Boustead Plantation Ar2022

building on
resilience
INTEGRATED REPORT 2022

110 th
Annual General Meeting
Online Platform:
TIIH Online Website at
https://tiih.online with
Remote Participation and
Voting Facilities
Broadcast Venue:
Amphitheatre
Level 23, The Bousteador
No.10 Jalan PJU 7/6
Mutiara Damansara
47800 Petaling Jaya
Date
12 June 2023
Time
9.30 a.m.
Inside OVERVIEW
KEY MESSAGES
004
024
This Report
LEADERSHIP
GOVERNANCE
BOUSTEAD PLANTATIONS BERHAD
076
096
VALUE CREATION 036 SUSTAINABILITY STATEMENT 134
MANAGEMENT DISCUSSION 046 FINANCIAL STATEMENTS 164

AND ANALYSIS
Statement from Chief Executive Sustainability

Value Creation Business Review
the Board Officer’s Statement Statement
p.026 p.028 p.036 p.064 p.134
INTEGRATED REPORT 2022 COVER RATIONALE
Boustead Plantations Berhad (BPlant or the Company and its subsidiaries collectively referred to as the Group)
is committed to overcoming challenges and adapting flexibly to dynamic circumstances. The Group sees
obstacles as opportunities to develop resilience and is dedicated to ensuring our long-term sustainability by
developing strategies that can withstand potential disruptions.
194601000012 (1245-M)
With a focus on resilience, the Group is committed to adapting to evolving situations and providing value-
driven approaches to stakeholders. Guided by the Reinventing Boustead Strategy, the Group is undergoing
a transformation that prioritises the adoption of Environmental, Social and Governance (ESG) principles
building on
www.bousteadplantations.com.my
throughout our operations.

resilience
We recognise the importance of sustainability in the current business climate, and the Reinventing Boustead
Strategy serves as a clarion call to secure a stronger future. By implementing ESG principles and leveraging
technology-driven solutions to optimise our operations, the Group is well-positioned to ensure long-term
success and maximise value for our shareholders.
BOUSTEAD plantations BERHAD
ABOUT THIS REPORT
INTEGRATED REPORTING APPROACH
As one of the listed companies on the Main Market of Bursa Malaysia Securities Berhad (Bursa Malaysia), our operations have a
significant impact on our stakeholders. These stakeholders are important to us and to strengthen the trust they have in Boustead
Plantations Berhad (BPlant), we seek to provide clarity on our business direction, strategies and performance while articulating our
business and material risks. This Integrated Report has been produced to satisfy that purpose. It provides a holistic and material
assessment of our ability to create value in the short, medium and long term.
In line with the Reinventing of BPlant, we have adopted an integrated reporting format since 2021. Guided by International Integrated
Reporting Council’s reporting approach, we strive to communicate to our stakeholders how our strategies, values and governance
enable us to create short, medium and long-term value, alongside the risks and opportunities that arise in our business.
We aim to place information accessibility at the forefront of our reporting. To this end, we have continued to augment the report with
various icons and links for the ease and convenience of our stakeholders and readers.
SCOPE AND BOUNDARY
In alignment with the reporting frameworks listed on page 3, this Integrated Report presents information on financial and non-financial
performance, key activities and events during the 2022 fiscal year, beginning from 1 January 2022 to 31 December 2022. This includes
our subsidiaries in which we own a majority shareholding and hold a significant influence.
MATERIALITY
In determining matters that are material to BPlant, the Directors and Management weigh stakeholders’ expectations, needs and concerns,
taking into consideration internal and external factors as well as BPlant’s strategy. This report focuses on these identified material matters,
which are instrumental to our value creation and our ability to fulfill our core purpose.
FORWARD-LOOKING STATEMENTS
This report may contain forward-looking statements that express the Group’s expectations pertaining to its future performance. These
forward statements are premised on current conditions, which are subject to change and uncertainty. Subsequently, actual results may
differ substantially from the results expressed in these forward-looking statements.
CROSS REFERENCES
This report and additional information on BPlant can be accessed through our corporate website.
https://www.bousteadplantations.com.my
2
Integrated Report 2022
DIRECTORS’ RESPONSIBILITY STATEMENT
The Integrated Report provides a fair representation of the Group’s performance throughout the fiscal year 2022 and key material matters
pertaining to our value creation processes.
In line with the Board of Directors’ responsibility to ensure the integrity of the BPlant Integrated Report 2022, this report was approved
by the Board on 11 April 2023.
REPORTING FRAMEWORK
This report has been guided by the principles and requirements of the:
• International Integrated Reporting Framework issued by the International Integrated Reporting Council
• Main Market Listing Requirements of Bursa Malaysia
• Malaysian Code on Corporate Governance 2021 issued by the Securities Commission Malaysia
• Companies Act 2016
• Malaysian Financial Reporting Standards
• International Financial Reporting Standards
The Sustainability Statement, meanwhile, has been guided by the:

• Main Market Listing Requirements of Bursa Malaysia
• Bursa Malaysia Sustainability Reporting Guide
• Global Reporting Initiative Standards
NAVIGATION ICONS
OUR CAPITALS MATERIAL MATTERS STAKEHOLDERS RISKS
Financial Capital Business Continuity Shareholders and Investors Human Capital Risk
Manufactured Capital Research and Development and Yield Improvement Employees Operational Productivity Risk
Intellectual Capital High Conservation Value Areas and Biodiversity Customers Strategic Risk
Legal and
Human Capital Air, Water, Waste and Effluents Management Vendors
Compliance Risk
Social and Relationship Capital Workforce Management Union Financial Risk
Natural Capital Creating Business Opportunities Regulatory Bodies Cost Risk
Traceability and Supply Chain Business Partners Market Risk
Climate Change and Greenhouse Gas Emissions Local Communities
Occupational Safety and Health
Social Welfare and Community Investment
SUSTAINABLE DEVELOPMENT GOALS
3
OVERVIEW
Vision | Mission | Values 006
Who We Are 007
Key Highlights
• Financial Highlights 008
• Business Highlights 009
• Sustainability Highlights 010
• Our Credit Ratings 011
• Awards and Recognition 011
What We Do 012
Group Structure 014
Where We Operate 016
Indices Representation 018
Our Certifications 018
Our Collaborations 018
Our Competitive Advantage 019
Integrated Value Chain 020
Corporate Milestones 022
SECTION 01
Aerial view of Segaria Estate, Sabah
VISION
Boustead Plantations Berhad (BPlant or the Company and its subsidiaries collectively referred to as
the Group) adopted a strategy to steer the Group not only towards optimising efficiency, productivity
and profitability but also commitment towards environmental protection and conservation of
biodiversity.
MISSION VALUES
To remain committed in our focus We are committed towards
on research and development and
implement breakthroughs at all OVERVIEW OF environmental protection and
conservation of biodiversity.
BOUSTEAD
levels and processes to maintain
our technological edge. We will conduct ourselves with
the highest standards of integrity
To achieve greater economies of
scale by seizing opportunities to
expand our landbank in Malaysia
plantations and honesty.
We strive to be open-minded and

and the region.
To enhance our efficiency and

berhad receptive to new and diverse
ideas, driven by information
technology and innovation.
productivity via effective cost
management and excellent We are committed to being a
managerial and agronomic preferred provider by meeting,
practices to maximise productivity if not, surpassing the quality and
per unit area. standards set by our customers.
To provide optimal coaching and We are dedicated to the mutually

training to all levels of employees, beneficial relationship with our
the primary engine that drives our suppliers and contractors, who
business. are our partners.
To explore new business We acknowledge and respect

opportunities that will yield the local cultures and values
highest returns. surrounding our operations.
We are committed to ensuring

sustainable long-term growth
and the highest returns for our
shareholders by steadfastly being
productive and competitive.
6
WHO WE ARE
BPlant is a subsidiary of Boustead Holdings Berhad (BHB), one of Malaysia’s leading diversified
conglomerates. Following its relisting on Bursa Malaysia on 26 June 2014, BPlant’s market
capitalisation now stands at RM1.5 billion as at 31 December 2022. Equipped with over 100 years
of experience in the plantations industry, BPlant has grown to become one of the most established
upstream oil palm plantation companies in Malaysia supported by 5,154 workers across the nation.
Revenue EBITDA
RM1.2 billion
(2021: RM1.1 Billion)
RM425 Million
(2021: RM522 Million)
Profit Before Taxation and Zakat Profit for the Year
RM729 Million
RM589 Million
Total Assets Capital Expenditure
RM4.2 billion
RM86 Million
Presence
Peninsular Malaysia, Sabah and Sarawak
7
KEY HIGHLIGHTS
FINANCIAL HIGHLIGHTS
26.6 20.9%
Earnings Return
Per Share on Equity
SEN (2021: 9.1%)
(2021: 10.8 Sen)
133 RM324
Net Assets
Dividend
Per Share
SEN MILLION
(2021: 121 Sen) (2021: RM187 Million)
RM857 0.3
Gearing
Borrowings Ratio
MILLION TIMES
(2021: RM1.0 Billion) (2021: 0.4 Times)
8
BUSINESS HIGHLIGHTS
execution
Drive the
Implementation of
25-Year
Execution of
of digitalisation
Plantation Replanting
and technology
Performance Programme
initiatives Improvement
Programme
(PPIP 2.0)
highlight 1 highlight 2 highlight 3
Embarked on obtaining
the ISO 37001:2016 All of our palm oil mills All mills are
Anti-Bribery
and operating estates are
Malaysian ISO 9001:2015
certified (FY2021: nine out of
Management Sustainable 10 mills certified)
Systems (ABMS) Palm Oil (MSPO)

Certification in 2022 certified, while six out of 10
palm oil mills and 19 estates are
(Obtained ABMS Certification on
8 February 2023)
Roundtable on Sustainable Palm
Oil (RSPO) certified
highlight 4 highlight 5 highlight 6
Mechanisation of estate Listed on the

operations increased from
FTSE4Good
27,800 hectares (ha) Bursa Malaysia Index and
in FY2021 to
FTSE4Good
50,900 ha Bursa Malaysia Shariah Index
in FY2022
highlight 7 highlight 8
9
KEY HIGHLIGHTS
SUSTAINABILITY HIGHLIGHTS
2022 2021
38,640 ha RSPO certified

area
39,450 ha
10 mills, 42 estates MSPO certified
area
10 mills, 43 estates
Total CSPO
126,723 MT 133,936 MT
RSPO produced
(Certified
Sustainable Palm
Oil)
Total CSPK
21,301 MT 22,858 MT
RSPO produced
(Certified
Sustainable Palm
Kernel)
1,364 Kilo tCO e 2

Total Greenhouse
Gas Emissions
1,776 Kilo tCO e 2
1,350,796 MT Biomass
Produced
1,425,187 MT
22,877 kWh Renewable
Energy Generated
26,428 kWh
0 Occupational
Fatality
1
6.73 Lost Time Injury
Frequency Rate
5.95
10
OUR CREDIT RATINGS
Bplant performance
Actual fy2020 Actual fy2021 Actual fy2022
53.3% 0.4%
52.9% 8.3%
61.2%
AWARDS AND RECOGNITION
1. Best Quality PK Supplier 2. FTSE4GOOD Bursa Malaysia Index and

• Individual Mill Category – Rimba Nilai Palm Oil Mill FTSE4GOOD Bursa Malaysia Shariah Index
11
WHAT WE DO
BPlant is principally involved in the

upstream segment of crude palm oil
(CPO), with a portfolio of 42 operating
oil palm plantation estates under its
management, including 16 plantation Plantation Plantation
peninsular Sabah
estates in Peninsular Malaysia, as
well as 26 in Sabah and Sarawak. In
tandem, BPlant also manages 10 palm
oil mills across Malaysia, comprising
three mills in Peninsular Malaysia, five
in Sabah and two in Sarawak. 72,300
ha of our landbank is utilised for oil
palm cultivation, representing 74% of
our total landbank of 97,400 ha. This
consists of 23,300 ha in Peninsular
Malaysia, 38,700 ha in Sabah and
10,300 ha in Sarawak.
With the support of our research and

development (R&D) arm, Applied Our Peninsular Malaysia operations Our Sabah operations comprise of
comprise of 20,600 ha of mature oil 34,600 ha of mature oil palm areas.
Agricultural Resources Sdn Bhd
palm areas.
(AAR), we have successfully driven
our plantation operations over the Fresh Fruit bunches (FFB) FFB Production
years with the best planting materials Production
366,724 MT 432,404 MT
and sustainable agricultural practices.
Through our wholly-owned subsidiary,
Boustead Estates Agency Sdn Bhd, (FY2021: 355,991 MT) (FY2021: 481,844 MT)
the Group also provides design and
consultancy services for palm oil mills. Average oil extraction Average OER
rate (OER)
20.8 %
(FY2021: 21.6%)
21.0 %
(FY2021: 21.4%)
Average Yield Average Yield
17.3 MT per ha
(FY2021: 16.1 MT per ha)
12.2 MT per ha
(FY2021: 13.1 MT per ha)
12
Plantation Research AND

SARAWAK Development
Leveraging on more than 35 years of expertise and

Our Sarawak operations comprise of experience of our R&D arm AAR, we are guided in our
10,300 ha of mature oil palm areas. ongoing drive to plant only the best planting materials and
adopt the best sustainable planting practices to increase
the yield, extraction rate and profitability of our estates.
Our breeding efforts are supported by experienced
FFB Production
tissue culturists and biotechnologists in collaboration with
University of Nottingham Malaysia Campus. Our sustainable
72,159 MT
practices are backed by scientific research and advice from
experienced agronomists, entomologists, pathologists,
microbiologists, geographic information system and remote
(FY2021: 85,636 MT) sensing specialists, information technology experts and data
analysts, including professionals from universities.
Average OER
RECENT ACHIEVEMENTS OF AAR
18.1 %
(FY2021: 18.8%)
• Integrating Fourth Industrial Revolution technologies
into the plantations for data-driven decision-making.
• Propagation and dissemination of beneficial microbes
Average Yield to improve soil health and control basal stem rot
disease of oil palm.
7.0 MT per ha
(FY2021: 8.4 MT per ha)
• Evaluation of sensors or cameras, and fabricating
data-logging hubs and communication protocols to
automate and intensify data collection in the field.
13
group structure
BOUSTEAD
bounty BOUSTEAD
AGRO
100% crop 100% 100% RIMBA NILAI
PLANTATIONS
sdn bhd SDN BHD
SDN BHD
BOUSTEAD BOUSTEAD
100% GRADIENT 100% SOLANDRA
SDN BHD SDN BHD
BOUSTEAD BOUSTEAD
BOUSTEAD AGENCY AND PELITA
100% TRUNKLINE 100% CONSULTANCY 60% KANOWIT
SDN BHD SERVICES OIL MILL
SDN BHD SDN BHD
Wholly-owned subsidiary
Non wholly-owned subsidiary
Associate
14
BOUSTEAD APPLIED
TELOK AGRICULTURAL
100% 50%
SENGAT RESOURCES
SDN BHD SDN BHD
BOUSTEAD BOUSTEAD
ESTATES LIFE SCIENCES
100% 100%
AGENCY RESEARCH
SDN BHD SDN BHD
ADVANCED
AGRIECOLOGICAL
100%
RESEARCH SDN
BHD
BOUSTEAD BOUSTEAD
100% EMASTULIN 100% ELDRED
SDN BHD SDN BHD
BOUSTEAD
BOUSTEAD
PELITA
60% 60% PELITA TINJAR
KANOWIT
SDN BHD
SDN BHD
15
where we operate
8
2 3
1
5
4
7
9
6
10
11
12
13
14
15
PENINSULAR MALAYSIA 16
17
1. Batu Pekaka
2. Kuala Muda
3. Stothard
4. Kedah Oil Palms
5. Bukit Mertajam
6. Taiping Rubber Plantation
7. Malaya
8. Lepan Kabu
9. Solandra
10. LTT-Terengganu
11. Sungai Jernih
NO. OF NO. OF
12. Bebar OPERATING
MILLS
13. Balau (Not in operations) ESTATES
10 42
14. Bekoh
15. Eldred
16. Chamek
17. Telok Sengat
16
PLANTED AREAS MATURED AREAS
72,300 ha 65,600 ha
22 20 TOTAL LANDBANK
18
19 21
23
97,400 ha
25
37 24
36
33 26
32
31 35 29 28
34
30 27
38
39
40
42 41
43 SABAH AND SARAWAK
18. Sungai Sungai 1 31. Boustead Pertama

19. Sungai Sungai 2 32. Boustead Ruku Ruku
20. Sungai Sungai 3 33. Boustead Sapa Payau
21. Kawananan 34. Boustead Sungai Lokan
22. Lembah Paitan 35. Boustead Lokan Baru
23. Nak 36. Boustead Tawai 1
24. Resort 37. Boustead Tawai 2
LEGEND
25. Sutera 38. Loagan Bunut
26. LTT-Sabah 39. Jih
27. Segaria 40. Pedai
28. Sungai Segamaha 41. Kelimut
29. Bukit Segamaha 42. Bawan
Estate Estate with Tissue culture
30. G&G 43. Mapai
Palm Oil Mill laboratory
17
OUR COLLABORATIONS
INDICES REPRESENTATION Vendors
• Fertilisers
• Engineering
• Agricultural Vehicles
and Machinery
• Logistics
OUR CERTIFICATIONS
Crude Palm Oil
Smallholders and Palm Kernel Buyers
Local Major Refineries
RSPO CERTIFIed
MSPO CERTIFIed
ISO 9001:2015 Certified
ISO 37001:2016 certified

Outgrowers
18
5 1
Over 100 Years

Efficiency
of Plantations
in Financial
Industry
Management
Experience
OUR COMPETITIVE
4
Strong
ADVANTAGE 2
Unlocking
Sustainability Value
and Social by tapping
digitalisation
Responsibility and advanced
Practices technologies
Cultivating a
High-
Performance
Talent Pool
19
INTEGRATED VALUE CHAIN
FFB HARVESTING FFB EVACUATION FFB TRANSPORTATION
Ensuring all available FFB are Transfering loose fruits and FFB Maintaining optimum productivity
harvested at optimum ripeness to roadside FFB stations or into and efficiency through a
standards. a bin or trailer, using manual harmonised and synchronised
Maintaining consistently high methods such as wheelbarrows or internal and external transporting
yields of FFB tonnage per ha by mechanical loading methods such system.
carrying out harvesting activities at as Badang or Mini Tractor Grabber.
reasonable intervals. Upholding timely delivery of
Ensuring that adequate workforce Re-aligning harvested bunches FFB to mills in order to achieve
and machinery are deployed on and loose fruits for evacuation. the optimal extraction rate, thus
the fields. minimising the formation of free
fatty acids to prevent significant
Re-aligning harvested bunches for loss of yield.
evacuation.
20
ON-PAR CPO AND

FFB PROCESSING
PK PRODUCTS
Processing of FFB and loose fruits at the palm oil mill Satisfying consumers’ demand for quality CPO and
with the highest oil extraction rate to produce good PK products, RSPO and MSPO certifications, as well
quality crude palm oil (CPO) and palm kernel (PK) as other relevant requirements for our products.
products.
21
CORPORATE MILESTONES
1800s
1828
1990s
1993
Boustead & Company was established in Singapore Became the principal listed vehicle for BHB Group’s
plantation interests
1900s 1990
Delisted from the Singapore Stock Exchange
1910
The Barlow family involved in large scale agriculture,
primarily rubber and palm oil, in Malaya
1980s
1987
1940s to 1950s
1946
Disposed entire interest in HRU
1986
Co-founded Applied Agricultural Resources Sdn Bhd,
an agricultural research and advisory services unit
Incorporated as a public limited company under the name 1982
of The Kuala Sidim Rubber Company Limited (KSRCL) BHB acquired all interest in BBEA. Renamed it to
Boustead Estates Agency Sdn Bhd (BEA)
1970s
1977
Nationalisation of BBEA with shares purchased by
BHB, FELDA, Lembaga Tabung Haji and LTAT
1976
BHB became a wholly-owned Malaysian entity with
Lembaga Tabung Angkatan Tentera (LTAT) as its
shareholder
1973
• BHB was split into BHB, which held the Malaysia
assets and Taiping Singapore Pte Ltd, which held
1960s
the Singapore, Hong Kong and Brunei assets
• KSRCB was listed on Bursa Malaysia and
Singapore Stock Exchange
• KSRCB established Highland Research Unit Sdn
1960 Bhd (HRU), a joint venture agricultural research entity
• Boustead & Company was split into Boustead Plc 1970
in London and Boustead Holdings Berhad (BHB), KSRCB began acquiring landbank in Sabah
which held the assets in Singapore and Malaysia
• KSRCL began converting rubber crops to oil palm
1966
• Changed name to The Kuala Sidim Rubber
Company Berhad (KSRCB)
• Barlow Boustead Estates Agency Limited (BBEA)
was established through a merger between BHB
and Barlow & Company
1969
BBEA became a substantial shareholder of KSRCB
and assumed role of managing agent
22
2022
1994
• Changed name to Kuala Sidim Berhad
• Began expanding oil palm business in Sarawak
• Expanded directly-owned plantation interests
31 December
2000s
Registered a record-high revenue of RM1.2 billion in
financial year 2022, highest since relisting on Bursa
Malaysia in 2014
2003
Delisted from Bursa Malaysia following takeover 20 December
offer by BHB Completion of the condition precedent for the partial
2004 disposal of land in Bukit Mertajam Estate
Changed name to Boustead Plantations Berhad (BPlant)
13 December
Listed on FTSE4Good Bursa Malaysia Index and
FTSE4Good Bursa Malaysia Shariah Index
25 August
Boustead Tawai Palm Oil Mill awarded with ISO 9001:2015,
completing the certification for all 10 mills
7 June
Entered into a RM45 million green financing agreement
2007
with China Construction Bank (Malaysia) Berhad for
Al-Hadharah Boustead REIT listed on the Main
replanting programme
Market of Bursa Malaysia
29 March
2010s to 2021
2013
Signing of Document of Understanding with Cargill Palm
Products Sdn Bhd for the long-term supply of high-quality
and sustainable crude palm oil
• Acquired 2,400 ha of oil palm plantations land in 1 March

Lahad Datu, Sabah Initiated move towards certification of ISO 37001:2016
• Privatisation of Al-Hadharah Boustead REIT Anti-Bribery Management Systems for oil palm estate and
• Acquired BEA from BHB mill operations, as well as corporate services
2014
Relisting of BPlant on Bursa Malaysia 27 January
2017 Completed disposal of Kulai Young land
Disposal of 678 ha Malakoff Estate, Penang
2018
Acquired 11,579 ha of oil palm plantation land in
Labuk and Sugut, Sabah
2019
• Disposal of 139 ha Malakoff Estate, Penang
• Acquired 4,415 ha of palm plantation land and
palm oil mill in Beluran, Kinabatangan and Labuk
and Sugut, Sabah
2021
• Reinventing Boustead Strategy was introduced
• BPlant achieved a record-high revenue of above
RM1.0 billion, the first since relisting on Bursa
Malaysia in 2014
23
KEY MESSAGES
Statement from the Board 026
Chief Executive Officer’s Statement 028
Chief Financial Officer’s Statement 032
SECTION 02
View of Trong Palm Oil Mill, Perak
Statement FROM THE BOARD
Dear Shareholder,
The financial year (FY) under review saw
Boustead Plantations Berhad (BPlant or the
Company and its subsidiaries collectively
referred to as the Group) uphold our
commitment to responsibly-produced
palm oil in an industry that demands a
deforestation-free environment supported
by checks and balances. We are pleased to
inform that we achieved a second year of
record earnings despite higher operating
expenses.
This Statement has been penned by the

Board of Directors of BPlant, following
the resignation of our former Chairman
Dato’ Haji Ismail Haji Lasim in January 2023.
The report emphasises advancements in
global reporting standards and incorporates
the guidelines of the Integrated Reporting
Framework.
River flowing at Sungai Segamaha Estate, Sabah
26
Our Operating Landscape Reflecting our dedicated ESG efforts, BPlant was listed on the
FTSE4Good Bursa Malaysia Index and FTSE4Good Bursa Malaysia
Despite the Russia-Ukraine conflict, weaker external demand, and Shariah Index. In an effort to continue demonstrating our dedication
slower trade, Malaysia’s economy grew by 8.7% in 2022 due to higher to enhancing ESG practices, the Board wishes to inform that the
domestic demand as well as local labour market and employment Integrated Report 2022 is prepared using the Global Reporting
rate improvements across most industries. Initiative (GRI) standards as a guide.
However, labour shortages continued to affect the nation’s plantation

Outlook
sector, which relies on foreign workers, particularly for fresh fruit
bunches (FFB) production. The cost of production increased as
Our pursuit to become a leading sustainable technology-based
a result of the revised minimum wage and higher fertiliser cost.
plantation entity is a key agenda as we move forward. This will be
Nevertheless, the oil palm industry benefitted from higher crude palm
supported by our Plantation Performance Improvement Programme
oil (CPO) prices in 2022 compared with 2021, with the Malaysian
initiatives, as well as improving cost efficiencies. We will also pursue
Palm Oil Board’s average price rising by 15% to RM5,088 per tonne.
mill integration by identifying value creation initiatives that align
with our ESG agenda along with optimising unutilised land, as
Financial Performance well as continue to digitalise and develop more technology-based
operational and management processes.
The Group delivered another stellar performance primarily due to
high CPO prices in the first half of 2022. We registered a revenue of With these plans in place, the Group is well-placed to drive
RM1.2 billion, an increase from RM1.1 billion in FY2021. This marked sustainable growth.
two consecutive years of delivering a revenue that surpassed
the RM1.0 billion milestone, with profit before taxation and zakat
Acknowledgement
of RM729 million, more than double that from the previous year
and the highest earnings to-date since our relisting in 2014. Our
The Board would like to express our appreciation to our former
commendable results also included the gains realised from the
Chairman, Dato’ Haji Ismail Haji Lasim, for his leadership. Our
disposal of land.
gratitude as well to our former Chief Executive Officer (CEO), Zainal
Abidin Shariff, who resigned in November 2022. We wish both
This enabled us to declare total dividends of 14.45 sen, outperforming
gentlemen the very best.
last year’s total dividend payout of 8.35 sen.
The Board would like to take this opportunity to also thank former
Upholding Good ESG Practices Board members, Dato’ Dr. Haji Din Adam, Mohd Azahar Ibrahim,
Datuk Haji Shah Headan Ayoob Hussain Shah, Dato’ Indera Haji
As a prominent player in the plantation industry, we are firmly Mustaffar Kamal Haji Ab Hamid, Datuk Mustapa Kamal Mohd Yusoff,
committed to our Environmental, Social and Governance (ESG) Datuk Haji Abdul Ghani Abdul Rashid, and Ahmad Shahredzuan
Strategy Framework. To transform into a greener entity, we are Mohd Shariff.
focusing on reducing our carbon footprint via our biogas plant at our
Telok Sengat Palm Oil Mill. Alongside this, we are actively working to It is with pleasure that we welcome back our previous CEO Fahmy
preserve biodiversity in our plantation estates. Ismail, who was with us from 2014 to 2018. He has now taken on the
role of Acting CEO. An integral part of the Group for many years,
In tandem with strengthening labour practices, we implemented he brings sound knowledge of our operations and well-rounded
various training and upskilling programmes to enhance the capabilities industry expertise.
of our workforce, with average training hours per employee increasing
during the financial year. In addition, we have enhanced our ethical The commitment of our employees and senior management has also
recruitment processes to be aligned with best practices. been pivotal to transforming the Group and growing sustainably.
Prioritising corporate governance, integrity and corruption Our thanks as well to our shareholders and external stakeholders,
prevention, the Boustead Group introduced the Boustead Integrity including and not limited to our financiers, business associates and
and Governance Plan 2022–2025. Solidifying our stand, the partners, and the regulatory authorities for their continued support.
Board of Directors of BPlant also signed an Integrity Pledge. On 8
February 2023, BPlant has successfully attained the ISO 37001:2016
Anti-Bribery Management Systems Certification.
27
CHIEF EXECUTIVE OFFICER’S

STATEMENT
Dear Shareholder,
With record-breaking revenue, Boustead Plantations Berhad
closed out 2022 on a high note, two consecutive years of revenue
of more than RM1.0 billion after its relisting in 2014.
We are pleased with the outstanding performance demonstrated in

2022 which showed us achieving profit for the year of RM589 million.
Fahmy Ismail
Acting Chief Executive Officer
28
Total Assets
RM4.2 billion
GEARING RATIO
0.3 TIMES
(2021: 0.4 Times)
capital expenditure
RM86 Million
29
CHIEF EXECUTIVE OFFICER’S STATEMENT
Aerial view of office and housing complex at Bebar Estate, Pahang
The Group’s results were boosted by higher- The roadmap to transform the Group
than-expected prices for both CPO and continued with the enhanced Plantations
PK, with the former fetching an average Performance Improvement Programme 2.0
of RM5,066 per metric tonne (MT) and the (PPIP 2.0), emphasising digitalisation and
latter averaging RM3,156 per MT. mechanisation to boost yield maximisation
following the success of the initial PPIP
We were able to reduce our gearing ratio blueprint. PPIP 2.0 is premised on four In line with our
to 0.3 times and increase our earnings per
share by more than 2.5 times year-on-year,
strategic and innovative thrusts intended to
boost business processes through business
commitment to
while our market capitalisation maintained at unit collaborations, creative transformation of strengthening our
RM1.5 billion as at 31 December 2022. the existing system, as well as incorporation
of technology and digitalisation measures. operations to ensure
OPERATIONAL OVERVIEW the sustainability
The Group has embarked on a 25-year
The Group engages in the full spectrum of Replanting Programme to secure a more of our business, we
the palm oil value chain, from planting and ideal age profile for our estates. We are
replanting to harvesting FFB and producing driven by our replanting blueprint which will
have embarked on a
CPO and PK. In terms of the Group’s enhance our field infrastructure to optimise multipronged approach
landbank, 72,300 hectares (ha) have been our mechanisation initiative, in order to
planted with oil palms, covering Peninsular improve the overall yield profile of our to address the age
Malaysia, Sabah and Sarawak. estates. During the period under review, we
were able to replant 2,400 ha of our estates.
profile of our estates.
Our older palms are disproportionately
high across all of our estates, and this is In tandem with our replanting efforts, we
especially true in Sarawak and selected inked a green financing agreement, which
areas in Sabah. In line with our commitment will enable us to enhance our plantation
to strengthening our operations to ensure assets.
the sustainability of our business, we have
embarked on a multipronged approach to
address this issue.
30
In 2022, one of the cutting-edge research We are also focused on maximising the
frontiers we were exploring was the use effectiveness of fertiliser application and
of thermal cameras and AI algorithms to minimising nutrient loss through the use
quantify rats in images as a more accurate of smart fertiliser spreaders in addition to
estimate of the rat population in a given further exploring the use of our in-house
area, allowing for more effective integrated nitrogen-fixing bacteria and Ganoderma
pest management recommendations. disease suppressive microbes.
We have adopted the use of a variety of In addition, we plan to raise the bar for
equipment that is contributing to greater collecting weather data, designing efficient
efficiencies in harvesting operations, drainage systems, and keeping an eye on
infield crop evacuation, and external crop the water table so that we can maximise the
transportation. These efficiencies are yield productivity in potentially acid sulphate
helping us produce more with less. soils and other flood-prone areas.
Our unwavering commitment to sustainability Our focus in 2023 will remain on asset
and quality has not gone unnoticed. During rebalancing and PPIP 2.0 initiatives by
the year, we signed an understanding with enhancing yield and estate efficiency, as well
Cargill Palm Products Sdn Bhd for the long- as improving cost efficiencies. We intend
term supply of high-quality, sustainably to pursue the optimisation of unutilised
-produced palm oil. Additionally, our land, alongside increasing digitalisation
dedication to upholding excellence was and introducing advanced technologies
recognised with Boustead Tawai Palm Oil across our operations and organisational
We have also augmented the replanting
Mill earning ISO 9001:2005 certification, processes. In addition, we anticipate palm oil
exercise by disposing selected plantations
completing the certification of all 10 mills in production to remain strong, supported by
as part of our asset rebalancing strategy to
our portfolio. These achievements further the reduction of labour shortage concerns.
bring us closer to gaining a more balanced
solidify our position as a leading player in the
profile in the years ahead by bringing our
palm oil industry. Along with increasing mechanisation, we
total acreage of trees older than 20 years
intend to continue replanting programme
down to a more manageable level.
OUTLOOK and strategically disposing of selected
plantations in order to reduce the acreage
Our research and development arm, Applied
Erratic supply circumstances, geopolitical of ageing palms.
Agricultural Resources Sdn Bhd, provides
volatility, and CPO’s price competitiveness
us with expertise in sustainable agronomic
relative to other edible oils are expected to I would like to express the appreciation to
practices as well as high-quality planting
keep supporting the price of CPO. By 2023, our former Chairman, Dato’ Haji Ismail Haji
materials, which has further increased our
it is anticipated that Indonesia’s biodiesel Lasim, for his leadership and also to my
yield.
programme will have increased domestic predecessor, Zainal Abidin Shariff, for his
demand for palm oil, thereby offsetting the stewardship in managing the Group.
In line with our focus on integrating Fourth
country’s surplus production.
Industrial Revolution technologies for data-
driven decision-making, we have been able
For the year ahead, to achieve a higher
to obtain accurate information from spatial
data to enhance yield and crop recovery.
standard of planting and a higher sustainable Fahmy Ismail
yield, we intend to continue capitalising Acting Chief Executive Officer
With the data we have gathered employing
on the availability of higher-yielding semi-
artificial intelligence (AI), we have been able
clonal and bi-clonal planting materials, well-
to zero in on problem areas and take care of
selected superior palms for cloning with
underperforming palms and other site-yield
lower mantling rates, and improved planning
limiting factors.
and monitoring thanks to available spatial
information technologies.
The effectiveness of patented potential
Ganoderma disease suppressive microbes
was put to the test in the field for the first
time in 2022, marking the beginning of this
phase of testing.
31
CHIEF FINANCIAL OFFICER’S

STATEMENT
Dear Shareholder,
Boustead Plantations Berhad delivered a higher profit
before taxation of RM729 million for the financial year ended
31 December 2022. This was mainly attributable to gains on
disposal of plantation land and higher palm product prices,
mitigating the impact of lower FFB production coupled with higher
operating costs and unfavourable fair value movement of FFB.
As a result, profit for the year saw a significant improvement to
RM589 million.
To strengthen our reporting standard for FY2022 Integrated Report,

we have included the GRI content index of which the details can
be found on pages 262 to 266.
Mohamad Mahazir Mustaffa

Chief Financial Officer
32
Revenue
RM1.2 billion
EBITDA
RM425 Million
Profit Before Taxation

and Zakat
RM729 Million
33
CHIEF FINANCIAL OFFICER’S statement
STRENGTHENING BALANCE SHEET Finance Costs
In line with our consistent drive to Finance costs were reduced to RM34 million
ensure prudent debt and balance sheet compared to RM48 million in the previous
management, the Group recorded lower fiscal year. This was largely due to effective
borrowings of RM857 million. This was capital management which had a direct
supported by scheduled instalments of term knock-on effect on reducing our borrowings
loans and repayment of short-term loans for the year.
utilising proceeds from the disposal of our
Kulai Young land. Taxation and Zakat
Taxation and zakat increased to RM140

Asset Monetisation
million as a result of the impact of Cukai
To unlock value during the year, we undertook Makmur. However, the effective tax rate for
the strategic disposal of plantation land, the Group was lower than the statutory tax
netting a one-off gain of RM459 million. rate due to the lower tax rates applicable to
gains on disposal of land.
This included the disposal of the Kulai Young
land and partial disposal of land at our Bukit Review of Statements of Financial
Mertajam Estate. In addition, our land at Position
Telok Sengat Estate was also acquired by
the Government. The Group’s total assets and total equity
for the year improved to RM4.2 billion and
RM2.9 billion respectively, while net assets
Review of Income Statements per share increased to RM1.33.
Revenue Total Assets
The Group registered a record-high revenue Total assets rose to RM4.2 billion compared
of RM1.2 billion for the year, marking an with RM4.1 billion in the previous financial
improvement from RM1.1 billion in the year. Total receivables increased to RM132
previous financial year. This was primarily View from our nursery at Batu Pekaka Estate, Kedah
million, arising from the proceeds of the
driven by higher palm product prices.
sale of our Bukit Mertajam land. Our cash
balance also grew to RM166 million due to
Operating Costs
the balance of proceeds from the disposal of
Total operating costs increased to RM882 our Kulai Young land.
million. This was mainly attributable to higher
fertiliser and diesel prices, as well as the Total Liabilities
revised minimum wage policy and adverse
impact of FFB valuation. The Group’s total liabilities came in at RM1.4
billion, slightly lower than RM1.5 billion in the
Gains on Disposal of Land last financial year. This was as a result of a
reduction in our borrowings for the year.
During the year, the Group recorded gains
on the disposal of land totalling RM459 Total Equity
million. This was primarily from the sale of
our Kulai Young land for a gain of RM364 Total equity increased to RM2.9 billion. This
million. Meanwhile, the partial disposal of was mainly due to the higher shareholders’
land at our Bukit Mertajam Estate delivered equity of RM3.0 billion, compared with RM2.7
a gain of RM91 million, while the Government billion last year. The driving factor was the
acquisition of our Telok Sengat Estate land improved profitability for the year.
netted the Group a gain of RM4 million.
34
Review of Statements of Cash Flow
The Group generated positive cash flow for

the year, recording a net increase in cash
and cash equivalents to RM83 million, from
RM38 million in the previous year.
Contributing to this was the higher collection

from customers due to higher palm product
prices, as well as the proceeds from the
disposal of the Kulai Young land. This
allowed the Group to fund our working
capital internally and pare down borrowings,
whilst cushioning the impact of our lower
net cash inflow from operations for the year,
which reduced to RM320 million owing to
increased operating expenses and higher
taxation and zakat paid.
Outlook
Moving forward in 2023, the global economy

faces a challenging outlook on the back
of headwinds and rising inflation. Despite
this, the plantation sector continues to hold
positive prospects as palm product prices
are expected to stabilise following market
volatility in 2022. Despite the uncertainty
in vegetable oil prices, we expect CPO
prices to remain moderate in 2023 as palm
oil production in Malaysia is forecasted to
increase with recovery in labour supply.
Leveraging our solid foundation, we will

