Vision and Mission - listed companyspb.listedcompany.com/newsroom/SPB_AR2015_-_Part_1.pdfCover Rationale Our Annual Report cover for 2015 uses the three "fronds" of our oil-palm-shaped

Cover RationaleOur Annual Report cover for 2015 uses the three "fronds" of our oil-palm-shaped corporate logo to depict the integrated business activities of which key activities in the oil palm business cycle are seed production, planting and replanting of oil palm estates; harvesting of fresh fruit bunches; and milling of harvested bunches into palm oil products. The "trunk" of the logo represents the twin pillars on which we are building our organisation, i.e. state of-the-art research and development and rigorous quality control.

The white background of the front cover represents honesty, transparency and accountability in all our dealings and activities, while the gold background of the rear cover symbolises the long-term wealth and prosperity we are creating for our stakeholders.

Cover RationaleOur Annual Report cover for 2015 uses the three "fronds" of our oil-palm-shaped corporate logo to depict the integrated business activities of which key activities in the oil palm business cycle are seed production, planting and replanting of oil palm estates; harvesting of fresh fruit bunches; and milling of harvested bunches into oil palm products. The "trunk" of the logo represents the twin pillars on which we are building our organisation, i.e. state of-the-art research and development and rigorous quality control.

The white background of the front cover represents honesty, transparency and accountability in all our dealings and activities, while the gold background of the rear cover symbolises the long-term wealth and prosperity we are creating for our stakeholders.

Vision and Mission

Corporate Values

5 Years’ Financial Highlights

Corporate Structure

Organisational Structure

Corporate Profile

Corporate Information

2

3

4

6

7

8

10

Location of Operating Units

Message to Our Shareholders

Board of Directors

Key Management Team

Review of Operations

Audit Committee’s Report

Statement on Corporate Governance

11

12

19

24

25

35

39

Statement on Risk Management and Internal Control

Corporate Social Responsibility

Investor Relations

Diary of Corporate Events

Financial Statements and Statement on Directors’ Responsibility

51

53

55

56

58

Analysis of Shareholdings

Recurrent Related PartyTransactions

Top 10 Properties

Cautionary Statement Regarding Forward-Looking Statements

Notice of Annual General Meeting

Form of Proxy

146

149

150

152

153

157

To Be A Fully Integrated High Performing Enterprise With Diversified Business

Our

ANNUAL REPORT 2015Sarawak Plantation Berhad 02

We Maximise Stakeholders' Values Through Sustainable Development By Actively Engaging The Best Business Practices

OurMission

Vision

CORPORATE VALUES

ANNUAL REPORT 2015 03 Sarawak Plantation Berhad

Integrity…Trustworthy and accountableWe stand by high moral values and principles, emphasising transparency in all ourconduct, being faithful and honest, and being accountable and taking full responsibility for our business decisions and results.

Innovative… Growing through change and moving ahead of the times

We encouragecreativity in our business to produce significant organisational improvements, wewelcome new ideas and believe in being forward looking in our business.

Professionalism...Ethical application of knowledge

We stress on ethical conduct in the discharge of our duties, ensuring high quality service both within and outside the organisation.

Excellence & Result Oriented... Always be driven to achieve results beyond stakeholders’ expectationsWe are result oriented, setting high performance standards for ourselves. We focus on outcomes and achievements, delivering superior performance to stakeholders through sustainable development, hence building a socially responsible organisation.

TeamSpirit...Respect and sharing

We respect each other and recognise contributions by each individual. We encourage effective working relationships via an environment which encourages mutual support and care, co-operation and sharing of knowledge and experience.

Year 2015 2014 2013 2012 2011

Revenue (RM’000) 334,232 389,901 362,052 430,172 479,364

Profit before tax (RM’000) 22,475 70,044 44,564 66,342 104,175

Profit attributable to owners of the Company (RM’000) 21,297 61,292 39,685 46,333 81,599

Total assets (RM’000) 785,865 771,367 754,830 743,195 763,867

Net assets (RM’000) 629,201 616,290 582,954 568,430 564,146

Total equity attributable to owners of the 629,201 616,290 582,954 568,430 564,146 Company (RM’000)

