Axiata
Corporate Governance
As one of the largest telecommunication companies in the region, with revenue of RM15.6 billion and EBITDA of RM7.1 billion for FY10, Axiata continued to register strong results and exceeded all key targets set for the year. At the end of 2010, Axiata's market capitalisation reached approximately RM40.1 billion, making it amongst the top ten largest companies on Bursa Securities. In addition to the strong Mnancial and operational performance, Axiata also saw its share price increasing by 55.7% in the year and was the only telecommunication company that outperformed the KLCI in 2010. Given this backdrop, the Board strongly believes that striving for improvements, including pursuing excellence in corporate governance, plays a crucial part in the Company's continued success.
The Company's high corporate governance standards and practices continued to be recognised in the Malaysian Corporate Governance (MCG) Index 2010. For the MCG Index 2010, the Company scored 'A' and improved its position marginally from 15th to 14th place and was ranked 3rd in the 'A' list comprising of 13 companies in the overall list of 24 companies. The above signifies that some improvements and refinements need to be implemented where it is practical to do so.
During 2010, the Board embarked on a number of improvements and/or refinement of its Board administration matters and tools, and improved its corporate governance systems in tandem with not only the stipulations of the Malaysian Code of Corporate Governance (Revised 2007) (Code), the Government-link Company Transformation Manual– Enhancing Board ESectiveness a.k.a 'The Green Book' and Main LR of Bursa Securities but also developments in market expectations, regulations and international best practices. This statement outlines how the Company has applied the key principles and extent of its compliance with best practices set out in the Code throughout FY10.
You can view our complete statement on Corporate Governance here
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