The Group generated positive cash flow for continue to ensure effective cost and
cash flow management, while maintaining
the year, recording a net increase in cash and a healthy balance sheet to support the
sustainable growth of the Group.
cash equivalents to RM83 million, up from
RM38 million in the previous year.
35
VALUE CREATION
Our Key Capitals 038
Our Value Creating Business Model 040
Stakeholder Engagement 042
SECTION 03
Newly harvested fresh fruit bunches at Batu Pekaka Estate, Kedah,
waiting to be transported
OUR KEY CAPITALS

The success of our business is underpinned by our key capitals comprising our various interlinked resources and relationships that enable
the smooth and sustainable operations of our estates and mills. These capitals consist of six categories, namely financial, manufactured,
intellectual, human, social and relationship and natural capitals as follows:
FINANCIAL CAPITAL MANUFACTURED CAPITAL INTELLECTUAL CAPITAL
This encompasses the pool of funds available Our manufactured capital refers to all the Our operational efficiencies are dependent
to us in the form of profits from the effective physical assets that we rely on for our upon the innovation of the various systems
management of our business, shareholders’ operations across the Group, representing that we have in place. This is driven by
equity and financing from capital providers, our equipment, machinery and infrastructure our research and development (R&D)
which we leverage to ensure our operations in our estates and mills. We continuously associate that has been making advances
run smoothly and sustainably. We aim to maintain and upgrade these tangible assets in key areas, including the use of drones in
optimise costs and returns, in line with to ensure they are in optimal condition and estate management, upgrading the quality
our goal to create stakeholder value and compliant with relevant industry standards. of our planting material, and producing
enhance business capacity by growing our more sustainable biofertilisers. Paired with
financial capital. the enhancement of our management,
administration and accounting procedures
through digital solutions, we are able to
deliver long-term sustainable value to our
stakeholders.
Market Capitalisation
42 Operating
Estates 10 Mills Digital Solutions
RM1.5 Billion
Enhancement of operations
including Drones and Artificial

1 Biogas
Plant 9 Particulate
Matter Trapping Intelligence
System
Total Equity
R&D
2 Tilting
1 Tissue
RM2.9 Billion
Sterilisers Culture Lab
Strength and Capabilities
(2021: RM2.6 Billion) Fresh fruit bunches (FFB)

PROCESSED Enhanced Planting
Total Assets Materials Technology
RM4.2 Billion 1,050,823 MT

(2021: 1,041,364 MT)
38
HUMAN CAPITAL SOCIAL AND RELATIONSHIP CAPITAL NATURAL CAPITAL
Given the labour-intensive nature of our Our social and relationship capital constitutes As an established palm oil plantation
plantation work, we have an extensive the strong relationships and partnerships company, we are cognisant of our impact on
workforce comprising of both local and we have forged over the years with our the natural environment and the important
foreign labour. Recognising the critical role stakeholders, who are all critical to our role we play in ensuring its sustainability.
that our human capital play in the day-to- sustainable growth. In line with this, we strive Towards this end, we aim to preserve
day operations of our estates and mills, to support small and medium-sized local biodiversity in high conservation value areas
we are deeply committed to protecting our vendors and enhance their livelihoods through by working closely with the Department of
employees’ rights and abiding by all relevant initiatives such as the Boustead Community Wildlife and National Parks of Peninsular
labour laws, as well as investing in unlocking Road Maintenance Programme. At the same Malaysia. Furthering our efforts to protect
their full potential by providing training and time, as an active member of the Roundtable our natural resources, we place heavy
development alongside a conducive work on Sustainable Palm Oil (RSPO), we are kept emphasis on managing our waste with strict
environment. abreast on the latest best practices, which waste management policies and procedures
allows us to uphold environmental, social and in place alongside the implementation of our
governance (ESG) principles in our operations. Zero Waste Strategy.
Investment in Employee Total Number of active Electricity consumption
36,841 MWh
Training and Development suppliers
717
and Staff Welfare (2021:
37,908 MWh)
RM4.6 Million
(2021: RM1.1 Million) Local Procurement at
(2021: 742)
Water Consumption
3,545,381 m 3 (2021:
2,245,039 m3)
HeadquarterS (HQ)
100% (2021: 100%)

empty fruit bunch (EFB)
241,907 MT (2021:
210,890 MT)
ACTIVE FFB SUPPLIERS EFB Application to Field
66 (2021: 66) 209,358 MT (2021:

187,926 MT)
39
OUR VALUE CREATING BUSINESS MODEL

At Boustead Plantations Berhad (BPlant or the Company and its subsidiaries collectively referred to as the Group), the value we create for our
stakeholders is underpinned by our business model, which ensures that we efficiently manage our relationships and resources to deliver optimal
results. Our strategic direction guides us in our pursuit of excellence within our core business of plantations, while our strong governance allows for
the efficient management of our material matters, thus enabling us to leverage opportunities and mitigate risks.
O U R C A P I TA L S . . . . . . E N A B L E VA LU E - A D D I N G AC T I V I T I E S T H AT C R E AT E . . .
INPUTS
STRATEGIC PILLARS
FINANCIAL CAPITAL
• Shareholders’ fund: RM2.9 Billion 1
PLANTATION MANAGEMENT
• Shareholders’ equity: RM2.9 Billion • Operational Yield
• Cash generated from operations: • Effective Cost and
Efficiency
RM320 Million
• Best Practices/Certification
• Equity capital: RM1.4 Billion
2
GROWTH
MANUFACTURED CAPITAL • Estate and Mill Integration
• No. of operating estates: 42 i. Environmental
• Planted area: 72,300 ha ii. Certification
• Mechanised area: 50,900 ha
T TRENDS
• Bin system across eight estates 3 DIGITALISATION AND MARKE
covering 15,800 ha TECHNOLOGY
• Unmanned Aerial Vehicle Phantom IV • Digitalisation
Pro Drone to efficiently manage estate • Mechanisation
• Technology
operations
• Innovation, Research and
INTELLECTUAL capital Development
• Licensed technology and processes Stable demand for Uncertainty of
• Best agronomy and management 4
CAPITAL/ASSET vegetable oils vegetable oil prices
practices MANAGEMENT
• Robust governance structures • Refinancing
• Reinvestment/
centred on ethical conduct
Fundraising
• One innovation and R&D centre • Dividend
• Mechanisation and technology to • Interest Cost
address labour scarcity, increase High operating costs Environmental Aggressive
productivity and yields and reduce due to resource concerns and technology
environmental impact scarcity increasing demand advancement
Material Matters for sustainable
HUMAN CAPITAL agriculture practices
• Total employees: 5,154
Business Continuity
• Male: 3,673
• Female: 1,481 Research and
• Local: 2,377 Development and
• Foreign: 2,777 Yield Improvement
High Conservation Value Supply disruptions Availability and
SOCIAL AND RELATIONSHIP CAPITAL Areas and Biodiversity due to labour suitability of
• Total number of suppliers: 717 shortage mechanisation and
Air, Water, Waste and Effluents automation
• Embracing sustainable development as Management
well as responsible ESG practices
• Continuous engagement with local Workforce Management
communities where we operate
• Active FFB suppliers: 66
Creating Business Opportunities
NATURAL CAPITAL
• Electricity consumption: 36,841 MWh Traceability and Supply Chain
• Water consumption: 3,545,381 m3
• Preserving the environment through Climate Change and Greenhouse
Gas Emissions
conservation
• EFB Application to field: 209,358 MT Occupational Safety and Health
• Fibres: 136,607 MT
• Shells: 43,986 MT Social Welfare and Community
• Palm Oil Mill Effluent (POME) for Investment
methane capture: 69,620 m3
40
. . . V A L U E F O R O U R S T A K E HO L D E R S .
OUTPUTS OUTCOMES
FFB FINANCIAL CAPITAL
871,287 MT Rewarding shareholders Profitable growth • Earnings before interest, taxation,

• Dividend payout ratio: 54% (2021: 77%) • Revenue: RM1,177 Million depreciation and amortisation
Crude palm oil (CPO) • Dividend payout: RM324 Million (2021: RM1,050 Million) RM425 Million
216,047 MT (2021: RM187 Million)
• Share price: RM0.65 sen
• Profit for the year:
RM589 Million
• Return on equity: 20.9%
Palm kernel (PK) (2021: RM0.65 sen) (2021: RM242 Million) (2021: 9.1%)
• Net assets per share: RM1.33
41,639 MT MANUFACTURED CAPITAL (2021: RM1.21)
Biomass (palm fronds, trunk, EFB, Production and sales of certified • CSPK RSPO production: (2021: RM22 Million)
palm fibres, kernel shells, POME) high-quality sustainable products 21,301 MT (2021: 22,858 MT) • Significant operational
• CSPO RSPO production 2022: • Operational Capital efficiencies and synergies
EFB Fibres 126,723 MT (2021: 133,936 MT) expenditure: • Replanting costs: RM41 Million
• Yield per hectare: 13.0 MT RM45 Million (2021: RM27 Million)
241,907 MT 136,607 MT (2021: 13.3 MT)
Shells POME cake INTELLECTUAL CAPITAL
43,986 MT 2,301 MT R&D and technology driven to • All 10 mills upgraded to • 39 units of Zip Zap Electric
Boiler ash POME optimise yield ISO 9001:2015 Cutters deployed to six
• Superior, high-yielding planting • Mechanical platform estates
5,724 MT 920,271 m³ materials of AA Hybrida and AA
VITROA with high oil to bunch of
collection utilising 38
compact tractor grabbers
• Two units of Tapir and two
units of Land Surf are being
(Assume density more than 25% and above 28% across 30,700 ha and infield evaluated for mechanised in-
1,000 kg/m³ POME) respectively FFB collection for 20,200 ha field collection on two estates
• All palm oil mills and estates: • Installation of FM3 machinery • A pilot project of digital
100% MSPO certified to apply fertilisers in replanting using drone
Biogas produced for methane • Six out of 10 palm oil mills and challenging terrains technology has been carried
capture 19 estates: RSPO certified → to out at Eldred Estate
achieve 100% by 2024
1,407, 217 m³
HUMAN CAPITAL
Renewable energy (from
biogas) • Training investment: RM100 • Number of training • Inculcating an inclusive work
per employee (2021: RM22 programmes: environment
1,160 MWh per employee) → increase by 355%
• Number of training attendances:
Conducted and participated • Invested in employee training
253 programmes and development and staff
10,092 (2021: 200 programmes) welfare: RM4.6 Million
Fuel (fibre and shells used as (2021: 7,638) → increase by 32% • Providing a healthy and safe (2021: RM1.1 Million)
boiler fuels in the mills) • Total hours of training: 5.7 hours/ working environment
year/employee (2021: 3.0 hours/
Fibre Shell year/ employee)
136,607 MT 43,986 MT SOCIAL AND RELATIONSHIP CAPITAL
Fertilisers (from fronds, • Socio-economic investment: • Taxation paid: RM152 Million • Committed to ensuring socio-
composted EFB and treated RM3.5 Million (2021: RM0.9 Million) (2021: RM67 Million) economic development for all
POME) • Total procurement spending on • Zakat paid: RM3 Million stakeholders
local suppliers at HQ: 100% (2021: RM3 Million) • Improve livelihoods and uphold
EFB (mulching) (2021: 100%) land rights of local communities
209,358 MT NATURAL CAPITAL

Solids from dewatering system Sustainable palm oil practices Water • Renewable energy generated:
support climate action and maintain • Water withdrawal intensity - Biogas: 1,160 MWh
2,301 MT ecosystem health for milling processing (m³/ton (2021: 819 MWh)
Waste FFB): 1.3 (2021: 1.4) - Power generation from
POME land irrigation • Total Solid Biomass: 430,525 MT Waste water discharged steam turbine: 21,717 MWh
(2021: 404,978 MT) (POME): 920,271 m3 (2021: 25,609 MWh)
715,353 m³ • Fibre: 136,607 MT (2021: 135,596 MT) (2021: 1,020,209 m³ ) • No deforestation. Protection
• Shell: 43,986 MT (2021: 47,373 MT) • Key focus and investments of high conservation value
• EFB: 241,907 MT (2021: 210,890 MT) in biogas produced from areas 576 ha identified within
• Solids from dewatering system: methane capture: 1,407, 217 m³ our estates
2,301 MT (2021: 3,347 MT) (2021: 1,237,852 m³) Air pollution control systems
• Particulate matter emission:
<150 mg/m³ (2021: <150 mg/m³) 41
VALUE CREATION
STAKEHOLDER ENGAGEMENT
Understanding that our operations impact our stakeholders and their influence on our business, we strive to regularly engage with all
relevant parties to keep them apprised of our performance, strategies and direction, as well as to gain their input on any issues that may
be of interest or concern to them. Their insights are invaluable to us as they help us identify key matters and focus areas for our business.
The rationale behind our engagements with stakeholders, the engagements platforms utilised and key concerns addressed during these
engagements are as follows:
SHAREHOLDERS AND INVESTORS
Why We Engage
Our shareholders and investors are key contributors to our business as they provide
the financial resources we need to maintain our growth momentum. Through consistent
engagement with our shareholders and investors, we glean crucial insight into their
expectations, which guide our business operations toward long-term sustainability and
value creation for our shareholders.
Engagement Platforms and Frequency of Engagement Key Concerns Our Response

• Annual General Meeting A • Return on investment • Organise investor relations
• Quarterly Reporting Q • Market presence engagement programmes and
• Integrated Report A • Succession planning initiatives
• Sustainability Report A • Sustainable practices • Maximise profits for greater returns
• Analyst Briefings Q • Company reputation and payouts through effective
• Announcements O resource management
Material Matters:
EMPLOYEES
Why We Engage
To guarantee that our personnel benefit from ideal working conditions, culture and tools
to foster excellence in performance. Our engagement with employees also keeps them
well-informed of our key strategic priorities.

• Sports and Recreational Activities M • Work-life balance • Unlock the potential of our
• Annual Performance Appraisal A • Workforce development employees via training and
• Open Day O • Healthy and safe work development programmes
• Employee Engagement Activity M
environment • Strict enforcement of health and
• Townhalls O
• Social issues safety regulations to ensure safe
• Estate Engagement Visit M
• Decent living conditions and clean working and living
environments
Material Matters:
42
Frequency of Engagement: A Annual / Q Quarterly / M Monthly / W Weekly / O On-going
CUSTOMERS
Why We Engage
We engage with consumers in order to fully comprehend their needs and expectations,
which guides us in delivering high-quality products.

• Dialogue Sessions O • Products and services • Drive R&D and product innovation
• Customer Satisfaction Surveys A quality • Improve operational performance to
• Customer Feedback Platforms e.g. Hotline, Email O • Safety and sustainability meet customer expectations
and Instant Messaging • Ethical business practices • Deliver high-quality goods that
• Annual General Meeting A support the health and safety of our
• On-going Internal and External Meetings O customers
• Conferences/Forums/Seminars O • Ensure sustainable production of
products
Material Matters:
VENDORS
Why We Engage
Our vendors supply high-quality products and services that are necessary for the smooth
operation of our business.
Engagement Platforms and Key Concerns Our Response

Frequency of Engagement
• Licensing and certification • Established a Vendor’s Code of Conduct to enhance
• Periodic Meetings O • Ethical practices compliance to laws and regulations, integrity pledge,
• Tender Briefings O • Vendors development labour rights, safety, health and sustainability standards,
• Dedicated E-mail Channel O • Occupational safety and as well as improving consequence management and
• Vendor Registration O
health reporting of potential breaches in compliance
• Products and services • Provide tender briefing on case-to-case basis
quality • Established an e-Procurement platform via Procurehere
system to optimise procurement activities
• Enhancing relevant regulatory and statutory
requirements (for manufacturing and construction such
as the Construction Industry Development Board and
Suruhanjaya Tenaga) where applicable, for groupwide
Material Matters: needs
43
STAKEHOLDER ENGAGEMENT
UNIONS
Why We Engage
To support the protection of our workers’ welfare including providing them with a
conducive working environment.
• Periodic Meetings O • Equal career development • Uphold transparency in our

• Negotiations O opportunities communication with unions
• Special Briefing on Operations O • Fair remuneration practices • Abide by regulations and ethical
• Healthy and safe work practices to ensure the protection
environment of our workers’ health and safety
Material Matters:
REGULATORY BODIES
Why We Engage
To keep apprised of relevant regulations that impact our business and operations.
• Dialogue Sessions O • Legal and regulatory • Enhance guidelines to improve

• Formal Meetings O compliance compliance
• Periodic Reports O
• Environmental stewardship • Collaborate with like-minded
• Ethical business practices
• On-site Inspections and Audits A
• Supporting local businesses agencies
• Healthy and safe work • Comply with all regulations and
environment guidelines
Material Matters:
44
BUSINESS PARTNERS
Why We Engage
To support consistent growth and development of all business partners.
• Business Meetings O • Company performance • Organise consistent engagements

• Strategic Dialogues O • Ethical business practices with business partners
• Conferences/Forums O • Good governance
• Annual General Meeting A • Continuous value creation
• Operational Site Visits O
Material Matters:
LOCAL COMMUNITIES
Why We Engage
We cultivate positive relationships with the communities connected to our operations
alongside mitigating the impact of our business on the environment to ensure long-term
business continuity and as part of our value-creation strategy.

• On-site Meetings O • Community investment • Invest in an array of community-
• RSPO Complaints and Grievances O and partnerships enriching projects and initiatives
• Grievances Channel O
• Pollution prevention and • Implement Responsible Agricultural
preservation of biodiversity
• Whistleblowing Channel O
and natural resources Policy
• Disaster Relief Efforts O • Employment opportunities • Regularly monitor air and water
• Community Outreach and Development O • Safety and security and quality where we operate
Programmes support for local businesses
Material Matters:
45
MANAGEMENT DISCUSSION and ANALYSIS
STRATEGIC REVIEW
Key Market Trends Shaping Our Business 048
Material Matters 053
Risks and Mitigation 059
Five-Year Strategic Roadmap 063
BUSINESS REVIEW
Plantation 064
Research and Development 070
PERFORMANCE REVIEW
Five-Year Group Financial Summary 072
Five-Year Group Financial Highlights 073
Key Focus 2023 074
Financial Calendar 075
SECTION 04
Worker applying fertiliser using the spreader machine at Bebar Estate, Pahang
STRATEGIC REVIEW
KEY MARKET TRENDS SHAPING OUR BUSINESS
The dynamics of supply and demand within our industry inevitably influence our operations. As such, we believe that a comprehensive
understanding of our key market trends is crucial in leveraging the opportunities that arise from current circumstances, while efficiently
managing the relevant risks involved.
Potential Impact
STABLE DEMAND FOR VEGETABLE OILS A key challenge is increasing supply and production
efficiently to meet the continuously rising demand for
palm oil.
With rising awareness on the importance of healthy food

consumption alongside rapid growth in global population, we
How We Responded
expect stable demand for palm oil from major countries such
as India and China. This is reflected by the consistent export Continuously improving efficiency and productivity through our
of palm oil from Malaysia from approximately 15.6 million MT in Plantations Performance Improvement Programme (PPIP 2.0) to
financial year (FY) 2021 to 15.7 million MT in FY2022. increase our supply of palm oil.
Outlook
The Russia-Ukraine war caused an abrupt shortage in sunflower

oil as both countries are the world’s largest suppliers of the
commodity. Given the interlinked nature of vegetable oil prices,
the continued impact on supply of sunflower oil is expected to
support vegetable oil prices, including palm oil.
Our Capitals: Material Matters:
48
Potential Impact
UNCERTAINTY OF VEGETABLE OIL PRICES Uncertainty in vegetable oil prices may impact realised
CPO prices.
Given persisting geopolitical and socioeconomic factors, How We Responded

vegetable oil prices are expected to remain uncertain in 2023.
Crude palm oil (CPO) prices hit an all-time high in May 2022 • Capturing higher prices as per market conditions
with an average price of RM 6,873 per MT (Malaysian Palm Oil • Focusing on added value products such as increasing sales
Board monthly average price for May). of certified sustainable palm oil (CSPO) products with a higher
. premium
• Adapting our market strategy according to current conditions
by selling closer to market
• Analysing the market and consumer trends and implementing
relevant strategies
Outlook
Despite the uncertainty in vegetable oil prices, we expect CPO

prices to remain moderate in 2023 as palm oil production in
Malaysia is forecasted to increase with recovery in labour supply.
HIGH OPERATING COSTS DUE TO RESOURCE Potential Impact

SCARCITY Increasing operating costs.
How We Responded
Exacerbated by the Russia-Ukraine war, the shortage of • Optimising utilisation of organic matter
supply of fertiliser is expected to continue driving high fertiliser • Recalibration of fertiliser application, i.e. PPIP 2.0 to maximise
prices. The situation is further compounded by diesel prices, productivity and efficient cost management
which are also expected to remain high. • Closely monitor and manage diesel cost and explore potential
alternatives such as recycling energy
Outlook
While fertiliser and diesel costs are expected to stabilise in 2023,

we expect these costs to remain high.
49

Potential Impact
ENVIRONMENTAL CONCERNS AND • Rising consumer concerns on the traceability and
INCREASING DEMAND FOR SUSTAINABLE sustainable origins of palm oil-based products
AGRICULTURE PRACTICES • Impact of climate change and environmental
degradation on the global economy and business
• Challenges in ensuring due diligence throughout the
The palm oil industry is commonly associated with the
supply chain, both within and beyond our operations,
environmental impact of its cultivation and production,
as we look to uphold environmental, social and
particularly with regards to deforestation, loss of biodiversity,
governance (ESG) standards
degradation of soil and water quality, greenhouse gas (GHG)
emissions due to crop expansion and potential human rights
issues. How We Responded
• We remain committed towards our ESG responsibilities, and

we strive to improve our global ranking based on globally
accepted assessment tools such as the Sustainability Policy
Transparency Toolkit (SPOTT), in line with our aim to improve
our management of ESG-related risks
• We maintain strict compliance throughout our operations,
including:
i) Continuous monitoring of GHG emissions through the
Roundtable on Sustainable Palm Oil (RSPO) GHG calculator
ii) Upholding No Deforestation, No Peat and No Exploitation
policy and protection of high conservation value (HCV)
and biodiversity areas
iii) Adherence to the zero-burning policy and compliance
with relevant acts and laws
• We actively engage with our smallholders, suppliers and
contractors to ensure compliance to sustainability standards
throughout the supply chain with plans to continue these
engagements in the coming years
Outlook
Environmental concerns and demand for sustainable agriculture

practices will continue to rise driven by growing consumer
awareness and preference for ESG compliant products.
Additionally, the various stringent measures imposed by the
European Union to mitigate the negative environmental impact
arising from palm oil activities will also support the push for more
sustainable agriculture practices in the industry.
50
Potential Impact
AGGRESSIVE TECHNOLOGY ADVANCEMENT Difficulty in consistently adopting the latest and best
technology suited for our operations given the rapid and
aggressive advancements in technology.
Technology enables organisations to improve the efficiency and How We Responded

effectiveness of their operations, thus allowing for significant
reductions in production cost and time. Adopting the latest • We are committed to exploring new technologies that are
technology also provides opportunities for businesses to gain a aligned with our core operations to ensure enhanced levels
competitive advantage as well as stay relevant with developments of productivity and cost efficiency
in the industry. • We provide support to our employees in keeping abreast with
the latest technology to ensure we adopt the best tools to
continuously improve our operations
Outlook
The Fourth Industrial Revolution will bring about disruptive trends

that will drive rapid changes to technology within the industry,
alongside transforming how we live, work and communicate. With
the introduction of automated decision-making, interconnected
machinery and data analytics, amongst others, we look forward
to increased productivity and efficiency across the value chain.
SUPPLY DISRUPTIONS DUE TO LABOUR Potential Impact

SHORTAGE Given the dependence on foreign labour for operations,
labour shortages may result in low fresh fruit bunches
(FFB) production.
Following the lifting of restrictions on the intake of foreign
labour in 2022, the labour shortage has progressively How We Responded
improved. Production levels are expected to remain
• We expedited foreign labour intake requirements and
dependent on foreign labour to support operations in 2023.
processes to ensure sufficient workforce for smooth and
productive operations
• We significantly increased our Mechanisation and Automation
efforts, thereby reducing dependence on physical labour
Outlook
Following the Malaysian Government’s implementation of the

Foreign Worker Employment Relaxation Plan, the easing of
processes related to foreign labour intake is expected to continue
relieving labour shortage pressures for most industries, including
palm oil.
51
Potential Impact
AVAILABILITY AND SUITABILITY OF
Further mechanisation and automation is dependent
MECHANISATION AND AUTOMATION
upon the suitability of available machinery to the
infrastructure and profile of our plantation estates.
We aim to support the drive towards technological innovation

to enable increased mechanisation and automation across our How We Responded
operations. Ultimately, this will allow for resilient, precise and
efficient production of palm oil to support business growth. • We enhanced our planning and monitoring strategies
in adopting machinery as part of our efforts to ensure
effectiveness and cost efficiency
• We continue to implement our Mechanisation Plan as part of
the PPIP 2.0 to improve productivity
Outlook
In the year ahead, we expect further opportunities for potential

collaborations as new producers of machinery are keen to explore
to market. We will leverage suitable opportunities that will enable
us to drive improvements in our productivity and efficiency.
Worker evacuating fresh fruit bunches via mechanised

equipment at Taiping Rubber Plantation Estate, Perak
52
STRATEGIC REVIEW
MATERIAL MATTERS
Material matters are defined as those that are important to the achievement of our business objectives while creating value for our
stakeholders. We recognise the need to determine what our material matters are in order to shape effective policies and strategies to
manage our sustainability risks while leveraging opportunities that exist.
HOW WE DETERMINE OUR MATERIAL MATTERS
In order to identify our material matters, we use the Global Reporting Initiative (GRI) Standards as guidance; which have also been adopted
by Bursa Malaysia’s Sustainability Reporting Guide. Accordingly, we undertook a three-step process of identification, prioritisation and
validation, as described below.
s tep 1 s tep 2 s tep 3
IDENTIFICATION PRIORITISATION VALIDATION
We identified an inventory of A workshop with key internal The materiality matrix was reviewed
sustainability matters through stakeholders was conducted to and approved by our Management
desktop research using prioritise the identified material Sustainability Committee.
internal and external sources matters via online voting. The
of information such as peer material matters were prioritised
benchmarking, media reviews, risk based on two dimensions – impact
reports and market trend analysis. on our business and importance of
These were grouped according to these matters to our stakeholders.
the economic, environmental and
social categories.
High
Our Key Material issues based on

the Materiality Matrix:
Business Continuity
Research and Development and
Yield Improvement
Assessments and Decisions
Influence on Stakeholder
High Conservation Value Areas

and Biodiversity
Medium
Air, Water, Waste and Effluents

Management
Workforce Management
Creating Business Opportunities
Traceability and Supply Chain
Climate Change and Greenhouse
Gas Emissions
Occupational Safety and Health
Social Welfare and Community
Low
Investment
Low Medium High
Significance of Group’s Economic,
Environmental and Social impacts
53
MATERIAL MATTERS
As a result of the assessment, 10 material matters were identified as follows:
BUSINESS CONTINUITY
Why It is Important
A large number of stakeholders depend on our continued

operations – from our employees to our smallholders, suppliers,
shareholders and local communities.
Our Response
• Execution of 25-Year Replanting Programme (RP25) up to year

2045 to redress aging profile of plantations
• Continuation and further enhancement to the PPIP 2.0 to
increase productivity and optimise cost
Our Capitals: Stakeholders: SDGs:
RESEARCH AND DEVELOPMENT

AND YIELD IMPROVEMENT Why It is Important
Through research and development (R&D), we develop better

planting material, improve fertiliser application efficiency and
enhanced methods to maintain soil fertility to optimise yield.
Our Response
• R&D activities undertaken by Applied Agricultural Resources

Sdn Bhd
• A total of RM16 million was spent on R&D during the year
(2021: RM15 million)
54
HIGH CONSERVATION VALUE AREAS

AND BIODIVERSITY Why It is Important
The preservation of biodiversity is important, as a means to

protect the delicate balance that exists between different plant
and animal species in the ecosystem. Many of our plantations are
in areas that are high in biodiversity value.
Our Response
• Demarcated 576 ha of jungle patches, wetlands and riparian

buffer zones as HCV areas
• Active engagement with the Department of Wildlife and
National Parks of Peninsular Malaysia and Forestry Department
to preserve these areas and managing wildlife conflicts
• Assist Forestry Department to control encroachment of forest
reserves that are boundary to our operations
• Wildlife in our plantations are documented and monitored
AIR, WATER, WASTE AND

EFFLUENTS MANAGEMENT Why It is Important
Proper waste management is important to prevent damage to the

ecosystem and protect the well-being of local communities.
Our Response
• All bio-waste products in plantations complied with our Zero-

waste strategy
• Reduction of dust particulate emissions through installation
of electrostatic precipitators and wet scrubber at our mill’s
boilers
• Establishment of water management plan in operations
• Monitor the usage of natural materials such as water ratio per
FFB processed
• Increase usage of by-products
55
MATERIAL MATTERS
Why It is Important
WORKFORCE MANAGEMENT
A diverse workforce enriches our human capital and promotes
better strategising as well as decision making; talent development
and engagement ensure we optimise our employees’ potential
and their contributions towards attaining our shared vision.
Our Response
• Adherence to Malaysia’s Employment Act 1955, Malayan
Agriculture Producers Association/National Union Plantation
Workers (MAPA/NUPW) Agreement, Malayan Agriculture
Producers Association/All Malayan Estate Staff Union (MAPA/
AMESU) Agreement, Sabah and Sarawak Labour Ordinance
• Continuous training and development opportunities for all
employees
• Continuous engagement between management and all
employees
• Full support given to gender-based committee set up to
shape the development of gender-based policies and better
manage gender-related issues
• Anti-harassment policy
CREATING BUSINESS OPPORTUNITIES

Why It is Important
By supporting local vendors and suppliers, we contribute towards

small and medium-sized enterprises’ development, while working
with smallholders enables us to share our plantation skills and
know-how to help nurture a healthy agricultural sector.
Our Response
• Smart partnership with vendors to fulfil various operations

requirements
• Approximately 3% of our external FFB are from surrounding
smallholders
56
TRACEABILITY AND SUPPLY CHAIN
Why It is Important
With traceability, buyers and specifically consumers can be

assured that the palm products they purchase or consume have
been produced sustainably.
Our Response
• Ability to trace the source of FFB supplied by all third-party

suppliers
• Constant engagement with our suppliers to continuously
improve and enhance our traceability mechanism
• Improve our procurement system
CLIMATE CHANGE AND GHG EMISSIONS

Why It is Important
It is imperative for Boustead Plantations Berhad (BPlant) to play our

part in mitigating climate change by improving our contribution to
manage GHG emissions in areas where we operate.
Our Response
• No new planting on peat and no deforestation

• Conservation of HCV zones to enhance our carbon
sequestration
• Efficient fertiliser/chemical application
• Establishment of biogas plant at Telok Sengat Palm Oil Mill
• Reduction in fossil fuel consumption from machinery and mills
• Utilisation of biodiesel B7 in our operations
57
MATERIAL MATTERS
OCCUPATIONAL SAFETY AND HEALTH
Why It is Important
The safety and well-being of our employees and workers

are critical to smooth operations across our value chain and
maintaining a high level of productivity.
Our Response
• Strict adherence to the established Occupational Safety and

Health (OSH) policy and framework
• Establishment of Safety and Health Committee for each
operations to manage and monitor all OSH-related issues
• Since the pandemic, we have adhered to all standard
operating procedures while collaborating with government
agencies to vaccinate our workers
• Improve accident monitoring and reporting
SOCIAL WELFARE AND COMMUNITY Why It is Important

INVESTMENT
By ensuring the well-being of our plantation workers and their
families, we create a conducive, nurturing environment that
engenders loyalty and high performance. The well-being of the
local communities, meanwhile, has a positive impact on our
operations as we rely on them for support in various tangible and
intangible ways.
Our Response
• A range of facilities is provided to create a comfortable and

conducive living environment for our plantation workers. This
includes creches and free school transport
• Established a number of Humana schools and Community
Learning Centres for children in the estates
• Provision of preschools in collaboration with Community
Development Department in remote estates and mills in
Peninsular Malaysia
• Provision of estate clinics with qualified Hospital Assistants
58
STRATEGIC REVIEW
RISKS AND MITIGATION
INTRODUCTION
As a business organisation, we acknowledge that there are inherent risks even with diversified operations. To address this, we have
implemented a comprehensive Enterprise Risk Management framework that enables us to identify and manage emerging risks, as well as
those already listed in our risk register. Our dedicated risk department is responsible for maintaining our risk level within acceptable limits
based on our risk appetite. Our risk management is of the utmost importance to us as it enables us to prevent risks that could hinder our
business goals and ensures that we can continue to deliver sustainable value to our stakeholders.
KEY RISKS FOR THE FINANCIAL YEAR ENDED 2022

Almost Certain
1 2 Risk Description:
1 Human Capital Risk
3 2 Operational Productivity Risk

4 7
3 Cost Risk
Strategic Risk
Likelihood
5 4
6
5 Legal and Compliance Risk
6 Financial Risk
7 Market Risk
Legend:
Very Low High
Rare
Low Very High

Insignificant Catastrophic Medium
Impact
HUMAN CAPITAL RISK
Description Potential Impact Key Mitigation

Labour shortages, particularly skilled • Revenue loss • Mechanising operations
harversters and general workers. • Unsatisfactory field maintenance • Increasing work efficiency via
programmes digitalisation and technology-based
• Low FFB yield mechanisms
• Unsatisfactory operation • Upgrading workers’ quarters
productivity • Reviewing the remuneration benefits
• Disruption towards our operations’ of workers
business processes • Promoting estate vacancies to local
workers
59
OPERATIONAL PRODUCTIVITY RISK

Low FFB yield contributed by shortage • Revenue loss • Group’s Replanting Programme
of workers, agronomic and productivity • Low FFB production • Rebalancing assets
related factors. • High estate unit production cost • Improving evacuation infrastructure
• Inability to meet targeted FFB yield • Enhancing incentives and amenities
• Lower dividend to increase worker motivation
COST Risk

Increase in operational costs mainly • Lower profitability • Implementation of PPIP 2.0
due to higher labour, fertilisers, • Higher cash requirement from • Efficient cost and cash flow
transportation as well as ESG operations management
compliance costs. • Lower cash inflow from operations
• Lower dividend
60
Strategic Risk

Low stand per hectare, poor terrace • Low FFB production • Replanting Programme
construction, undulating hill conditions, • Potential revenue loss • Continuously improving workers’
aging profile of oil palms and labour welfare and amenities
shortage contribute to low crop • Mechanising operations
production at Tawai Business Unit.