Total number of shares (’000) 280,000 280,000 280,000 280,000 280,000

Net assets per share (RM) 2.25 2.20 2.08 2.03 2.01

Basic earnings per share (sen) 8 22 14 17 29

Dividend per share (sen) 4.5 9.0 8.0 10.0 16.3

Gearing ratio (times) 0.11 0.06 0.12 0.12 0.15


5 YEARS’ FINANCIAL HIGHLIGHTS


5 YEARS’ FINANCIAL HIGHLIGHTS

Revenue (RM’000)

362,

052

334,

232

389,

901

479,

364

430,

172

2015 2012 201120132014

Profit before tax (RM’000)

44,5

64

22,4

75

70,0

44

104,

175

66,3

42

2015 2012 201120132014

Profit attributable to ownersof the Company (RM’000)

39,6

85

21,2

97

61,2

92 81,5

99

46,3

33

2015 2012 201120132014

14

8

22

29

17

2015 2012 201120132014

Basic earnings per share (sen)

Total equity attributable to owners of the Company (RM’000)

582,

954

629,

201

616,

290

564,

146

568,

430

2015 2012 201120132014

754,

830

785,

865

771,

367

763,

867

743,

195

2015 2012 201120132014

Total assets (RM’000)

COMPANY NO.451377-P • INCORPORATED IN MALAYSIA

Sarawak Plantation Agriculture Development Sdn BhdCultivation of oil palm and processing of fresh fruit bunches

100%

Sarawak Plantation Property Holding Sdn BhdProperty investment

100%

Sarawak Plantation Property Development Sdn BhdProperty development (Dormant)

100%

Sarawak Plantation Services Sdn BhdProvision of management, agronomic and consultancy services

95%

SPB Pelita Suai Sdn BhdCultivation of oil palm 60%

Azaria Sdn Bhd(Dormant) 75%

Investment Holding

CORPORATE STRUCTURE


Wonderland Transport Services Sdn Bhd(Dormant)

35%

COMPANY NO.451377-P • INCORPORATED IN MALAYSIA


ORGANISATIONAL STRUCTURE

Remuneration andNomination Committee

Risk ManagementCommittee

Board AuditCommittee

GROUP MANAGING DIRECTOR

Chief Operating Officer

Chief Financial Officer

BOARD OF DIRECTORS

Corporate Finance

Financial Accounting

Management Accounting

Human Resources &Administration

Corporate Services

Marketing

Land Administration

Laboratory

Productivity

Tender and Procurement

Plantation Operation

Internal Audit

Health, Safety &Environment and Security

Sarawak Plantation Berhad (SPB) was incorporated in Malaysia on 28 October 1997 as a private limited company under the name of Sarawak Plantation Sdn. Bhd. and commenced business in the same year. SPB was converted into a public company on 1 February 2000 and assumed its present name.

Sarawak Plantation Berhad (SPB) was specially incorporated as the vehicle company for the privatisation of Sarawak Land Development Board’s (SLDB) assets.

The privatisation of SLDB’s assets, comprising oil palm plantations, milling facilities and related assets, was effected in 1997 through the transfer of SLDB’s assets to SPB Group (comprising SPB and its subsidiaries). With this privatisation, all principal assets of SLDB are owned and managed by SPB and certain of its subsidiaries.

SPB is one of the pioneer players in the oil palm industry in Sarawak. Currently the Group has a total land bank of 43,128 hectares (ha) of which 1,855 ha is under the Native Customary Rights (NCR) scheme.

SPB, through its wholly owned subsidiary, Sarawak Plantation Agriculture Development Sdn Bhd (SPAD), owns sixteen (16) oil palm estates with a total planted area of 31,861 ha as at 31 December 2015. SPB, through its subsidiary, SPB PELITA Suai Sdn Bhd (SP Suai), has in the year 1999/2000 developed and fully planted 1,855 ha of NCR land with oil palms.

SPAD also owns 2 palm oil mills, with a total operating capacity of 150 mt/hour, located at Niah and Mukah, respectively.

The core business activities of SPB Group are:• Development, cultivation and management of oil palm plantations on a large scale.

• Milling of fresh fruit bunches (FFB) into crude palm oil (CPO) and palm kernel (PK).

• Plantation management services.

• Strategic investment to develop NCR land into oil palm plantations.

