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GROWING MALAYSIA's LONG-TERM WEALTH the KHAZANAH REPORT 2018 3 Who We Are

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GROWING MALAYSIA's LONG-TERM WEALTH the KHAZANAH REPORT 2018 3 Who We Are GROWING MALAYSIA’s LONG-TERM WEALTH The Khazanah Report 2018 highlights the goals, strategies and vision embraced by Khazanah nasional Berhad (Khazanah) in our role as the sovereign wealth fund of Malaysia. Khazanah is a Malay word of arabic origin, which means "treasure". The word can also be found in other languages carrying the same meaning. The name Khazanah nasional put together means "national treasure". The cover of The Khazanah Report 2018 draws inspiration from the Khazanah logo, which is a cembul, a Malay traditional jewellery box. The cembul represents the organisation’s role as one of the trustees of the nation’s assets. The horizontal chevrons symbolise our investments across multiple asset classes, and our mandate to grow the nation's long-term wealth. This report is available online at www.khazanah.com.my May 2019 Scan here to visit The Khazanah Report 2018 microsite @Khazanah_MY Khazanah Nasional Berhad l KHAZANAH NASIONAL BERHAD CONTENTS INTRODUCTION 3 Who We are and our Mandate 4 2018 In review CHAPTER CHAPTER 01OVERVIEW OF AN 02FINANCIAL REVIEW INSTITUTION 24 Financial Highlights 8 Message from the Chairman 26 Independent Auditors’ Report 10 Governance and 27 Selected Financial Indicators accountability Framework 14 Board of Directors 16 Message from the Managing Director 18 Senior Management THE KHAZANAH REPORT 2018 1 CHAPTER 03OUR INVESTMENTS 30 Growing Malaysia’s long-Term Wealth 33 Selected Companies in our Portfolio CHAPTER 04PEOPLE & KNOWLEDGE 36 Our People, our Values 38 Khazanah as a learning organisation 40 Society and Community 2 KHAZANAH NASIONAL BERHAD GROWING MALAYSIA'S LONG-TERM WEALTH THE KHAZANAH REPORT 2018 3 WHO WE ARE KHAZANAH IS THE SOVEREIGN WEAltH FUND OF MALAYSIA. Khazanah nasional Berhad (Khazanah) was incorporated under the Companies act 1965 in Malaysia on 3 September 1993 as a public limited company and commenced operations a year later. Khazanah is owned by the Ministry of Finance Incorporated, except for one share held by the Federal land Commissioner. our listed portfolio includes axiata Group Berhad, CIMB Group Holdings Berhad, IHH Healthcare Berhad, Malaysia airports Holdings Berhad, UEM Sunrise Berhad, Telekom Malaysia Berhad and Tenaga nasional Berhad. In 2018, the Government of Malaysia initiated a corporate restructuring and reorganisation of Khazanah, which involved leadership changes in the Board of Directors and Management, as well as a refresh of Khazanah’s mandate and objectives. Datuk Shahril ridza ridzuan was appointed as Managing Director, reporting to the Board of Directors, chaired by Malaysia’s Prime Minister, Tun Dr Mahathir Mohamad. OUR MANDATE Khazanah’s MANDATE IS TO GROW MALAYSIA’S LONG-TERM WEALTH. Grow in this context is to sustainably increase the value of investments while safeguarding financial capital injected into the fund. long-term refers to a period spanning generations and focuses on ensuring future generations’ ability to meet their needs. Wealth refers to the value of Khazanah’s financial assets and economic development outcomes for the nation. To achieve the mandate, Khazanah will pursue the following investment objectives: • Commercial objective Achieve optimal risk-adjusted returns, to grow financial assets and diversify sources of revenue for the nation. • Strategic objective Scan here to view Undertake strategic investments with long-term economic benefits for The Khazanah Malaysia or Malaysians, including holding strategic national assets. Report 2018 video 4 KHAZANAH NASIONAL BERHAD 2018 IN REVIEW 2018 saw several key transactions undertaken by Khazanah. These include corporate exercises, strategic investments and divestments. JAN MAR APR 15 JAN 22 MAR 22 APR official opening of Marina one and Khazanah announced the acquisition Investment in Ping an Good Doctor DUo developments in Singapore of Prince Court Medical Centre 18 JAN Issuance of USD320.8 million exchangeable sukuk referenced to CITIC Securities Khazanah annual review 2019 JUL AUG 30 JUL 20 AUG appointment of a new Board of appointment of Datuk Shahril ridza Directors, chaired by Prime Minister, ridzuan as Managing Director Tun Dr Mahathir Mohamad THE KHAZANAH REPORT 2018 5 2018 IN REVIEW MAY JUN 3 MAY 7 JUN Khazanah recognised in Bretton Investment in ant Financial Woods II leaders list as one of the 25 Most responsible asset allocators globally 14 MAY Khazanah nasional Entrepreneurship outreach Demo Day OCT NOV 8 - 9 OCT 29 NOV Khazanah Megatrends Forum 2018 Khazanah announced the divestment of a 16% stake in IHH Healthcare to Mitsui 6 KHAZANAH NASIONAL BERHAD OVERviEW OF AN INSTITUTION THE KHAZANAH REPORT 2018 7 CHAPTER 01 8 Message from the Chairman 10 Governance and accountability Framework 14 Board of Directors 16 Message from the Managing Director 18 Senior Management 8 KHAZANAH NASIONAL BERHAD MESSAGE FROM THE CHAIRMAN lhamdulillah, it's been a year community that they can invest in detrimental to the well-being of the since Malaysians voted for a Malaysia safely without unsavoury economy and