Issue of operations in Sarawak arising • Group profitability loss • Continuously improving workers’
from factors such as land disputes, • Legal liability productivity
field blockades, aging profile of • High unit production cost • Mechanising operations
estate, weather conditions and labour • Reputation loss
shortages affect operations. • Lower productivity
Legal and Compliance Risk

Emerging laws and regulations, • Heavy fine • Maintaining sustainable palm oil
particularly those related to ESG • Legal liability certifications
compliance. • Reputation loss • Enhancing awareness on human
• Loss of investor confidence rights
• Exploring Green Loan financing
from banks
• Utilising SPOTT and FTSE4Good
Bursa Malaysia Index as ESG rating
tools
• Establishing International Labour
Organization Task Force
61
Financial Risk

Possibility of insufficient cash flow due • Default on borrowings • Closely monitoring and regularly
to low productivity, adverse movement • Legal liability assessing cash flow to ensure
of CPO price and higher operational • Reputation loss ability to meet working capital
cost. • Lower dividend requirements and loan repayment
obligations
• Improve productivity
• Efficient cost management
MARKET Risk

Fluctuation in global demand • Revenue loss • Implementation of PPIP 2.0
and supply, weather conditions, • Lower or negative margin when • Monitoring market conditions and
geopolitics, government policies and CPO prices hit below production factors
macroeconomic factors affect CPO cost • Enhancing initiatives that will result
prices. • Lower operational profit before tax in higher premium from certified
• Lower dividend sustainable CPO buyers
62
STRATEGIC REVIEW
FIVE-YEAR Strategic RoadMap
OUR STRATEGIC OBJECTIVE
“BPlant towards becoming a sustainable technology-based plantation company”
OUR ENABLERS Thrust Strategic Thrusts Strategic Functions
• Operational Yield • Drive core activities to full potential

• Effective Cost and • Yield improvement programme
Efficiency • Estate and mills cost optimisation
• Best Practices/ • Operational efficiency of estates and
Plantation Certification mills
Management • Awareness on the best developed
practices and good agricultural
practices
Our People
Strategy-driven
organisation
structure
• Estate and Mill • Optimisation of land
Integration • Value creation for mills
i. Environmental • Continuous improvement on mills
ii. Certification • Mills’ new business income
Growth
Our Processes
Best practices • Digitalisation • Technology-based operations and
in operational • Mechanisation management
management • Technology • Process improvement to strengthen
• Innovation, Research and operations and management
Digitalisation Development • Innovative product development
and Technology • Boustead Life Sciences Research tissue
culture capability
Technology-based
System
• Refinancing • Strengthening balance sheet (Net Current

• Reinvestment/ Liabilities/Debt-Equity ratio) and profit and
Fundraising loss
• Dividend • Finance capital expenditure, replanting
Capital/Asset • Interest Cost and land expansion (plantation
Management management thrust)
• Collaborative investment and finance
Environmental, projects (growth, digital and technology
Social and thrusts)
Governance • Maximise shareholder’s value
• Minimise interest expenses
63
BUSINESS REVIEW
PLANTATION
What We Do
The Division is mainly involved in upstream and midstream oil palm operations as well as
design and consultancy services in addition to agricultural and agronomic advisor.
Plantation
Highly-mechanised plantation operation at Taiping Rubber Plantation Estate, Perak
Our Plantation Landbank
Total Estates Total ha Planted ha Planted % Total Mills

Peninsular 16 24,852 23,336 94 3
Malaysia
Sabah 20 46,023 38,670 84 5
Sarawak 6 26,524 10,285 39 2
TOTAL 42 97,399 72,291 74 10
In terms of the Group’s landbank, as of 31 December 2022, oil palm covered 72,291 ha, with
54% located in Sabah, 32% covering Peninsular Malaysia and 14% in Sarawak.
64
AGE Profile
9,985 17,166 38,670
7,511 9,949
23,336
4,008 9,963
4,864 5,834 10,285
2,689
- 264 58
Immature <3 years Young 4-9 years Prime 10-20 years Past Prime >20 years Total planted
Peninsular Malaysia Sabah Sarawak
BUSINESS Environment
Year on year, average realised prices for CPO and palm kernel (PK) increased by 17% and 8% respectively. CPO prices have faced a period
of correction commencing June 2022, representing a significant reduction from the 2022 average peak of RM6,857 per metric tonne (MT).
However, prices stayed relatively stable in the second half of the year.
The plantation industry as a whole saw production and yield drop in 2022 due to adverse weather patterns and severe labour shortage,
particularly in the first half of the year. As a result, we received lower weightage of FFB from our smallholders in 2022. Our own estates
accounted for approximately 83% of the total FFB processed.
Worker at Taiping Rubber Plantation Estate, Perak, applying fertiliser on oil palm trees using FM3-AT
65
plantation
Business Performance Review
Strategic Priorities Key Initiatives Achievements
• Mechanisation 2.0 • Introduction of battery-powered electric cutter for harvesting

of FFB
• Expansion of areas using the Mechanical Assisted Infield
Collection and Mechanised Platform Collection for crop
evacuation
Operational Efficiency • Use of drone technology for area and elevation mapping of
• Digitalisation
estates in Peninsular Malaysia and Sabah
• 25-Year Replanting • Execution of the RP25

Programme (RP25)
• Soil Fertility • 209,358 MT EFB were utilised as mulching

Enhancement
Enhanced Productivity • Oil Extraction Rate • Oil Extraction Rate (OER) exceeded the MPOB’s average
and Yield Optimisation national threshold
• Young and Prime • A significant reduction in the number of fields in the poor yield
Potential Yield category, from 292 to 130, indicating improved performance
Improvement • Improvement in yield gaps between July and December 2022,
with a reduction in the gap in the Peninsular Malaysia region
from 40% to 25% and a reduction in the gap in the Sabah region
from 54% to 48%
• These improvements show progress in addressing yield gaps
and increasing overall productivity
• Good Agricultural • Rehabilitation activities, including pruning, were conducted on

Practices 1,610 ha of land, which accounts for 58% of the targeted areas
• Measures were taken to maintain soil moisture due to insufficient
rainfall in the Northern Region
• Implementation of the accessibility improvement programme by
the Rimba Nilai Business Unit resulted in increased harvesting
productivity
• Mill Efficiency • Maintaining oil and kernel recovery efficiency at or above 94%,
Enhancement which indicates that milling losses are well under control
• Upgrading and replacing old machinery with new, more
efficient, and cost-effective machinery
• Implementing automation system to increase efficiency and
reduce costs
• Mill Integration • Food safety initiative in the production of CPO with reduced
Mineral Oil Saturated Hydrocarbon and Mineral Oil Aromatic
Hydrocarbon contents at one of the mills
• Biogas Capture and • Captured 1,407,217 m3 of biogas from 69,620 m3 of palm oil mill
Conversion effluent through a covered lagoon biodigester system at the
mill
• Converted 91% of biogas to generate 1,160 MWh (2021: 819
MWh) of electricity for the mill
Sustainable Operations • Recycle Biomass • Renewable energy production from the use of fibres and shells
totalled to 180,593 MT (2021: 182,969 MT)
• Utilised 209,358 MT of EFB for mulching (2021: 187,926 MT)
66
Challenges and Mitigating Actions
Challenges Mitigating Actions Results
OVERALL
Labour Shortage • The workforce was expanded • A total of 2,377 Malaysians and 2,777
through increased recruitment of foreign workers were employed
locals • Improvement of labour status (1,520
• Participated in the Career Carnival of manpower shortage in FY2022,
Programme with Social Security compared with 2,083 in FY2021)
Organisations Perak
• Joined “Jelajah Aspirasi Keluarga
Malaysia” organised by Lembaga
Tabung Angkatan Tentera (LTAT)
• Collaboration with Yayasan LTAT
and Jabatan Hal Ehwal Veteran
• Organised Open Day and engaged
with the local community
Difficulties in Harvesting • Employed the use of lightweight • Overall productivity and efficiency
Old Palm Trees carbon fibre poles for heights of 30 improved by 40% from 1.5 MT/day
feet and above in FY2021 to 2.1 MT/day in FY2022
Irregular Weather Patterns • Drought and flood control strategies • Reduced the probability of flooding
Affecting Yield Performance implemented • Improved moisture conservation at
• Resource-saving steps, including marginal soil area
rainwater collection and efficient
irrigation enforced to counter
erratic meteorological conditions
SABAH OPERATIONS
Late Delivery of Fertiliser • In order to guarantee timely fertiliser • Improved fertiliser distribution
delivery, supply chain management to ensure timely manuring
was enhanced programmes
• Increased application of mill by-
products as a form of organic
fertiliser
Ganoderma Infection • Lowered the likelihood of infection • Ganoderma infection was

by implementing integrated pest minimised
management measures, such as • Extended the economic lifespan of
enhancing soil health, removing oil palms
affected trees and utilising resistant
varieties of oil palm
67
plantation
Challenges and Mitigating Actions (Cont’d)
Challenges Mitigating Actions Results
SABAH OPERATIONS (Cont’d)
Unfavourable Hilly and Steep • Development of more spacious • Higher yield expectations can be
Terrain with No Proper back terraces and roads where achieved by optimising palm growth
Infrastructure Development and possible to facilitate easier access and improving field accessibility
Small Outlying Divisions • Replanting using techniques
designed for hilly terrain, such
as contour planting and erosion
control
• Prepare best field design for
challenging terrains incorporating
good management practices and
improved accessibility
Small Divisions in Remote • The operations of several smaller • Reduced employee turnover for a
Locations divisions were merged together more stable workforce
• Operational synergies achieved
• Optimised transportation of goods
and resources
SARAWAK OPERATIONS
Narrow Terraces with Extremely • Terracing and construction of • Our lands are now more accessible
Steep Terrain proper roads • Optimisation of the area fit to be
developed and managed
68
Key Operational Achievements 2022
Peninsular Malaysia Sabah Sarawak Total

Total FFB production (MT) 366,724 432,404 72,159 871,287
FFB yield (MT/ha) 17.3 12.2 7.0 13.0
Total mill processing capacity (MT/hour) 130 215 105 450
Total CPO produced (MT) 77,397 114,331 24,319 216,047
Total PK produced (MT) 14,133 21,793 5,713 41,639
Average OER 20.8% 21.0% 18.1% 20.6%
Average KER 3.8% 4.0% 4.3% 4.0%
OUTLOOK
Prices of palm products in 2023 are expected to stabilise after the uncertain market in 2022. Production levels in Malaysia and Indonesia are
expected to increase following an expected enhancement of mature areas, conditions as well as labour supply.
However, the global economy is expected to face significant challenges in 2023. The growth outlook is expected to be lower this year due
to the persistently high inflation.
Barring any unforeseen circumstances, the Group is cautiously optimistic on its 2023 production as labour supply is expected to recover,
supported by ongoing efforts to mechanise, automate and digitalise operations.
69
RESEARCH AND DEVELOPMENT
WHAT WE DO
Our research and development (R&D) efforts are led by Applied Agricultural Resources Sdn
Bhd, which has over 35 years of experience in R&D and consultancy services. As a data-
driven plantations Group, our R&D outcomes have helped to optimise resource use and
reduce environmental impact.
Research and
Development
Research workers arranging plant samples at Boustead Life Sciences Research lab in Semenyih, Selangor
BUSINESS ENVIRONMENT
Given the need to ensure business sustainability and long-term financial viability, we have
focused on the production and utilisation of selected DxP seeds to maximise yield.
Compared to conventional planting materials, these high oil-bearing palms propagated via
tissue culture can increase oil production by as much as 20%, making them an attractive
commercial prospect.
Our comprehensive database of agronomic and climatic information from our estates is
part of our good agricultural practises for making informed decisions. Employing geospatial
data, we analyse potential correction sites and pinpoint the factors that are locally limiting or
decreasing yield.
70
Business Performance Review
Strategic Priorities Key Initiatives Achievements
Continuous Improvement To obtain accurate • Planting materials with more than 9 mt per hectare per year of
Of Yield and Crop Recovery information from spatial potential oil yield
Practices data for the estimation of • An efficient routine to capture time series aerial photographs
valid site yield potentials of estates with drones has been devised to obtain spatial
and produce detailed yield data of all estates at biennial intervals. Techniques for palm
maps for the identification of counting and to classify palm growth based on canopy sizes
under-performing palms for have been developed
correction. • Protocols have been developed and training is provided
for managers to use drone images for the planning and
monitoring of planting and replanting
Development of Affordable • Evaluating crop Promoted the use of carbon fibre poles that increases harvesting
and Practical Labour-saving evacuation machines, efficiency by up to 15%. Recommended a useful semi self-
Practices, Machines and ultra-light harvesting adjustable pole-lock and durable ‘Samurai’ knives that remain
Devices poles and durable sharp for months without sharpening to save harvesting time.
harvesting knives
• Exploring the idea of
adopting mechanisms
and suitable gadgets
to reduce the burden
on crop evacuation
machines and loading
on harvesting paths
Efficient Screening of Developing KARMA assays Able to screen mantled palms at the ramet stage with near
Abnormality and Reducing for screening of mantled 100% accuracy. Detected differences in in-vitro responses to the
Semi-clonal Variation in palms, testing of various duration of Clorox sterilization, position of explants and different
Plant Tissue Culture cloning protocols and the auxins used.
use of alternate explants.
Propagation and Identification of beneficial Successfully isolated and patented a potential Ganoderma
Dissemination of Beneficial and developing methods to disease suppressive microbe. Two effective growth promoting
Microbes isolate, preserve, propagate endophytic nitrogen-fixation and several phosphate-solubilising
and disseminate the bacteria have also been identified. Field testing of the efficacy of
microbes in the field. the microbes is on-going.
Protocols and Culture Evaluation of sensors or Successfully set-up digital weather stations and developed
for Data-driven Decision- cameras and fabricating an in-house protocol to record and retrieve weather data
Making data-logging hubs and automatically. Digital water-table monitoring wells have been
communication protocols set up and protocols developed to record water-table in areas
(such as long-range radio requiring proper drainage management.
communication to automate
and intensify data collection
in the field).
71
performance REVIEW
FIVE-YEAR GROUP FINANCIAL SUMMARY

2022 2021 2020 2019 2018
FINANCIAL PERFORMANCE
Revenue 1,177 1,050 763 577 584
Profit/(Loss) before taxation and zakat 729 345 83 (135) (51)
Profit/(Loss) for the year 589 242 34 (157) (64)
Profit/(Loss) attributable to shareholders 595 241 43 (144) (52)
Earnings/(Loss) per share sen 26.6 10.8 1.9 (6.4) (2.3)
Return on equity % 20.9 9.1 1.7 (5.5) (1.8)
Return on assets % 18.3 9.5 3.4 (1.7) (0.4)
Return on revenue % 25.0 37.2 18.3 (3.8) (3.5)
DIVIDENDS
Dividend declared 324 187 22 22 157
Net dividend per share sen 14.5 8.4 1.0 1.0 7.0
Dividend yield % 22.4 12.8 1.6 1.3 9.3
Dividend cover times 1.8 1.3 1.9 (6.4) (0.3)
GEARING
Borrowings 857 1,014 1,253 1,377 1,118
Gearing times 0.3 0.4 0.5 0.5 0.4
Interest cover times 22.3 8.2 2.4 (1.1) (0.4)
OTHER FINANCIAL STATISTICS

Net assets per share sen 133 121 115 114 121
Share price – high sen 119 75 75 100 137
Share price – low sen 61 53 21 57 67
Earnings ratio times 2.4 6.0 31.8 (11.8) (32.4)
Paid up share capital 1,422 1,422 1,422 1,422 1,422
Shareholders’ equity 2,973 2,717 2,584 2,552 2,718
Total equity 2,858 2,609 2,475 2,452 2,631
Total assets 4,236 4,124 4,129 4,200 4,165
Notes:
All figures are in RM million unless otherwise stated.
72
performance REVIEW
Five-Year group Financial Highlights
Revenue (RM Million) Profit/(Loss) Before Taxation (RM Million)
1,177 1,050 729

345
763
584
577 83
(135) (51)
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
Shareholders’ Equity (RM Million) Earnings/(Loss) Per Share (Sen)
26.6
2,973
2,717 2,718
10.8
2,584
2,552
1.9
(6.4) (2.3)
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
Dividend Per Share (Sen) Net Assets Per Share (Sen)
14.5 133
8.4
121 121
7.0 115 114
1.0 1.0
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
73
performance REVIEW
Key Focus 2023
Implemention of yield enhancement programme under PPIP
Plantation 2.0
Performance Continuity from the Business Plan set in 2019, in line with
Improvement Boustead Holding Berhad’s Reinventing Boustead strategy
Programme Involve 4 main thrusts: -
i. OER Optimisation
ii. Young and Prime Age Potential Yield Improvement
iii. Mechanisation 2.0
PPIP iv. Good Agricultural Practices
Implementation of good agricultural practices as envisaged

by BPlant
Plantation
Support new initiatives and innovation
Management
Execution of a systematic long-term replanting programme for
crop sustainability
Centre of Excellence at Sungai Jernih Business Unit
EFB and POME
Growth Area – Biogas plant

Mill Integration
Waste to Wealth/Renewable Energy
Data Extraction and Exploration for Plantation
Digital and Digital Office Environment System – Paperless Project

Technology
Research and Development
Capitalisation of Drone Technology
Digital Projects
Continuous development programme to increase awareness

on the importance of ESG
ENVIRONMENTAL,
SOCIAL AND Our commitment to further strengthen our sustainability
GOVERNANCE function and strategies in line with ESG principles
Integrate ESG requirements and guidelines in all tendering

activities
ESG
74
performance REVIEW
FINANCIAL CALENDAR
FINANCIAL YEAR RESULT
1 January 2022 to 1st quarter

Announced 23 May 2022
31 December 2022
2nd quarter
Announced 23 August 2022
3rd quarter
Announced 22 November 2022
4th quarter
Announced 21 February 2023
DIVIDEND
1st Interim 3rd Interim
Announced 23 May 2022 Announced 22 November 2022

Entitlement date 9 June 2022 Entitlement date 8 December 2022
Payment date 24 June 2022 Payment date 22 December 2022
2nd Interim 4th Interim
Announced 23 August 2022 Announced 21 February 2023

Entitlement date 13 September 2022 Entitlement date 8 March 2023
Payment date 27 September 2022 Payment date 22 March 2023
INTEGRATED REPORT ANNUAL GENERAL MEETING
Issued To be held
28 April 2023 12 June 2023
75
LEADERSHIP
Corporate Information 078
Board at a Glance 079
Board of Directors 080
Profile of Directors 082
Our Appreciation to Former Directors 087
Senior Management Team 088
Profile of Senior Management Team 090
Organisation Structure 094
SECTION 05
Acting Chief Executive Officer Fahmy Ismail addressing employees during an
engagement session at Menara Boustead, Kuala Lumpur
Corporate Information
Maj. Gen. Dato’ Seri haji Khairuddin Fahmy Ismail

Haji Abu Bakar (R) J.P. Non-Independent Executive Director /
Non-Independent Non-Executive Director Acting Chief Executive Officer
Tan Sri Dato’ Wira Aziah Ali (Dr.) Salihin Abang

Board of Independent Non-Executive Director Independent Non-Executive Director
Directors Izaddeen Daud

Non-Independent Non-Executive Director
lieutenant general datuk azizan
md delin (R)
(Appointed with effect from 20 April 2023)
REGISTERED OFFICE PRINCIPAL BANKERS

Level 23, The Bousteador Affin Bank Berhad
No. 10 Jalan PJU 7/6 Affin Hwang Investment Bank Berhad
Mutiara Damansara Affin Islamic Bank Berhad
47800 Petaling Jaya OCBC Bank (Malaysia) Berhad
Selangor Darul Ehsan United Overseas Bank Berhad
Tel : (03) 2141 9044 Al Rajhi Banking & Investment Corporation
Fax : (03) 2141 9750 (Malaysia) Berhad
www.bousteadplantations.com.my China Construction Bank (Malaysia) Berhad
REGISTRAR AUDITORS
Tricor Investor & Issuing House Services Sdn Bhd Ernst & Young PLT
Unit 32-01, Level 32, Tower A
Vertical Business Suite
Avenue 3, Bangsar South STOCK EXCHANGE LISTING
No. 8 Jalan Kerinchi Bursa Malaysia Securities Berhad
59200 Kuala Lumpur, Malaysia Stock Name : BPLANT
Tel : (03) 2783 9299 Stock Code : 5254
Fax : (03) 2783 9222
HOLDING CORPORATION
COMPANY SECRETARIES Boustead Holdings Berhad
Affendi Mohd Yob
Juniza Azizan
78
BOARD AT A GLANCE
BOARD COMPOSITION NATIONALITY
Independent
2 3
Non-Independent
1
Executive
6
Non-Executive Non-Executive Director
Directors Directors Malaysians
BOARD TENURE GENDER
1
1
5
Males
1
Female
>5 Years 4 Years 2 Years Less than 1 Year
ETHNICITY AGE
1
100%
1
2
Bumiputera <50 Years Old 60-65 Years Old
50-59 Years Old >70 Years Old
79
MAJ. GEN. DATO’ SERI HAJI KHAIRUDDIN TAN SRI DATO’ WIRA AZIAH ALI
HAJI ABU BAKAR (R) J.P. Independent Non-Executive Director
80
IZADDEEN DAUD FAHMY ISMAIL (DR.) SALIHIN ABANG

Non-Independent Non-Executive Director Non-Independent Executive Director Independent Non-Executive Director
/ Acting Chief Executive Officer
81
PROFILE OF DIRECTORS
Qualifications:
• 2004 – Master of Business
Administration, Charles Sturt
University, Australia
• 1996 – Malaysian Armed Forces
Defence College
• 1988 – Diploma in Industrial
Management, Universiti Kebangsaan
Malaysia
• 1986 – Malaysian Armed Forces
Staff College
• 1978 – Member of Malaysian
Institute of Management
Working Experience:
• 1971 to 2006 – Malaysian Armed
Forces
• Senior positions held:
– 2004 to 2005 – Chief Logistics
– 2003 to 2004 – Assistant Chief
of Staff, Logistics
– 1998 to 2003 – Director of
Defence, Logistics Policy
– 1996 to 1997 – Deputy
Commandant, Malaysian Armed
MAJ. GEN. DATO’ SERI HAJI KHAIRUDDIN HAJI ABU BAKAR (R) J.P. Forces Staff College
Non-Independent Non-Executive Director – 1995 to 1996 – Senior Officer,
Logistics Plan and Operations
for United Nations’ operations in
• Appointed as Independent Non- Details of any interest in the securities Somalia
Executive Director on 10 April 2014 of Boustead Plantations Berhad:
• Redesignated to Non-Independent • 53,000 Ordinary Shares
Committee Memberships:
Non-Executive Director on 11 April Directorship in other public listed • Chairman of Board Tender and
2023 companies: Procurement Committee
• Nil • Member of Risk Committee
Directorship in public companies: • Member of Sustainability Committee
Male 72 MalaysiaN
• Nil • Member of Nominating and
Remuneration Committee
Length of Service Family relationship with any director • Member of Audit Committee
9 years and/or major shareholder of the
Company:
Date of Last Re-election
• No
24 June 2020
Conflict of interests with the Company:
Number of Board Meetings Attended
• No
14/15
Other than traffic offences, any
convictions for offences within the
past 5 years and other particulars of
any public sanction or penalty imposed
by the relevant regulatory bodies
during the financial year:
• Nil
82
Qualifications:
• 1976 – Bachelor of Law (Honours),
Universiti Malaya
Working Experience:
• 1 November 2020 to present –
Commissioner, Enforcement Agency
Integrity Commission
• September 2020 to present
– Member, Securities Industry
Dispute Resolution Centre Appeals
Committee
• Tan Sri Dato’ Wira Aziah has vast
experience in law and served the
Government of Malaysia for over
40 years in various positions in the
judiciary including Legal Advisor,
Judicial Commissioner, High Court
Judge and Court of Appeal Judge.
She was elevated as a Federal Court
Judge on 21 March 2016 and retired
on 22 November 2018
• Chairman of Sustainability Committee
TAN SRI DATO’ WIRA AZIAH ALI • Chairman of Risk Committee
Independent Non-Executive Director • Member of Audit Committee
• Member of Nominating and
Remuneration Committee
Appointed on 22 July 2019 Details of any interest in the securities • Member of Board Tender and
of Boustead Plantations Berhad: Procurement Committee
• Nil
FEMale 70 MalaysiaN
Directorship in other public listed
companies:
Length of Service
• Boustead Heavy Industries
4 years Corporation Berhad
Date of Last Re-election Directorship in public companies:
14 June 2022 • Wasiyyah Shoppe Berhad
Number of Board Meetings Attended Family relationship with any director
15/15 and/or major shareholder of the
Company:
• No
• No
• Nil
83
Qualifications:
• Certified Financial Planner, Financial
Planning Association of Malaysia
• Fellow Member, Institute of Public
Accountants, Australia
• B.Sc (Hons) Accounting and Law, De
Monfort University, Leicester, United
Kingdom
Working Experience:
• December 2022 to present – Group
Chief Executive Officer (CEO),
Boustead Holdings Berhad (BHB)
• March 2021 to November 2022 –
Deputy Group Managing Director,
BHB
• November 2020 to March 2022 –
Acting CEO, Boustead Properties
Berhad
• July 2020 to February 2021 –
Executive Director, Group Business
Development, BHB
• 2013 to January 2021 – Executive
Chairman, E&E Gas Sdn Bhd
• 2008 to 2009 – Managing Director,
IZADDEEN DAUD MARA Incorporated
Non-Independent Non-Executive Director • 2007 to 2008 – CEO, ASM
Investment Services Berhad
• 1999 to 2007 – Assistant Vice
Appointed on 10 March 2021 Details of any interest in the securities President, Permodalan Nasional
of Boustead Plantations Berhad:
• Nil
Berhad
Male 54 MalaysiaN • 1992 to 1998 – Senior Manager,
companies: Perwira Affin Merchant Bank Berhad
Length of Service • Pharmaniaga Berhad (chairman) • 1992 – Senior Officer, Oriental Bank
2 years • Boustead Heavy Industries Berhad
Corporation Berhad • 1991 – Auditor, Ernst & Young
Date of Last Re-election • Olympia Industries Berhad
17 June 2021 Directorship in public companies:
• Boustead Properties Berhad
Number of Board Meetings Attended (Chairman) • Nil
14/15 • UAC Berhad (chairman)
Family relationship with any director
and/or major shareholder of the
Company:
• No
• No
• Nil
84
Qualifications:
• 2003 – Chartered Accountant,
Malaysian Institute of Accountants
• 2003 – Certified Practising Account,
CPA Australia
• 1998 – Bachelor of Commerce
(Accounting and Finance), University
of Sydney, Australia
Working Experience:
• November 2022 to present –
Acting Chief Executive Officer
(CEO), Boustead Plantations Berhad
(BPlant)
• 2017 to present – Group Finance
Director, Boustead Holdings Berhad
(BHB). Redesignated to Group Chief
Financial Officer effective 1 March
2023.
• January 2019 to July 2020 – Chief
Operating Officer, BHB
• 2014 to May 2018 – CEO, BPlant
• 2009 – CEO, Boustead REIT
Managers Sdn Bhd
• 2006 – Manager, Corporate
FAHMY ISMAIL Planning, BHB
Non-Independent Executive Director / Acting Chief Executive Officer • 1999 to 2005 – Began his career as
a management trainee and assumed
several finance roles within the
• Appointed as Non-Independent Details of any interest in the securities Renong Group, ranging from
Non-Executive Director on 10 March of Boustead Plantations Berhad: accounting, performance reporting,
• 1,000 Ordinary Shares
2021 treasury and corporate finance. Last
• Redesignated to Non-Independent Directorship in other public listed position held prior to joining BHB
Executive Director on 8 November companies: was Assistant Manager, Corporate
2022 • BOUSTEAD HEAVY INDUSTRIES Finance for SapuraCrest Petroleum
CORPORATION BERHAD
Berhad
MalaysiaN Directorship in public companies:
MALE 46
• MHS Aviation Berhad Committee Memberships:
• Boustead Properties Berhad • Nil
Length of Service
2 years Family relationship with any director
Date of Last Re-election Company:
17 June 2021 • No
Number of Board Meetings Attended Conflict of interests with the Company:

15/15 • No
• Nil
85
Qualifications:
• 2020 – Certified Public Accountant,
Malaysian Institute of Certified
Public Accountants
• 2018 – Honorary Doctorate Degree
in Management, Universiti Malaysia
Terengganu
• 2017 – Honorary Member, Institute
of Cooperative and Management
Auditors
• 2017 – Fellow, International
Accountant, Association of
International Accountants
(United Kingdom)
• 2017 – ASEAN Chartered
Professional Accountant
• 2011 – ASEAN Senior Management
Development Program, Harvard
Business School Alumni Club of
Malaysia
• 2008 – Master of Science in
Accounting, International Islamic
University Malaysia (UIAM)
• 2007 – Fellow, Chartered Tax
Institute of Malaysia
(DR.) SALIHIN ABANG • 2003 – Certified Financial Planner,
Independent Non-Executive Director Financial Planning Association of
Malaysia
• 2000 – Chartered Accountant,
Appointed on 7 July 2021 Details of any interest in the securities Malaysian Institute of Accountants
of Boustead Plantations Berhad:
• 1997 – Bachelor of Accounting,
• Nil
Male 50 MalaysiaN UIAM
companies:
Length of Service Working Experience:
• Bintulu Port Holdings Berhad
2 years • G3 Global Berhad • 2002 to present – Founder and
• Boustead Heavy Industries Managing Partner, Salihin Chartered
Date of Last Re-election Corporation Berhad Accountants (AF 1426)
14 June 2022
Directorship in public companies: • 2015 to 2019 – Council Member and
Number of Board Meetings Attended • Wasiyyah Shoppe Berhad President of Malaysian Institute of
15/15 Accountants
Family relationship with any director
Company: Committee Memberships:
• No • Chairman of Audit Committee
Conflict of interests with the Company: • Chairman of Nominating and
• No Remuneration Committee
• Member of Risk Committee
convictions for offences within the • Member of Sustainability Committee
• Nil
86
OUR APPRECIATION TO FORMER DIRECTORS
DATO’ HAJI ISMAIL DATO’ INDERA HAJI

HAJI LASIM MUSTAFFAR KAMAL
Independent Non-Executive HAJI AB HAMID
Chairman Independent Non-Executive
Director
Malaysian / 64 (Male) Malaysian / 69 (Male)
Resigned with effective from (w.e.f.) 31 January 2023 Resigned w.e.f. 31 January 2023
DATUK HAJI ABDUL GHANI Mohd Azahar

ABDUL RASHID Ibrahim
Independent Non-Executive Independent Non-Executive
Director Director
Resigned w.e.f. 31 January 2023 Resigned w.e.f. 31 January 2023
Dato’ Dr. Haji Din AHMAD SHAHREDZUAN

Adam MOHD SHARIFF
Independent Non-Executive Non-Independent
Director Non-Executive Director
Resigned w.e.f. 31 January 2023 Resigned w.e.f. 9 December 2022
DATUK HAJI SHAH HEADAN DATUK MUSTAPA KAMAL

AYOOB HUSSAIN SHAH MOHD YUSOFF
Non-Independent Independent Non-Executive
Non-Executive Director Director
Retired w.e.f. 14 June 2022 Retired w.e.f. 14 June 2022
87
MOHAMAD MAHAZIR FAHMY ISMAIL ANUAR SEMAIL MOHD FADZLY

MUSTAFFA MAHYUDDIN
Chief Financial Officer Acting Chief Executive Officer Chief Operating Officer Chief People Officer
88
KHAIRUDIN IBRAHIM ABDULLAH ZAHRI PREMILA RAJARATNAM AFFENDI MOHD YOB

ABDUL AZIZIS
Chief Strategy Officer Head, Technology Head, Group Internal Audit Company Secretary/
and Risk Management Head, Group Secretarial
89
PROFILE OF SENIOR MANAGEMENT TEAM
FAHMY ISMAIL MOHAMAD MAHAZIR

Acting Chief Executive MUSTAFFA
Officer Chief Financial Officer
Date of Appointment to present position: 8 November 2022 Date of Appointment to present position: 23 September 2019
For more information on Encik Fahmy Ismail, please turn to page Qualifications:
85 of this Integrated Report. • 2019 – Chartered Accountant, Malaysian Institute of Accountants
• 2018 – Fellow, Association of Chartered Certified Accountants
(ACCA)
• 2011 – ACCA, London College of Accountancy, United Kingdom
• 1997 – Bachelor of Science in Business Administration
(Accounting), California State University, Sacramento,
United States of America
• 1994 – Diploma in Accounting, MARA Community College,
Kuantan, Pahang
Working Experience:
• September 2019 to present – Chief Financial Officer, Boustead
Plantations Berhad (BPlant)
• 2015 to 2019 – Financial Controller, BPlant
• 2012 to 2015 – Assistant Vice President, Finance Operation, PT
Minamas Gemilang, Indonesia, Sime Darby Plantation Berhad
• 1997 to 2009 – Began his career as a management trainee
and assumed several finance roles within Boustead Holdings
Berhad (BHB) Group, ranging from accounting, performance
reporting and treasury. Last position held prior to leaving BHB
was Finance and Administration Manager.
Details of any interest in the securities of Boustead Plantations

Berhad:
• Nil
Directorship in other public listed companies:

• Nil
Directorship in public companies:

• Nil
Family relationship with any director and/or major shareholder

of the Company:
• No

• No
Other than traffic offences, any convictions for offences within

the past 5 years and other particulars of any public sanction or
penalty imposed by the relevant regulatory bodies during the
financial year:
• Nil
90
ANUAR SEMAIL MOHD FADZLY

Chief Operating Officer MAHYUDDIN
Chief People Officer
Date of Appointment to present position: 1 January 2023 Date of Appointment to present position: 1 January 2023
Qualifications: Qualifications:
• 2021 – Accredited Roundtable Sustainable Palm Oil Lead • 2020 – MBA in Corporate Finance, National Institute of
Auditor Business Management
• 2015 – Accredited ISO 9001 and ISO 14001 Auditor • 2012 – Professional Certificate in Talent Development,
• 2015 – Accredited Malaysian Sustainable Palm Oil Internal Pennsylvania State University
Auditor • 2010 – Master of Human Resource Management, Universiti
• 1997 – Ordinary Member, Incorporated Society of Planters Utara Malaysia
• 1988 – Bachelor of Agricultural Science, Universiti Putra
Malaysia Working Experience:
• 2023 to present – Chief People Officer, Boustead Plantations
Working Experience: Berhad (BPlant)
• 2023 to present – Chief Operating Officer, Boustead • 2021 to 2022 – Head, Human Resource and Administration,
Plantations Berhad (BPlant) BPlant
• 2022 – Head, Plantations Planning and Monitoring, BPlant • 2019 to 2021 – Head, Human Resource and Administration,
• 2019 to 2022 – Head, Sustainability and Safety Department, Gading Group Berhad
BPlant • 2018 to 2019 – Senior Manager, Human Resource, Sapura
• 2018 to 2019 – Planting Director, BPlant Energy Berhad
• 2014 to 2018 – Planting Advisor, BPlant • 2013 to 2017 – Senior Manager, Human Resource, Perisai
• 2009 to 2014 – Senior Manager, BPlant Petroleum Teknologi Berhad
• 2013 – Head, Industrial Relations, Petroleum Nasional Berhad
Details of any interest in the securities of Boustead Plantations
Berhad: Details of any interest in the securities of Boustead Plantations
• Nil Berhad:
• Nil
• Nil Directorship in other public listed companies:
• Nil
• Nil Directorship in public companies:
• Nil
Family relationship with any director and/or major shareholder
of the Company: Family relationship with any director and/or major shareholder
• No of the Company:
• No
• No Conflict of interests with the Company:
• No
the past 5 years and other particulars of any public sanction or Other than traffic offences, any convictions for offences within
penalty imposed by the relevant regulatory bodies during the the past 5 years and other particulars of any public sanction or
financial year: penalty imposed by the relevant regulatory bodies during the
• Nil financial year:
• Nil
91
SENIOR MANAGEMENT TEAM
KHAIRUDIN IBRAHIM ABDULLAH ZAHRI

Chief Strategy Officer ABDUL AZIZIS
Head, Technology
Date of Appointment to present position: 1 January 2023 Date of Appointment to present position: 1 November 2021
• 2008 – Fellow member of Certified Practising Accountant, • 2000 – Master of Software Engineering, Universiti Technologi
Australia Malaysia
• 1994 – Chartered Accountant, Malaysian Institute of • 1994 – Bachelor of Computer Science, United States Naval
Accountants Academy
Working Experience: Working Experience:

• 2023 to present – Chief Strategy Officer, Boustead Plantations • November 2021 to present – Head, Technology, Boustead
Berhad (BPlant) Plantations Berhad
• October 2021 to 2022 – Head, Strategy and Corporate • 2019 to 2021 – Deputy Director Commercial and Contract,
Development, BPlant Littoral Combat Ship (LCS) Programme, Boustead Heavy
• 2020 to 2021 – Consulting and Corporate Financial Reporting Industries Corporation Berhad (BHIC)
Trainer • 2018 to 2019 – Deputy Director Management, LCS
• 2003 to 2019 – Independent Director and Investment Programme, BHIC
Committee Member, Libra Invest Berhad • 2015 to 2018 – Senior Configuration Manager, LCS
• 2001 to 2020 – Senior Partner, Parker Randall Group Malaysia, Programme, BHIC
Chartered Accountants • 2012 to 2015 – Configuration Manager, LCS Programme,
• 1999 to 2000 – Corporate Advisory and Consulting BHIC
• 1991 to 1998 – Audit Executive to Manager,
PricewaterhouseCoopers Details of any interest in the securities of Boustead Plantations
Berhad:
Details of any interest in the securities of Boustead Plantations • Nil
Berhad:
• Nil Directorship in other public listed companies:
• Nil
• Nil Directorship in public companies:
• Nil
• Nil Family relationship with any director and/or major shareholder
of the Company:
Family relationship with any director and/or major shareholder • No
of the Company:
• No Conflict of interests with the Company:
• No
• No Other than traffic offences, any convictions for offences within
Other than traffic offences, any convictions for offences within penalty imposed by the relevant regulatory bodies during the
the past 5 years and other particulars of any public sanction or financial year:
penalty imposed by the relevant regulatory bodies during the • Nil
financial year:
• Nil
92
PREMILA AFFENDI MOHD YOB

RAJARATNAM Company Secretary/
Head, Group Internal Audit Head, Group Secretarial
and Risk Management
Malaysian / 41 (Female) Malaysian / 44 (Male)
Date of Appointment to present position: 1 August 2021 Date of Appointment to present position: 5 December 2018
• 2019 – Chartered Accountant, Malaysian Institute of • 2001 – Bachelor of Corporate Administration, Universiti
Accountants Teknologi MARA (UiTM)
• 2013 – Fellow, Association of Chartered Certified Accountants • 1999 – Diploma in Public Administration, UiTM
(ACCA)
• 2005 – ACCA Working Experience:
• January 2020 to present – Head, Group Secretarial, Boustead
Working Experience: Holdings Berhad (BHB)
• August 2021 to present – Head, Group Internal Audit and Risk • December 2018 to present – Company Secretary, Boustead
Management, Boustead Holdings Berhad Plantations Berhad
• 2016 to 2021 – Deputy General Manager (Finance), • 2016 to present – Company Secretary, BHB
Pharmaniaga Berhad • 2014 to 2016 – Assistant Vice President, CIMB Investment Bank
• 2011 to 2015 – Financial Controller, MHS Aviation Berhad Berhad
• 2010 to 2011 – Finance Manager, Boustead Engineering Sdn • 2010 to 2014 – Company Secretary, Prudential BSN Takaful
Bhd Berhad
• 2004 to 2010 – Manager, Internal Audit, Risk and Compliance • 2009 to 2010 – Company Secretary, Inter Millenia Services
Services, KPMG Malaysia Sdn Bhd (IMS)
• 2003 to 2009 – Assistant Company Secretary, IMS
Details of any interest in the securities of Boustead Plantations • 2002 – Assistant Company Secretary, Konsortium Peniaga-
Berhad: Peniaga Bandaraya Sdn Bhd
• Nil • 2002 – Assistant Company Secretary, Mega-Wan Secretarial
Services Sdn Bhd
• Nil Details of any interest in the securities of Boustead Plantations
Berhad:
Directorship in public companies: • Nil
• Nil
Family relationship with any director and/or major shareholder • Nil
of the Company:
• No Directorship in public companies:
• Nil
• No Family relationship with any director and/or major shareholder
of the Company:
Other than traffic offences, any convictions for offences within • No
penalty imposed by the relevant regulatory bodies during the Conflict of interests with the Company:
financial year: • No
• Nil
penalty imposed by the relevant regulatory bodies during the
financial year:
• Nil
93
organisation structure
AUDIT COMMITTEE
group internal audit HEAD OF INTEGRITY
Chief Operating Officer Chief People Officer
Finance Drone Corporate

Communications
Treasury Replanting and
Mechanisation Human Resources
Procurement Operations
Agronomist
Marketing Reward Management
Mill and Estate and Employee
Legal Performance Relations
Monitoring
Compliance AND Risk
Workforce
Management Head of Business Units Management
Land Management Engineering Services Administration
Investor Relations Sustainability and Payroll
Safety
94
BOARD OF DIRECTORS
CHIEF EXECUTIVE OFFICER
Chief Strategy Officer
Head of Technology
Strategic Planning
Agri-Ventures Business
Digitalisation
Business Development
Information
Boustead Life Sciences Technology
Research
95
GOVERNANCE
Corporate Governance Overview Statement 098
Risk Committee Report 116
Statement on Risk Management and
Internal Control 118
Audit Committee Report 123
Additional Compliance Information 128
Directors’ Responsibility Statement 129
Statement of Directors’ and CEO’s Interests 129
Calendar of Significant Events 2022 130
SECTION 06
BPlant’s Board Members and Senior Management at the opening ceremony of
BPlant Open Day 2022 at Kuala Muda Estate, Kedah
Corporate governance overview STATEMENT
This Corporate Governance Overview Statement sets out the principal features of Boustead
Plantations Berhad’s (BPlant or the Company and its subsidiaries collectively referred to as
the Group) corporate governance approach, summary of corporate governance practices
during the financial year as well as key focus areas and future priorities in relation to corporate
governance. The Board of Directors (Board) believes that good corporate governance is
testament of the highest standards of professionalism and strives to ensure that it is practiced
throughout the Group.
The Corporate Governance Overview Statement is made pursuant to The Group’s overall approach to corporate governance is to:
Paragraph 15.25(1) of the Main Market Listing Requirements (MMLR)
of Bursa Malaysia Securities Berhad (Bursa Malaysia). Guidance
1 promote heightened accountability at the leadership level,
was also drawn from Practice Note 9 of MMLR and the Corporate
namely Board and Senior Management;
Governance Guide issued by Bursa Malaysia.
2 adopt in substance the corporate governance
The Corporate Governance Overview Statement is augmented with enumerations and not merely in form;
a Corporate Governance Report, based on a prescribed format as
enumerated in Paragraph 15.25(2) of the MMLR so as to provide 3 conduct a thorough debate and rigorous enquiry process
a detailed articulation on the application of the Group’s corporate before establishing corporate governance systems,
governance practices vis-à-vis the Malaysian Code on Corporate policies and procedures;
Governance (MCCG). The Corporate Governance Report is available
on the Group’s website at www.bousteadplantations.com.my as well 4 identify opportunities to drive the synergistic
as via an announcement on the website of Bursa Malaysia. implementation of corporate governance systems, policies
and procedures for improved strategic and operational
This Corporate Governance Overview Statement should also be decision making; and
read in tandem with the other statements in the Integrated Report
5 find a balance in meeting the expectations of the different
namely, the Statement on Risk Management and Internal Control,
groups of stakeholders of the Group.
Audit Committee Report, Risk Committee Report and Sustainability
Statement.
OUR CORPORATE GOVERNANCE APPROACH The Board forms the pivot of good corporate governance in the
Group. As such, it plays a leading role in steering the efforts to
The Board of BPlant is committed towards reinforcing its market promote meaningful and thoughtful application of good corporate
position in the plantation sector, whilst remaining true to the Group’s governance practices. The Group regularly reviews its corporate
well-established corporate governance philosophies and values. governance arrangements and practices to ascertain that they reflect
The Board believes that a robust and dynamic corporate governance prevailing norms, market dynamics, emerging trends, developments
framework is essential to form the bedrock of responsible and in the regulatory framework and evolving stakeholder expectations.
responsive decision-making in the Group.
98
SUMMARY OF CORPORATE GOVERNANCE PRACTICES In line with the latitude accorded in the application mechanism of
MCCG, the Company has provided explanations for the departures
The Board is committed in ensuring that there is a strong and from the said practices supplemented with a description on the
effective system of corporate governance in place to support the alternative measures that seek to achieve the Intended Outcome
successful execution of the Group’s strategies. of the departed Practices, measures that the Company has taken
or intends to take to adopt the departed Practices as well as the
As a Group driven by its responsibility to shareholders and a broader timeframe for adoption of the departed Practices. Further details on
group of stakeholders, good governance for BPlant is imperative the application of each individual Practice of MCCG are available in
to its long-term success. The Board embraces transparency and the Corporate Governance Report.
accountability in the boardroom and promotes these critical
components of governance throughout the Group. CORPORATE GOVERNANCE FRAMEWORK
An important role of corporate governance is to ensure sustainable The Board discharges its responsibilities within a clear defined
long-term performance, maximise returns for stakeholders and governance framework and robust mechanisms in place. The Board,
create long-term economic value and growth. without abdicating its responsibilities, delegates its governance
responsibilities to key Committees of the Board and other
As a manifestation of the Group’s commitment towards sound Management Committees. The Board retains ultimate accountability
corporate governance, the Group has benchmarked its practices and responsibility for the performance and affairs of the Group.
against the relevant promulgations as well as the best practices in
corporate governance. The Group’s governance structure and practices create value for all
its stakeholders by:
During the year under review, BPlant applied all the Practices
encapsulated in MCCG 2021 except:
promoting the Group’s future through sound sustainable
1 practices;
Practice 1.4
(Chairman of the Board should not be a member of Audit 2 building cogency through principled leadership;
Committee, Nomination Committee or Remuneration Committee);
securing the integrity and quality of financial reporting;
Practice 5.9
3 and
(The Board comprises of at least 30% women directors); and
4 ensuring good reputation with accountable behaviour.