• Operation of a seed production unit supplying high yielding seeds and seedlings.

• Cattle integration.

• Providing laboratory and technical services for the oil palm industry.


CORPORATE PROFILE


CORPORATE PROFILE

Company SecretaryTrina Tan Yang Li (0666-KT032)

Registered Office8th Floor, Wisma NAIM, 2½ Mile, Rock Road, 93200 Kuching, Sarawak, Malaysia.Tel: 6 082-233550/233560/233570 Fax: 6 082-256560Email: [email protected]

Business OfficeLot 1174, Block 9, MCLD Miri Waterfront, Jalan Permaisuri,98000 Miri, Sarawak, Malaysia.Tel: 6 085-413814 Fax: 6 085-416192Email: [email protected]

Company Websitewww.spbgroup.com.my

Share RegistrarTRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Selangor South No.8, Jalan Kerinchi, 59200 Kuala Lumpur.Tel: 6 03-27839299 Fax: 6 03-27839222

AuditorsKPMG (AF-0758)Level 6, Westmoore House, Twin Tower Centre, Rock Road, 93200 Kuching, Sarawak, Malaysia.Tel: 6 082-422699

Principal BankersCIMB BANK BERHAD1st Floor, Lot 2691-2, Block 10 KLCD, 3rd Mile, Rock Road, 93200 Kuching, Sarawak, Malaysia.Tel: 6 082-419072

AMBANK (M) BERHADNo. 162, 164, 166 & 168,1st Floor, Jalan Abell, 93100 KuchingP.O. Box 3240, 93762 Kuching,Sarawak, Malaysia.Tel: 6 082-244791

Stock Exchange ListingMAIN MARKET OF BURSA MALAYSIA SECURITIES BERHADon 28 August 2007Sector: PlantationStock Code: 5135Stock Name: SWKPLNT


CORPORATE INFORMATION

Board of DirectorsCHAIRMANDatuk Amar Abdul Hamed bin Sepawi

GROUP MANAGING DIRECTORPolit bin Hamzah

NON-INDEPENDENT NON-EXECUTIVE DIRECTORHasmawati binti Sapawi

INDEPENDENT NON-EXECUTIVE DIRECTORSUmang Nangku JabuDatu Haji Chaiti bin Haji BolhassanAzizi bin MorniAli bin Adai


LOCATION OF OPERATING UNITS


MESSAGE TO OUR SHAREHOLDERS

On behalf of the Board of Directors, it gives me great pleasure to present the Company’s Annual Report for the financial year ended 31 December 2015, our eighth full year of operation since our listing on the Main Market of Bursa Malaysia on 28 August 2007.

2015 was a challenging year in the light of the slowing global economy, low commodity prices and escalating cost of living. CPO price was hovering between RM1,800 per metric tonne (mt) and RM2,300 per mt, with an average of around RM2,100 per mt for the whole year. As a pure plantation company, we were adversely affected as over 99% of our revenue were contributed by sale of crude palm oil (CPO) and palm kernel (PK). Price mitigating measures though impact was marginal, were employed by the Group. In addition, we achieved several key milestone successes in the operation and management whilst maintaining our profitable position for the current financial year.


These will be cascaded down to lower level of operations on a continuing basis. The necessary monitoring and evaluation of progress is already in place, facilitated by the Estate Management System (EMS) as well as continuous reporting enhancement.

Expansion of Land BankWe strongly believe that growth through the expansion of our land bank is crucial and will bring future benefits to the Group and thus we continuously source for expansion opportunities.

Bearing this philosophy in mind, we entered into a sale and purchase agreement in August 2015 to acquire 100% equity in a company which owns 3,050 hectare (ha) of land in the Mukah region. The completion of the purchase is currently pending fulfillment of condition precedent and is expected to be completed in first half of year 2016. Upon completion of the purchase, it will increase the Group’s land bank by 7%. This will not only result in increase in FFB production in years to come, but also will increase throughput and utilisation rate of our Mukah Palm Oil Mill.

Key Highlights of the YearStrategic PlanningIn preparation for the future challenges, we have embarked on a Strategic Planning Exercise which sets a direction for the Group to proceed for the future.

The formulation of the Strategic Plan began with a “back to basics” programme in February 2015. The objective was to foster relationships, create a sense of teamwork and reiterate the importance of getting back to basics in all level of operations.

