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This department is responsible for the company's overall financial
plan and policies along with its accounting practices and the conduct
of its relationship with lending institutions, principals, and the
financial community. Its function covers the whole spectrum of the
financial discipline and is briefly described under the following:
1. Treasury
2. Financial accounting
3. Management accounting
4. Internal audit
5. Share registration
6. Miscellaneous including project financing
The well-qualified staff employed have many years of experience
in the plantation industry.
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1. Treasury
The
agency, acting as custodian of funds of the principals,
is always exploring avenues in optimising short term idle
funds by investing
in approved money market instruments available. Such operations
deploy temporary funds of principals and enable them to
earn extra revenue. |
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| 2. Financial Accounting |
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These
involve establishing and directing procedures and systems
necessary to maintain proper records and to afford adequate
accounting controls
to secure reliability of data. It is also responsible for
the preparation of the year-end statutory report and accounts
in compliance with
recognised, acceptable accounting standards and practices,
and to liaise with and handle observations from external auditors. |
| Timely
completion of statutory accounts has always been and is the tradition
of our service, having public quoted companies in our stable. |
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| 3. Management Accounting |
This is an area where great emphasis is made so as to secure a direct
impact on the performance of the estates under the agency's management.
As such it has the attention of senior and experienced personnel of
the agency. The emphasis here is not only to relate figures to activities
but to translate plans and programme into realities within established
objectives and cost. Some of the specific areas of attention are:-
- Direct
and co-ordinate the establishment of the operating unit
budget programme.
- Monitor operating costs to ensure that these conform to budgeted
level and highlight exceptional variances for corrective action
to be initiated.
- Analyse
operating results and their principle components in relation
to agreed objectives and ensure that appropriate steps
are taken to rectify unsatisfactory conditions.
- Ensure the adequacy and soundness of the company's financial
structure, review projections of the company's working capital
requirements, and negotiate and arrange for any internal financial
requirements.
- Analyse all costs including new planting, replanting and capital
expenditure together with other statistical and agricultural reports,
including any desirable analysis to identify and highlight discrepancies.
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| 4.
Internal Audit |
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The
emphasis here is on control audits through a systematic
review of the various operational procedures at the estates,
factories and
mills. One of the principal objectives of this function
is to provide a linkage between the operating managers and
the senior management of the agency in highlighting issues
for corrective action. Audit visits are made |
| by
staff with many years of experience in estate work. |
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| 5.
Share Registration |
The
department provides company's secretarial services for the companies
under its management. In addition , PASB is the registrar for
numerous companies quoted on the Bursa Malaysia Securities Bhd.
(“Bursa Malaysia”). , both main and second boards,
and on the London Stock Exchange.
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| The
company has considerable experience in handling rights issues and
bonus issues. An
increasing number of companies based in North Malaysia with no plantation
connections are utilising the Share Registration Department, finding
it much more convenient than having a registrar in Kuala Lumpur. |
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| 6.
Miscellaneous |
| The department also undertakes a host of miscellaneous activities
including securing financing for plantation projects, F.I.C approval
for acquisition exceeding RM10 million, manufacturing licences under
the Industrial Co-ordination Act, 1975, pioneer status under the Promotion
of Investments Act, 1986 and approvals relating to equity participation
and exchange control requirements. |
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