the rakyat. Achange in government and a and illegal practices. The Government, new administration was elected. It is while saddled with many legacy We also conducted a comprehensive a victory of the people, for the people issues that need fixing, is focused on review of all megaprojects, of which and by the people, especially as it policies and measures to reduce the some have either been renegotiated, was achieved peacefully. not many country's debt levels and rebalance the postponed or cancelled to reduce countries go through transition of distribution of wealth. This is because the financial stress on the country's Governments peacefully. The new the previous administration failed to borrowings. We expect Malaysia's debt Malaysia that we are crafting has since focus on equitability in the distribution levels to stabilise and become more strived to uphold the principles of of wealth; that instead, corruption manageable moving forward, and with fairness, good governance, integrity and cronyism abounded and only a that, the country's economy to be reset and the rule of law. select few benefitted and prospered. for growth. The country was on the brink of ruin The new Government is committed to when the new Government took over. The Government has also considered end corruption and to put in efforts to We were forced to take measures to the welfare and roles of mothers in fight graft. Integrity is fundamental prevent that from happening and to our community, especially those who to a thriving business environment. reverse several actions of the previous have given up careers to take care It gives confidence to the business government that would have been of their children and households. an THE KHAZANAH REPORT 2018 9 MESSAGE FROM THE CHAIRMAN EPF scheme targeted for housewives The year 2019 marks the 25th I would like to express my appreciation was introduced to assist them in anniversary of Khazanah nasional to the Board of Directors, management their retirement planning. In addition, (Khazanah). When we set up and staff of Khazanah for their minimum wage was raised to rM1,100 Khazanah, the vision was to enable collective contribution towards the nationwide from 1 January 2019, as national assets to be held and organisation. Khazanah's success part of measures to help Malaysians managed responsibly, so that they will is crucial, as it plays an important cope with the rising cost of living. continue to generate wealth for all part in supporting Malaysia's We intend to continue to increase Malaysians in generations to come. I economic growth. The tasks ahead minimum wages in stages over the am glad that this vision remains true. are not without challenges but with next few years. The Government will continuing hard work, I'm confident also review labour laws to empower In 2018, along with my appointment as we will continue to achieve success in the labour market and enhance Chairman of Khazanah, several other the future. employee welfare. all these we hope changes were made to the Khazanah will spur Malaysians to strive for Board of Directors and Management. higher productivity. Khazanah is now undergoing an Dr Mahathir Bin Mohamad organisational wide transformation Chairman one year is not a long time, yet it and refocusing itself on its refreshed Khazanah Nasional Berhad is also not too short for changes to mandate to grow Malaysia's long- May 2019 take place. and all these changes term wealth, with clear commercial are necessary if we want to see and strategic investment objectives. Malaysia return as an asian Tiger. The The changes at Khazanah will ensure challenges are not for the Government that it is set on a strong footing to alone. It is crucial for all Malaysians to sustainably deliver on the roles and unite and chart the nation's destiny responsibilities that it has been together. our hope and ambition are entrusted with as Malaysia's sovereign to reach a developed nation status by wealth fund. 2025, and we need to put in greater effort towards that goal. When we set up Khazanah, the vision was to enable national assets to be held and managed responsibly, so that they will continue to generate wealth for all Malaysians in generations to come. Dr Mahathir Mohamad delivering his closing address at the Khazanah Megatrends Forum (KMF) 2018 10 KHAZANAH NASIONAL BERHAD GOVERNANCE AND ACCOUNTABILITY FRAMEWORK The Board is assisted by three our Framework of Integrity, WE ARE GUIDED subcommittees – the Executive Governance and Risk Management BY A FRAMEWORK Committee (EXCo), the audit and risk (FIGr) (Figure 1) serves as a guide for Committee (arC) and the nomination the effective management of risks, and THAT ESTABLISHES and remuneration Committee (nrC). to inculcate a culture of good corporate A CLEAR The four-member EXCo comprises governance and risk management three non-Executive Directors and an throughout the institution. The RESPONSIBILITY, Executive Director; the three-member Framework, adopted by the Board in arC consists of three Independent 2004, was updated in november 2018 AUTHORITY AND non-Executive Directors; and the to highlight the Board’s oversight GOVERNANCE three-member nrC comprises three function and Khazanah’s core values.
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