Building on this, we conducted strategic planning workshops in May and June 2015 to set the direction, set measurable goals and formulate a workable and achievable 5-year Strategic Plan. At the workshops, inputs from management and heads of department were garnered. The Strategic Plan covers all the necessary key strategies and initiatives to achieve our long term goals.

The Board’s valuable inputs and approval were granted in the fourth quarter of 2015. The resulting strategic objectives were then incorporated into our budget for 2016 and plan years 2017 to 2020.


Nursery



Furthermore, we emphasize on peat soil management, focus on water management and compaction to enable the palms give their greatest potentials upon maturity.

Recovery of encumbered areasThe Group has been facing on going disputes and encumbrances affecting over 8,000 ha. It is worth noting that the Group achieved a remarkable milestone during the year in resolving these issues. We were able to recover over 1,000 ha in the Central Region. These areas are currently undergoing rehabilitation and replanting.

Estate Management System (EMS)The last few Financial Modules of our EMS went live in January 2015, enabling us to fully integrate the system, which comprises Estates, Mills, Procurement, Project Management and Financial Modules. The whole EMS system focuses on monitoring and reporting at various levels of operations, allowing real-time actions and decisions to be taken based on accurate and up-to-date information. The effects are already being seen in improved monitoring and reporting, increased productivity and better inter-departmental coordination.

In addition, during 2015, we introduced the first major enhancement to the EMS, the Budget Planning Module which was rolled out for preparation of our 2016 budget. We are also conducting ongoing enhancement of the Continuous Reporting Function, using the state-of-the-art Tableau platform, which provides easily understandable visual data and analytics tailored to each user’s particular needs.

Chipping at replanting field

Expansion of Planted and Productive HectarageWe continue with our new development and replanting programmes during the year. This is to enable us to move forward, to maintain an optimal age profile and to bring maximum FFB yield in years to come.

For this purpose, over 1,000 ha of land were cleared under replanting during the year. Besides, around 600 ha declared matured in 2015. These newly mature areas were planted within the last 2 to 3 years, are producing crops, underscoring the fact that whatever we plant now will benefit the Group in the near future.

The planting materials used in our new development and replanting programmes are our own high yielding seeds, purposely bred to suit the prevailing soil and climatic conditions in Sarawak. They are expected to show significantly greater yields compared to the previous planting materials used.

Mechanical restacking



Estate Mechanisation Estate mechanisation is a major priority for the Group, given the continuing manpower challenges faced by the entire oil palm industry. We are adopting a two-pronged strategy:

• Intensive mechanisation is being continuously implemented to assist manuring and harvesting in established and physically suitable mature areas.

• Newly planted and replanted areas are being laid out to optimise mechanisation, with terracing of slopes and machine-friendly spacing of planted rows.

Mitigating Manpower Challenges(i) Estate Operational Enhancement

We are faced with a continuing shortage of semi-skilled and unskilled estate workers. To mitigate this, we continue to make strenuous efforts to enhance the living environment of workers, to provide high quality accommodation and good healthcare, education, recreation and communication facilities.

On the other hand, in addition to fully commit to increased estate mechanisation, we restructure manning levels and work flows at our estates. We also emphasize the importance of practicing our existing, revised and new standard operating procedures with

Briefing at plantation

Infield FFB evacuation

the view of continuous improvements to enable our work to be carried out in a more efficient and effective manner. The bottom line is a win-win situation for all concerned; the workers increase their income and the Group increases its revenue and productivity.

(ii) Work Force Rationalisation

Our permanent human capital is equally important for the Group’s success. We continue our efforts in rationalising our workforce through reorganisation. This enables us to maintain an optimum level of organisation structure.


Sarawak Plantation Berhad 16

Discussion Of Performance OverviewThe less desirable financial performance compared to 2014 was due to the ongoing plunge in global market prices for CPO and PK.

Lower profit before tax and profit attributable to owners of the Company for the current financial year was also due to reversal of the previous year’s impairment loss on deposits paid for acquisition of equity interest in four plantation companies, amounting to RM28.5 million, which was recognised as other non operating income in 2014.

