THAT
‘PURELY
FOR BUSINESS ADVANCEMENT’?
1
Fostering unity
To add to the festivities and promote the message that Malaysians have
much to celebrate and be happy about, EcoWorld commissioned an
original anthem and music video entitled #AnakAnakMalaysia,
#AnakAnakGembira. More than 1 million #AnakAnakMalaysia
wristbands were proudly wearing their wristbands as an expression of
their love for our country, were splashed all over traditional and social
media during the campaign period which ran from July to September
2017.
2
Quality Education
EWF donated furniture to SJK (C) Chung Ching in Pahang and to SJK (C)
Serdang Baru in Selangor for conducive environment for student to learn.
The latter school received 230 sets of desks and chairs from EWF worth
RM25,000 at the beginning of the new school term in 2017. The
Foundation also donated 15 units of laptops to SMK Seri Permata in
Selangor to encourage smart learning amongst the students.
As part of the EWFVC effort, Motivational Camps are organised every year
to prepare Standard 6 students for UPSR exams. These camps over a period
of three days, are meant to boost the confidence level of students by
inviting experienced teachers to conduct talks and provide them with
guidance. This event serves to motivate the students to redouble their
efforts to achieve their ambition and chart a brighter future for themselves
and their families.
Community
3 Health and Well-
Being
In line with the Foundation’s aim of easing the suffering of
underprivileged members of society stricken by ill-health, EWF
actively provides financial assistance to medical centers and similar
institutions. In May 2017, in its latest effort to assist the needy,
• EWF donated RM 90,000 to Pusat Hemodialisis Mawar to replace
two dialysis machines that provides subsidised dialysis treatment to
end-stage renal failure patients.
• EWF also donated a hemodialysis machine costing RM42,000 to
MAA Medicare Jalan Sungai Besi Centre.
EWF is committed to using its resources productively to positively
impact society and will continue to engage with its community of
supporters comprising business associates of the EcoWorld Group to
ensure the sustainability of its charitable endeavors.
STATEMENT ON
CORPORATE GOVERNANCE
(BOARD OF DIRECTOR)
THE SIZE : 12 Directors
The BOD Composition
(non-executive vs executive)
Executive Director Non-Executive Director
1/3 = 3 persons 2/3 = 8 persons
THE DECLARATION CONFLICT OF
INTEREST (the independence) :
3 Independent Director have declared their conflict of interest :
1)Dato’ Idrose Bin Mohamed
2)Dato’ Haji Obet Bin Tawil
3)Dato’ Noor Farida Binti Mohd Ariffin
* & All of them have declare that, there are no conflict of interest in a company.
THE REMUNERATION
The details of the Directors’ remuneration for FY2017 are set out as below. The
Company not to disclose the remuneration of individual Directors as the
Company believes that this information will not add significantly to the
understanding and evaluation of the Company’s governance.
THE ATTENDANCE BOARD MEETING
* All directors complied with minimum 50% attendance requirement in respect of
Board Meetings held in 2017 as stipulated under Bursa Malaysia.
FIND OUT IF THE CHAIRMAN IS ALSO THE
CEO ?
• No, the Chairman is Tan Sri Dato Sri Liew Kee Sin
while the CEO is a Dato’ Chang Khim Wah.
WHAT IS THE RELATIONSHIP
WITH THE AUDITORS LIKE ?
AUDIT COMMITTEE
(AC)
.
DESCRIBE
THE
PHOTOS…
PRESENTABL
E…
ATTRACTIVE
…
Who makes up the Audit Committee (are they independent exec or exec
directors?)
What are the qualifications of members like?
Reference: Corporate Information page 4
Independent Non-Executive
• Tang Kin Kheong, Senior Independent Non-
Executive Director
• Certified, Public Accountant & Member of the
Malaysian Institute of Accountants
• Dato’ Idrose Bin Mohamed, Independent Non-
Executive Director
• Not Certified, Bachelor Degree in Civil
Engineering, UiTM
• Dato’ Haji Obet Bin Tawil, Independent Non-
Executive Director
• Certified, Bachelor of Economics Degree
(Analytical Economics), UKM
• Dato’ Noor Farida Binti Mohd Ariffin
Independent Non-Executive Director
• Not Certified, Barrister-at-Law (Gray’s Inn),
United Kingdom
List the other BOD Committees & what
do you think they do?