Practice 8.2
(Disclosure of the top five Senior Management personnel’s
remuneration on a named basis in bands of RM50,000).
99
The table below illustrates the Group’s governance structure, an overview of the Board and Management Committees:
Board Tender and

Audit Committee (AC) Procurement Committee Risk Committee (RC)
(BTPC)
Review of financial reporting, Review, deliberate and approve Oversee the implementation of the
internal controls, related party purchase and award of contracts risk management framework and
transactions/recurrent related party within the limits as authorised in identify, assess and monitor the
transactions and conflicts of interest, the Limits of Authority and the overall risk exposure in order to
internal audit as well as external selection of successful tenderer. safeguard the Group’s interest.
audit processes.
BOARD
Nominating and Sustainability
Remuneration Committee Responsible for providing Committee (SC)
(NRC) stewardship and oversight of
the Group’s business affairs.
Review candidatures for Board Monitor implementation of
appointment and re-appointment sustainability-related policies,
as well as annual assessment of measures and actions in achieving
the Board, Board Committees and Group’s sustainability milestones
Directors. Review and oversee the and goals.
administration of remuneration
policies and procedures of Directors
and Senior Management.
Chief Executive Officer (CEO)
Responsible for the overall business and implementation of Board policies, decisions and powers within delegated limits
for all matters except those reserved for the Board or delegated to Board Committees.
Management Committee
Digital
Management Management
Management Head of Procurement Transformation
Executive Sustainability
Risk Committee Operations Committee Steering
Committee Committee
Committee
Head of Business Unit

Internal Audit Head
Head of Head of
Integrity Operating Units
100
BOARD CHARTER
The Board and the Board Committees are guided by a Board Charter
and the respective Terms of Reference (TOR) which sets out the ethos
of the Board and the Board Committees as well as its structure and
authority. The Board Charter is a primary document that elucidates
on the governance of the Board, Board Committees and individual
Directors.
Aside from setting out the governance structure, authority and

TORs of the Board Committees and Management, as well as clearly
identifying their respective roles and responsibilities and what is
expected of them in terms of commitment, the Board Charter sets
out the issues and decisions reserved for the Board.
The Board Charter and the TORs of the Board Committees are made BPlant Board Members sharing a light-hearted moment with employees at
Segaria Estate, Sabah.
available on the Group’s website at www.bousteadplantations.com.my.
The Board Charter and the TOR of the RC, SC and BTPC were last
reviewed on 22 August 2019. The TOR of the AC and NRC were
updated on 4 April 2022 and 11 April 2023 respectively. The Board safeguards stakeholder value creation and ensures that
the strategic plan of the Group supports long-term value creation
BOARD’S ROLES AND RESPONSIBILITIES and includes strategies on environmental, social and governance
(ESG) considerations, which in turn will strengthen the integration of
The Board is collectively responsible for the overall leadership of the sustainability in the Group’s operations.
Group, meeting its objectives and goals and for promoting its long-
term sustainability and success within a framework of prudent and Together with Management, the Board promotes good corporate
effective controls. governance culture within the Group ensuring honest and ethical
leadership, prudent and professional behaviour in the conduct of its
In discharging its functions, the main roles and responsibilities of the business and in all aspects of its business operations.
Board are as follows:
Prudent and effective controls make it possible for the Board to
assess and manage emerging risks and opportunities continuously
to ensure long-term sustainable development and growth.
1 to review, approve and monitor the strategic business plans,
goals and key policies proposed by the Management;
The balance on the Board with the presence of Non-Executive
Directors (NEDs) ensures that no individual or small group of
2 to ensure that appropriate policies are in place, adopted Directors are able to dominate the decision-making process and that
effectively and are regularly reviewed; the interests of shareholders are protected. The Board considers
each NED to be independent in character and judgement.
3 to review and approve financial statements;
The Board is satisfied that each Director has devoted sufficient
time to effectively discharge his/her responsibilities. The current
4 to review and manage principal risks and adequacy of composition of Directors has a blend of skills, experience and
BPlant’s internal control systems; knowledge enabling them to provide effective oversight, strategic
guidance and constructive challenge and decide on Management’s
to ensure there is an appropriate succession plan for proposals and empower the CEO to implement strategies approved
5
members of the Board and Senior Management; and by the Board.
During the year under review, the Board deliberated on business

6 to ensure there is effective communication with
strategies and critical issues concerning the Group, including its
stakeholders.
business plan, annual budget, significant acquisitions and disposals,
financial results as well as key performance indicators.
101
BOARD MEETINGS AND ATTENDANCE All Directors complied with the minimum attendance requirement
of 50% of Board meetings held during the year under review. The
The Board meets at least four times a year with additional meetings Directors’ commitment in discharging their duties and responsibilities
convened as and when necessary. Relevant members of the is affirmed by their attendance at the Board meetings held during
Management attend Board meetings by invitation and report to the the year under review. The Board is satisfied with the level of
Board on matters pertinent to their respective areas of responsibility. commitment given by the Directors towards fulfilling their roles and
responsibilities.
The Chairman and the Company Secretary ensure that Directors
receive clear and timely information on all relevant matters. Board The pandemic had changed the way the Board and the Management
and Board Committee papers and reading materials are circulated in undertook their respective activities. Board and Board Committee
a timely manner to ensure there is adequate time for the Directors to meetings were carried out both online and by physical attendance
read, have an understanding of the subject matter, and be prepared of members during the year under review.
to deal with matters to be discussed at the meeting to enable the
Board and Board Committees to make effective decisions. This The Board conducted 15 meetings during the year under review.
facilitates a robust and informed discussion by the Board, ensuring The Board meetings continued to be held via a hybrid meeting
that opportunities are given to all Directors to participate and arrangement. Aside from Board meeting, urgent matters were also
contribute to an effective decision-making process. decided via Directors’ Circular Resolutions which were signed by all
Directors.
The Directors can access the Board papers online through a secured
collaborative software and confer with other Board members and the In discharging their responsibilities during Board and Board
Company Secretary electronically. The software eases the process Committee meetings, the Board and Board Committees practice
of distribution of meeting papers and minimises leakage of sensitive active and open discussions so as to ensure that opportunities are
and confidential information. given to all Directors to participate and contribute to the decision-
making process. Robust discussions and meaningful deliberations at
Presentations to the Board are prepared and delivered in a manner these meetings ensure that the process of constructive and healthy
that ensures clear and adequate understanding of the subject matter. dialogue is achieved.
If there are any urgent matters or there are additional documents,
the Management will take the Board through the documents for a Directors must immediately declare if they have any interest in
more detailed explanation. transactions that are to be entered into directly or indirectly with the
Company. They must disclose the extent and nature of their interest
The minutes of Board meetings accurately reflect the deliberations at a Board meeting or as soon as practicable after they become
and decisions of the Board, including any dissenting views and if any aware of the conflict of interest. They must abstain from participating
Director had abstained from voting or deliberating on a particular in the deliberation and Board decision on the matter as he/she is an
matter. interested party.
All Directors have unrestricted access to the Management and the

Company Secretary who is qualified to act as company secretary in
accordance with Section 235 of the Companies Act 2016 (CA 2016).
The Company Secretary acts as advisor to the Board particularly with
regard to the Company’s Constitution, policies and procedures and
its compliance with regulatory requirements, codes, guidelines and
legislations. The Company Secretary ensures that discussions and
deliberations at the Board and Board Committee meetings are well
documented and communicated to the relevant Management for
appropriate actions.
102
Attendance of individual Directors at Board and Board Committee meetings during the year under review are as follows:
Director Board AC RC NRC SC BTPC DTC5
Independent Non-Executive Directors
Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. 1 14/15 6/6 9/9 9/9 4/4 2/2
Tan Sri Dato’ Wira Aziah Ali 15/15 6/6 9/9 9/9 4/4 2/2
(Dr.) Salihin Abang 15/15 6/6 4/4 3/3
Dato’ Haji Ismail Haji Lasim 2 15/15 9/9
Dato’ Indera Haji Mustaffar Kamal Haji Ab Hamid 2 13/15 6/7 1/4
Dato’ Dr. Haji Din Adam 2 5/5
Datuk Haji Abdul Ghani Abdul Rashid 2 15/15 5/5 4/4 3/3
Mohd Azahar Ibrahim 2 7/7
Datuk Mustapa Kamal Mohd Yusoff 4 7/7 3/3 2/2
Non-Independent Non-Executive Directors
Izaddeen Daud 14/15
Ahmad Shahredzuan Mohd Shariff 3 15/15
Datuk Haji Shah Headan Ayoob Hussain Shah 4 5/7 5/5 2/2 2/2 1/2
Non-Independent Executive Director
Fahmy Ismail 15/15
Board/Board Committee Chairman Member
Note:
1
Redesignated to Non-Independent Non-Executive Director with effect from (w.e.f.) 11 April 2023.
2
Resigned w.e.f. 31 January 2023.
3
Resigned w.e.f. 9 December 2022.
4
Retired w.e.f. 14 June 2022.
5
Dissolution of Digital Transformation Committee (DTC) w.e.f. 10 February 2023.
103
INTEGRITY AND ETHICS
The Board is committed to a corporate culture that encompasses

ethical conduct within the Group by adopting numerous policies
which serve to achieve this commitment.
Integrity is a core value of the Group. The Board is cognisant of its

responsibility to set the ethical tone for the Group. The Code of Ethics
and Conduct, Whistleblowing Policy and Anti-Corruption Policy have
been put in place to foster an ethical culture and allow legitimate
ethical concerns to be escalated in confidence without any risk of
reprisal. The policies are reviewed periodically by the Board and
published on the Group’s website, www.bousteadplantations.com.my.
BOARD COMPOSITION
Board and Management at Board Retreat 2022
The Board currently comprises six members, two of whom are

Independent Non-Executive Directors (INEDs). The Board strives
BOARD COMMITTEES to ensure that it has an appropriate mix of skills, qualifications and
experience to discharge its roles and responsibilities effectively. The
As part of its efforts to ensure the effective discharge of its duties, Board, from time to time undertakes a review of its composition to
the Board has delegated certain functions to Committees with their determine areas of strengths and improvement opportunities.
own TORs.
The Board’s size ensures that the purpose of involvement,
The Chairman of all Committees will report to the Board on the participation harmony and sense of responsibility of the Directors
decision or outcome of Committee meetings. are not jeopardised and that it achieves the correct balance to
realise the Group’s strategic objectives.
In delegating its authority to Board Committees, the Board does not
abdicate its responsibility and exercises collective oversight at all The Board believes that the current overall Board composition is
times. adequate in terms of size, skills, experience and diversity to ensure
inclusiveness of views as well as to facilitate effective decision-
The reports of the AC, RC and SC are set out on pages 116 to 127 and making and constructive deliberations during meetings.
136 to 163 of this Integrated Report.
The Board has determined that the two INEDs are independent in
SEPARATE ROLES OF THE CHAIRMAN AND CEO line with the requirements of Paragraph 15.02 of the MMLR. All Board
members are persons of high calibre and integrity with diverse
There is clear delineation of roles of the Board and Management. professional backgrounds, sound knowledge and understanding of
The positions of the Chairman and CEO are held separately by two the Group’s business.
individuals. The segregation ensures a clear distinction between
the Chairman’s responsibility to manage the Board and the CEO’s The Board acknowledges that NEDs may hold external directorships
responsibility to manage the Company’s business. Separation of the and other business interests, which varied exposure will benefit the
role of the Chairman and the CEO is imperative as both roles have Group significantly. The Board annually reviews the declarations
different expectations and serve distinct primary audiences. made by Directors on the number and nature of their external
directorships that they hold as well as their assurances on time
The CEO is the intermediary between the Board and the Management commitment in carrying out their duties and responsibilities to the
in driving the success of the Group’s governance and management Company. As at the date of this Statement, none of the Directors hold
function. The CEO implements the Board’s policies and decisions more than five directorships in any other public listed companies.
towards meeting the Company’s business objectives. The Chairman
is responsible for leading and guiding the Board whilst maintaining
the highest standard of governance. The Chairman also serves as
the main link between the Board and Management, particularly
between the Board and the CEO.
104
The Board expressed its gratitute and sincere appreciation to the

former Chairman, Dato’ Haji Ismail Haji Lasim for his leadership. Article 117
• Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P.
The Board also bid farewell to Ahmad Shahredzuan Mohd Shariff, • Izaddeen Daud
Dato’ Indera Haji Mustaffar Kamal Haji Ab Hamid, Datuk Haji
Abdul Ghani Abdul Rashid, Mohd Azahar Ibrahim and Dato’ Dr. Article 123
Haji Din Adam. • Lieutenant General Datuk Azizan Md Delin (R)
The year 2022 also saw Datuk Haji Shah Headan Ayoob Hussain Appointments of the Board are made via a formal, rigorous and
Shah and Datuk Mustapa Kamal Mohd Yusoff retire from the Board. transparent process, premised on meritocracy. The Board considers
the current composition of the Board, the tenure of each Director
The Board expressed its sincere gratitude to the former Chairman on the Board and evaluates the need to bring new skills and
and Directors for their contributions to the Board and wishes them perspectives to the Board.
well.
The Board takes into account objective criteria such as qualification,
Article 117 of the Company’s Constitution provides that at every skills, experience, professionalism, integrity and diversity needed on
Annual General Meeting (AGM) of the Company, one-third of the the Board to help shape and steer the Group’s strategic direction.
Directors shall retire from the Board by rotation. If eligible, such In the case of the appointment of an INED, the Board assesses the
Directors may offer themselves for re-election. candidate’s ability to bring the element of detached impartiality and
objective judgement to boardroom deliberations.
Article 123 of the Company’s Constitution further provides that any
new Directors appointed to fill a casual vacancy or as an addition to Overall, the Board is of the view that the Board comprises a good
the Board shall hold office until the next following AGM and shall be mix of members with diverse academic backgrounds to provide
eligible for re-election. The NRC, upon its evaluation has recommended for a collective range of skills, expertise and experience which are
for the re-election of the relevant Directors at the forthcoming AGM. relevant to support the growth and cope with the complexities of the
The Directors have given their consent for the re-election. Group’s businesses.
The Board is satisfied that there is mutual respect among Directors

contributing to a democratic environment that allows for constructive
deliberations and a robust decision-making process.
Board Composition Age Composition

Independent
Executive 17% Non-Executive
Director Directors
17% 33% 17% 33%
33%
5:1
ratio of male to
50%
Non-Independent
female director Non-Executive
Directors
60-69
50-59
<50
>70
105
BOARD CONDUCT MATTERS RESERVED FOR THE DECISION OF THE BOARD
The Board commits itself and its Directors to ethical business and The Board discharges some of its responsibilities directly and
lawful conduct, including proper use authority and appropriate delegates certain responsibilities to its Committees to assist in
decorum when acting as Board members. carrying out its functions of ensuring independent oversight and
stewardship.
All Board members discharge their duties and responsibilities at
all times as fiduciaries in the best interest of the Group. They act The Board also delegates authority for the operational management
with integrity, lead by example, keep abreast of their responsibilities to the CEO for further delegation by him in respect of matters that
as Directors and of the conduct, business and development of the are necessary for the effective day-to-day running of the Group’s
Group. business.
In directing or managing the Group’s business affairs, they exercise A clear schedule of Matters Reserved for the Board are reviewed
reasonable care, skill and diligence by applying their knowledge, periodically against industry best practices and corporate
skill and experience. governance provisions and guidance. Matters reserved for the
Board are as follows:
The Board ensures that key transactions or critical decisions are
deliberated in a meeting. The Board also ensures that decisions and
basis for those decisions, including any dissenting views are made 1 approval of strategic directions, plans and key policies;
known and properly minuted.
2 approval of annual budgets, including major capital
commitments and capital expenditure budgets;
3 approval of new major ventures;
Accounting approval of material acquisitions and disposition of assets

4
not in the ordinary course of business;
Strategy key changes to management and control structure within
Military 5
Development the Company;
6 appointment of CEO, Board members, Board Committee

members and Company Secretary; and
BOARD SKILLS 7
any matters or transactions that fall within the ambit of the
and Board pursuant to the Companies Act, MMLR, Company’s
Constitution or any other applicable laws and regulations.
Business
Administration EXPERIENCES Legal
DIVERSITY
Diversity is important to ensure that the Group remains relevant,

Finance and Corporate resilient and sustainable in the rapidly transforming and evolving
Economics Governance business environment. While it is important to promote diversity, the
normal selection criteria of a Director based on an effective blend of
competencies, skills, experience and knowledge in areas identified
by the Board remains a priority. The Board is committed to ensure
that its composition not only reflects the diversity as recommended
by the MCCG, as best as it can, it will also have the right mix of
skills and balance to contribute to the achievement of the Group’s
goals. The Board endeavours to increase the proportion of female
representation in the near future.
106
The Board through the NRC, assesses the appropriate skills, BOARD EFFECTIVENESS EVALUATION
experience, independence and diversity as part of its selection
process. The NRC is empowered also to review and evaluate the The Board Effectiveness Evaluation (BEE) is to evaluate the
composition and performance of the Board annually as well as performance of the Board, Board Committees and individual
assessing qualified candidates to occupy Board positions. members of the Board as well as identifying any gaps or areas of
improvement, where required.
INDEPENDENCE
The Board reviews its performance, the Board Committees
The Board recognises the important contributions that INEDs make and individual Directors on an annual basis based on a set of
to good corporate governance. All Directors, regardless of their predetermined criterias deliberated by the NRC. During the year
independent status are required to act in the best interest of the under review, the NRC deliberated and assessed the overall
Company and to exercise unfettered and independent judgement. performance and effectiveness of the Board and Board Committees.
To date, all the INEDs satisfy the following criteria: The Board through the NRC reviewed the outcome of the BEE and
noted the findings and areas that required further improvements.
The NRC is satisfied that the composition of the Board and Board
Committees has fulfilled the criteria required and features the right
independent from Management and free from any other blend of knowledge, experience and appropriate skills. The NRC is
relationship which could interfere with their independent also of the view that the Board and Board Committees are committed
judgement or the ability to act in the best interests of the to the highest standards of good governance and the Board
Company. continues to be considered as an excellent Board with satisfactory
support from the Management. The findings of the evaluation for
individual Directors will also be used as a basis for determining the
not involved in the day-to-day operations of the Company. re-election of Directors at the AGM of the Company.
OUR SUSTAINABILITY COMMITMENT

declared their interest or any possible conflict of interest
in any matter tabled prior to the commencement of Board The Board together with the Management take responsibility for
meeting. the governance of sustainability in the Group, including setting its
sustainability strategies, priorities and targets. A designated senior
employee is tasked to focus on the management of sustainability
strategically, including integration of sustainability considerations in
Board decisions are made after considering views of the INEDs the Group’s operations.
which carry substantial weight. They fulfil their roles in ensuring
that strategies proposed by Management are deliberated and The Board acknowledges that our long-term success and continued
examined taking into account the interests of the shareholders and relevance are dependent on the prosperity and trust of the
stakeholders. communities we serve and the availability of ecosystem services
we benefited from. Our financial outcomes are inexorably linked to
In reviewing the independence of INEDs, the NRC adopts a qualitative our ability to manage ESG risks and opportunities as much as we
approach. This entails an assessment on whether they possess the recognise that an inclusive society built on human dignity and the
intellectual honesty and moral courage to advocate professional responsible use of natural capital is essential for all of us to thrive.
views without fear or favour. The Board is cognisant of the rebuttable
presumption that extended tenure leads to entrenchment. As such, The Board ensures that the Group’s sustainability strategies,
the Board remains watchful for such indicators of entrenchment priorities and targets as well as performance against these targets
amongst long serving INEDs. are communicated to all stakeholders.
Upon completion of nine years as INED, an INED may continue to The well-being of customers, employees and other stakeholders
serve on the Board as a Non-Independent Non-Executive Director. If as well as the environment is crucial in sustaining our long-term
the Board intends to retain an INED beyond nine years, it will provide performance. As such, the Group incorporate ESG risks and
justification and seek annual shareholders’ approval through a two- opportunities into our business decisions given their heightened
tier voting process. In this regard, the Board will undertake a rigorous materiality in decision-making considerations of stakeholders. The
review to determine whether the ‘independence’ of the INED has Group considers the integration of ESG factors as a component of
been impaired. the Board’s fiduciary responsibility and accountable therefore to the
oversight and management of sustainability.
107
Our sustainability agenda aims to make us more resilient to disruptions, flexible to change and accountable to the ‘triple bottom line’ of
People, Planet and Profit. We view sustainability as an on-going and rewarding journey which the Group is committed to continuously engage
in and undertake.
Our Sustainability Statement for 2022 articulates our commitment to improving the Group’s sustainability practices so that we are more
competitive, more resilient and adaptable to change which has been reinforced amid the unprecedented challenges. The Report sets out
in detail the scope of our sustainability reporting and sustainability framework that addresses stakeholder expectations across various
sustainability issues.
REMUNERATION
The Board has established a formal and transparent process in determining the appropriate remuneration package for the Board. The Board,
with the assistance of the NRC, reviews the level of remuneration of Directors to ensure that it is sufficient to attract and retain the Directors
needed to lead the Company to success. The level of remuneration reflects the experience and level of responsibilities undertaken by the
Directors. The NRC is also responsible to implement policies and procedures on remuneration including reviewing and recommending
matters relating to the remuneration of Board and Senior Management. A review on the quantum and composition of NEDs’ remuneration
is undertaken once every four years.
The details for the remuneration of Directors for the financial year ended 31 December 2022 for BPlant are as follows:
Fees Meeting
and other
Company Group allowances
Directors RM’000 RM’000 RM’000
Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. 119 119 46
Tan Sri Dato’ Wira Aziah Ali 120 120 53
(Dr.) Salihin Abang 124 124 32
Izaddeen Daud #
90 90 18
Fahmy Ismail #
90 90 17
Dato’ Haji Ismail Haji Lasim 1 115 115 104
Dato’ Indera Haji Mustaffar Kamal Haji Ab Hamid 1 95 95 21
Datuk Haji Abdul Ghani Abdul Rashid 1
100 100 29
Mohd Azahar Ibrahim 1
37 37 9
Dato’ Dr. Haji Din Adam 1 27 27 6
Ahmad Shahredzuan Mohd Shariff # 2 84 84 17
Datuk Haji Shah Headan Ayoob Hussain Shah 3
47 47 15
Datuk Mustapa Kamal Mohd Yusoff 3
35 35 12
1,083 1,083 379
Note:
1
Resigned w.e.f. 31 January 2023.
2
Resigned w.e.f. 9 December 2022.
3
Retired w.e.f. 14 June 2022.
#
Fees and Allowances are paid to Boustead Holdings Berhad.
108
AUDIT COMMITTEE The internal audit function is carried out by the Group Internal Audit
(GIA) of Boustead Holdings Berhad. The GIA function reports directly
The AC’s role, amongst others, is to provide advice in the areas of to the AC and is independent of the activities which it audits. GIA’s
financial reporting, external audit, internal control environment and authority, scope and responsibilities are governed by an Internal
internal audit process, review of related party transactions as well as Audit Charter which is approved by the AC.
conflict of interest situations.
Further information on the Group’s Risk Management and Internal
The AC is chaired by an INED who is not the Chairman of the Board. Control framework is made available in the Statement on Risk
All members of the AC are financially literate. The Chairman of the AC Management and Internal Control of this Integrated Report.
is a qualified accountant and a member of the Malaysian Institute of
Accountants. The AC has full access to both the internal and external COMMUNICATION WITH STAKEHOLDERS
auditors who, in turn, have access at all times to the Chairman of the
AC. The role of the AC and the number of meetings held during the Regular communication and engagement between stakeholders
year under review as well as the attendance record of each member and the Group are critical for the sustainable growth of our business
are set out in the AC Report in this Integrated Report. as this gives stakeholders a much better insight in to the Group
and facilitates mutual understanding of each other’s expectations.
RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK As such we have consistently maintained an open dialogue
with relevant stakeholder groups such as regulatory agencies,
The Board is cognisant that a robust risk management and internal employees, shareholders, investors, consumers and general public,
control framework helps the Group to achieve its corporate non-governmental associations, industry and trade associations and
objective. This is done by providing risk-related information which suppliers. Their views and concerns on the Company’s business, its
facilitate the formulation of the Group’s strategies and decision policies on governance, the environment and social responsibility
making. The Group has established policies and framework related are given due consideration in our decision-making process.
to management of its business risks by adopting a Risk Management
Policy. The Group Risk Management Department, reviews and The protection of shareholders’ and stakeholders’ interests both in
maintains detailed risk registers which are updated quarterly. Key the short and long term is central to the way the Board operates.
focus areas of risks are reported and deliberated at the RC meetings. This has been the primary governing principle behind the Board’s
The RC was established by the Board on 16 July 2019 in line with the response to the pandemic. Its impact on all key stakeholders
MCCG Step Up Practice 10.3. The RC comprises a majority of INEDs. was always considered in Management’s decisions. Effective
engagement has been crucial in understanding the views of our
The RC reviews all major investment and business proposal including stakeholders in order to make informed choices.
new business and expansion of existing business in accordance with
the Company’s Limit of Authority and Investment Risk Appetite. The Group upholds its commitment in ensuring transparent, accurate
and timely communication with the shareholders and stakeholders
The Board through the RC reviews the effectiveness, adequacy and to enable them to make informed decisions to their benefit.
integrity of the risk management framework and internal control
system of the Group to ensure that significant risks faced by the The Group also places strong emphasis on timely and equitable
Group are being managed appropriately to respond to the changes dissemination of information to shareholders and stakeholders. The
in the business environment. main modes of communication include Integrated Report, quarterly
results, announcements to Bursa Malaysia, Sustainability Report
The Board confirms that it has monitored the Group’s risk and its corporate website at www.bousteadplantations.com.my.
management and internal control system and that there is a process Enquiries with regard to investor relation matters can be made to:
in place to identify, evaluate and manage the significant risks faced corporate.office@bplant.com.my.
by the Group. The Group’s system of internal financial control is
primarily aimed at safeguarding the Group’s assets, ensuring proper
accounting records are kept, identifying and managing business
risk and maintaining compliance with appropriate legislations and
regulations.
109
The 110th AGM

of the Company will be held on
12 June 2023
CORPORATE GOVERNANCE FOCUS AND INITIATIVES
The Board is committed towards the continuous enhancement of

governance practices throughout the Group. In 2022, the Group
undertook the following activities:
Board of Directors, Management and secretariat members participate

at BPlant’s 109th Annual General Meeting at Royale Chulan Damansara,
Selangor 1 Independence of the Board
It is acknowledged that having objectivity in the boardroom extends

CONDUCT OF ANNUAL GENERAL MEETING beyond quantitative measures such as the number of INEDs and their
respective tenures. In order to harness the collective wisdom and
The AGM is the principal forum of open dialogue with shareholders. counsel from greater participation of INEDs, INEDs have access to
The notice and agenda of AGM together with the proxy form are key gatekeepers of the Group, such as external and internal auditors
given to shareholders within the prescribed timeframe before the to discuss or share concerns about the Group and exchange views
AGM. Each item of ordinary business included in the notice of the on potential improvements in governance.
AGM will be accompanied by an explanatory statement on the
effects of the proposed resolution.
2 Boardroom Diversity
Given the on-going pandemic, BPlant accelerated its initiative to
implement remote shareholder participation and online remote
The Board recognises the importance of diversity in averting
voting at the 109th AGM by leveraging on technology in accordance
’groupthink’ and ‘blindspots’ in the deliberation and decision-making
with Section 327(1) and (2) of the CA 2016.
process. Acknowledging gender as a key facet of the various
diversity dimensions, the Board is committed to developing a
During the AGM, the CEO presented a comprehensive review of
corporate culture that also embraces the aspect of gender diversity.
the Group’s performance during the financial year. There was active
engagement between the Board and shareholders and there was
opportunity for shareholders to have real-time interaction with the
Board and the CEO. Questions which were posed by shareholders 3 Professional Development of Directors
were then responded to.
During the year under review, Directors were provided with the
The complete minutes of the AGM detailing the meeting’s opportunity to develop and enhance their skills and knowledge.
proceedings including issues or concerns raised by shareholders They attended various training programmes to keep themselves
and a summary of the key matters discussed were published on the abreast with changes in legislative promulgations and in the areas
Group’s website. of leadership, governance, finance, management and industry
practices. The Board through the NRC was satisfied with the type of
programmes attended by each Director during the year to enhance
their knowledge and performance.
110
The training programmes that were attended by the Board members during the year under review are outlined below:
Name Programme Title and Organiser Date(s)

Independent Non-Executive Directors
Maj. Gen. Dato’ Seri Haji Khairuddin • Webinar on the Corporate Governance (CG) Overview Statement 28 March 2022
Haji Abu Bakar (R) J.P.* – CG Report, Audit Committee Report and Statement on Risk
Management and Internal Control (SORMIC)
(Malaysian Institute of Corporate Governance (MICG))
• Malaysian Institute of Accountants (MIA) International Accountants 8 and 9 June 2022

Conference 2022 - CG Report, Audit Committee
(MIA)
• Webinar on Governance, Ethics and Code of Conduct 16 June 2022

(MICG)
• Webinar on the Audit Committee – Unpacking the Roles of 27 June 2022

the Committee and Honing it’s Effectiveness in Discharging its
Responsibilities Holistically
(MICG)
• The Nominating and Remuneration Committees 14 July 2022

(MICG)
• Boustead Plantations Berhad (BPlant) Board Retreat 2022 28 to 30 September

(Management of BPlant) 2022
• Webinar on the Updated Malaysian Code on Corporate Governance 10 August 2022

2021 – Implications to Listed Corporations, Directors and Management
(MICG)
• Labour and Mechanisation in Plantation Seminar 1 and 2 November

(Malaysian Palm Oil Board) 2022
Tan Sri Dato’ Wira Aziah Ali • Webinar on the CG Overview Statement – CG Report, Audit 28 March 2022
Committee Report and SORMIC
(MICG)
• Audit Oversight Board (AOB)’s Conversation with Audit Committees 7 April 2022
(Securities Commission Malaysia (SC))
• The CG Overview Statement , CG Report, Audit Committee Report 8 April 2022

and SORMIC
(MICG)
• Drafting Sustainability Statement or Report – Identifying and scoping 22 April 2022

the contents for meaningful disclosure and monitoring
(MIA)
• MIA International Accountants Conference 2022 8 and 9 June 2022

(MIA)
• Webinar on Governance, Ethics and Code of Conduct 16 June 2022

(MICG)
• Webinar on the Audit Committee – Unpacking the Roles of 27 June 2022

the Committee and Honing it’s Effectiveness in Discharging its
Responsibilities Holistically
(MICG)
* Redesignated to Non-Independent Non-Executive Director on 11 April 2023.
111

Tan Sri Dato’ Wira Aziah Ali (cont’d.) • The Nominating and Remuneration Committees 14 July 2022
(MICG)
• BPlant Board Retreat 2022 28 to 30 September

• Webinar on the Updated Malaysian Code on Corporate Governance 10 August 2022

2021 – Implications to Listed Corporations, Directors and Management
(MICG)
• Boustead Holdings Berhad (BHB) Integrity Day 24 November 2022

(Management of BHB)
• AOB’s Conversation with Audit Committees 6 December 2022

(SC)
(Dr.) Salihin Abang • Mandatory Anti-Bribery and Corruption Training – Anti-Bribery and 23 February 2022
Corruption: What You Need To Know
(Shook Lin and Bok)
• Reimagine Risk Management: Post-Pandemic 25 February 2022

(MIA)
• Talk on Corporate Liability Under Section 17A of the Malaysian Anti- 25 February 2022
Corruption Commission (MACC) Act
(MACC)
• Task Force on Climate-Related Financial Disclosures (TCFD): 2 March 2022

Getting Started with Climate-Related Financial Reporting
(Bursa Malaysia Securities Berhad (Bursa Malaysia))
• Sharing on Digitalisation Grant 9 March 2022

(MIA)
• TCFD Climate Disclosure Training Programme 9 March 2022

(Bursa Malaysia)
• Corporate Tax Planning 15 March 2022

(Malaysian Institute of Certified Public Accountants (MICPA))
• Entering The 5G Era 17 March 2022

(MIA)
• Environmental, Social and Governance (ESG) Oversight for Boards 18 March 2022
(MIA)
• Technology Adoption Strategy for Small and Medium Practices 23 March 2022
(SMPs) and Small Medium Entities (SMEs)
(MIA)
• Webinar on the CG Overview Statement – CG Report, Audit 28 March 2022