Realised Average Selling PricesThe realised average selling price for CPO of RM2,125 per mt was lower than 2014 of RM2,351 per mt. Similarly, the realised average selling price for PK was RM1,469 per mt in 2015 compared to RM1,575 per mt in 2014. Lower CPO and PK realised average selling price was in line with the weakening global market prices for CPO and PK.

FFB Production & YieldProduction of fresh fruit bunches (FFB) from our estates for the year was 280,304 mt compared to 289,076 mt in 2014, while yield was recorded at 11.38 mt per ha in 2015 against 11.60 mt per ha in 2014. Lower production volume was due to adverse weather conditions in quarter 1,2015 combined with reduction in mature areas due to replanting efforts in a few estates.

CPO & PK ProductionThe FFB processed by our mills was 647,701 mt for the year 2015 against 678,789 mt processed in 2014. Output of CPO was 132,542 mt while PK was 29,354 mt. Oil extraction rate was recorded at 20.46% whereas kernel extraction rate was 4.53%.

iii) Building the Future

Our SP Training Centre, which was set up and accredited under the National Dual Training System in 2013 is our major Corporate Social Responsibility (CSR) initiative to provide subsidised plantation training to young people. SP Training Centre produced 30 apprentices who graduated in August 2014 and 26 apprentices who graduated in August 2015 respectively.

These graduates, we believe, will contribute positively to the palm oil industry. Therefore, by providing them adequate training, they are able to have a bright future and create a rewarding career development path for themselves.

Other ActivitiesOur other business segments - Laboratory services, seed production, cattle integration and property investment offer valuable synergies but currently contribute negligibly to the Group’s revenue.

Financial Performance For the financial year ended 31 December 2015, the Group recorded a revenue of RM334 million compared with RM390 million in the preceding year, a decrease of 14 % or RM56 million. The Group’s profit before tax stood at RM22 million compared to RM70 million for 2014. Profit attributable to owners of the Company was RM21 million in 2015 compared to RM61 million in 2014.

SPTC on-the-field training

ANNUAL REPORT 2015



Sales Volumes of CPO and PKThe Group recorded sale volumes for CPO and PK at 132,640 mt and 29,607 mt respectively. This was a decline of 6% and 2% respectively compared to sales volumes in 2014. Lower sale volumes were in line with lower CPO and PK production during the year.

In ConclusionThe Board believes the Group’s financial performance for the year in review was satisfactory in the light of weakening CPO and PK prices during the year.

Nevertheless, the Board and the Management are well aware of the challengingly low CPO price environment and therefore, continuously carry out mitigation measures which provide a notable cushioning effect. Such initiatives include but are not limit to increase in productivity, minimise wastage, costs containment and rationalisation of workforce.

DividendsDespite our difficult position, we would like to reward our shareholders to recognise their continuous support. The Company declared a first interim, single tier dividend of 4.5 sen per share, totalling approximately RM12.6 million, in respect of the financial year ended 31 December 2015, which was paid to shareholders on 30 March 2016. In the Board’s opinion, this offers short term financial returns whilst maintaining cash reserves for future growth and operational requirements.

Replanting

Manuring

Prospects for 2016 and BeyondRisk FactorsEconomy: The global economy is expected to remain challenging during the coming financial year. Malaysia’s growth rate is expected to range between 4% and 4.5% for 2016. Despite major challenges ie vulnerable global economy, depreciation of Ringgit Malaysia and uncertain commodity prices, Malaysia is stable with strong economic fundamentals and remains competitive.

CPO Prices: The rise in CPO price in Quarter 1 of 2016 evidenced an anticipated improvement in CPO price outlook for 2016. The prolonged dry weather due to El Nino is expected to adversely impact the palm oil production.

Prospects and OutlookThere is little cause for pessimism regarding the future of palm oil industry. We believe that the Malaysian palm oil industry outlook remains positive both in a mid-term and long-term perspective due to its strong fundamental.

Nevertheless, we view such challenging times as a valuable opportunity to enhance our competitive position. We do not intend to slow down our efforts to grow our business, but instead to strengthen andreinforce them for the benefit of our esteemed stakeholders and continue to pursue value creation

potentials for our shareholders. We will continue to seek growth opportunities through acquisitions and partnerships. We will continue to focus on organisational enhancement through conduct of modernisation and operational enhancement aggressively and comprehensively.

