DIRECTORS’ REPORT DIRECTORS’ BENEFITS (Cont’d.) Pursuant to Section 289 of the Companies Act 2016, the Company maintained a Directors’ and Officers’ Liability Insurance to provide appropriate insurance cover for the Directors and Officers of the Company. The Directors and Officers shall not be indemnified by such insurance for any deliberate negligence, fraud, intentional breach of law or breach of trust proven against them. The total insured limit for the Directors’ and Officers’ Liability Insurance effected for the Directors and Officers of the Group was RM15,000,000. The amount of insurance premium paid during the financial year was RM36,427. DIRECTORS’ INTERESTS According to the register of Directors’ shareholdings, the interests of Directors in office at the end of the financial year in shares of the Company and its related corporations were as follows: Number of ordinary shares At At 1.1.2023 Acquired Sold 31.12.2023 Boustead Plantations Berhad Maj. Gen. Dato' Seri Haji Khairuddin Haji Abu Bakar (R) J.P. 53,000 – (53,000) – Fahmy Ismail 1,000 – (1,000) – Other than the above, none of the other Directors in office at the end of the financial year had any interest in shares of the Company or its related corporations during the financial year. HOLDING COMPANIES On 15 November 2023, the immediate holding company has changed from Boustead Holdings Berhad, a company incorporated and domiciled in Malaysia, to Lembaga Tabung Angkatan Tentera, a Malaysian statutory body established under the Tabung Angkatan Tentera Act, 1973. On 23 January 2024, Boustead Plantations Berhad was delisted from the Main Market of Bursa Malaysia Securities Berhad following the acquisition by Lembaga Tabung Angkatan Tentera. OTHER STATUTORY INFORMATION (a) Before the income statements and statements of financial position of the Group and of the Company were made out, the Directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that there were no known bad debts and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the Directors are not aware of any circumstances which would render: (i) it necessary to write off any bad debts or the amount of the provision for doubtful debts in the Group and in the Company inadequate to any substantial extent; and (ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading. Boustead Plantations Berhad 184
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