Committee Report and SORMIC
(MICG)
• HASiL-MEF Tax Webinar 2022 – Buidling Sustainable Future 30 March 2022

(Lembaga Hasil Dalam Negeri (LHDN))
• AOB’s Conversation with Audit Committees 7 April 2022

(SC)
112

(Dr.) Salihin Abang (cont’d.) • CG Overview Statement - CG Report, Audit Committee Report and 8 April 2022
SORMIC
(MICG)
• Basics of Climate Change and Organisational Greenhouse Gas 25 and 26 April 2022
Accounting: Master Climate Reporting Effectively
(MIA)
• Executive Masterclass – Developing Malaysia’s Roadmap to Net Zero 27 April 2022

(MICPA and KPMG)
• MIA Mental Health Webinar Session – Turning Stress into Positive 20 May 2022
Energy
(MIA)
• MIA Virtual Conference Series: Corporate Board Leadership 30 and 31 May 2022
Symposium 2022 – Mastering Governance in the Era of ESG
(MIA)
• MIA Conference 2022 – Leading ESG, Charing Sustainability 8 and 9 June 2022
(MIA)
• MIA Webinar: Sustainability Management and Reporting – What This 22 June 2022
Entails and How the Board and Management Go About Managing
and Reporting Sustainability Practices
(MIA)
• Sustainable and Responsible Investment Virtual Conference 2022 23 June 2022

– Preserving the Climate Through Sustainability Business and Living
(Securities Industry Development Corporation (SIDC))
• Global Network of Directors Institute (GNDI) 24 Hours Global 14 July 2022

reference
(Malaysian Alliance of Corporate Directors and GNDI)
• National Tax Conference 2022 – The Role of Taxation in Post 2 and 3 August 2022
Pandemic Recovery
(LHDN and Chartered Tax Institute of Malaysia (CTiM))
• MIA Webinar: Living with COVID-19 - Adapting to Changes for Well- 4 August 2022
being at Work and Home
(MIA)
• Universiti Tenaga Malaysia (UNITEN) Lecture by Industry: Operating 7 September 2022

Segment (Panelist)
(UNITEN)
• COVID-19 Related Issues in Financial Reporting – Going Concern, 22 September 2022

Impairment and Financial Instrument
(MICPA)
26 to 28 September
• International Directors Summit 2022 2022
(Institute of Corporate Directors Malaysia)

113

(Dr.) Salihin Abang (cont’d) • Seminar Kewangan dan Pengauditan Sektor Awam: Menggerak 4 October 2022
Transformasi Digital Sektor Awam – Kepentingan dan Cabaran (Panelist)
(Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara
Malaysia)
• MIA Webinar: Digital Transformation in Small and Medium Practices 20 October 2022
(MIA)
• International Standard on Quality Management Guide and 25 October 2022

Illustrative Manual Workshop
(MICPA and AOB)
• Global Institute of Enterprise Risk Practitioners (IERP) Conference 2022 26 and 27 October
(IERP) 2022
• Latest Tax Developments 3 November 2022

(CTiM)
Izaddeen Daud • Sustainable and Responsible Investment 2022 – Preserving the 22 and 23 June 2022
Climate Through Sustainable Business and Living
(SIDC)
• Boustead Properties Berhad (BProp) Board Retreat 2022 11 October 2022

(Management of BProp)
• Boustead Technology Sdn Bhd (BousTech) Board Retreat 2022 12 October 2022
(Management of BousTech)
• BHB Board Retreat 2022 18 to 20 October 2022

(Management of BHB)
• BHB Integrity Day 24 November 2022

(Management of BHB)
Executive Director
Fahmy Ismail • MIA Conference 2022 8 and 9 June 2022
(MIA)

• BProp Board Retreat 2022 11 October 2022

(Management of BProp)
• BHB Board Retreat 2022 18 to 20 October 2022

(Management of BHB)
• BHB Integrity Day 24 November 2022

(Management of BHB)
• Effective Strategic Planning Implementation and Management 21 and 22 December

(MIA) 2022
114
Board of Directors and Management posed for a group photo at BPlant’s Board Retreat 2022 at Royale Chulan Cherating, Pahang
CORPORATE GOVERNANCE PRIORITIES (2023 AND BEYOND)
The Board recognises that there are always opportunities for improvement in its corporate governance activities in order for the Group to
continue to engender trust and confidence amongst stakeholders. The Board has identified the following set pieces on its horizon that will
help it to achieve its corporate governance objectives:
YEAR 2023 - 2024 long term plan
Board Diversity Sustainability Reporting
In fostering gender diversity, the Board has established BPlant aims to leverage its existing qualitative
and formalised a diversity policy. The Board endeavors sustainability indices and adopt a more mature form of
to set targets, measures and annually assess both the sustainability reporting. The Board will set the direction
targets and the progress in achieving them. for the Management to establish necessary systems
and controls with the presence of quality non-financial
The Board endeavours to appoint additional female data that will support the development of such forms of
Director and to meet the 30% target by 2024. Any reporting. BPlant will also actively engage stakeholders
appointment shall always be in the best interest of the to formalise a better understanding of what is expected
Company. and desired from its sustainability reporting.
115
RISK COMMITTEE REPORT
The Risk Committee (RC) was established by the Board, in line with Step Up Practice 10.3
of the Malaysian Code on Corporate Governance (MCCG). The purpose of the formation of
the RC is to assist the Board in fulfilling the oversight responsibilities with respect to the risk
management processes and internal control systems of Boustead Plantations Berhad
(BPlant or the Company and its subsidiaries collectively referred to as the Group).
MEMBERS AND MEETINGS
During the financial year, the RC membership is in line with the recommendation set out in the MCCG Step Up Practice 10.3 where the RC
shall comprise a majority of independent directors.
Details of the composition of the RC and attendance of each member at the RC meetings during the year under review are set out below:
Attendance of
Name of Director Status of Directorship Date of Appointment Remarks Meetings
Tan Sri Dato’ Wira Aziah Independent Non-Executive 15 August 2019 –
Ali¹ Director 9/9
(Chairman of the Committee)
Maj. Gen. Dato’ Seri Haji Independent Non-Executive 15 August 2019 –
Khairuddin Haji Abu Director 9/9
Bakar (R) J.P.
(Dr.) Salihin Abang Independent Non-Executive 5 August 2022 –
4/4
Director
Datuk Haji Shah Headan Non-Independent 20 August 2021 Retired w.e.f. 14 June
5/5
Ayoob Hussain Shah Non-Executive Director 2022
Datuk Mustapa Kamal Independent Non-Executive 3 March 2022 Retired w.e.f. 14 June
3/3
Mohd Yusoff Director 2022
Mohd Azahar Ibrahim Independent Non-Executive 9 December 2022 Resigned w.e.f.
0/0
Director 31 January 2023
Note: ¹The RC Chairman’s profile can be viewed on page 83 of this Integrated Report.
A total of nine meetings were held in 2022 accordingly. The RC meetings were also attended by the Chief Executive Officer and Chief
Financial Officer of BPlant by invitation and as and when appropriate.
The meetings were appropriately structured with the RC members receiving notices, agendas, and papers sufficiently in advance of the
meetings.
The RC Chairman reports to the Board on principal matters deliberated at the RC meetings.
116
ROLES AND RESPONSIBILITIES ACTIVITIES DURING THE FINANCIAL YEAR
The role of the RC is to provide holistic oversight on Risk and Risk During the year, the RC carried out its duties as set out in its TOR.
Management of the Group, which will include but will not be limited The main activities undertaken were as follows:
to the following responsibilities:
i. Reviewed the MRC’s report on key risks and risk management
i. Oversee Enterprise Risk Management and Corruption Risk activities. Recommended additional controls to mitigate key risks
Management by: either existing or emerging risks.
a. Reviewing and recommending the overall risk management ii. Placed necessary risk infrastructure encompassing the risk
strategies, framework and policies for the Board’s approval; assessment process, organisational oversight, and reporting
b. Monitoring and reviewing the Management Risk Committee’s function to instil the appropriate discipline and control around
(MRC) periodic report on key risk profiles and risk management continuously improving risk management capabilities.
activities;
iii. Reviewed the Corporate Governance Overview Statement
c. Obtaining assurance from the Senior Management of the and Statement on Risk Management and Internal Control with
Group that the risk management and internal control system Anti-Bribery Management System elements embedded prior
is operating adequately and effectively; and recommendation to the Board for approval for inclusion in the
Company’s Integrated Report.
d. Reviewing the disclosure in the Statement on Risk
Management and Internal Control in the Group’s Integrated iv. Reviewing investment, divestment, or project proposals
Report. considered significant including new lines of business, and
recommend to the Board for consideration and approval
ii. Oversee Business Continuity Management by:
purposes (where appropriate).
a. Ensuring the Group adopts sound and effective Business
Continuity Management framework in order to safeguard the For any recommendations made by the RC, the Company Secretary
Group’s interests; and will issue an action item sheet to the Management for their action.
b. Ensuring that the Business Continuity Management

framework is periodically reviewed and updated to reflect RISK MANAGEMENT FUNCTION
changes in the operating environment.
The risk management function, through the MRC, is entrusted with
iii. Reviewing all major investments and project business cases in
the responsibility of implementing and maintaining the Enterprise
accordance with established thresholds in the approved Limits
Risk Management Policy and Framework to achieve the following
of Authority, focusing on the following:
objectives:
a. Evaluate the potential risks and mitigating action plans
associated with the investment or project; i. Communicate the Board’s vision, role, direction and priorities to
all employees;
b. Monitor and review the implementation and effectiveness of
mitigating action plans post-approval and highlight key risks ii. Identify, assess, treat, report and monitor significant risks in an
to the Board; effective manner;
c. Evaluate the potential risks associated with funding iii. Enable systematic risk review and reporting on key risks, existing
options and costs and investment returns and making its control measures and any proposed action plan; and
recommendation to the Board for approval of the investment
or project; and iv. Create a risk-aware culture and build the necessary knowledge
for risk management at every level of management.
d. Reviewing investment or project proposals considered
significant including new lines of business (e.g., businesses The Enterprise Risk Management Policy and Framework is generally
outside existing sectors, expansion across the industry value aligned with the principles of ISO 31000 which is an internationally
chains within the current sector and/or new franchise). recognised standard for risk management.
iv. The detailed RC’s Terms of Reference (TOR) is accessible All significant risks and issues evaluated by the MRC and/or major
for viewing on the Company’s official website at changes proposed by this committee will be discussed at the RC and
www.bousteadplantations.com.my. Board of Directors’ meetings.
117
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
Pursuant to Paragraph 15.26 (b) of the Main Market Listing Requirements (MMLR) of Bursa
Malaysia Securities Berhad, the Board is pleased to provide the Statement on Risk Management
and Internal Control for financial year ended 31 December 2022 which was prepared in
accordance with Practice 10.1 and 10.2 of the Malaysian Code on Corporate Governance (MCCG)
and the “Statement on Risk Management and Internal Control – Guidelines for Directors of
Listed Issuers”.
BOARD RESPONSIBILITY
The Board of Directors (Board) of Boustead Plantations Berhad (BPlant or the Company and its subsidiaries collectively referred to as the
Group) acknowledges its responsibility for maintaining a sound system of risk management and internal control to safeguard shareholders’
investments and the Group’s assets and for reviewing the adequacy and integrity of the system; except for joint-venture and associate
companies which are not under the control of the Group.
The Group’s system of internal control covers risk management as well as financial, operational and compliance controls. Notwithstanding
these, due to the limitations that are inherent in any system of internal control, the Group’s internal control system is designed to manage,
rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable but not absolute assurance against
material misstatement or loss.
Except for insurable risks where insurance coverage is purchased, other significant risks faced by the Group are reported to Board and
managed by the respective Boards within the Group. The internal control system of the Group is supported by an appropriate organisational
structure with clear reporting lines, defined lines of responsibilities and authorities from the respective operating units up to the Board level.
The two committees at the Board level with primary risk management and internal control oversight responsibilities are as follows:
Risk Committee (RC) Audit Committee (AC)
The RC was established on 16 July 2019 to assist the Board in The AC supports the Board’s oversight function in evaluating
fulfilling the oversight responsibilities with respect to the Group’s the business performance of the Group, effectiveness and
risk management processes and internal control systems. In compliance of the Group’s internal control system through
line with the MCCG Step Up Practice 10.3, the RC comprises a operations and financial reports from the management and
majority of independent directors. audit reports from the Group Internal Audit Department (GIA)
and external auditors.
The RC is empowered by clearly established and approved Terms
of Reference (TOR) in the above-mentioned responsibilities. Any significant audit findings are brought to the attention and
Accordingly, the RC is committed to continuous development deliberated at the AC meeting on a quarterly basis.
and maintenance of the risk management framework and
internal control system in order to safeguard the stakeholder’s
interests and the Group’s assets.
The Group’s key risks are presented to the RC on a quarterly

basis for update and deliberation purposes.
118
RISK MANAGEMENT In general, the Group’s risk management framework and practices
are aligned with the principles of ISO 31000 – an internationally
Risk management is regarded by the Board as an important aspect recognised standard for risk management and the Committee of
of the Group’s operations with the objective of maintaining a sound Sponsoring Organisation of the Treadway Commission’s Enterprise
internal control system and ensuring proper management of the Risk Management Integrated Framework.
risks that may impede the achievement of the Group’s goals and
objectives. The Group’s risk management process includes understanding the
context of internal and external factors that may have an impact
The Group has established its Enterprise Risk Management Policy towards the business, identifying principal business risks in critical
and Framework which is tailored to specific circumstances of areas, assessing the likelihood and impact of material exposures,
the Group and guided by Boustead Holdings Berhad’s (BHB) (the determining its corresponding risk mitigation and treatment
immediate holding company of BPlant) Risk Management Policy and measures and on-going monitoring and reviewing of risk profiles.
Framework for identifying, evaluating and managing key risks faced
by the Group.
Enterprise Risk Management (ERM) Policy and Framework
The ERM Policy and Framework was established to support the The Group’s Risk Management Process is highlighted in the
overall achievement of the Group’s vision and strategic goals, as illustration below:
well as to safeguard the reputation, resources, people and assets
of the Group.
1
The ERM Policy and Framework encompasses the following key Establish Scope
elements: and Context
• The ERM is designed to identify potential events that may

affect the Group and manage risks within its risk appetite, to
2
provide reasonable assurance regarding the achievement of
the Group’s vision and missions; Risk
Identification
• The ERM is a holistic, integrated, future-focused and process-
oriented approach that helps to manage all key business risks
and opportunities with the intent of maximising shareholders’
3
value for the Group as a whole; and
Risk
• The ERM is a structured and disciplined approach aligning Analysis
strategy, process, people, technology and knowledge with the
purpose of evaluating and managing the risks that the Group
faces as it creates value. 6 7 4
A comprehensive ERM policy and framework shall provide a Key Risk Monitoring Risk
strong foundation for ERM exercise execution within the Group. Indicator and Review Evaluation
The ERM ensures the Group is well-prepared to fit with its operating
environment where the ERM policy and framework established 5
shall be used effectively to address any risks, concerns, issues,
challenges and/or expectations from the internal and/or external Risk Action
stakeholders. Plan
119
The Role of Management
The Board is assisted by the Management in ensuring that risk management practices are implemented within the Group. The Management
has established Management Risk Committee (MRC) to provide a platform at the management level to review the effectiveness of the risk
management framework in identifying and managing risks and internal processes.
The main roles and responsibilities of the MRC are as follows:
To review and To monitor To ensure To ensure that To identify and

recommend consistent key risks are ERM reports communicate
the overall risk enforcement of identified, are discussed the critical risks
management ERM practices adequately and actions are (present or
strategies, across the Group; measured and implemented on a potential), their
framework and risk action plans timely basis; and changes and the
policies for RC’s are prepared management’s
consideration and and monitored action plan to
approval; accordingly; manage the risks.
In addition, the Group provides update to the Group Risk Management Amongst others, the Group has also established the Code of Ethics
Department of BHB on significant risks faced by the Group, existing and Conducts, Whistleblowing Policy, Gift, Entertainment, Hospitality
control measures and proposed action plans on a quarterly basis for and Other Similar Benefit Policy and Integrity Pact to further formalise
attention and deliberation purposes. the Group’s commitment to upholding and strengthening the Group’s
corporate governance and ensuring the Group commitment to ethical
Note: The key risks can be viewed under section Risk and Mitigation conduct, integrity and accountability in all business activities and
on pages 59 to 62 of this Integrated Report. operations of the Group. These policies outline key guiding principles
and mitigating controls in place with regards to anti-bribery and
CORRUPTION RISK MANAGEMENT corruption. It is guided by the Guidelines on Adequate Procedures
issued in accordance with Section 17A of the MACC Act.
The Group has initiated Corruption Risk Management (CRM) as
part of the overall risk management activities of the Group taking The Board of Directors has approved the revision of the whistleblowing
into cognizance of Section 17A of the Malaysian Anti-Corruption policy, which is adopted and applied to all employees and directors
Commission Act 2009 (Amendment 2018) (MACC Act) which comes of all companies within the Group, as well as members of the public.
into force in June 2020. The revision of our whistleblowing policy, which came into effect
on 27 September 2022, is in line with the organisation’s values and
The Group has performed the CRM assessments across the Group’s commensurate with the relevant requirements under Section 17A of the
operations specifically on bribery, corruption, abuse of power, and MACC Act 2009 (Amendment Act 2018) and ISO 37001:2016 Anti-Bribery
Management System (ABMS). This policy is intended to encourage and
malpractices. As a result, the Group has taken the necessary actions
provide an avenue for employees and members of the public to lodge
in strengthening the controls to further mitigate risks of bribery and
reports of any improper conduct that would endanger the safety and
corruption.
health of the employees, business integrity, environmental management,
human rights and workplace environment.
The outcome of the CRM is reported to both MRC and RC for
notification and deliberation purposes on a quarterly basis.
On 30 August 2022, the Board of Directors signed the Integrity
Pledge to show their level of commitment as stated under
INTEGRITY AND ANTI-CORRUPTION Section 17A subsection 5 of the of Ministerial Guideline on the five key
principles of T.R.U.S.T namely Top Level Commitment, Risk Assessment,
As part of the Group’s commitment to conduct its business Undertake Control Measure, Systematic Review, Monitoring and
profesionally, ethically and with the highest standards of integrity, the Enforcement, and Training and Communications.
Group adopted and implemented an Anti-Corruption Policy which
articulates the Group’s zero-tolerance approach against all forms of The Integrity Enhancement Programme was introduced to instil and
bribery and corruption and the Group’s commitment to uphold all inculcate an integrity culture among staff. By inviting the MACC officer as
applicable laws in relation to anti-bribery and corruption. the guest speaker, the programme was successfully attended by all staff.
120
Moreover, the Group has engaged with SIRIM to obtain the ISO 37001:2016 ABMS certification as part of its commitment to anti-bribery and
corruption. As of January 2023, the Group has successfully closed all non-conformity reports based on the first and second stage audits by
SIRIM auditors. On 8 February 2023, the Group was granted approval of ABMS ISO 37001 and successfully awarded ABMS certification by
SIRIM QAS International Sdn Bhd.
KEY ELEMENTS OF INTERNAL CONTROL
The Board is committed to establish and maintain internal control systems in order to respond appropriately to risks that may hinder the
Group from achieving its goals and objectives. The internal control systems are embedded within the Group’s operating activities to provide
reasonable assurance that the likelihood of significant adverse impact on business objectives is at an acceptable level to the Group.
Risk Assessment Control Activities
1. Establishment of ERM Policy and Framework to support the 1. Strategic planning, target setting and detailed budgeting process
overall achievement of the Group’s vision and strategic goals, for each operating unit which are approved both at the Business
as well as to safeguard the reputation, resources and assets of Unit level and by the Board.
the Group. 2. Establishment of Procurehere system to centralize key purchasing
2. Establishment of RC at Board and management levels to enable at headquarter level. Review and award of major purchases are
systematic risk review and reporting on key risks, existing deliberated through respective committee (based on value) to
control measures and any proposed action plan. ensure on-going transparency in procurement process.
3. Implementation of Company’s Strategy Framework and
Framework of Internal Control.
Control Environment 4. Establishment of a dedicated Training and Development Unit
that oversees the planning and execution of programs to ensure
that staff are kept up to date with the necessary competencies
1. Clear organisation structure with defined reporting lines of to carry out their responsibilities towards achieving the Group’s
responsibility and accountability to support the maintenance of objectives.
a strong control environment and control activities.
2. Introduction of new key roles and functions to oversee and
deliberate the management’s decisions and activities. Information and Communication
3. Clearly defined Senior Management’s Key Performance
Indicator to monitor and measure their effectiveness and
performance. 1. Whistle-blowing policy to provide an avenue for employees
4. Defined level of authorities and lines of responsibilities from to report on any breach or suspected breach of any law or
operating units up to the Board level to ensure accountabilities regulation, including business principles and the Group’s
for risk management and control activities. policies and guidelines in a safe and confidential manner.
5. Clearly documented policies and procedures for day-to-day 2. Consolidated monthly management accounts and quarterly
operations. Regular reviews are performed to ensure that the forecast performance which allows management to focus on
Standard Operating Procedure remains current and relevant. areas of concern.
6. Code of Ethics for the Board and all employees to ensure 3. Confirmation obtained from the Chief Executive Officer, Chief
high standards of conduct and ethical values in all business Financial Officer and/or Risk Officer on the effectiveness of the
practices. system of internal control, highlighting any weaknesses and
7. Establishment of Gift, Entertainment, Hospitality and Other Similar changes in risk profile.
Benefits Policy and Integrity Pact to promote transparency in all 4. Enhancement of the Information Technology facilities and
aspects of business dealing. infrastructures to ensure all information and communication are
8. The Board is supported by a qualified and competent Company well managed and not disrupted.
Secretary. The Company Secretary plays an advisory role to the 5. Cybersecurity awareness online training to reduce the possibility
Board particularly on issues relating to compliance with MMLR, being caught in the risk of malware, ransomware, unauthorised
Companies Act 2016 and other relevant laws and regulations. access, corruption and/or loss of its information assets.
121
CONCLUSION
Review and Monitoring
The monitoring, review and reporting arrangements provide
reasonable assurance that the structure of controls and its
1. Regular Board and management meetings to assess the operations are appropriate to the Group’s operations and that risks
Group’s performance and controls.
are at an acceptable level throughout the Group’s businesses. Such
2. Delibration on operational performance and other related
arrangements, however, do not eliminate the possibility of human
matters by Management Executive Committee, Management
Risk Committee and Management Sustainability Committee.
error, deliberate circumvention of control procedures by employees
3. Collaboration between the Group and BHB risk teams in and others, or the occurrence of unforeseeable circumstances.
reviewing the risk register and mitigation controls reported.
4. Monthly monitoring of results against budget, with major The Board believes that the development of the system of internal
variances being followed up and management action taken, control is an ongoing process and has taken proactive steps
where necessary. throughout the year to improve its internal control system and will
5. Regular visits to the operating units by members of Senior continue to undertake such steps. The Board is of the view that the
Management, Sustainability and Safety Department, Visiting system of internal control in place for the year under review is sound
Engineers, Performance Monitoring Unit, Replanting Unit and sufficient to safeguard shareholders’ investments, stakeholders’
and Mechanisation Unit, with emphasis on the monitoring interests and the Group’s assets.
and control of expenditure, agronomic practices and ad-hoc
investigations.
6. GIA function assists in providing assurance of the effectiveness
REVIEW OF THE STATEMENT BY EXTERNAL AUDITOR
of the system of internal control. GIA performs regular visits to
review the effectiveness of the control procedures and ensure
accurate and timely financial management reporting. Internal
As required by Paragraph 15.23 of Bursa Malaysia’s MMLR, the external
audit efforts are directed towards areas with significant risks auditors have performed limited assurance procedures on this Statement
and the risk management process is being audited to provide on Risk Management and Internal Control. The review was performed
assurance on the management of risks. in accordance with Malaysian Approved Standard on Assurance
7. Management Audit Committee reviews the internal audit reports Engagements, ISAE 3000 (Revised), Assurance Engagements Other
and follow-up on findings highlighted by GIA. The internal than Audits or Reviews of Historical Financial Information and Audit and
audit reports are deliberated by the AC and are subsequently Assurance Practice Guide 3 (AAPG 3), and the Guidance for Auditors
presented to the Board on a quarterly basis or earlier, as on Engagements to Report on the Statement on Risk Management and
appropriate. Internal Control that are included in the Integrated Report.
AAPG 3 does not require the External Auditors to consider whether

the Directors’ Statement on Risk Management and Internal Control
covers all risks and controls, or to form an opinion on the adequacy
and effectiveness of the Groups’ risk management and internal control
system including the assessment and opinion by the Board of Directors
and management thereon.
This statement is made in accordance with a resolution of the Board of

Directors dated 11 April 2023.
122
AUDIT COMMITTEE REPORT
This report provides an insight into the role and activities undertaken by the Audit Committee
during the year under review, in compliance with Paragraph 15.15 of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad.
Terms of Reference Composition and Independence
The Terms of Reference (TOR) of the Audit Committee (AC) sets out The membership of the AC is in line with Paragraphs 15.09 and 15.10
the authority, responsibilities and duties of the AC in accordance with of the MMLR and Practices 9.1, 9.2 and Step-up 9.4 of the MCCG.
the Main Market Listing Requirements (MMLR) and the Malaysian Practices 9.1, 9.2 and Step-up 9.4 of the MCCG state that:
Code on Corporate Governance (MCCG). The TOR is published
on the Boustead Plantations Berhad (BPlant or the Company and • all members of the AC are to be Non-Executive Directors and
its subsidiaries collectively referred to as the Group) website at Independent Directors;
www.bousteadplantations.com.my. • no alternate director is appointed as a member; and
• the AC has a policy that requires a former partner of the
The fundamental role of the AC is to assist the Board of Directors Company’s external auditor to observe a cooling-off period of at
(Board) in executing its oversight responsibilities in the areas of least three years before being appointed as a member of the AC.
financial reporting, internal and external audit, internal control For the year under review, none of the AC members were a key
system, review of audit results, governance integrity, related party audit partner of the Company’s external auditor.
transactions and overall internal financial controls.
The composition of the AC during the year under review were as follows:-
Member Directorship Tenure

(Dr.) Salihin Abang Independent Non-Executive Director 2 years
(Chairman of the AC)
Tan Sri Dato’ Wira Aziah Ali Independent Non-Executive Director 4 years
Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. Independent Non-Executive Director 2 years
Datuk Haji Abdul Ghani Abdul Rashid Independent Non-Executive Director Less than 1 year
(Appointed w.e.f. 3 March 2022)
(Resigned w.e.f. 31 January 2023)
The Chairman of the AC, (Dr.) Salihin Abang, is a qualified accountant and a member of the Malaysian Institute of Accountants.
123
Continuous Professional Development ProgrammeS Key Activities in 2022
AC members acknowledged the need to continuously undertake During the year, the AC carried out its duties as set out in its TOR.
professional development to keep themselves abreast of relevant The main activities undertaken were as follows:
developments in accounting and auditing standards, practices and
rules, in line with Practice 9.5 of the MCCG. Details of the trainings
attended by members of the AC can be viewed on pages 111 to 114 of Financial Reporting
this Integrated Report.
1. Reviewed the quarterly unaudited financial results and

Attendance at Meetings audited annual financial statements of the Group to ensure
compliance with the MMLR, applicable approved accounting
The AC convened six meetings during the year under review. The standards and other statutory and regulatory requirements
attendance of each member at the Committee meetings are set out prior to recommending the same for approval by the Board.
below: 2. Reviewed the impact of any changes to the accounting
policies and adoption of new accounting standards as well
Attendance of as accounting treatments used in the financial statements.
Member Meetings 3. Obtained assurance from the CFO that:
• appropriate accounting policies had been adopted and
(Dr.) Salihin Abang 6/6
applied consistently;
Tan Sri Dato’ Wira Aziah Ali 6/6 • the going concern basis applied in the annual financial
Maj. Gen. Dato’ Seri Haji Khairuddin 6/6 statements and quarterly financial statements was
Haji Abu Bakar (R) J.P. appropriate;
• prudent judgements and reasonable estimates had
Datuk Haji Abdul Ghani Abdul Rashid 5/5
been made in accordance with the Malaysian Financial
Reporting Standards (MFRS);
The AC meetings were also attended by the Chief Executive Officer
• adequate processes and controls were in place for
(CEO), Chief Financial Officer (CFO) and Head of Group Internal Audit
effective and efficient financial reporting and disclosures
(GIA) of Boustead Holdings Berhad (BHB).
under the MFRS and MMLR; and
• the quarterly and annual financial statements did not
Minutes of each AC meeting were recorded and tabled for
contain material misstatements and gave a true and
confirmation at the following meeting and subsequently presented
fair view of the financial position of the Group and the
to the Board for notation. The AC reviewed its report for the financial
respective companies within the Group for year 2022.
year ended 31 December 2022 to ensure that it was prepared in
compliance with the relevant regulatory requirements and guidelines.
The Chairman of the AC reports to the Board on principal matters

deliberated at AC meetings. The AC Chairman also conveys to the
Board matters of significant concern raised by the external and/or
internal auditors.
BPlant’s Board Members attending BPlant Open Day 2022 at Kuala Muda
Estate, Kedah
124
External Audit Related Party Transactions
1. Reviewed the year 2022 audit plan and scope of work for the 1. Reviewed the Circular to Shareholders relating to
Group. shareholders’ mandate for recurrent related party
2. Reviewed the audit fees, the number and experience of transactions of revenue or trading nature prior to
audit staff assigned to the audit engagement, resources and recommending it for Board’s approval.
effectiveness of the external auditors. 2. Monitored the related party transactions entered by the
3. Assessed the performance of the external auditors, their Company and the Group pursuant to the shareholders’
independence and objectivity. mandate obtained at the Annual General Meeting held on
4. Discussed on audit reports and evaluation of the systems of 14 June 2022.
internal control. 3. Reviewed the related party transactions entered by the
5. Reviewed major audit findings and reservations arising from Company and the Group as well as the disclosure and the
the interim and final audits, significant accounting issues and procedures relating to related party transactions.
any related matter that the external auditors wished to discuss. 4. Reviewed the Framework and Procedures on related party
6. Discussed the external auditors’ review of the Statement on transactions in order for the said framework to be in line with
Risk Management and Internal Control for year 2022. the provisions of the MMLR.
7. Reviewed the external auditors’ management letters and
management responses.
Integrity and Governance
The AC also met with the external auditors twice during the year
in the absence of Management to discuss amongst others, audit
issues and reservations arising from the interim and final audits. 1. Oversaw the practice of good governance, ethics and
integrity within the Group.
The external auditors have assured the Audit Committee that 2. Reviewed and monitored the implementation of Adequate
in accordance with the terms of all relevant professional and Procedures (T.R.U.S.T) Principle.
regulatory requirements, they had been independent throughout 3. Reviewed and monitored the anti-bribery and corruption
the audit engagement for year 2022. training and awareness sessions conducted by the Integrity
Department for employees of the Group.
The external auditor’s service fees including the statutory audit
fees are available on page 202 of this Integrated Report.
Group Internal Audit Department

Internal Audit
The AC is supported by the GIA, headed by Premila Rajaratnam.
Premila is a Fellow of the Association of Chartered Certified
1. Reviewed the internal auditors’ risk-based annual audit plan,
Accountants, a Chartered Accountant of the Malaysian Institute of
to ensure adequate scope and comprehensive coverage over
Accountants and a Professional Member of The Institute of Internal
the significant risk areas of the activities within the Group.
Auditors Malaysia. She has more than 18 years of firm and commercial
2. Reviewed and deliberated all key matters identified in the
experience in internal audit, risk management, compliance and
internal audit reports, including adequacy of identified
financial management (both strategic and operational), encompassing
remedial action.
a wide array of industries. She reports functionally to the AC and
3. Reviewed the corrective actions taken by the Management
administratively to the Group Chief Executive Officer of BHB.
in addressing and resolving issues as well as ensuring that
all key issues were adequately addressed on a timely basis.
4. Reviewed the adequacy of the resource requirements and
competencies of staff within GIA to execute the annual audit
plan and the results of the work.
5. Reviewed the effectiveness of the internal audit processes of
GIA.
6. Reviewed the AC Report and recommended the same to the
Board for approval prior to their inclusion in the Company’s
Integrated Report.
125
The qualification and audit related years of experience of the GIA team as of 31 December 2022 are shown below:
Qualifications Years of Audit

Related Experience
3
5
3 8
3
3 14
3
4 8
Accounting/ Finance Engineering (Chemical, More than 20 Years

Science, Plantation Mechanical, Marine) 16 - 20 Years
Technology/ Business Administration, 11 - 15 Years
Management Information Technology 6 - 10 Years
Economic and Others 0 - 5 Years
GIA’s principal responsibility is to evaluate and improve the GIA has in total 27 internal auditors as at 31 December 2022,
effectiveness of the risk management, control and governance comprising staff from diverse backgrounds. GIA continues its
processes of BPlant and its subsidiaries and recommend commitment to equip its internal auditors with the necessary
improvements to the processes, where necessary. This is knowledge, skills and competencies to discharge their duties and
accomplished through a systematic and disciplined approach of responsibilities. They had attended relevant trainings and courses
regular reviews and appraisals of the management, control and and are strongly encouraged to obtain appropriate professional
governance processes based on the review plan that is approved certifications and qualifications.
by the AC annually.
The audits conducted in year 2022 covered a wide range of
GIA adopts a risk-based methodology in planning and conducting operational areas within the Group including fresh fruit bunches
audits by focusing on key risks areas and activities that are aligned harvesting, field maintenance, procurement, contract management,
with the Group’s strategic plans. GIA has also adopted internal audit marketing, project management, finance, administration, production,
standards and best practices based on the International Professional inventory management, plant and machinery maintenance and
Practices Framework (IPPF) promulgated by The Institute of Internal plantation research.
Auditors.
The corresponding audit reports were presented to the Management
The terms of reference of the GIA are clearly spelt out in the Internal and AC for attention, deliberation and implementation of corrective
Audit Charter. GIA has operated and performed in accordance with actions.
the principles of the Charter that provides for its independence.
GIA reports directly to the AC and is independent of the activities
it audits. GIA has an adequately resourced internal audit function
to assist the AC and the Board in maintaining an effective system of
internal controls and overall governance practices within the Group.
126
Performance of the GIA is assessed annually by the AC.
During the financial year, GIA undertook the following activities:
1 Prepared the annual audit plan for approval by the AC.
2 Performed risk-based audits based on the annual audit

plan, including follow-up of matters from previous internal
audit reports.
3 Conducted root-cause analysis as part of the internal audit

BPlant Board Members Tan Sri Dato’ Wira Aziah Ali and (Dr.) Salihin Abang
work to enable relevant recommendations to address any
participate in the Anti-Bribery Management Systems Stage 2 audit process
weaknesses noted. with SIRIM QAS
4 Issued internal audit reports on risk management, control

and governance issues identified from the risk-based All audit work for the internal audit function during the year was
audits together with recommendations for improvements conducted in-house. No area of the internal audit function was
for these processes. outsourced.
5 Undertook ad-hoc reviews on matters arising from the

audits and/or requested by the Management and/or AC The total cost incurred for GIA in respect of financial year
and issued the reports accordingly. 31 December 2022 amounted to RM0.8 million (2021: RM1.6 million).
6 Reported on a quarterly basis to the Management and AC

on significant risk management, control and governance AC Effectiveness Review and Performance
issues from the internal audit reports issued, the results
of special reviews undertaken (if any) and the results of For the year under review, the Board assessed the performance of
follow-up of matters reported. the AC through an annual evaluation exercise. The Board agreed
that the AC continued to support the Board in reviewing financial and
7 Reported on a quarterly basis to the AC the achievement
of the audit plan and annually on status of resources of audit matters, contributing to the overall effectiveness of the decision-
GIA. making process by the Board for the Company and the Group. The
Board is satisfied that the AC has discharged its functions, duties and
Conducted regular follow-ups and monitoring on the responsibilities in accordance with the TOR of the AC.
8
implementation of recommendations made to ensure that
appropriate corrective actions are taken on a timely basis.
Reporting to the Exchange
9 Liaised with the external auditors to maximise the use of
resources and for effective coverage of audit risks. For the year under review, the AC is of the view that the Company
is in compliance with the MMLR and as such, the reporting to Bursa
10 Reviewed the procedures relating to related party Malaysia Securities Berhad under Paragraph 15.16 of the MMLR is
transactions entered into by the Group to ensure that not required.
the related party transactions have been conducted in
accordance with the Group’s normal commercial terms This Report is made in compliance with a resolution of the Board
and are not to the detriment of the Group’s minority dated 11 April 2023.
shareholders.
11 Conducted workshops and communication sessions with

the Management and operational staff on internal controls,
internal audit observations and proposed action plans on
the areas covered during the audit engagements.
127
ADDITIONAL COMPLIANCE INFORMATION
1. UTILISATION OF PROCEEDS FROM CORPORATE PROPOSALS
There were no proceeds raised from any corporate proposals during the financial year.
2. AUDIT AND NON-AUDIT FEES
Group Company
Paid/payable RM’000 RM’000
Fees to the auditors of the Group and Company for the financial year ended
31 December 2022
– Audit 935 346
– Non-audit 264 264
The provision of non-audit services by the external auditors to the Group is both cost effective and efficient due to their knowledge
and understanding of the operations of the Group and did not compromise their independence and objectivity. It is also the Group’s
policy to use the auditors in cases where their knowledge of the Group means it is neither efficient nor cost effective to employ
another firm of accountants.
3. MATERIAL CONTRACTS
There were no material contracts which had been entered into by the Group involving the interests of Directors and major shareholders,
either still subsisting at the end of the financial year ended 31 December 2022 or entered into since the end of the previous financial
year.
128
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors reaffirm that they are collectively responsible for ensuring that the annual financial statements of the Group and the Company
are drawn up in accordance with the applicable approved accounting standards in Malaysia, the provisions of the Companies Act 2016 and
the Main Market Listing Requirements of Bursa Malaysia Securities Berhad; and that these financial statements give a true and fair view of the
financial position, financial performance and cash flows of the Group and of the Company for the financial year ended 31 December 2022.
To ensure that financial statements are properly drawn up, the Directors have taken the following measures:
• applied the appropriate and relevant accounting policies on a consistent basis;