Appreciation We would like to convey our sincerest thanks to our shareholders for their continued support and belief in Sarawak Plantation Berhad. We would also like to thank all the State and Federal Government Ministries, Departments, Statutory Bodies and Regulatory Agencies who have offered us such close cooperation and support during 2015, along with other relevant authorities.

Heartfelt thanks are also due to our joint venture partners, vendors, consultants, professional advisors, service providers and community neighbours for their goodwill and unstinting efforts. Last but not least, we would like to reserve the warmest thanks to our directors and all the employees of SPB for their hard work and professionalism.

Thank you.

Datuk Amar Abdul Hamed Bin SepawiChairman



New planting areas


BOARD OF DIRECTORS

Datuk Amar Abdul Hamed, aged 67, was appointed to our Board on 30 August 2005 and redesignated as Non Executive Chairman on 11 March 2011. Educated at Malay College, Kuala Kangsar, he holds a BSc from the University of Malaya, a BSc (Forestry) from the Australian National University, Canberra, and a Master’s degree in Forest Products Utilisation from Oregon State University, United States. He is Chairman of the Remuneration and Nomination Committee.

He has more than 26 years of experience in forest and plantation management and the manufacturing of forest products. For the last 19 years, he has been actively involved in various industries such as construction, property development, oil and gas, oil palm plantations and Information and Communication Technology (“ICT”). He was the recipient of the Sarawak State Entrepreneur of the Year Award for 2004 and 2005 and was nominated for the Malaysia Entrepreneur of the Year Award 2005. He was awarded the Panglima Gemilang Bintang Kenyalang in September 1999 and the Datuk Amar Bintang Kenyalang in September 2012. In 2014, he was the winner of the Inaugural 2014 Sarawak State Outstanding Entrepreneurship Award and in 2015, he was adjudged The BrandLaureate “Man of the Year” Brand ICON Leadership Award.

He is the Executive Chairman of Ta Ann Holdings Berhad, a forestry and plantation company based in Sarawak, Chairman of a property and construction company Naim Holdings Berhad, both of which are listed on the Main Market of Bursa Malaysia. He is also the Chairman of Sarawak Energy Berhad, a power utility company wholly owned by the Sarawak State Government and is one of the advisors to the Sarawak Oil Palm Plantation Owners’ Association (SOPPOA).

Datuk Amar Abdul Hamed bin SepawiChairman

BOARD OF DIRECTORS


Polit bin HamzahGroup Managing Director

Polit Hamzah, aged 66, was appointed as our Independent Non-Executive Director on 1 May 2007. On 20 December 2012 he was redesignated the Non Independent Executive Director and assumed the position of the Acting Group Managing Director. He was appointed the Group Managing Director on 1 May 2014. He is the Chairman of our Risk Management Committee.

He graduated with BSc (Hons) in Geology from the University of Malaya in 1975. He worked for twenty one years (1975-1996) for an oil and gas exploration and production company (Petronas Carigali Sdn Bhd) in various technical and management positions. His last position being the General Manager of Sabah Operations. From 1997-2003, he headed the Land Custody and Development Authority (LCDA) Sarawak, a body responsible for planning and development of lands for large scale commercial agriculture (oil palm, sago) plantations and property development throughout the State of Sarawak, through partnerships with listed and private companies.

From 2003 to 2005 he was General Manager of the Sarawak Economic Development Corporation.

From 2005 to the present, he continues to be involved in the Boards of various government and privately-owned companies in Sarawak and at the federal level.

In 2005 - 2007 he was a member of the Board of Lembaga Pergalakan Pelancongan Malaysia (Tourism Malaysia), a body corporate under the Ministry of Tourism, Malaysia. He is also a Director of Dayang Enterprise Holdings Berhad, an oil and gas company listed on the Main Market of Bursa Malaysia.

Hasmawati binti SapawiNon Independent Non Executive Director

Hasmawati Sapawi, aged 48, was appointed as our Director on 25 November 2011. She holds a Bachelor of Arts (Hons, Economics) Canada, a Master of Business Administration Australia and a Master of Environment Management (Development Planning), Malaysia. She is currently the director of the Corporate Services and Investment Division of the State Financial Secretary’s Office (Sarawak), handling corporate finance and investment activities. She joined the State Financial Secretary’s Office in 2006, prior to which she had worked in a state agency and a government-linked company. She also sits on the boards of several state government-linked companies.