Board of Directors
• Dato’ Voon Tin Yow
Executive Director
• Tan Sri Lee Lam Thye
Non-Independent Non-Executive Director
• Tan Sri Dato’ Sri Liew Kee Sin
Non-Independent Non-Executive Chairman
• Tan Sri Abdul Rashid Bin Abdul Manaf
Founder & Non-Independent Non-
Executive Director
• Dato’ Leong Kok Wah
Non-Independent Non-Executive Deputy
Chairman
• Dato’ Chang Khim Wah
Chief Executive Officer
• Liew Tian Xiong
Executive Director
• Datuk Heah Kok Boon
Executive Director & Chief Financial
Officer
Search for the types of Management Committee & describe
what each one does.
(Risk Management Committee)
Risk Management Committee:
“The Board acknowledges its overall responsibility for the Group’s internal control
and risk management systems to safeguard shareholders’ investments and the
Group’s assets and for reviewing the adequacy and integrity of such systems. The
Board ensures the effectiveness of such systems through regular reviews. These
responsibilities are delegated to the Audit Committee and the Risk Management
Committee which are empowered by their respective terms of reference.”
Reference: page 4, 85
Dato’ Voon Tin Yow, Chairman
Executive Director
DATO’ SUNDARAJOO A/L SOMU
Chief Operating Officer
DATUK HOE MEE LING
Divisional General Manager
Dato’ Soo Chan Fai
Group Financial Controller
Lim Eng Tiong
Divisional General Manager,Group Contracts
Ong Yew Leng
General Manager, Group MIS
Who is the auditor,
Is it clean or is it qualified in any way?
Baker Tilly Monteiro Heng (Qualified Chartered Accountant) and an
independent member firm of Baker Tilly International
Reference: page 4 , 92
Is it clean or is it qualified in any way?
Yes, the audit report is clean as stated below:
“We have audited the financial statements of Eco World Development Group
Berhad, which comprise the statements of financial position as at 31 October 2017
of the Group and of the Company, and the statements of comprehensive income,
statements of changes in equity and statements of cash flows of the Group and of
the Company for the financial year then ended, and notes to the financial
statements, including a summary of significant accounting policies, as set out on
pages 93 to 169.
In our opinion, the accompanying financial statements give a true and fair view of
the financial position of the Group and of the Company as at 31 October 2017, and
of their financial performance and cash flows for the financial year then ended in
accordance with Financial Reporting Standards and the requirements of the
Companies Act 2016 in Malaysia.”
Reference: Independent Auditors’ Report page 171
Ethical Structures
1. Whistle blowing Policy & Community
Reference: Sustainability Statement page 36,69
2. Eco World Malaysia’s code of conduct and Business Ethics
- This code has been reviewed by Group Talent Management and evaluated by
the Risk Management Committee.
- That applies to all Directors and employees of the Group.
Reference: Sustainability Statement page 36,69,86
Statement of Internal Control
Statement on Risk Management and Internal Control of Eco World is made in
accordance with the resolution of the Board of Directors dated 25 January 2018.
The internal audit function is undertaken by the in-house internal audit department,
named Group Corporate Governance (“GCG”). GCG reports to the Audit
Committee on the adequacy and effectiveness of the risk management and internal
control systems.
The Chief Executive Officer and Chief Financial Officer have given assurance to
the Board that the Group’s risk management and internal control system is
operating adequately and effectively in all material respects.
Reference: Statement on Risk Management Internal Control page 85,86
The Cover Page: any significance
The cover page shows the picture of cute
butterfly which is reflected and related with the
company’ objectives to strike a balance between
their business objectives and the sustainability of
our community and environment. Hence, there is
no significance issue.
Eco World try to maintain eco-system when they
make a development
This company strives to implement element of
Design, Nature and Art intrinsically into their
developments to create holistic living
environments that will stay relevant for
generations to come.
Reference: Cover page 1-3