• made judgements and estimates that are prudent and reasonable; and
• prepared the financial statements on the going concern basis.
The Directors are responsible for ensuring that the Group and the Company keep proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Group and the Company and which enable them to ensure that the financial statements
comply with the Companies Act 2016. The Directors have overall responsibility for taking such steps that are reasonably open to them to
safeguard the assets of the Group and the Company as well as to prevent and detect fraud and other irregularities.
This statement is made in accordance with a resolution of the Board of Directors dated 11 April 2023.
STATEMENT OF DIRECTORS’ AND CEO’S INTERESTS

in the Company and related corporations as at 31 March 2023
No. of Direct
Name of Director and CEO Ordinary Shares %
Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. 53,000 –
Fahmy Ismail 1,000 –
PHARMANIAGA BERHAD
Fahmy Ismail 500 –
All other Directors do not have any interest in share in the Company or its related corporations during the financial year.
129
calendar of significant events 2022
JAN 2022 14 BPlant held its first town hall session for the year 2022,
opening an avenue for management to connect with their
employees and synergise efforts.
19 More than 50 representatives from various government

agencies and private entities participated in the Tawai
Business Unit External Stakeholders Engagement in
Sabah, to strengthen understanding and cooperation
among all involved parties.
20 Batik Thursdays, an initiative where employees were

encouraged to wear Batik, was launched to celebrate
Malaysia’s traditional heritage.
FEB 2022 12 Segaria Estate and Palm Oil Mill in Semporna, Sabah,
supported the call to improve the national vaccination
rate for COVID-19 by organising a mass vaccination
programme involving more than 600 staff and family
members, as well as residents from the nearby community.
21 BPlant announced a record-high revenue of RM1.1 billion

for its financial year ended 31 December 2021, for the first
time since relisting on Bursa Malaysia in 2014.
MAR 2022 12 BPlant mobilised its relief team to assist in post-flood

cleanup efforts for the residents of Kampung Teladas in
Air Putih, Terengganu, who were severely affected by
floods.
130
MAR 2022 28 Loagan Bunut Estate in Sarawak conducted its corporate

social responsibility initiative through the rehabilitation
and beautification of Masjid Long Lama, a local mosque
frequented by the Muslim community in the area.
29 BPlant stepped up its commitment towards environmental,

social and governance principles with the signing of a
Document of Understanding with Cargill Palm Products
Sdn Bhd for the long-term supply of high-quality and
sustainable crude palm oil.
APR 2022 10 BPlant distributed zakat wakalah contribution to a group

of asnaf in Negeri Sembilan, kickstarting the Jelajah Kasih
Ramadan initiative that was held throughout the month
of Ramadan in various parts of Malaysia. Jelajah Kasih
Ramadan was a community outreach initiative aimed at
providing support to disadvantaged groups.
23 Contributions of unused clothing items from BPlant staff

were distributed to people in need in Setapak, Kuala
Lumpur, as part of the ‘Bank Pakaian BPlant’, a community
care initiative.
MAY 2022 23 Employees had an eventful night at the BPlant Hari Raya
Aidilfitri celebration at Royale Chulan Kuala Lumpur. This
was the first major gathering held by the company since
the onset of the COVID-19 pandemic in 2020.
JUN 2022 7 BPlant entered into an RM45 million green financing

agreement with China Construction Bank (Malaysia)
Berhad to facilitate the replanting programme.
14 Following COVID-19 guidelines, BPlant’s 109th Annual

General Meeting was conducted entirely through live
streaming from Royale Chulan Damansara.
131
calendar of significant events 2022
JUL 2022 1 Employees enjoyed a good yet competitive bonding time

at the BPlant Bowling Tournament 2022, which saw 15
teams competing for the podium.
4 BPlant presented a business zakat of RM296,623 to

Sultan of Perak Sultan Nazrin Muizzuddin Shah.
25 A Health Awareness Campaign was launched to promote

and nurture healthy living among employees. Various
sports and health-oriented activities were organised for
employees to participate in throughout the six-month
campaign period.
30 BPlant, in cooperation with Persatuan Veteran Angkatan

Tentera Malaysia, celebrated the sacrifices of army
veterans to the country by presenting a zakat wakalah
contribution to the group.
AUG 2022 13 Employees participated in the Company’s hiking activity

at Denai Tiga Puteri in Petaling Jaya, Selangor, held to
inculcate the spirit of teamwork and cooperation.
19 E-Procurement, an online sourcing platform, was launched

in a bid to further digitalise BPlant’s internal process.
30 BPlant Board of Directors expressed their commitment

towards conducting business with the highest standards
of integrity with the signing of an Integrity Pledge.
132
SEPT 2022 15 The Jalur Gemilang flew high and proud at Menara
Boustead as BPlant employees joined in the celebration
of Hari Kebangsaan and Hari Malaysia 2022.
28 BPlant Board Retreat 2022 was held at Royale Chulan

Cherating in Pahang with participation of Board of
Directors and senior management to chart strategies and
plans to further improve the company’s growth.
OCT 2022 12 Employees took part in mini games and sports activities
at the BPlant Sports Day held in conjunction with the
national-level celebration of Hari Sukan Negara 2022.
28-30 BPlant joined other subsidiaries under the Lembaga

Tabung Angkatan Tentera’s (LTAT) umbrella to participate
in a three-day Jelajah Aspirasi Keluarga Malaysia
roadshow in Kuantan, Pahang.
NOV 2022 26 Hundreds of visitors filled the field of our Kuala Muda
Estate in Sungai Petani, Kedah, to participate in various
activities and games at the BPlant Open Day 2022.
DEC 2022 8-10 The LTAT 50th Anniversary Celebration, a series of

roadshows held since August 2022, concluded with its
final exhibition at Kem Syed Sirajuddin in Gemas, Negeri
Sembilan. BPlant, together with other LTAT subsidiaries,
had participated in the roadshows held in various army
camps around the country.
19 BPlant Board of Directors and senior management made

an official visit to Segaria Complex in Semporna, Sabah,
to engage with staff and workers on the ground.
133
SUSTAINABILITY STATEMENT
Sustainability Statement 136
• Achieving Sustainable Growth 142
• Safeguarding the Environment 146
• Caring for Our People 156
SECTION 07
Flock of birds flies together at Trong Palm Oil Mill, Perak
SUSTAINABILITY statement
2004
• Founding
2006
• Publication
2010
• First Social
2011
• Sungai Jernih
2014
• Relisting of
member of of first Impact became the Boustead
RSPO sustainability Assessment first business Plantations
handbook (SIA) and High unit to be Berhad on the
Conservation RSPO certified Main Market of
Value (HCV)
Bursa Malaysia
Assessment
conducted
Effluent ponds at Trong POM, Perak
2022
• Boustead Tawai
2021
• Trong POM is •
2020
Telok Sengat
2019
• All RSPO-
2018
• Segaria
POM was certified awarded with Business Unit certified Business
with ISO9001:2015 Sustainable gained RSPO business units Unit obtained
• Listed on Palm Oil Mill and MSPO were also both RSPO
FTSE4Good Bursa for the Best certification, MSPO certified and MSPO
Malaysia Index Scheduled leading to • Second certification
and FTSE4Good Waste 100% of our sustainability
Bursa Malaysia Management business units handbook was
Shariah Index for category having MSPO published
demonstrating from Perak certification • SIA and HCV
strong ESG Department of Assessment
practices Environment completed
136
2015
• Installation of biogas plant at Telok Sengat
Palm Oil Mill (POM)
• Nak Business Unit gained RSPO certification
• Sungai Jernih POM and Estate were selected
OUR APPROACH TO SUSTAINABILITY
as a pilot project and certified for MSPO
Boustead Plantations Berhad (BPlant or the Company and its
certification
subsidiaries collectively referred to as the Group) is a well-established
oil palm plantation company with over a century of experience in
the industry. Given our long-standing history in the cultivation and
management of oil palm plantations, we are cognisant of the impact of
our business and operations, as well as our responsibility in addressing
sustainability challenges with utmost integrity and transparency.
At BPlant, we aim to play an active role in ensuring that our business

operations meet industry frameworks and standards for sustainability.
Demonstrating our commitment to sustainability, we were one of the
first companies to become a member of Roundtable on Sustainable
Palm Oil (RSPO) in 2004 and our business units have progressively
attained RSPO certification since 2011 with 60% of our business units
RSPO certified as of 2022. Meanwhile, all of our business units have
obtained the Malaysian Sustainable Palm Oil (MSPO) certification since
2019. These certifications underscore our unwavering commitment to
creating environmental, social, and governance (ESG) value through
our operations.
Beyond industry-specific standards such as MSPO and RSPO, we are
2015
also guided by broader sustainability frameworks such as the United
Nations’ Sustainable Development Goals (UN SDGs). Through our
2017
operations, we strive to contribute meaningfully to SDGs relevant to
our business, namely Zero Hunger (SDG2), Decent Work and Economic
• Sungai Jernih Growth (SDG8), and Responsible Production and Consumption
POM won (SDG12). We remain dedicated to contributing to these goals by
• Trong advancing our efforts to create meaningful change in these areas.
the clean air
Business Unit
award from
gained RSPO At BPlant, we take inspiration from the philosophies of indigenous
the Pahang
certification communities who have lived off the land for generations, whereby
Department of
we acknowledge the importance of replenishing and protecting
Environment
the natural resources that we utilise in our operations to ensure a
sustainable future for all. This is reflected in our sustainabilty policies
which guide us in shaping our operations in a manner that respects
local communities and the environment.
Recognising that our employees and the communities connected to

our operations are crucial to our long-term growth and success, we
also make an active effort to care for their well-being. In line with this,
we have in place a robust governance framework that ensures our
actions are guided by ethics and integrity as well being respectful of
the people we touch through our operations.
Understanding that sustainability is an ongoing journey, we will

continue to strive towards becoming an environmentally sustainable
and socially equitable business.
137
BPLANT SUSTAINABILITY FRAMEWORK
The BPlant ESG Blueprint, which was approved in May 2022, forms the foundation of BPlant’s commitment to sustainability. Our strategy
framework now focuses on integrating ESG principles into our business operations to enhance our sustainability performance. Our goal is to
embed these principles in every aspect of our operations and realise the benefits.
ESG Blueprint Pillar
1 2 3 4
Engagement,
Certification Best Practices Governance
Awareness and Training
As the Company is committed to foster a sustainable future, we have outlined seven thrusts for BPlant’s sustainability-focused commitment
as a foundation for our sustainability efforts which is aligned with current ESG Blueprint.
Each thrust comprises a range of action plans that demonstrate strong ESG practices, in keeping with our aspiration to become a sustainable
plantation company while staying abreast of industry market trends.
7 Thrust of Sustainability Commitment 25 Sustainability Action Plan
Managing the Environment and • Identify source of GHG • Pesticide management • Zero burning • Water management
1
Climate Action • Biodiversity management • Peatland management • Good agriculture • Good milling
• Respecting the rights of employees • Fair recruitment and treatment

2 Respecting Human Rights
• Conducive working and living conditions
Nurturing Inclusivity of Community • FFB supplier and smallholder support programme • Stakeholder engagement and
3
and Stakeholder management • Social responsibility
4 Ethical Sourcing • Traceability monitoring • FFB supplier compliance monitoring
5
Effective Sustainability • Compliance for applicable regulations and ESG requirements
Governance and Strategy • Strengthening sustainability structure • Sustainability certification
6
Providing a Safe and Healthy • Reduce of number of accidents • Monitor safety and health practices
Workplace for Employee Wellbeing • Enhance safety and health programme
Implementing and Monitoring Best

7 • Continuous improvement programme • Communication • Continuous engagement
Practices
138
BPlant’s sustainability certification progress
RSPO MSPO ISO 9001:2015 Quality * Except for Balau

Estate in Semenyih,
Management System Selangor which no
38,640 ha 97,152 ha 10
longer operates as an
oil palm estate, but
being reserved for
mills certified future development.
(to achieve 100% by 2024) (100%)*
SUSTAINABILITY GOVERNANCE
Sustainability at BPlant is led by our Board of Directors, who are responsible for overseeing the Group’s sustainability strategy and performance.
During the year under review, the Board is guided by four directors who form the Sustainability Committee (SC), which oversees the Group’s
sustainability goals, policies and practices. The committees and entities that make up our sustainability governance framework are shown
in the diagram below.
Sustainability Governance at BPlant
As the highest authority

in BPlant’s sustainability
Board of governance framework, the
Directors Board is responsible for BPlant’s
sustainability strategy as well as
sustainability performance.
SC assists the Board in

overseeing the Group’s Sustainability
targets, policies and practices Committee
pertaining to sustainability.
Chaired by the Chief Executive

Officer of BPlant, the MSC
Management
is responsible for ensuring
Sustainability
effective sustainability
Committee (MSC)
management and administration
by the Group.
Led by the Sustainability

and Safety Department, the
Sustainability Secretariat Sustainability
supervises sustainability Secretariat
operations and implementation
within the Group.
139
OUR MATERIAL MATTERS
To deliver on our sustainability agenda, we consider matters that are of greatest concern both to our stakeholders and the accomplishment
of our business objectives. These material matters are evaluated through a comprehensive assessment periodically and reviewed on an
annual basis. Following our review in 2021, we determined that the previously identified material matters remain relevant as follows:
Social welfare
and community
investment
Business Occupational
continuity safety and health
Research and
Climate change
development
and greenhouse
and yield
gases
improvement
MATERIAL
High
conservation
value areas and
MATTERS 7.
Traceability
and supply chain
biodiversity
Air, water, waste

Creating business
and effluents
opportunities
management Workforce
management
(For more information on how our material matters were identified and why they are important to us, please refer to the Material Matters section on pages 53 to 58 of this
report.)
140
How We Align with the UN SDGs
Our sustainability initiatives are guided by the UN SDGs. In particular, we strive to actively contribute towards three identified SDGs that are
most relevant to our operations. The table below provides an overview of these SDGs and the value we create through various sustainability-
linked initiatives.
SDG How We Contribute Related SDG Targets Value Created
1 • Improve Malaysia’s • 2.4 • 126,723 MT of RSPO Certified

sustainable food production, • 2.a Sustainable Palm Oil
increase productivity and produced
enhance land and soil quality • 21,301 MT of RSPO Certified
• Devote resources to research Sustainable Palm Kernel
and development to increase produced
Zero Hunger: End hunger, agricultural production • 38,640 ha RSPO certified
achieve food security and capacity area
improved nutrition and promote
sustainable agriculture
2 • Foster the development of • 8.2 • More than 700 registered
local small and medium-sized • 8.8 local vendors
suppliers • Lost Time Injury Frequency
• Enforce policies to eliminate Rate of 6.73
forced and child labor
• Ensure a safe and secure
Decent Work and Economic working environment for
Growth: Promote sustained, everyone
inclusive and sustainable
economic growth, full and
productive employment and
decent work for all
3 • Efficient and effective • 12.4 • Waste products are
management of effluents • 12.5 repurposed in line with our
and wastes as guided by • 12.6 Zero Waste Strategy
applicable national laws and • 12.a • A total of 1,407,217 m3 biogas
regulations was captured
• Committed to mitigating the • A total of 430,525 MT solid
Responsible Consumption and release of chemicals and biomass was produced
Production: Ensure sustainable wastes into the environment • A total of 920,271 MT liquid
consumption and production • Include sustainability- biomass was treated
patterns related information in our • A total of 209,358 MT empty
Sustainability Report and fruit bunches (EFB) was
implement sustainable utilised
practices
141
ACHIEVING
SUSTAINABLE
GROWTH
Aerial view of Sungai Jernih POM, Pahang
We are driven to Our objective is to ensure that our operations remain profitable, enabling us to
sustain our business and create value for our diverse range of stakeholders. We
maintaining profitability also leverage our operations as an opportunity to contribute to the economic
in order to sustain development of local communities.
our operations and
thereby continue to BUSINESS CONTINUITY
deliver value to our
various stakeholders. In line with the Reinventing Boustead Strategy, BPlant remains committed to
driving sustainable growth. Chief among our efforts to reach this goal is our 25-
At the same time, we Year Replanting Programme (RP25) which aims to tackle risks emerging from
recognise that through the aging oil palm age profile of our plantations. Our RP25 Blueprint targets to
our operations, we can replant approximately 7% of total cultivated area every year until 2045. This
will be achieved via a three-year mechanisation plan focused on harvesting
also contribute to the operations, in-field crop evacuation and external crop transportation. The
economic development escalation of our mechanisation efforts is vital not only for boosting productivity
of local communities. and increasing yield, but also for coping with the prolonged labour shortage in
the industry.
142
Among our efforts to promote local development include supporting

smallholders by purchasing approximately 3% of our external FFB from
66 different external suppliers, which includes smallholders located in
Peninsular Malaysia, Sabah and Sarawak.
Worker of Orang Asli descent at Bebar Estate, Pahang
Complementing these efforts, we also create job opportunities

for retired Armed Forces personnel and members of the Orang
Asli communities who reside near our estates. Additionally, we
collaborate with over 700 suppliers and vendors across the Group,
predominantly made up of local businesses.
Research AND Development (R&D) and Yield

In addition, we continue to make progress under the Plantation Improvement
Performance Improvement Programme (PPIP) launched in 2021 to
increase productivity and enhance cost optimisation. With PPIP 2.0, In our business, R&D are integral components in our endeavour to
we are now focusing on maximising yield per hectare, optimising oil improve our planting material and soil quality, as well as establish
extraction rate (OER) and rebalancing our asset portfolio. more effective and eco-friendly systems and processes to optimise
our operations. Through this approach, we can increase productivity
and yields, which are paramount to our success. We are committed
Creating Business Opportunities to developing sustainable methods that enhance efficiency while
minimising our ecological impact. Our aim to achieve more with less
As a well-established business in Malaysia, we are cognisant of our drives us in seeking new and innovative solutions.
responsibility to help stimulate economic and social development for
the nation. In accordance with this, we are committed to advancing We have access to two R&D centres, namely Applied Agricultural
our business sustainably while propelling the economic growth of Resources Sdn Bhd (AARSB), an associate company of BPlant as
the communities touched by our operations. well as Boustead Life Sciences Research Sdn Bhd, which is fully
owned by BPlant. In 2022, we spent over RM16 million on R&D for
continuing to find new ideas and innovations that can be adapted
and deployed for use in the plantation industry.
143
Research worker preparing nutrient media in a production laboratory at Boustead Life Sciences Research in Semenyih, Selangor
In line with our creating more with less approach, we continued researching planting materials that allow for higher planting densities, which
in turn produces higher yield per unit area of land. Up to 2022, more than 26,000 ha of high oil-yielding clonal material was cultivated in our
estates, representing about 36% of our total cultivated area.
Our Sungai Jernih POM and Segaria POM were among the mills that received the highest amount of clonal material. As a result, we recorded
higher average OER compared to state averages as follows:
Mill Sungai Jernih Segaria
BPlant 22.0 22.8

State 19.6 20.5
Variance 2.4 2.3
% 12% 11%
144
Traceability AND Supply Chain with our Sustainability Policy. We are currently developing plans
for data verification. All our registered vendors and suppliers have
We value the traceability of our supply chain, as we operate in a also signed and agreed to comply with the Vendor Code of Conduct
highly regulated industry guided by strict laws and regulations through our upgraded procurement system.
governing the production and sale of palm oil. By implementing
traceability systems, we are able to ensure that we comply with these We believe that sustainability certifications such as RSPO will enable
smallholders to both mitigate the impact of their operations on the
regulations as well as demonstrate our compliance to regulators and
environment and enhance their livelihoods as well as their surrounding
other relevant stakeholders. Importantly, upholding traceability also
communities. To encourage them to obtain this certification, we aim to
helps us to ensure our suppliers are operating in an environmentally
support them in navigating the certification process to ensure they
ethical and socially responsible manner.
are able to reap the benefits of sustainable agriculture practices.
Reflecting this, in 2022, we conducted three engagements to educate
As of 2022, we have identified 66 FFB suppliers registered in our
our FFB suppliers, especially smallholders, at the Telok Sengat POM
supply chain, including smallholders, small estates and out-growers.
about the significance of RSPO certification. Moving forward, we
As part of our efforts to enhance traceability within our supply chain,
intend to continuously engage with our suppliers at other business
we held a number of engagements with our various suppliers at the
estate level. units in order to obtain a better understanding of their processes
and practices, which will allow us to identify potential risks and
Through our mills, we continue to keep relevant data on our FFB opportunities to improve our traceability standard.
suppliers such as the location of FFB suppliers, Malaysian Palm
Oil Board licenses and their volume of FFB production. To date, Following a review of our progress in achieving tracebility, we
67% of our identified FFB suppliers have signed our Sustainability have revised our timebound plan to achieve 100% Traceability to
Pledge, while 42% of our identified suppliers have submitted their Plantation by 2027.
supplier information and data for us to monitor their compliance
Truck carrying fresh fruit bunches measuring its load at weighbridge at Trong POM, Perak
145
SAFEGUARDING THE
ENVIRONMENT
Aerial view of BPlant’s operation
Acknowledging the considerable influence that plantation operations have

on the environment, we pledge to operate with utmost responsibility as
a pioneering member of the RSPO. In line with this, we strive to minimise
any adverse impact from our operations while actively contributing to the
preservation of our natural ecosystems.
HIGH CONSERVATION VALUE (HCV) AREAS AND

BIODIVERSITY
Zero Deforestation
Recognising that areas with HCV and biodiversity are vital habitats for
endangered flora and fauna, as well as integral to the well-being of local
communities, we place a high priority on safeguarding these areas through
sound environmental management. This includes committing to no
deforestation, preserving biodiversity and enhancing HCV management, as
outlined in our sustainability policy.
146
We are proud to report that we have recorded zero non-compliant

deforestation in 2022 and BPlant has refrained from developing any
new plantations in Malaysia as a result of our focus on expanding
our landbank through brownfield opportunities. Nonetheless, any
development of new plantations will adhere to the RSPO New
Planting Procedure.
Conserving hcv Areas
In upholding our commitment and ensuring compliance with

regulations, we have conducted HCV assessments since 2010 to
identify areas that are important for conservation and biodiversity,
and to better understand the potential environmental impacts of our
operations. As a result, to date, we have demarcated 576 ha of our
estates as HCV areas, which comprises jungle patches, wetlands and
riparian buffer zones. We protect these areas through comprehensive
environmental management plans, including restoration of riparian
buffer zones, as well as patrolling and monitoring systems to track
the status of respective biodiversity management at the operational
level.
Complementing this are our efforts to maintain areas that are rich in
biodiversity. For example, we have restored a total of 9 ha of land
along Sungai Bilong that runs through our G&G Estate in Lahad Datu,
Sabah, as a river buffer zone. Additionally, we have planted more
than 180 Mahogany trees surrounding the hot springs located in our
Segaria Estate in Semporna, Sabah.
Further to this, our policies and practices are aligned with relevant
national laws, alongside the requirements set forth by RSPO and Conservation Status Flora and Fauna
MSPO for the cultivation of sustainable palm oil. We ensure that our
operations comply with these guidelines, including the identification, Based on our HCV assessment, 13 endangered and six critically
monitoring and enhancing of identified HCV areas. endangered fauna species have been identified under the
International Union for Conservation of Nature (IUCN) Red List
scattered across our estates. As part of our ongoing efforts to
maintain responsible and sustainable practices, we are continually
reviewing our HCV data to ensure the effective management of
these crucial areas.
Understanding that protecting HCV areas and biodiversity requires

collective effort, we engage with various stakeholders, including the
Department of Wildlife and National Parks Malaysia (PERHILITAN),
Sabah Wildlife Department, State and District Forestry Departments
and local communities to understand their concerns and encourage
their participation in our conservation efforts. These engagements
help us to build a network of support for conservation initiatives
A view of Sungai Bilong, a river that runs through G&G Estate, Sabah. and ensure that BPlant’s sustainability actions are aligned with the
priorities of our stakeholders.
147
Integrated Pest Management (Ipm) CLIMATE CHANGE AND GREENHOUSE GAS (GHG)
EMISSIONS
As part of our efforts to reduce our environmental impact, we have
continued to use our IPM system, which enables us to employ We recognise our vital role in mitigating climate change, and we
biological control to manage pests in our operations. believe we can contribute most meaningfully to this endeavour by
focusing on minimising the environmental impact of our operations.
To manage rat infestation and damages to our crop, biological Accordingly, BPlant’s Risk Management regularly assesses ESG
control measures such as the use of barn owls are widely utilised related risks, allowing us to glean a deeper understanding of the
in our operations. To promote barn owl population in our estates, risks associated with our operations and consequently, develop
artificial nest boxes are provided at a density of one box per 10 effective mitigation strategies to tackle climate change.
to 20 ha. The design of nest boxes and materials used are well-
researched to ensure high owl occupancy and natural breeding. This Reflecting this, in 2022, the Board approved the establishment of
is supplemented by conventional baiting campaigns to reduce the the Group’s Sustainability Focused Commitment, which includes our
rat population when necessary based on economic thresholds. As climate action plan. In line with this, we are committed to minimising
a result, this has also enable us to reduce the use of rat bait in our GHG emissions from our operations with the development of an
operations. action plan to reduce emissions across all of our operations currently
underway.
We adhere to our Oil Palm Circular and our commitment towards
RSPO, aimed at avoiding surface and ground water contamination. Since 2019, we have been progressively monitoring our emissions
These include not applying pesticides or chemicals at and around from all our business units utilising the RSPO PalmGHG calculator.
riparian areas and instead, either plant wetiver grass in those areas To ensure we fully understand the impact of our operations and to
to reduce soil erosion or leave the areas to grow natural vegetation. develop effective mitigation strategies, we strive to continuously
enhance the accuracy, reliability as well as completeness of our
GHG emissions data.
Chemical Management
In order to achieve maximum productivity and at the same time,

safeguard our crops from pests and diseases, our operations only
use government authorities’ approved chemicals. We place a high
priority on minimising our use of chemicals. We follow appropriate
standard operating procedures (SOPs) to ensure the safety of our
employees, communities, and the environment from exposure to
hazardous chemicals. Furthermore, we have implemented SOPs
that include mechanical, biological, and chemical pest management
techniques.
We prohibit the use of Class 1A and 1B chemicals registered under

World Health Organisation (WHO) and Stockholm or Rotterdam
Conventions in our operations and those of our suppliers, except for
specific circumstances. The use of paraquat is strictly prohibited at
our operations and suppliers unless approved by local authorities for
exceptional conditions.
Effluent pond at Rimba Nilai POM, Sabah
148
Ghg Emmissions
GHG Assessment (tCO2e)
MILL % 12 168,599
Palm oil mill % 8 147,634
effluent (POME)
(CH4)
% 12 167,236
% 18 191,280
% 3 31,331
Fuel % 3 44,790
Consumption
(CO2)
% 3 35,042
% 3 27,766
Estate % 61 834,906
Land % 72 1,272,338
Conversion
(CO2)
% 66 900,061
% 61 648,027
% 9 118,871
% 5 89,854
Fertiliser (CO2)
% 4 58,375
% 3 27,048
% 1 15,550
Nitrus Oxide % 2 26,634
Emission (N2O) % 2 26,875
% 2 20,630
% 14 194,807
Peat % 11 194,265
Oxidation
(CO2)
% 14 196,265
% 14 150,471
2022 2021 2020 2019

1,065,221 1,363,928
Total
Emissions
(tCO2e)
1,383,607 1,775,515
149
We have identified and collected the information based on the GHG emission scope 1, 2 and 3 within our operation by using RSPO GHG
Calculator. Moving forward, we intend to enhance data reporting by mapping the scope of emissions throughout the supply chain in line
with the GHG Protocol methodology.
GHG Credit (tCO2e)
Export of Excess Electricity to Housing

-241,520
Crop Sequestration
-339,079
Conservation Area
-301
Total Credit
580,899
Net Emission
783,029
GHG Emission Intensity Per Product by Certification Unit (tCO2e / Product)
20.0 Average
19.7
15.4
15.0
13.8
13.8
12.2
13.1
11.8
10.0
10.1
9.6
9.4
10.0
6.2
6.0
5.8
5.8
6.0
5.4
5.0
4.7
3.9
4.0
3.5
3.0
3.9
2.5
2.5
1.6
1.5
1.4
1.2
1.4
1.2
1.2
0.9
0.8
1.0
1.0
1.0
1.1
0.7
0.7
0.7
0.5
0.5
0.1
Sungai Trong Telok Kanowit Loagan Nak Rimba Nilai Boustead Segamaha Segaria
Jernih Sengat Bunut Tawai
2022 2021 2020 2019
150
Our assessment of our GHG emissions in 2022 indicated that land Power Generation from Biomass and By-Products
conversion remains the primary contributor to our overall GHG
emissions at 61%, followed by peat oxidation at 14%, production of Biogas
methane (CH4) from POME at 12% and carbon dioxide (CO2) emissions
from fertilisers at 9%. Meanwhile, fuel consumption and production Untreated POME is a significant contributor to GHG through the
of nitrous oxide (N2O) were found to generate the lowest emissions production of methane. To address this issue, we have established a
at 2% and 3% respectively. biogas facility at our Telok Sengat POM, which began its operations
in 2015. Through this facility, biogas is captured from POME through
Based on our assessment, we have recorded a total of 1,363,928 a biodigester covered lagoon system, following which it is converted
tCO2e GHG emissions, which we successfully reduced by 23% as into electricity, thus allowing for reduced dependence on fossil fuels
compared to 2021. This is excluding the credit for crop sequestration for electricity to run our mill.
and the export of excess electricity generated by renewable energy
facilities such as steam turbine and biogas. Taking into consideration In 2022, we captured 1,407,217 m3 of biogas from 69,620 m3 of our
our operational GHG emissions and crop sequestration, we Telok Sengat POM’s liquid biomass, representing a 14% increase
recorded net GHG emissions of 783,029 tCO2e. To further improve compared to the 1,237,852 m3 of biogas captured from 47,542 m3
the accuracy of our assessments, we are currently undertaking of liquid biomass in 2021. The captured biogas was converted into
a review of our HCV data to enhance our data collection for crop a total of 1,160 MWh of electricity which was used to fulfil our milling
sequestration. and domestic needs. In comparison, we produced 819 MWh of
electricity from biogas in 2021.
This reduction was mainly attributed to the treatment of POME in
our operations, less replanting area, reduced fertiliser application, as Steam Turbine
well as the use of renewable energy facilities to generate power. The
implementation of best practices across our operations also enabled We firmly believe that utilising steam turbines to generate electricity
us to reduce GHG emissions during the year. in our palm oil mills is an environmentally sustainable approach as
it efficiently harnesses the biomass generated during the palm oil
extraction process, offering a renewable energy source for our mill
and the surrounding community.
The steam generated by our palm oil mill’s boiler can be utilised
to drive a steam turbine that generates electricity. The high steam
pressure and temperature is directed into the steam turbine, which
converts its thermal energy into mechanical energy. An electrical
generator connected to the turbine then converts the mechanical
energy into electrical energy. While the amount of electricity
generated depends on various factors such as the turbine’s size,
capacity, steam pressure, temperature, and overall system efficiency,
our steam turbines can typically produce around 800 to 1,00 kWh of
electricity per hour of operation.
In 2022, we generated approximately 21,717 MWh of electricity, which

was utilised to power machinery in our palm oil mill and exported to
our housing complex.
In line with our implementation of renewable energy alternatives, we

have also amplified our efforts to monitor our renewable energy data
to ensure our efforts are contributing to meaningful impact in this
area.
Biogas collection pump house at Telok Sengat POM, Johor.
151
Air, Water, Waste and Effluents Management Fire Prevention Initiatives
In order to address the significant amount of waste generated in As part of our commitment to sustainability and the protection of
the palm oil value chain, we have undertaken various initiatives to our environment, we have a zero-burning policy in place for all
shape a circular ecosystem that maximises the reuse of bio-waste our estates, particularly for oil palm replanting. Taking a firm stand
generated in the production of palm oil. In tandem, we strive to against illegal burning for land preparation in our supply chain, we
manage our effluents and air emissions responsibly in accordance also extend this policy to our FFB suppliers.
with best practices to ensure the protection of our environment.
We utilise the RSPO Hotspot Hub, which is an online platform that uses
Air Pollution Control advanced satellite technology to provide near real-time information,
to detect hotspots and potential fires in oil palm plantations within
We utilise wet scrubbers as well as electrostatic precipitators (ESP), our supply chain. Upon detection of a hotspot within or near our
which are more energy efficient, as a means to reduce the amount of concession, the RSPO GIS Team will alert BPlant, following which our
pollutants released by our mills into the environment. Sustainability Secretariat will take action to respond to the incident.
We have also established Emergency Response Teams, who are
To ensure continued compliance with the Department of trained in fire evacuation, at each of our operating units, while our
Environment’s Environmental Quality (Clean Air) Regulations 2014, neighbouring stakeholders are also involved in the development of
we have installed one wet scrubber and eight ESP at nine of our mills our fire prevention plan and control measures.
as at 2022. Another installation of ESP is in progress with completion
expected in 2023. In our bid to uphold transparency, we make our record of hotspot
alerts available to the public via our website. The following is a
Using the online Continuous Emission Monitoring System, summary of the record:
we monitor the emissions of our mills. To date, our overall
average particulate matter content in stack emissions remains below
150 mg/m³ as per the requirement by Department of Environment.
Number of Hotspots Detected Number of Confirmed Fires Within Concession Areas

7 0
4 0
Number of Confirmed Fires Number of Confirmed Fires Outside Concession Areas

7 7
4 4
2021 2022
152
Water Management In 2022, we consumed a total of 3,545,380 m3 of water across

all of our operations, representing an increase of 1,000,00 m3
As a responsible organisation, BPlant recognises that water is a compared to 2021. This increase in water consumption is attributed
precious resource, and we understand that our mill processing to improvements in our data collection method, which now takes
activities account for the majority of our overall water consumption. into account government water supply and water consumption at
Supporting our commitment to sustainability, we are dedicated to water treatment plants. As we continue to pursue our commitment
using water efficiently by leveraging surface water that has been to sustainability, we remain focused on implementing innovative
processed to meet the quality standards required for production. In solutions to conserve water resources and improve our water use
addition, we continue to improve our water efficiency by recycling efficiency.
and reusing where applicable.
Complementing these efforts, we have monitored our water intensity

since 2021, with the goal of using an average of three years of data
as our baseline target for water efficiency measures and reduction
initiatives. This will pave the way for us to establish a framework to
improve water use intensity in our operations. We also recognise
the importance of enhancing our data collection on domestic water
consumption, and are continuously exploring the best methods for
water management.
Water treatment plant at Kanowit POM, Sarawak
Mill Water Consumption
Region Palm Oil Mill Water Consumption Water Intensity / FFB Process
(m3) (m3/MT)
2022 2021 2022 2021
Sabah Segaria 40,858 58,031 0.6 0.8

Nak 91,201 115,698 1.3 1.5
Rimba Nilai 141,991 144,367 1.5 1.5
Segamaha 358,712 356,088 1.8 1.9
Boustead Tawai 176,038 241,166 1.5 1.5
Sarawak Longan Bunut 102,277 43,180 1.4 2.0
Kanowit 86,594 87,170 1.5 1.3
Peninsular Sungai Jernih 93,330 86,582 0.8 0.8
Telok Sengat 182,729 151,598 1.2 1.2
Trong 135,091 139,489 1.2 1.2
Total 1,408,821 1,423,369 1.3 1.4
153
Water Consumption Record (Water Treatment Plant)
Region Certification Unit Total (m3)
Segaria 186,456
Nak 260,081
Sabah Rimba Nilai 500,439
Segamaha 547,173
Boustead Tawai 225,270
Loagan Bunut 158,369
Sarawak
Kanowit 192,858
Sungai Jernih 93,330
Peninsular Telok Sengat 229,065
Trong 143,877
Total 2,536,918
Water Consumption Record (Government Water Supply)
Region Certification Unit Total (m3)
Segaria -
Nak -
Sabah Rimba Nilai -
Segamaha -
Boustead Tawai -
Loagan Bunut -
Sarawak
Kanowit 25,592
Sungai Jernih 476,156
Peninsular Telok Sengat 201,224
Trong 305,491
Total 1,008,463
154
Waste and Effluent Management
The processing of FFB generates several by-products, including empty fruit bunches (EFB), fibre, shells, and POME. At BPlant, we observe
the best practices in handling effluents and waste generation in adherence to standards set in our sustainability policy.
Biomass
Our biomass management encompasses a zero-waste strategy involving the reusing, recovering, and recycling of various by-products as to
minimise waste and enhance resource efficiency.
Across our 10 palm oil mills, we processed 1,050,823 MT of FFB, generating 430,525 MT of solid biomass and 920,271 MT of liquid biomass
in 2022. Our solid biomass, consisting of mesocarp fibres and palm kernel shells, is repurposed as fuel for our biomass boilers. A total of
209,358 MT EFB was utilised for organic fertilisers that supply required nutrients and moisture for optimal soil conditions.
Liquid biomass comprising POME is treated at treatment ponds to reduce contaminants and treated effluents are applied in field as land
irrigation. At our Telok Sengat POM methane released from effluents is captured and converted into energy.
A machine loading empty fruit bunches to be applied in-field as organic fertilisers at Taiping Rubber Plantation Estate, Perak.
155
CARING FOR
OUR PEOPLE
Staff assisting a senior citizen during Jelajah Kasih Ramadan, a corporate social responsibility initiative at
Pulau Pinang
We are driven to With an aim of making a positive difference in the lives of our employees
and the local communities where we operate, we remain steadfast in our
maintaining profitability commitment to bolstering safety and health measures, while offering safe
in order to sustain and comfortable living quarters as well as enhancing the quality of life of our
our operations and surrounding communities.
thereby continue to OCCUPATIONAL SAFETY AND HEALTH

deliver value to our
various stakeholders. Occupational safety and health (OSH) are essential in any workplace, as
it guarantees that employees can carry out their duties without risking their
At the same time, we safety or health. This is especially crucial in industries like ours, where workers
recognise that through face various hazards on a daily basis.
our operations, we can Understanding the significance of OSH, we have put in place several practices
also contribute to the and procedures to ensure that our employees are able to work in a safe and
economic development protected atmosphere. Our safety and health protocols adhere to relevant
of local communities. policies and are compliant with local laws and regulations, including the
Occupational Safety and Health Act (OSHA).
156
1 Incident review and analysis
The Safety and Health Committee conducts a thorough

review of any incidents or near-misses that have occurred
since the last meeting. The purpose of this review is
to identify the root causes of these incidents and to
determine the corrective actions that need to be taken to
prevent similar incidents from recurring.
2 Hazard identification, risk assessment and risk control
The committee carefully evaluates any recent hazard

identification and risk assessment activities and
discusses any newly identified risks. They assess the
efficacy of current precautionary measures and identify
potential improvements, such as engaging employees,
enhancing the hierarchy of controls and improving
personal protective equipment and on job safety training.
3 Workplace inspections
The committee reviews the results of workplace inspections