BOARD OF DIRECTORS


Umang Jabu, aged 39, was appointed as our Director on 1 May 2007. She holds a Bachelor of Business (Business Information Systems) and a Masters of Finance, both from RMIT University in Melbourne, Australia. She also holds a Graduate Diploma in Industrial and Employee Relations and Master of Management in Human Resource in Management, both from Monash University, Melbourne, Australia. She is Chairman of our Board Audit Committee.

She has been working in the private sector as a Director of a number of companies. Puan Umang has also been a member of the Board of Trustees of the Iban Women’s Charitable Trust since 2009.

Umang Nangku JabuIndependent Non Executive Director

Datu Haji Chaiti bin Haji BolhassanIndependent Non Executive Director

Datu Haji Chaiti, aged 62, was appointed as our Director on 30 August 2005. On 20 December 2012 he was redesignated from Non Independent Non Executive Director to Independent Non Executive Director. He holds a Bachelor of Social Science with Honours from University Sains Malaysia and a Master’s Degree in Public Administration from the University of Southern California, Los Angeles. He also attended the Senior Executive Fellow Program (SEF) at Harvard University, USA. He is a member of our Board Audit Committee and our Remuneration and Nomination Committee.

He is currently the Permanent Secretary of the Ministry of Rural Development, Sarawak. Prior to this he held various positions in the State Civil Service including Permanent Secretary of the Ministry of Rural and Land Development, Director of Human Resource Management (Chief Minister’s Department), Principal Assistant Secretary in the Ministry of Resource Planning, Assistant Training Officer (Chief Minister’s Department) and Administrative Officer in the Resident’s & District Office, Sri Aman.

Datu Haji Chaiti is an active member of the Sarawak Development Institute. He is a Director of Saratok Palm Oil Mill Sdn Bhd and Bau Palm Oil Mill Sdn Bhd. He was conferred several honours including the Pingat Perkhidmatan Bakti (Perak), Sijil Penghargaan Perkhidmatan Cemerlang, Pingat Perkhidmatan Cemerlang (Emas) (PPC), Pingat Terpuji Delima (PTD), Darjah Johan Setia Mahkota (JSM) and Darjah Jasa Bakti Sarawak (DJBS) and Pingat Jubli Emas in conjunction with the 50th Anniversary of Sarawak's Independence.


BOARD OF DIRECTORS

Ali bin AdaiIndependent Non Executive Director

Ali Adai, aged 60, was appointed as our Director on 27 February 2013. He holds a Bachelor of Art from the University of Guelph Canada. He is a member of our Board Audit Committee. Until his retirement on 31 March 2013, he was employed with CIMB Bank as the Regional Director for East Malaysia (Sabah and Sarawak). He was responsible for managing 29 bank branches and for developing CIMB’s retail, commercial and enterprise banking businesses in East Malaysia. He is the Chairman of Dayang Enterprise Holdings Berhad, a company listed on the Main Market of Bursa Malaysia.

Azizi bin Morni Independent Non Executive Director

Azizi Morni, aged 43, was appointed as our Director on 1 May 2007. He holds a Bachelor of Laws Degree (Hons) from the University of Malaya and was admitted to the High Court of Sabah and Sarawak in October 2000. He is a member of our Board Audit Committee, our Remuneration and Nomination Committee and our Risk Management Committee.

He began his legal career with Messrs. Sim & Yee Advocates and later joined Messrs. Khaider Zaidell & Company Advocates as a partner in 2001 before setting up his sole proprietor practice under the name of Azizi Ariffin Advocates & Solicitors in 2003. In January 2006, he merged his practice with Messrs. Chen Chieng Ning & Company to form Messrs Chen Ching Ning & Azizi Advocates. Encik Azizi’s work over the years has covered civil litigation and conveyancing, servicing both private and corporate clients.

Documents

Vision and Mission - listed companyspb.listedcompany.com/newsroom/SPB_AR2015_-_Part_1.pdfCover Rationale Our Annual Report cover for 2015 uses the three "fronds" of our oil-palm-shaped