To maintain a high standard of safety in our operations, we have and ensures that any identified hazards or deficiencies are
established safety and health committees for every estate and being addressed. They also discuss ways to improve the
mill. These committees comprise both workers and management effectiveness of workplace inspections.
representatives, who play a critical role in promoting a culture
of safety in our operations by overseeing and managing all
safety and health-related issues within their respective areas. 4 Compliance with regulations and standards
The committees convene on a quarterly basis to discuss safety
matters and explore ways to improve safety performance. The committee reviews their compliance with safety and
health regulations and standards to ensure that there are
The following are among the key topics that are within the no violations.
purview of the safety and health committees and are discussed
during quarterly meetings:
157
Annual Safety Programme Additionally, we conduct regular sustainability audits that incorporate
OSH elements to inspect our facilities and identify any potential
Our annual safety and health programme is centred upon a proactive safety hazards or deficiencies in our safety procedures. Our incident
approach that involves identifying potential hazards and risks in our reporting system enables prompt reporting and investigation of all
operations and developing strategies to eliminate or mitigate them. incidents to determine the root cause and ensures any necessary
To accomplish this, we have implemented a range of measures, corrective action is undertaken.
including safety training programmes, hazard identification and risk
assessments, safety audits, safety committees, as well as incident
reporting and investigation systems.
In 2022, we organised various safety-related training programmes

that were designed to equip our workers with the knowledge and
skills they require to identify and avoid potential hazards in the
workplace. These programmes covered a variety of safety and
health related topics as follows:
List of safety trainings and Worker in full personal protective equipment spraying pesticide at a
nursery at Taiping Rubber Plantation Estate, Perak
campaigns conducted in FY2022
First aid training
Accident investigation prevention and reports
Emergency response plan and fire evacuation
Safe handling of chemicals Medical officer inspecting staff at an estate clinic at Taiping Rubber
Plantation Estate, Perak
Safe work procedures Safety Incident Reports
As a result of our continuous efforts to protect the health and safety

Authorised entrant and standby person of our employees, we recorded zero fatalities in our operations
in 2022. This achievement stands testament to our unwavering
commitment to protecting our workers and providing them with a
safe and healthy workplace.
Authorised gas tester
158
Lost Time Injury Frequency Rate (LTIFR)

Promoting Health and Well-being of Employee
Alongside occupational safety, we firmly believe that a healthy

workforce is a productive workforce. Towards this end, we prioritise
2022 2021 2020
the health and well-being of our employees and surrounding
Fatality Rate 0 1 0 communities as reflected in the various initiatives that we have
Incident Rate 16.8 15.1 18.2 implemented throughout the year to promote good health and
Frequency 6.7 6.0 7.4 wellbeing.
Rate
To ensure that our employees have access to the resources they
Severity Rate 81.4 328.2 52.3
need to maintain good health, we have established 35 estate clinics,
where we employ qualified medical personnel to provide basic
healthcare services. In addition, we provide 24-hour transportation
access to the nearest hospital for any cases that require special
Fatality rate Zero fatality accidents in 2022. medical attention.
0%
We also conducted a health awareness campaign that includes
health talks and health screening sessions. Through this campaign,
we educate our employees and their dependents on the importance
of maintaining good health, covering topics such as nutrition and
proper exercise. The health screening sessions allow us to help
them identify any potential health issues and provide advice.
Incident rate Our incident rate increased As part of our continued support of the Government’s National
by 11% following a rise in total COVID-19 Immunisation Programme, we have taken active measures
incident cases from 122 in
11%
2021 to 129 in 2022. to increase vaccination uptake among our employees and nearby
communities. In April 2022, BPlant’s Tawai Business Unit conducted
a mass vaccination programme in collaboration with Klinik Kesihatan
Telupid, drawing the participation of over 500 people. As a result of
the programme, 535 of our employees from nearby estates received
booster shots, while 60 children received their first vaccination dose.
Frequency rate The rise in total incident Recognising that the health and wellbeing of our employees and
cases against total man-hours surrounding communities are crucial to our long-term success, we
worked contributed to an will continue to invest in initiatives that support good health.
13%
increase of 13% in frequency
rate
Severity rate Our severity rate decreased

by 75% as we recorded zero
fatalities in 2022 despite the
75% increase in total incident cases
Board Member Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar
(R) J.P. handing out assistance to staff at Segaria Estate, Sabah.
159
BPlant is driven by a diverse workforce of 5,154 employees comprising skilled and unskilled workers of varied backgrounds. While the
majority of our employees are involved in plantation operations, we also employ professionals in various fields such as finance, marketing,
sustainability and human resources who collectively support the growth and success of our Group.
At BPlant, we place a strong emphasis on promoting diversity and inclusion in our recruitment practices, as well as providing equal
opportunities to all employees regardless of their race, gender, religion or age. Reflecting this, we have established a robust recruitment
process that ensures all employees are selected fairly based on their qualifications and experience.
MALE
3,673 FEMALE
1,481
Employment and Labour Practices Diversity and Inclusion, Non-Discrimination
And Equal Opportunity
As part of our efforts to provide a safe and healthy working
environment for all employees, we adhere to all relevant labour laws BPlant is committed to advocating for gender equality at all levels of
and regulations in Malaysia, including Malaysia’s Employment Act employment through the implementation of strict anti-discrimination
1955, Sabah and Sarawak Labour Ordinance, the Industrial Relations practices. This ensures that we provide fair and equal employment
Act and the Occupational Safety and Health Act (OSHA). To further opportunities regardless of race, nationality, religion or gender. In
protect our people, BPlant also has policies in place to prevent tandem, we also provide training and development opportunities
discrimination and harassment in the workplace. based on business needs, job requirements and individual
qualifications to ensure that all our employees are able to unlock
With an aim to continuously improve our employment and labour their full potential.
practices, we revised and updated our recruitment guidelines in
2022 to prevent and eradicate any possible instances of forced In 2022, our Gender Policy was revised and incorporated into our
labour practices. In line with our Sustainability Policy, we developed a Sustainability Policy to further strengthen diversity and inclusion,
set of ethical recruitment guidelines that prohibit any type of forced, non-discrimination as well as equal opportunity at BPlant. Our
bonded or trafficked labour as well as charging of recruitment fees operating units also continued to strengthen the establishment
in our operations and supply chain. We ensure that our fresh hires of their Women’s Associations, which aim to raise awareness
are not charged any fees by working directly with a reputable and address gender-related issues. With the support of these
recruitment agency that respects and upholds our ethical principles. associations, we also revised our Anti-Sexual Harassment Policy in
2022, thus enabling a safer working environment for our employees.
Respecting the rights of our workers, we also ensure they are not
denied access to their identification documents and every worker is Grievance Mechanisms
provided a safe place in their living quarters to store their valuables.
Additionally, as we firmly believe that open and honest communication All workers across our operations are given access to enquiry channels
between employers and employees is crucial for mutual understanding and grievance mechanisms to raise their concerns. To complement
of everyone’s roles and responsibilities in the workplace, we provide this, we have launched a dedicated online channel, E-Adu, for our
all our employees with written contract agreements in a language they employees to report workplace-related issues and grievances while
are able to understand and have appointed a translator among the ensuring their confidentiality. This channel was launched as part of
employees to cater to language and literacy issue. BPlant’s continuous efforts to increase transparency in governance
and protect the right of our workers. In accordance with our pledge
Over the past few years, we have conducted regular internal audits to uphold environmental, social and governance (ESG) principles, we
on our operating units to assess human and labour rights practices, are fully committed to providing the necessary platforms and space
in line with RSPO and MSPO certification standards. for our employees to have their voices heard.
160
Continuous Training and Education Employee Engagement Initiatives
With a firm belief that continuous training and education is We understand the importance of having a highly engaged workforce
necessary to enhance the skills and competencies of our people, as engaged employees are more committed to the organisation,
our Human Resources Department has been tasked with identifying which translates into higher levels of happiness and productivity.
the pertinent skills required to fulfil BPlant’s corporate goals. They As such, we make it a priority to maintain regular and meaningful
are also responsible for determining if there are any gaps in the engagements with our people.
competencies of our people and organising targeted trainings to fill
any identified gaps. In addition, guided by BPlant’s ESG Blueprint, Our senior management engages with employees at all levels
we also focus on enhancing our employee’s ESG understanding and of the company. For instance, weekly sessions were held with
capabilities to ensure they are able to keep abreast with the evolving young executives, as well as fortnightly ‘Bicara Santai Bersama
ESG requirements. CEO’ sessions with senior executives. These sessions provide an
opportunity for open dialogue and exchange of ideas between
Demonstrating our focus on the continued enhancement of the leadership and our employees. Alongside these sessions, we
our people, our training investment increased by 355% in 2022 also conduct townhall meetings throughout the year to create an
compared to the previous year with an average of RM100 invested inclusive, transparent environment where employees feel valued,
per employee. The total average hours of training per employee also informed and engaged.
increased to 5.7 hours/year/employee from 3.0 hours/year/employee.
In line with our commitment to promoting a healthy work-life balance,
We aim to train and educate our employees at every stage of their we organise and host various activities and events to commemorate
career in BPlant. As such, new cadet planters and engineers are significant international and national occasions. These include
required to undergo a two-week job familiarisation session, followed National Independence Day, National Sports Day (BPlant Sports
by a two-month Internal Apprenticeship Course before they are Day) and World Health Day (BPlant Health Day). Furthermore, to
sent to the field for a nine-month on-the-job training. Our new cadet encourage a culture of healthy sportsmanship among our employees,
training module is designed to nurture and groom future leaders that we also organise sporting events such as badminton and bowling
will not only contribute to our growth but also benefit the plantation tournaments.
industry. In August 2022, we welcomed 27 new cadet planters and
engineers to be part of our operational team throughout the country. Our efforts to engage and invest in our workforce stand testament
to our commitment to cultivating a positive workplace culture. We
believe that an engaged workforce is essential to achieving our long-
term business goals and contributing to the success of the Group.
Cadet planters and engineers displaying their official documents to

attend the Internal Apprenticeship Course Staff and workers celebrate Segaria Complex’s Sports Carnival in Sabah
161
Social welfare and Community Investment
At BPlant, we care for the well-being of all workers and their families in our operations, as well as our local communities. Guided by our
labour policies, we protect their welfare by providing a comfortable and conducive living environment for all plantation workers. This includes
offering accommodations that meet the requirements of applicable local laws alongside an array of facilities such as clinics, recreational
amenities, places of worship, retail stores, creches as well as free school transportation.
Additionally, we also ensure that:
All living quarters are equipped Weekly housing inspections are Regular maintenance and
with electricity, water supply and carried out to monitor the housing upgrading works are undertaken
waste and sewerage management and amenities’ conditions as well to ensure the upkeep of living
systems. as taking appropriate actions. quarters.
Gotong-royong and regular

Auxiliary police for
fogging to prevent
security purposes.
mosquito-borne diseases.
Access to Education
Understanding that every child has the right to education, we have taken a proactive approach to support the education of children in our
plantations with the establishment of a series of Humana schools and Community Learning Centres (CLCs).
The Humana schools, which are located in Sabah and Sarawak, have been developed in collaboration with the Borneo Child Aid Society.
These schools are specifically designed to cater to the needs of workers’ children, regardless of their country of origin. On the other hand,
our CLCs have been constructed in partnership with the Indonesian Consulate and with the approval of Malaysia’s Ministry of Education.
We are proud to report that as of 2022, a total of 90 children have benefitted from the Humana schools, while 663 children have received
education through the CLCs located in our estates. Moving forward, we remain committed to providing educational opportunities for all
children in our plantations.
162
Number of Children Benefitted with Humana and CLC
ESTATE HUMANA CLC

2022 2021 2022 2021
Bukit Segamaha - - 87 72
Segaria - - 256 229
Nak - - 69 72
G&G 37 32 - -
Ladang Tabung Tentera 53 74 - -
Resort - - 67 75
Sutera - - 63 65
Boustead Sapa Payau - - 36 46
Sungai Segamaha - - 85 101
TOTAL 90 106 663 660
Social Responsibility
Furthering our commitment to support local communities, we strive to improve the living conditions of our surrounding communities by
building rural infrastructure and amenities. For instance, one of our Corporate Social Responsibilities programme saw a team from our Loagan
Bunut Estate restoring a dilapidated wooden bridge leading to a long house in Kampung Long Teru in Miri, Sarawak. As part of the Boustead
Road Maintenance Programme, we have continued to aid over 15 villages surrounding our Segamaha and Rimba Nilai business units by
maintaining the main roads.
Additionally, we continued to regularly contribute to the local communities in the vicinity of our plantations via our Corporate Shared
Value-related projects. Throughout 2022, we contributed over RM3 million including wakalah presented and distributed to the asnaf
and army veterans.
CLC at Resort Estate, Sabah
163
FINANCIAL STATEMENTS
Directors’ Report 165
Statement by Directors 170
Statutory Declaration 170
Independent Auditors’ Report 171
Income Statements 175
Statements of Comprehensive Income 176
Statements of Financial Position 177
Statements of Changes in Equity 179
Statements of Cash Flows 181
Accounting Policies 182
Notes to the Financial Statements 198
SECTION 08
I N TEG RA TED REP O RT 2 0 2 1 171
DIRECTORS’ REPORT
DIRECTORS’ REPORT
The Directors have pleasure in presenting their report together with the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2021.2022.
PRINCIPAL ACTIVITIES
The Company is an Investment Holding Company and is also involved in oil palm plantation operations. The principal activities
of the subsidiaries and associates are disclosed in Note 39
38 to the financial statements. There have been no significant changes
in the nature of the principal activities of the Group and the Company during the financial year under review.
RESULTS
Group Company
RM’000 RM’000
Profit for the year attributable to:
Shareholders of the Company 595,311
241,293 394,399
202,147
Non-controlling interests (6,515)
1,162 –
588,796
242,455 394,399
202,147
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the
financial statements.
In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year were
not substantially affected by any item, transaction or event of a material and unusual nature.
DIVIDENDS
fourth interim dividend of 4.00
During the financial year under review, the Company paid a second 0.5 sen per share totalling
89,600,000 in respect of the financial year ended 31 December 2021
RM11,200,000 2020 as declared in the Directors’ report of that year.
The Directors have declared the following single tier dividends in respect of the financial year ended 31 December 2022.
2021:
Dividend
Sen Date Date of
per share RM‘000 declared payment
First interim dividend 7.30
0.30 163,520
6,720 23
25 May 2022
2021 24 June 2022
30 2022
2021
Second interim dividend 2.75
2.30 61,600
51,520 23
25 August 2022
2021 27
30 September 2022
2021
Third interim dividend 1.10
1.75 24,640
39,200 22
23 November 2022
2021 22
30 December 2022
2021
Fourth interim dividend 3.30
4.00 73,920
89,600 21 February 2023
2022 22 March 2023
2022
Total 14.45
8.35 323,680
187,040
Subsequent to the
The Directors do end
not of the currentthe
recommend financial year,of
payment theany
Directors declaredfor
final dividend a fourth interimfinancial
the current dividendyear.
of 3.30 sen per share amounting
to RM73,920,000 in respect of the financial year ended 31 December 2022. The dividend, which had been paid on 22 March 2023,
will be accounted for in equity as an appropriation of retained earnings for the financial year ending 31 December 2023.
The Directors do not recommend the payment of any final dividend for the current financial year.
165
172 B O U S T E AD P LAN T AT I O N S
DIRECTORS’ REPORT
B ERH A D
DIRECTORS’ REPORT
DIRECTORS
The names of the Directors of the Company in office since the beginning of the financial year to the date of this report are:
Maj.
Dato’Gen.
HajiDato’
IsmailSeri
HajiHaji Khairuddin
Lasim Haji Abu Bakar (R) J.P.
(Chairman) (Redesignated to Non-Independent Non-Executive
Maj. Gen. Dato’ Seri Haji Khairuddin Abu Bakar (R) J.P. Director on 11 April 2023)
Tan Sri Dato’ Wira Aziah
Sri Dato’ Wira Aziah AliAli
Izaddeen
Datuk HajiDaudShah Headan Ayoob Hussain Shah
Fahmy Ismail Haji Mustaffar Kamal Haji Ab Hamid
Dato’ Indera (Redesignated
(Appointed on to 10Non-Independent
March 2021) Executive Director
Izaddeen Daud and appointed as Acting
(Appointed on 10 March 2021) Chief Executive Officer
Fahmy Ismail on 8 November 2022)
(Appointed on 10 March 2021)
(Dr.)
Ahmad Salihin Abang
Shahredzuan Mohd Shariff (Appointed on 10 March 2021)
Datuk Haji Shah
(Dr.) Salihin AbangHeadan Ayoob Hussain Shah (Retired on 14
(Appointed on June 2022)
7 July 2021)
Datuk Mustapa Kamal Mohd Yusoff
Haji Abdul Ghani Abdul Rashid (Appointed on
on 1 February2022
1 February 2022)
Datuk Mustapa Kamal Mohd Yusoff and retiredon
(Appointed on114 June 2022)
February 2022)
Ahmad Shahredzuan
Dato’ Mohzani AbdulMohd
Wahab Shariff (Resigned on on 915
December
June 2021)2022)
Dato’ Haji Ismail
Ahmad HajiAbdul
Rizal Lasim Rahman
(Chairman) (Resigned on on 31 January
1 July 2023)
2021)
Dato’ Indera Haji Mustaffar
Ir. Abdul Aziz Julkarnain Kamal Haji Ab Hamid (Resigned on 31 January 2023)
on 5 August 2021)
Datuk Haji Abdul Ghani Abdul Rashid (Appointed on 1 February 2022
The names of the Directors of the Company’s subsidiaries in office since and
theresigned on 31
beginning January
of the 2023)
financial year to the date of
Mohd Azahar Ibrahim
this report (not including those directors listed above) are: (Appointed on 5 August 2022
and resigned on 31 January 2023)
Dato’ Dr. Haji Din Adam
Ahmad Azhar Shah Ibrahim (Appointed on 12 September 2022
Ahmad Rahman Mat Akat (Appointed on on
and resigned 31 January2021)
1 November 2023)
Datuk Ago Anak Dagang
Idris Ibrahim
The names of the Directors of the Company’s subsidiaries in office since the beginning of the financial year to the date of this report
Khairuddin Ibrahim (Appointed on 29 October 2021)
(not including those directors listed above) are:
Monaliza Zaidel
Ahmad Azhar Shah Ibrahim
Sebastian Anak Baya
Ahmad Rahman Mat Akat
Shafie Muhd Zain
Datuk Ago Anak Dagang
Zainal Abidin Shariff (Appointed on 1 November 2021)
Khairudin Ibrahim
Ibrahim Abdul Majid (Resigned on 5 July 2021)
Mohamad Azlan Jaafar (Resigned on 1 November 2021)
Datu Monaliza Zaidel
Noral Afida Alwi (Resigned on 26 August 2021)
Sebastian Anak Baya
Shafie Muhd Zain (Resigned on 21 April 2022)
Zainal Abidin Shariff (Resigned on 8 November 2022)
S T ATE ME NT S
Idris Ibrahim (Resigned on 1 March 2023)

FINANCIAL
166
DIRECTORS’ REPORT I N TEG RA TED REP ORT 2 0 2 1 173
DIRECTORS’ REPORT
I N TEG RA TED REP ORT 2 0 2 1 173

DIRECTORS’ REPORT
DIRECTORS’ BENEFITS
DIRECTORS’ REPORT I N TEG RA TED
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the
REP ORT 2 0 2 1 173
Company was a party, whereby the Directors might acquire benefits by means of the acquisition of shares in or debentures
DIRECTORS’ REPORT
of the Company or any other body corporate.
DIRECTORS’ BENEFITS previous financial

financial year,
year, no no Director
Director has has received
received or or become
become entitled
entitled to to receive
receive any anybenefits
benefits(other(otherthanthan
Since the end of the previous
Neither included
benefits at the end in
in the
the aggregate
aggregate
of the financial amount
year, of
amount ofemoluments
nor at any timereceived
emoluments during or
received ordue
that due and
year, andreceivable
did receivable
there subsistbybythetheDirectors,
anyDirectors, or the
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or the tofixedsalary
which of a
salary
the
DIRECTORS’ BENEFITS
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According to the register of Directors’ shareholdings, the interests 1.1.2021/ of Directors in office at the end of the financial year in
DIRECTORS’ INTERESTS
shares of the Company and its related corporations were as follows: Date of At
According to the register of Directors’ shareholdings, the interests of Directors in office at the end of the financial year in
DIRECTORS’ INTERESTS appointment Acquired Sold 31.12.2021
shares of the Company and its related corporations were as follows:
<-------------------- Number of ordinary shares --------------------->
Boustead Plantations Berhad
According to the register of Directors’ shareholdings, the interests of At Directors in office at the end of the financial year in
Maj.
shares Gen.of theDato'Company
Seri Hajiand Khairuddin
its related Abucorporations
Bakar (R) J.P. were as follows: 53,000 – – 53,000
<-------------------- Number of ordinary shares --------------------->
1.1.2021/
Fahmy Ismail 1,000 – – 1,000
Date At of At
Pharmaniaga Berhad 1.1.2021/
appointment Acquired Sold
<-------------------- Number of ordinary shares ---------------------> 31.12.2021
Fahmy Ismail Date 100 of
At 400* – At
500
Boustead Plantations Berhad 2022
appointment
1.1.2021/
1.1.2022 Acquired Sold 31.12.2021
Maj. Gen. Dato' Seri Haji Khairuddin Abu Bakar (R) J.P. 53,000 – – 53,000
*Boustead
Bonus Plantations Berhad
issue on 6 July 2021 Date of At
Fahmy Ismail 1,000 – – 1,000
Maj. Gen. Dato' Seri Haji Khairuddin Haji Abu AbuBakar Bakar (R) J.P.
(R) J.P. appointment
53,000 Acquired – Sold –– 31.12.2021 53,000
53,000
Pharmaniaga
Other
Fahmy than
Ismail the Berhad
above, none of the other Directors in office at the end 1,000 of the financial year – had any interest –– in shares 1,000 of the
1,000
Boustead Plantations Berhad
Fahmy Ismail
Company or its related corporations during the financial year. 100 400* – 500
Pharmaniaga Berhad
Fahmy Ismail 1,000 – – 1,000
*Fahmy
BonusIsmail issue on 6 July 2021 500
100 400*– –– 500
500
Pharmaniaga
HOLDING Berhad
COMPANIES
Fahmy
*Other
Bonus Ismail
issue
than the on 6 July
above, none2021
of the other Directors in office at the end100of the financial400*
year had any interest– in shares of500
the
The Immediate Holding Company is Boustead Holdings Berhad (BHB), a public limited liability company. BHB is incorporated
Company or its related corporations during the financial year.
and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The Ultimate Holding
*Other
Bonusthan
Corporation
the on
issue above, none
6 July
is Lembaga
of the other Directors in office at the end of the financial year had any interest in shares of the
2021
Tabung Angkatan Tentera (LTAT), a local statutory body established by the Tabung Angkatan Tentera
Act, 1973.
HOLDING
Other than the COMPANIES
above, none of the other Directors in office at the end of the financial year had any interest in shares of the
HOLDING COMPANIES
167
The Immediate
Corporation Holding Company
is Lembaga is Boustead
Tabung Angkatan Holdings
Tentera (LTAT),Berhad
a local(BHB), a public
statutory body limited liability
established by company. BHB
the Tabung is incorporated
Angkatan Tentera
HOLDING
and domiciled COMPANIES
in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The Ultimate Holding
Fahmy Ismail 1,000 – – 1,000
Pharmaniaga Berhad
Fahmy Ismail 100 400* – 500
* Bonus issue on 6 July 2021

DIRECTORS’ REPORT
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
174 B O U S T E AD P LAN T AT I O N S B ERH A D

HOLDING COMPANIES
DIRECTORS’
The Immediate HoldingREPORT
Company is Boustead Holdings Berhad (BHB), a public limited liability company. BHB is incorporated
Corporation is Lembaga Tabung Angkatan Tentera (LTAT), a local statutory body established by the Tabung Angkatan Tentera
Act, 1973.
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.
(c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render
adherence to the existing method of valuation of assets or liabilities of the Group and the Company misleading or
inappropriate.
(d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or
financial statements of the Group and of the Company which would render any amount stated in the financial statements
misleading.
(e) At the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company which has arisen that secures the liabilities of any other
person; or
(ii) any contingent liability in respect of the Group or of the Company which has arisen since the end of the financial
year.
(f) In the opinion of the Directors:

ST AT E ME NTS
(i) no contingent liability or other liability has become enforceable or is likely to become enforceable within the period
of twelve months after the end of the financial year which will or may affect the ability of the Group or of the
Company to meet their obligations when they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the
financial year and the date of this report which is likely to affect substantially the results of the operations of the
INANC IA L
Group or of the Company for the financial year in which this report is made.
168
INT E G R AT E D R E P OR T 2 0 2 1 Integrated1Report
7 5 2022
DIRECTORS’ REPORT DIRECTORS’ REPORT
SIGNIFICANT AND SUBSEQUENT EVENTS

In addition to the significant events disclosed elsewhere in this report, other significant and subsequent events are disclosed
in Note 35
34 to the financial statements.
AUDITORS
The auditors, Ernst & Young PLT, have expressed their willingness to continue in office.
RM935,000 and RM275,000

Auditors’ remuneration of the Group and the Company are RM744,000 RM346,000 respectively, as disclosed in Note 5
to the financial statements.
Signed on behalf of the Board in accordance with a resolution of the Directors.
MAJ. GEN.
DATO’ HAJIDATO’ SERI
ISMAIL HAJI
HAJI KHAIRUDDIN HAJI ABU BAKAR (R) J.P.
LASIM
(DR.) SALIHIN ABANG
Kuala Lumpur
11
14 April 2023
April2023
2022
169
STATEMENT BY DIRECTORS
Pursuant to Section 251(2) of the Companies Act 2016
We, Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. and (Dr.) Salihin Abang, being two of the Directors of Boustead
Plantations Berhad, do hereby state that, in the opinion of the Directors, the accompanying financial statements set out on pages 175
to 252 are drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
requirements of the Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as at 31 December 2022 and of their financial performance and cash flows for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the Directors.
MAJ. GEN. DATO’ SERI HAJI KHAIRUDDIN HAJI ABU BAKAR (R) J.P.
(DR.) SALIHIN ABANG
Kuala Lumpur
11 April 2023
STATUTORY DECLARATION
Pursuant to Section 251(1)(b) of the Companies Act 2016
I, Mohamad Mahazir Mustaffa (CA 45704), being the officer primarily responsible for the financial management of Boustead
Plantations Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 175 to 252 are
in my opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions
of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed in Kuala Lumpur on 11 April 2023.
Before me
MD HAMDAN BIN KAMARUDDIN MOHAMAD MAHAZIR MUSTAFFA
Commissioner for Oaths

Kuala Lumpur
170
INDEPENDENT AUDITORS’ REPORT

IN T E GR AT E D R E POR T 2 02 1 177
INDEPENDENT AUDITORS’ REPORT To the Members of Boustead Plantations Berhad (Incorporated In Malaysia)
To the Members of Boustead Plantations Berhad (Incorporated In Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion
We have audited the financial statements of Boustead Plantations Berhad, which comprise the statements of financial position
as at 31 December 2022
2021 of the Group and of the Company, and income statements, statements of comprehensive income,
statements of changes in equity and statements of cash flows of the Group and of the Company for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 175
181toto252.
253.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of
the Company as at 31 December 2022,
2021, and of their financial performance and their cash flows for the year then ended in
accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of
the Companies Act 2016 in Malaysia.
Basis for opinion

We conducted
We conducted ourour audit
auditininaccordance
accordancewithwithapproved
approvedstandards
standardsononauditing in in
auditing Malaysia
Malaysiaand International
and Standards
International on Auditing.
Standards Our
on Auditing.
responsibilities
Our underunder
responsibilities thosethose
standards are further
standards described
are further in the Auditors’
described responsibilities
in the Auditors’ for the audit
responsibilities of the
for the financial
audit of thestatements
financial
section of our
statements report.
section of We
ourbelieve
report. that the auditthat
We believe evidence weevidence
the audit have obtained
we haveis sufficient
obtainedand appropriate
is sufficient andtoappropriate
provide a basis for our
to provide
aaudit opinion.
basis for our audit opinion.
Independence and other ethical responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Code of Ethics for Professional Accountants
(including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in
accordance with the By-Laws and the IESBA Code.
Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current year. These matters were addressed in the context of our audit
of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter
is provided in that context.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis of our audit opinion on the
accompanying financial statements.
171

Key audit matters (cont’d.)
Impairment assessment of property, plant and equipment and right-of-use assets
As at 31 December 2022, the carrying amount of property, plant and equipment and right-of-use assets of the Group were
RM1,861.9 million and RM1,868.8 million respectively and the carrying amount of property, plant and equipment and right-of-use
assets of the Company were RM1,225.3 million and RM184.4 million respectively. These are disclosed in Notes 13 and 14 to the
financial statements respectively.
The Group and the Company are required to perform an impairment test of the cash generating unit (“CGU”) or group of CGUs when
there is an indication that a CGU or group of CGUs may be impaired by comparing the carrying amount with its recoverable amount.
During the financial year, management had identified external and internal indicators of impairment in respect of the property, plant
and equipment and right-of-use assets. Certain CGUs of the Group were incurring losses during the year. Management had then
undertaken an assessment of the recoverable amount using fair value less costs of disposal.
We have identified this as an important area of our audit given the significance of property, plant and equipment and right-of-use
assets to the Group and the Company and the judgements and estimates involved in the assessment of the recoverable amount.
Our procedures in reviewing the assessment of the recoverable amount of the CGUs by independent professional valuers, include
inter alia the following:
• We have considered the competency, capabilities and objectivity of the professional valuers.
• We had discussions with the independent professional valuers, and we obtained an understanding of the methodology adopted
by the independent professional valuers in estimating the fair value of the CGUs and assessed whether such methodology is
consistent with those used in the industry.
• We have assessed the key assumptions and methodology used by independent professional valuers. This includes forecasted
crude palm oil (“CPO”), palm kernel (“PK”) and fresh fruit bunches (“FFB”) prices, through comparisons with long-term price
forecasts by the independent market analysts, and FFB yield of the oil palm estates. In addition, this includes comparisons with
recent transactions involving other similar vacant agricultural land in the vicinity, size, tenure of title and the related valuation
adjustments made by the independent professional valuers.
• We have assessed the appropriateness of the discount rate used to determine the present value of the cash flows and whether
the rate used reflects the current market assessments of the time value of money and the risks specific to the asset.
Information other than the financial statements and auditors’ report thereon
The directors of the Company are responsible for the other information. The other information comprises the information included in
the integrated report, but does not include the financial statements of the Group and of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the
Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
172
INDEPENDENT AUDITORS’ REPORT I N T E G R A T E D R E P O R T 2 0 2 1 1 7 9

Responsibilities of the directors for the financial statements

The directors of the Company are responsible for the preparation of financial statements of the Group and of the Company
that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting
Standards and the requirements of the Companies Act 2016 in Malaysia. The directors are also responsible for such internal
control as the directors determine is necessary to enable the preparation of financial statements of the Group and of the
Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the directors are responsible for assessing the Group’s
and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations,
or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the
Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s or the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Group
and of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group or
the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the underlying
transactions and events in a manner that achieves fair presentation.
•• Obtain sufficient
Obtain sufficient appropriate
appropriate audit
auditevidence
evidenceregarding
regardingthethefinancial
financialinformation
informationof of
thethe
entities or business
entities or businessactivities within
activities the
within
Group
the to express
Group an opinion
to express on the
an opinion on financial statements
the financial of the
statements of Group. We are
the Group. We responsible
are responsiblefor the
for direction, supervision
the direction, and
supervision
performance
and of theofgroup
performance audit. We
the group remain
audit. solely responsible
We remain for our audit
solely responsible opinion.
for our audit opinion.
173
180 B OUS TEAD P L A NTATI ONS

BERHA D

Auditors’ responsibilities for the audit of the financial statements (cont’d.)

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most significance in the audit
of the financial statements of the Group and of the Company for the current year and are therefore the key audit matters.
We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other matters
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act
2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
ERNST & YOUNG PLT HOH YOON HOONG

202006000003 (LLP0022760-LCA) & AF 0039 No. 02990/08/2024
02990/08/2022 J J
Chartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia

11
14 April
April 2023
2022
ST AT EM E N T S
F IN AN CI AL
174
INCOME STATEMENTS
for the year ended 31 December 2022
Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
Revenue 4 1,176,948 1,049,984 413,850 394,225
Operating costs 5 (882,318) (659,424) (230,781) (183,413)
Results from operations 294,630 390,560 183,069 210,812
Gain on disposal of plantation assets 6 458,743 – 458,743 –
Allowance for expected credit losses 7 – – (196,189) –
Interest income 8 5,060 935 94,600 93,168
Finance costs 9 (34,275) (48,084) (40,198) (51,044)
Share of results of associates 4,849 1,388 – –
Profit before taxation and zakat 729,007 344,799 500,025 252,936
Taxation 10 (137,582) (99,127) (102,997) (48,326)
Zakat (2,629) (3,217) (2,629) (2,463)
Profit for the year 588,796 242,455 394,399 202,147
Attributable to:
Shareholders of the Company 595,311 241,293 394,399 202,147
Non-controlling interests (6,515) 1,162 – –
Earnings per share
Basic (sen) 11 26.6 10.8
The accompanying accounting policies and explanatory notes form an integral part of these financial statements.
175
STATEMENTS OF COMPREHENSIVE INCOME

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Other comprehensive income/(loss):
Other comprehensive income/(loss) that will not be
reclassified to profit or loss in subsequent periods
(net of tax):
Share of other comprehensive income/(loss) of
associates 12 (90) – –
Total other comprehensive income/(loss) for the
year, net of tax 12 (90) – –
Total comprehensive income for the year, net of
tax 588,808 242,365 394,399 202,147
Attributable to:
Shareholders of the Company 595,323 241,203 394,399 202,147
Non-controlling interests (6,515) 1,162 – –
Total comprehensive income for the year, net of
tax 588,808 242,365 394,399 202,147
176
STATEMENTS OF FINANCIAL POSITION

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
ASSETS
Non-current assets
Property, plant and equipment 13 1,861,858 1,890,128 1,225,329 1,247,792
Right-of-use assets 14 1,868,776 1,893,941 184,350 183,751
Investment in subsidiaries 15 – – 210,659 210,409
Investment in associates 16 30,535 25,674 3,330 3,330
Goodwill on consolidation 17 2,281 2,281 – –
Deferred tax assets 18 2,765 – – –
Receivables 19 – – 1,424,832 1,635,719
3,766,215 3,812,024 3,048,500 3,281,001
Current assets
Inventories 20 136,488 62,409 35,897 14,476
Biological assets 21 31,835 47,046 11,107 14,918
Receivables 19 133,333 54,917 190,263 80,766
Tax recoverable 2,243 266 – –
Cash and bank balances 22 165,618 82,202 164,532 81,375
469,517 246,840 401,799 191,535
Assets held for sale 23 – 65,480 – 65,480
469,517 312,320 401,799 257,015
Total assets 4,235,732 4,124,344 3,450,299 3,538,016
177
STATEMENTS OF FINANCIAL POSITION

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
EQUITY AND LIABILITIES
Equity
Share capital 24 1,422,344 1,422,344 1,422,344 1,422,344
Non-distributable reserves 25 (273) (285) – –
Retained profits 26 1,550,547 1,294,596 854,346 799,307
Equity attributable to equity holders of the
parent 2,972,618 2,716,655 2,276,690 2,221,651
Non-controlling interests (114,331) (107,816) – –
Total equity 2,858,287 2,608,839 2,276,690 2,221,651
Non-current liabilities
Borrowings 27 394,757 476,192 394,757 476,192
Deferred tax liabilities 18 299,327 302,095 84,275 85,837
Lease liabilities 28 7,233 1,095 1,383 –
Payables 29 6,774 6,605 4,983 4,856
708,091 785,987 485,398 566,885
Current liabilities
Borrowings 27 462,096 537,748 462,096 537,748
Lease liabilities 28 2,309 317 369 –
Payables 29 181,211 158,141 213,324 200,035
Taxation 23,738 31,699 12,422 10,084
669,354 727,905 688,211 747,867
Liabilities directly associated with the assets
held for sale 23 – 1,613 – 1,613
669,354 729,518 688,211 749,480
Total liabilities 1,377,445 1,515,505 1,173,609 1,316,365
Total equity and liabilities 4,235,732 4,124,344 3,450,299 3,538,016
178
STATEMENTS OF CHANGES IN EQUITY

Total equity
attributable
Non- Distributable to equity Non-
Share distributable retained holders of controlling Total
capital reserves profits the parent interests equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 1 January 2021 1,422,344 (195) 1,161,943 2,584,092 (108,978) 2,475,114
Profit for the year – – 241,293 241,293 1,162 242,455
Other comprehensive loss – (90) – (90) – (90)
Total comprehensive
(loss)/income for the year – (90) 241,293 241,203 1,162 242,365
Transaction with owners:
Dividends (Note 12) – – (108,640) (108,640) – (108,640)
At 31 December 2021 1,422,344 (285) 1,294,596 2,716,655 (107,816) 2,608,839
At 1 January 2022 1,422,344 (285) 1,294,596 2,716,655 (107,816) 2,608,839

Profit/(loss) for the year – – 595,311 595,311 (6,515) 588,796
Other comprehensive income – 12 – 12 – 12
Total comprehensive income/(loss)
for the year – 12 595,311 595,323 (6,515) 588,808
Dividends (Note 12) – – (339,360) (339,360) – (339,360)
At 31 December 2022 1,422,344 (273) 1,550,547 2,972,618 (114,331) 2,858,287
179
STATEMENTS OF CHANGES IN EQUITY

Distributable
Share retained Total
capital profits equity
RM’000 RM’000 RM’000
Company
At 1 January 2021 1,422,344 705,800 2,128,144
Profit for the year, representing total comprehensive income – 202,147 202,147
Dividends (Note 12) – (108,640) (108,640)
At 31 December 2021 1,422,344 799,307 2,221,651
At 1 January 2022 1,422,344 799,307 2,221,651

Profit for the year, representing total comprehensive income – 394,399 394,399
Dividends (Note 12) – (339,360) (339,360)
At 31 December 2022 1,422,344 854,346 2,276,690
180
STATEMENTS OF CASH FLOWS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Operating activities
Cash receipts from customers 1,183,475 1,029,166 366,141 325,159
Cash paid to suppliers and employees (746,798) (519,272) (192,071) (128,022)
Cash generated from operations 436,677 509,894 174,070 197,137
Defined benefit obligations paid (616) (530) (402) (392)
Tax refund 48 – – –
Taxation and zakat paid (115,855) (70,498) (64,975) (41,966)
Net cash generated from operating activities 320,254 438,866 108,693 154,779
Cash flows from investing activities

Purchase of property, plant and equipment (71,698) (49,061) (14,075) (15,607)
Purchase of right-of-use assets (540) (212) (193) –
Deposits received on disposal of land – 42,882 – 42,882
Net proceeds from disposal of property, plant and
equipment and compulsory land acquisition 399,610 479 399,608 473
Real property gains tax paid (39,477) – (39,477) –
Dividends received 6,000 2,000 6,000 74,170
Interest received 5,056 890 93,654 93,237
Acquisition of subsidiary – – (250) –
Net cash generated from/(used in) investing activities 298,951 (3,022) 445,267 195,155
Cash flows from financing activities

Dividends paid (339,360) (108,640) (339,360) (108,640)
Net repayment of revolving credits (94,100) (158,250) (94,100) (158,250)
Repayment of term loans (99,000) (81,500) (99,000) (81,500)
Drawdown of term loan 35,500 – 35,500 –
Movement in subsidiaries balances, net – – 85,457 80,204
Payment of principal portion of lease liabilities (2,092) (190) (17) –
Interest paid (36,453) (49,116) (58,999) (42,943)
Transaction costs on borrowings (270) – (270) –
Net cash used in financing activities (535,775) (397,696) (470,789) (311,129)
Net increase in cash and cash equivalents 83,430 38,148 83,171 38,805
Cash and cash equivalents at beginning of year 82,175 44,027 81,348 42,543
Cash and cash equivalents at end of year 165,605 82,175 164,519 81,348
Cash and cash equivalents at end of year

Cash and bank balances (Note 22) 165,618 82,202 164,532 81,375
Bank overdrafts (Note 27) (13) (27) (13) (27)
165,605 82,175 164,519 81,348
181
1 81 88 8 B OB U
O SUTSETAE DA DP LPAL NA TNAT TAI TOI N
O SN SB EBRE HR AH DA D
ACCOUNTINGACCOUNTING
ACCOUNTING POLICIES POLICIES
POLICIES
(A)(A)BASIS
BASISOFOF
PREPARATION
PREPARATION
The
Thefinancial statements
financial of of
statements thethe
Group
Groupand of of
and thethe
Company
Company have
havebeen prepared
been in in
prepared accordance
accordancewith Malaysian
with MalaysianFinancial
Financial
Reporting
Reporting Standards
Standards(MFRSs),
(MFRSs),International Financial
International Reporting
Financial Standards
Reporting (IFRSs)
Standards and
(IFRSs) thethe
and requirements of of
requirements thethe
Companies
Companies
ActAct
20162016in in
Malaysia.
Malaysia.
TheThefinancial statements
financial statementsof of
thethe
Group and
Group thethe
and Company areare
Company prepared under
prepared thethe
under historical cost
historical basis
cost except
basis as as
except disclosed
disclosed
in in
thetheaccounting
accountingpolicies below.
policies below.
The financial
The statements
financial areare
statements presented in in
presented Ringgit Malaysia
Ringgit (RM)
Malaysia and
(RM) all all
and values areare
values rounded to to
rounded thethe
nearest thousand
nearest RMRM
thousand
except
exceptwhen otherwise
when indicated.
otherwise indicated.
(B)(B)BASIS
BASISOFOF
CONSOLIDATION
CONSOLIDATION
The consolidated
The financial
consolidated statements
financial of of
statements thethe
Group comprise
Group thethe
comprise Company and
Company its its
and subsidiaries.
subsidiaries.
The financial
The statements
financial statementsof of
thethe
subsidiaries used
subsidiaries usedforfor
preparing thethe
preparing consolidated financial
consolidated statements,
financial areare
statements, prepared forfor
prepared thethe
same
same
reporting
reportingperiod as as
period thethe
Company
Company is using
using consistent accounting
consistent accountingpolicies.
policies.
The Group
The controls
Group an an
controls investee if and
investee only
if and if the
only Group
if the hashas
Group all all
thethe
following:
following:
(i) (i) Power over

Power thethe
over investee (i.e.(i.e.
investee existing rights
existing that
rights give
that it the
give current
it the ability
current to to
ability direct thethe
direct relevant activities
relevant of of
activities thethe
investee);
investee);
(ii) (ii) Exposure, or or

Exposure, rights, to to
rights, variable returns
variable from
returns its its
from investment in in
investment thethe
investee; and
investee; and
(iii) (iii) The ability

The to to
ability useuse
its its
power over
power thethe
over investee to to
investee affect its its
affect returns.
returns.
When
Whenthethe
Group
Grouphashas
less than
less a majority
than a majorityof of
thethe
voting rights
voting of of
rights an an
investee,
investee,thethe
Group considers
Group considers thethe
following in in
following assessing
assessing
whether
whetheror or
notnot
thethe
Group’s
Group’svoting rights
voting in in
rights an aninvestee areare
investee sufficient to to
sufficient give it power
give over
it power thethe
over investee:
investee:
(i) (i) The size

The of of
size thethe
Group’s holding
Group’s of of
holding voting rights
voting relative
rights to to
relative thethe
size and
size dispersion
and of of
dispersion holdings of of
holdings thethe
other vote
other holders;
vote holders;
(ii) (ii) Potential voting

Potential rights
voting held
rights by by
held thethe
Group, other
Group, vote
other holders
vote or or
holders other parties;
other parties;
(iii) (iii) Rights arising

Rights from
arising other
from contractual
other arrangements;
contractual and
arrangements; and
(iv)(iv) AnyAnyadditional facts

additional and
facts andcircumstances
circumstances that indicate
that that
indicate thethe
that Group has,
Group or or
has, doesdoesnotnot
have, thethe
have, current ability
current to to
ability direct
direct
thethe
relevant activities
relevant at at
activities thethetime that
time decisions
that need
decisions needto to
bebemade, including
made, includingvoting
votingpatterns at at
patterns previous
previousshareholders’
shareholders’
meetings.
meetings.
Subsidiaries areare
Subsidiaries consolidated
consolidated whenwhen thethe
Group
Groupobtains control
obtains over
control thethe
over subsidiary and
subsidiary andceases when
ceases when thethe
Group
Group loses control
loses control
of of
thethe
subsidiary. All All
subsidiary. intra-group
intra-group balances, income
balances, incomeand
andexpenses
expensesand
andunrealised
unrealisedgains
gainsand losses
and resulting
losses from
resulting intra-group
from intra-group
transactions areare
transactions eliminated
eliminated in in
full.full.
Business combinations
Business combinations
Acquisitions
Acquisitionsof of
subsidiaries areare
subsidiaries accounted
accounted forfor
using thethe
using acquisition method
acquisition methodof of
accounting.
accounting.Under
Underthethe
acquisition
acquisitionmethod,
method,
thethe
identifiable assets
identifiable acquired
assets acquiredand liabilities
and assumed
liabilities assumed areare
measured
measuredat at
their fairfair
their values at at
values thethe
acquisition date.
acquisition date.
Acquisition
Acquisitioncosts
costsincurred
incurredareareexpensed
expensedandandincluded
includedin in
administrative
administrative expenses.
expenses. The
Thedifference between
difference between these fairfair
these
values and
values andthethe
fairfair
value of of
value thethe
consideration (including
consideration (includingthethe
fairfair
value of of
value anyanypre-existing investment
pre-existing in in
investment thethe
acquiree) is is
acquiree)
goodwill
goodwillor or
discount
discount ononacquisition. The
acquisition. accounting
The accounting policy
policyforfor
goodwill
goodwillis is
setset
outout
in in
Note (T).(T).
Note
182
I N T E G R A T E D R E P O R T 2 0 2 1 1 8 9
ACCOUNTING POLICIES
ACCOUNTING POLICIES
(B) BASIS OF CONSOLIDATION (CONT’D.)

Business combinations (cont’d.)
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses
whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures
used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
In business combinations achieved in stages, previously held equity interest in the acquiree is re-measured to fair value
at the acquisition date and any corresponding gain or loss is recognised in profit or loss.
Non-controlling interests
For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at the
acquisition date either at fair value or at the proportionate share of the acquiree’s identifiable net assets.
Non-controlling interests represent the equity in subsidiaries not attributable, directly or indirectly, to the owners of the
Company, and are presented separately in the consolidated statement of comprehensive income and within equity in
the consolidated statement of financial position, separately from shareholders’ equity. Losses of a subsidiary are attributed
to the non-controlling interests even if that results in a deficit balance.
Change in ownership interest of subsidiaries
Changes in the Group’s equity interest in a subsidiary that do not result in the Group losing control over the subsidiary
is accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling
interests are adjusted to reflect the changes in their respective interests in the subsidiary. Any difference between the
amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is
recognised directly in shareholders’ equity.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling
interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment
retained is recognised at fair value.
Business combinations under common control
Business combinations involving entities under common control are accounted for by applying the pooling of interest
method which involves the following:
– The assets and liabilities of the combining entities are reflected at their carrying amounts reported in the consolidated
financial statements of the controlling holding company.
– No adjustments are made to reflect the fair values at the date of combination, or recognise any new assets or
liabilities.
– No additional goodwill is recognised as a result of the combination.
– Any differences between the consideration paid/transferred and the equity ‘acquired’ is reflected within the equity as
merger reserve.
The Group has elected no restatement of financial information in the consolidated financial statements for the periods
prior to the combination of entities under common control.
Investment in subsidiaries – separate financial statements
In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less any impairment
losses. Dividends received from subsidiaries are recorded as a component of revenue in the Company’s separate income
statement.
183
190 B OU S T E AD P LAN T AT I O N S
ACCOUNTING POLICIES
B ERH A D
ACCOUNTING POLICIES
(C) ASSOCIATES
An associate is defined as a company, not being a subsidiary or an interest in a joint venture, in which the Group has
significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the
investee but not in control or joint control over those policies. Details of the associate are as disclosed in Note 16 15.
On acquisition of an associate, any excess of the cost of investment over the Group’s share of the net fair value of the
identifiable assets and liabilities of the investee is recognised as goodwill and is included in the carrying amount of the
investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities of the investee
over the cost of investment is excluded from the carrying amount of the investment and is instead included as income in
the determination of the Group’s share of the associate’s profit or loss for the period in which the investment is acquired.
The Group’s interest in associate is equity accounted. Under the equity method, investment in associate is carried in the
consolidated statement of financial position at cost plus post acquisition changes in the Group’s share of net assets of
the associate, less distribution received and any impairment in value of individual investment. Any change in other
comprehensive income (OCI) of these investees is presented as part of the Group’s OCI.
The consolidated statement of comprehensive income reflects the share of the associate’s results after tax. Where there
has been a change recognised directly in the equity of associate, the Group recognises its share of such change.
Unrealised gains or losses on transactions between the Group and its associate are eliminated to the extent of the
Group’s interest in the associate. When the Group’s share of losses exceeds its interest in associate, the Group does
not recognise further losses except to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate.
Where the financial year end of the associate is not coterminous with that of the Group, the share of results is arrived
at using the last audited financial statements available and management financial statements to the end of the accounting
period. Where necessary, adjustments are made to the financial statements of the associate to ensure consistency of
the accounting policies used with those of the Group. The most recent available financial statements of the associate
are used by the Group in applying the equity method.
The Group determines at each reporting date whether there is any objective evidence that the investment in associate
is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable
amount of the associate and its carrying value. Impairment loss is recognised in profit or loss.
An associate is equity accounted for from the date the Group obtains significant influence until the date the Group ceases
to have significant influence. Upon loss of significant influence over the associate, the Group measures and recognises any
retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant
ST AT E ME NTS
influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.
Investment in associate – separate financial statements
In the Company’s separate financial statements, investment in associate is stated at cost less any impairment losses. On
disposal of such investment, the difference between net disposal proceeds and the carrying amount is included in profit
or loss.
FINANCIAL
184
ACCOUNTING POLICIES I N T E G R A T E D R E P O R T 2 0 2 1 1 9 1
ACCOUNTING POLICIES
(D) INVESTMENT IN JOINT OPERATION

A joint operation is a joint arrangement whereby the parties that have the joint control of the arrangement have rights
to the assets, and obligations for the liabilities, relating to the arrangement.
The Group and the Company as a joint operator recognise in relation to its interest in a joint operation:
– Its share of any assets held jointly;
– Its share of any liabilities incurred jointly;
– Its share of the revenue from the sale of the output by the joint operation; and
– Its share of any expenses incurred jointly.
The Group and the Company account for the assets, liabilities, revenue and expenses relating to its interest in a joint
operation in accordance with the MFRSs applicable to the assets, liabilities, revenue and expenses.
Profits and losses resulting from transactions between the Group and/or the Company and its joint operation are recognised
in the Group’s and the Company’s financial statements only to the extent of the unrelated investors’ interest in the joint
operation.
(E) PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION

All property, plant and equipment are initially recorded at cost. Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the Company and the cost of the item can be measured reliably.
The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or
loss during the financial period in which they are incurred.
Freehold land is not amortised. Capital work-in-progress items are not available for use and thus not depreciated. Oil
palms are classified as bearer plants. Expenditure that are directly related to the planting and upkeep of oil palms are
capitalised until the palms reach maturity. Upon maturity, maintenance and upkeep of oil palms are expensed to profit
or loss. Depreciation for bearer plants commence when oil palms reach maturity.
All other property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation
is calculated on a straight-line basis to write off the cost of the assets to their residual values, over the term of their
estimated useful lives as follows:
Bearer plants 22 years

Buildings 5 – 30 years
Plant and machinery 5 – 30 years
Motor vehicles 3 – 7 years
Furniture and equipment 2 – 15 years
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable.
The residual values, useful life and depreciation method are reviewed at each reporting date to ensure that the amount,
method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of
the future economic benefits embodied in the items of property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying amount
is recognised in profit or loss.
185
1 92 B O USTEAD PLAN TATION S

ACCOUNTING POLICIES
BER HAD
ACCOUNTING POLICIES
(F) INVENTORIES
Inventories are stated at the lower of cost and net realisable value. Cost incurred in bringing each product to its present
location and condition are accounted for, as follows:
(i) Product stocks: deemed cost of consumable biological assets, cost of direct materials and labour, and a proportion
of manufacturing overheads; and
(ii) Consumable and nursery stocks: purchase cost on a weighted average basis and all incidental costs incurred in
bringing the stocks into stores.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and the estimated costs necessary to make the sale.
(G) BIOLOGICAL ASSETS

Biological assets comprise the produce growing on oil palms. Biological assets are measured at fair value less costs to
sell. Changes in fair value less costs to sell are recognised in profit or loss. Fair value is determined based on the
present value of expected net cash flows from the biological assets. The expected net cash flows are estimated using
the expected fresh fruit bunches (FFB) harvest and the market price at reporting date of crude palm oil (CPO) and palm
kernel (PK) adjusted for extraction rates less processing, harvesting and transportation costs.
(H) CURRENCY CONVERSION

The Group’s consolidated financial statements are presented in Ringgit Malaysia (RM), which is also the functional currency
of the Company. All transactions are recorded in RM. Each entity in the Group determines its own functional currency and
items included in the financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries
and recorded on initial recognition at exchange rates approximating those ruling at the transaction dates. Monetary assets
and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting
period.
Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items denominated in foreign currencies that are
measured at fair value are translated using the exchange rates at the date when the fair value was determined.
STATE MENTS
Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the
reporting period are recognised in profit or loss. Exchange differences arising on monetary items that form part of the
Group’s net investment in foreign operations are recognised initially in OCI and accumulated under foreign exchange
currency reserve in equity. The foreign exchange currency reserve is reclassified from equity to profit or loss of the
Group on disposal of the investment in foreign operations.
FINANC IAL
(I) CASH AND CASH EQUIVALENTS

For purposes of the statements of cash flows, cash and cash equivalents comprise cash and bank balances, and short-
term deposits net of overdrafts which are subject to an insignificant risk of changes in value.
186
ACCOUNTING POLICIES INTEGRATED REPORT 2021 193
ACCOUNTING POLICIES
(J) RESEARCH AND DEVELOPMENT

The Group’s and the Company’s research and development is undertaken through an associate, whereby contribution
towards such activity is recognised as an expense as and when incurred.
(K) REVENUE
(i) Revenue from contracts with customers
The Group and the Company are principally involved in selling plantation produce and providing plantation agency
services. Revenue from contracts with customers is recognised when control of the goods or services are transferred
to the customer at an amount that reflects the consideration to which the Group and the Company expect to be
entitled in exchange for those goods or services. The Group and the Company have generally concluded that it is
the principal in its revenue arrangements, except for the plantation agency services below, because it typically
controls the goods or services before transferring them to the customer.
Sale of plantations produce

The Group’s and the Company’s plantation produce revenue are derived from sales of CPO, PK and FFB. Revenue
from sale of plantation produce is recognised at the point in time when control of the goods is transferred to the
customer.
There is no element of financing present as the Group’s and the Company’s sale of plantation produce are either on
cash terms (immediate payment or advance payment not exceeding 30 days); or on credit terms of up to 30 days.
Plantation agency services
The Group’s plantation agency services involve the provision of management and consultancy services to estates
and mills.
The Group recognises revenue from plantation agency services over time, using an input method to measure the
progress towards complete satisfaction of the service, because the customer simultaneously receives and consumes
the benefits provided by the Group. Normal credit term is 30 days upon invoice being issued.
(ii) Revenue from other sources
Specific revenue recognition criteria for other revenue and income earned by the Company is as follows:
• Dividend income – recognised when the right to receive payment is established.
187
1 94 BO U STEAD PLAN TATI ONS

ACCOUNTING POLICIES
BERHAD
ACCOUNTING POLICIES
(L) CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Group and the Company present assets and liabilities in the statements of financial position based on current/non-
current classification. An asset is current when it is:
– Expected to be realised or intended to be sold and consumed in the normal operating cycle;
– Held primarily for the purpose of trading;
– Expected to be realised within 12 months after the reporting period; or
– Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period.
All other assets are classified as non-current.
A liability is current when:

– It is expected to be settled in the normal operating cycle;
– It is held primarily for the purpose of trading;
– It is due to be settled within 12 months after the reporting period; or
– There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
(M) PROVISIONS
Provisions are recognised when the Group and the Company have present obligations (legal or constructive) as a result
of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligations and a reliable estimate can be made of the amount of the obligations.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable
that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of
the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate,
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as finance costs.
(N) SHARE CAPITAL AND SHARE ISSUANCE EXPENSES

STATEMENTS
An equity instrument is any contract that evidences a residual interest in the assets of the Group and the Company after
deducting all of its liabilities. Ordinary shares are equity instruments.
Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs. Ordinary
shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they are
F INAN CIAL
declared.
188
ACCOUNTING POLICIES
(O) BORROWING COSTS

Borrowing costs consist of interest and other costs that the Group and the Company incurred in connection with the
borrowing of funds. Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable
to the acquisition, construction or production of that asset.
Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in
progress and the expenditure and borrowing costs are incurred. Borrowing costs are capitalised until the assets are
substantially completed for their intended use or sale, and in the case of bearer plants, when the oil palms reach maturity.
All other borrowing costs are recognised in profit or loss in the period they are incurred.
(P) TAXATION
Malaysian taxes
Taxation on the profit or loss for the year comprises current and deferred tax, and is recognised in the profit or loss.
Current tax is the expected amount of taxes payable in respect of the taxable profit for the year including real property
gains tax payable on disposal of properties and is measured using the tax rates that have been enacted or substantively
enacted at the reporting date. Current taxes are recognised in profit or loss except to the extent that the tax relates to
items recognised outside profit or loss, either in OCI or directly in equity.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss;
• In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in
joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable
that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and
any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, and the unused tax credits carried forward and unused tax
losses carried forward can be utilised, except:
• When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss;
• In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests
in joint arrangements. Deferred tax assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available against which the temporary
differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.
189
1 9 6 B OU S TEAD P L AN TATI O N S B ERHAD

ACCOUNTING POLICIES
ACCOUNTING POLICIES
(P) TAXATION (CONT’D.)

Deferred tax (cont’d.)
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items
are recognised in correlation to the underlying transaction either in OCI or directly in equity.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
(Q) EMPLOYEE BENEFITS

(i) Short-term benefits
Short-term benefits such as wages, salaries, bonuses and social security contributions are recognised as an expense
in the year in which the associated services are rendered by employees of the Group and the Company. Short-term
accumulating compensated absences such as paid annual leave are recognised when services are rendered by
employees that increase their entitlement to future compensated absences. Short-term non-accumulating compensated
absences such as sick leave are recognised when the absences occur.
(ii) Defined contribution plans
As required by law, the Group and the Company make contributions to the Employees Provident Fund in Malaysia,
a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as
an expense in the period in which the related service is performed.
(iii) Defined benefit plans

The Group and the Company also pay defined benefits to the workers and staff of estates and mills in Peninsular
Malaysia in accordance with agreement between the Malayan Agricultural Producers Association (MAPA) and the
National Union of Plantation Workers (NUPW) as well as between MAPA and All Malayan Estates Staff Union (AMESU).
These gratuity benefits are calculated based on the specified rates for each completed year of service.
STA T EM E N TS
The defined benefit liability is the aggregate of the present value of the defined benefit obligations (derived using
a discount rate based on market yield at the valuation date of high quality corporate bonds for a duration of 3 to
15 years) adjusted for actuarial gains or losses and past service costs. There are no assets which qualify as plan
assets as these are unfunded arrangements.
F I N A N C I AL
The cost of providing benefits under the defined benefit plans is determined separately for each plan using the
projected unit credit method taking into account various factors which includes mortality and disability rates, turnover
rates, future salary increases and estimated future cash outflows.
Defined benefit costs comprise service costs, net interest on the net defined benefit liability and remeasurements
of net defined benefit liability or asset.
190
ACCOUNTING POLICIES I N T E G R A T E D R E P O R T 2 0 2 1 197
ACCOUNTING POLICIES
(Q) EMPLOYEE BENEFITS (CONT’D.)

(iii) Defined benefit plans (cont’d.)
Service costs which include current service costs, past service costs and gains or losses on non-routine settlements
are recognised as an expense in profit or loss. Past service costs are recognised in profit or loss on the earlier of:
• The date of the plan amendment or curtailment, and
• The date that the Group and the Company recognise related restructuring costs.
Net interest on the defined benefit liability is the change during the period in the defined benefit liability that arises
from the passage of time which is determined by applying the discount rate based on high quality corporate bonds
to the defined benefit liability. Net interest on the defined benefit liability is recognised as expense or income in
profit or loss. Remeasurements comprising actuarial gains and losses are recognised immediately in OCI in the
period in which they arise. Remeasurements are not reclassified to profit or loss in subsequent periods.
(R) IMPAIRMENT OF NON-FINANCIAL ASSETS

The Group and the Company assess at each reporting date whether there is an indication that an asset may be impaired.
If any such indication exists, or when an annual impairment assessment for an asset is required, the Group and the
Company make an estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s fair value less costs of disposal and its value-in-use. For the
purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units (CGU)).
In assessing value-in-use, the estimated future cash flows expected to be generated by the asset are discounted to
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is written
down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of CGUs are allocated
first to reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to reduce the
carrying amount of the other assets in the unit or groups of units on a pro-rata basis.
Impairment losses are recognised in profit or loss.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised
previously. Such reversal is recognised in profit or loss. Impairment loss on goodwill is not reversed in a subsequent period.
191
1 9 8 B O U S T E A D P L A N T A T I O N S
ACCOUNTING POLICIES
B E R H A D
ACCOUNTING POLICIES
(S) LEASES
The Group and the Company assess at contract inception whether a contract is, or contains, a lease, i.e. if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for a consideration.
As a lessee
The Group and the Company apply a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Group and the Company recognise lease liabilities to make lease payments
and right-of-use assets representing the right to use the underlying assets.
(i) Right-of-use assets

The Group and the Company recognise right-of-use assets at the commencement date of the lease (i.e. the date
the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation
and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-
line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
Land are depreciated over the lease terms ranging from 15 to 999 years. Motor vehicles are depreciated over the
lease terms of 5 years.
If ownership of the leased asset transfers to the Group and the Company at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment as disclosed in Note (R).
(ii) Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating
the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do
not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in
the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease
payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest
STATEMENTS
rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease
payments (i.e., changes to future payments resulting from a change in an index or rate used to determine such
lease payments) or a change in the assessment of an option to purchase the underlying asset.
FINANCIAL
(iii) Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment
(i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment
that are considered to be low value. Lease payments on short-term leases and leases of low value assets are
recognised as expense on a straight-line basis over the lease term.
192
ACCOUNTING POLICIES INTEGRATED REPORT 2021 199
ACCOUNTING POLICIES
(S) LEASES (CONT’D.)

As a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset
are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and
is included in revenue in the income statement due to its operating nature. Initial direct costs incurred in negotiating and
arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term
on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
(T) GOODWILL
After initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised, but
instead, reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying
amount may be impaired.
For the purpose of impairment testing, goodwill allocated to the related CGU is monitored by management, usually at
business segment level or statutory company level as the case may be. Where the recoverable amount of the CGU is
less than its carrying amount, including goodwill, an impairment loss is recognised in profit or loss. An impairment loss
recognised for goodwill is not reversed in a subsequent period.
Gains and losses on the disposal of an entity include the carrying amount of the goodwill relating to the entity sold.
(U) FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
(i) Financial assets
Initial recognition and measurement

Financial assets are classified, at initial recognition and measured either at amortised cost, fair value through OCI,
and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s and the Company’s business model for managing them. With the exception of trade
receivables that do not contain a significant financing component or for which the Group and the Company have
applied the practical expedient, the Group and the Company initially measure a financial asset at its fair value plus,
in the case of a financial asset not at fair value through profit or loss, transaction costs.
Trade receivables of the Group and the Company do not contain a significant financing component and therefore
are measured at the transaction price determined under MFRS 15 Revenue from Contracts with Customers (MFRS 15).
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an instrument level.
193
B O U S T2E0A0 D P L A NB TOAUTSI TO ENASD B PE LRAHNATDA T I O N S

ACCOUNTING POLICIES
B E R H A D
COUNTING
ACCOUNTING
POLICIES POLICIES
INANCIAL INSTRUMENTS
(U) FINANCIAL
(CONT’D.)
INSTRUMENTS (CONT’D.)
) Financial assets (i)
(cont’d.)
Financial assets (cont’d.)
Initial recognition and
Initial
measurement
recognition
(cont’d.)
and measurement (cont’d.)
The Group’s and the Company’s
The Group’sbusiness
and the model
Company’s
for managing
businessfinancial
model forassets
managing
refers financial
to how itassets
manages
refers
its to
financial
how it manages its financial
assets in order to generate
assetscash
in order
flows.to The
generate
business
cashmodel
flows.determines
The business
whether
modelcash
determines
flows will
whether
result from
cashcollecting
flows will result from collecting
contractual cash flows,contractual
selling thecash
financial
flows,assets,
sellingorthe
both.
financial assets, or both.
Purchases or sales ofPurchases

financial assets
or sales
thatofrequire
financialdelivery
assets ofthat
assets
require
within
delivery
a timeof frame
assetsestablished
within a timeby frame
regulation
established by regulation
or convention in the or
market
convention
place (regular
in the market
way trades)
place are(regular
recognised
way trades)
on thearetrade
recognised
date, i.e.,
on the
the date
tradethat
date,
thei.e., the date that the
Group and the CompanyGroupcommit
and the
to purchase
Companyor commit
sell theto asset.
purchase or sell the asset.
Subsequent measurement
For purposes of subsequent
For purposes
measurement,
of subsequent
financialmeasurement,
assets are classified
financialas
assets
financial
are assets
classified
at amortised
as financialcosts
assets
(debt
at amortised costs (debt
instruments). instruments).
Financial assets at amortised

Financial cost
assets
(debt
at amortised
instruments)
cost (debt instruments)
Financial assets at amortised

Financial cost
assets
areatsubsequently
amortised cost
measured
are subsequently
using the effective
measuredinterest
using the(EIR)effective
method interest
and are(EIR) method and are
subject to impairment.subject
Gains and
to impairment.
losses are Gains
recognised
and losses
in profit
areorrecognised
loss when inthe
profit
assetor isloss
derecognised,
when the asset
modified
is derecognised, modified
or impaired. or impaired.
The Group’s and the The

Company’s
Group’s financial
and the assets
Company’s
at amortised
financial cost
assets
includes
at amortised
trade receivables,
cost includesother
trade
receivables
receivables, other receivables
(excluding prepayments
(excluding
and GSTprepayments
receivables),and
loans
GST to receivables),
Group companies,
loans to
andGroup
cash companies,
and bank balances.
and cash and bank balances.
Derecognition Derecognition
A financial asset (or, where

A financial
applicable,
asset (or,
a part
where
of aapplicable,
financial asset
a partorofpart
a financial
of a group
assetoforsimilar
part of
financial
a groupassets)
of similar
is financial assets) is
primarily derecognisedprimarily
when: derecognised when:
• The rights to receive
• The
cashrights
flows to
from
receive
the asset
cash have
flows expired,
from theorasset have expired, or
• The Group and the • Company
The Group have
andtransferred
the Company its rights
have to
transferred
receive cash
its rights
flowstofrom
receive
the asset
cash or
flows
hasfrom
assumed
the asset or has assumed
an obligation to pay the
an received
obligationcash
to pay
flows
theinreceived
full without
cashmaterial
flows indelay
full without
to a third
material
party delay
under toa ‘pass-through’
a third party under a ‘pass-through’
arrangement; and either
arrangement;
the Group and
and either
the Company
the Group have
andtransferred
the Companysubstantially
have transferred
all the risks
substantially
and rewardsall the
of risks and rewards of
the asset, or the Group
the and
asset,
theorCompany
the Group have
andneither
the Company
transferredhave
norneither
retained
transferred
substantially
nor retained
all the risks
substantially
and all the risks and
rewards of the asset, rewards
but has of
transferred
the asset,control
but has of transferred
the asset. control of the asset.
STATEMENTS
When the Group and When the Company

the Group have
andtransferred
the Company its rights
have totransferred
receive cash
its rights
flows tofrom
receive
an asset
cashorflows
has from
entered
an asset or has entered
into a pass-through arrangement,
into a pass-through
it evaluates
arrangement,
if, and to what
it evaluates
extent, if,
it has
and retained
to what extent,
the risksit and
has retained
rewards of theownership.
risks and rewards of ownership.
When it has neither transferred
When it has norneither
retained
transferred
substantially
nor retained
all of thesubstantially
risks and rewards
all of theof the
risksasset,
and rewards
nor transferred
of the asset, nor transferred
control of the asset, the
control
Groupof the
and asset,
the Company
the Group continue
and thetoCompany
recognisecontinue
the transferred
to recognise
asset the
to the
transferred
extent ofasset
its to the extent of its
continuing involvement.continuing
In that case,
involvement.
the GroupInand thatthe
case,
Company
the Group
alsoandrecognise
the Company
an associated
also recognise
liability. an
Theassociated
transferredliability. The transferred
asset and the associated
assetliability
and the areassociated
measured liability
on a basis
are measured
that reflectson the
a basis
rightsthat
andreflects
obligations
the rights
that the
andGroup
obligations that the Group
FINANCIAL
and the Company have andretained.

the Company have retained.
Continuing involvement Continuing

that takesinvolvement
the form ofthat
a guarantee
takes the over
form the
of atransferred
guarantee asset
over the
is measured
transferred
at asset
the lower
is measured
of at the lower of
the original carrying amount
the original
of thecarrying
asset and
amount
the maximum
of the asset
amount
and the
of consideration
maximum amount
that the
of consideration
Group and thethat
Company
the Group and the Company
could be required to could
repay. be required to repay.
194
ACCOUNTING POLICIES
(U) FINANCIAL INSTRUMENTS (CONT’D.)

(i) Financial assets (cont’d.)
Impairment of financial assets

The Group and the Company recognise an allowance for expected credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group and the Company expect to receive, discounted
at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in
credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible
within the next 12-month (a 12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables, the Group and the Company apply a simplified approach in calculating ECLs. Therefore, the
Group and the Company do not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group and the Company have established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group and the Company consider a financial asset in default when factors such as the probability of insolvency
or significant financial difficulties of the debtor and default or significant delay in payments that indicate that the
Group and the Company are unlikely to receive the outstanding contractual amounts in full before taking into account
any credit enhancements held by the Group and the Company. A financial asset is written off when there is no
reasonable expectation of recovering the contractual cash flows.
(ii) Financial liabilities

Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as loans and borrowings and payables as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The Group’s and the Company’s financial liabilities include trade and other payables (excluding defined benefit
obligations and other taxes payable), and loans and borrowings including bank overdrafts and lease liabilities.
The measurement of financial liabilities depends on their classification, as described below:
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.
195
2 02 B OUSTEAD PLAN TATION S

ACCOUNTING POLICIES
BER HAD
ACCOUNTING POLICIES
(U) FINANCIAL INSTRUMENTS (CONT’D.)

(ii) Financial liabilities (cont’d.)
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
(iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
(V) SEGMENT REPORTING

The principal activities of the Group are the cultivation of oil palms, production and sale of FFB, CPO and PK in Malaysia.
The Group’s plantation business are segregated into three geographical segments. The performance of each segment
is monitored by the respective segment’s management team. Additional disclosures on the segment reporting is disclosed
in Note 32,
31, including the factors used to identify the reportable segments and the measurement basis of segment
information.
(W) CONTINGENCIES
A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the
Group and the Company.
Contingent liabilities and assets are not recognised in the statements of financial position of the Group and the Company.
S TATEM ENTS
FINANCI AL
196
ACCOUNTING POLICIES I N TEG RA TED REP O RT 2 0 2 1 203
ACCOUNTING POLICIES
(X) FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability; or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group and the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use.
The Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
197
NOTES TO THE FINANCIAL STATEMENTS

204 B OU S T E AD P LAN T AT I O N S B ERH A D


1. CORPORATE INFORMATION
1. CORPORATE
The Company isINFORMATION
an investment holding company and is also involved in oil palm plantation operations. The principal
1. CORPORATE
activities of the INFORMATION
subsidiaries
The Company is an investment and holding
associates are disclosed
company and is in Note
also 39.
38. in oil palm plantation operations. The principal
involved
activities
The Company of theissubsidiaries
an investmentand holding
associates are disclosed
company and is in Note
also 38. in oil palm plantation operations. The principal
involved
The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main
activities of the subsidiaries and associates are disclosed in Note 38.
Market of Bursais Malaysia
The Company a public Securities Berhad.
limited liability The registered
company, office and
incorporated of the Company
domiciled in is 28th Floor,
Malaysia and Menara
is listed Boustead, 69
on the Main
Jalan
Market Raja Chulan, 50200
of Bursais Malaysia Kuala Lumpur. On 16 August 2022, the registered address of the Company was changed to
The Company a public Securities Berhad.
limited liability The registered
company, office and
incorporated of the Company
domiciled in is 28th Floor,
Malaysia and Menara
is listed Boustead, 69
on the Main
Level
Jalan 23, The Bousteador, No. 10, Jalan PJU 7/6, Mutiara Damansara, 47800 Petaling Jaya, Selangor.
MarketRaja Chulan,
of Bursa 50200 Securities
Malaysia Kuala Lumpur.
Berhad. The registered office of the Company is 28th Floor, Menara Boustead, 69
Jalan Raja Chulan, 50200 Kuala Lumpur.
and Immediate
The domiciled in Malaysia
Holding and isislisted
Company on the
Boustead Main Market
Holdings Berhadof(BHB),
Bursa Malaysia
a public Securities
limited liability Berhad.
company. TheBHBUltimate Holding
is incorporated
Corporation
and Immediate is
domiciled in Lembaga
MalaysiaTabung Angkatan
and isislisted Tentera
on the (LTAT),
Main Market a local statutory body established by the Tabung Angkatan
The Holding Company Boustead Holdings Berhadof(BHB),
Bursa Malaysia
a public Securities
limited liability Berhad.
company. TheBHBUltimate Holding
is incorporated
Tentera
CorporationAct, is1973. The Company
Lembaga Tabung is a Government-related
Angkatan Tentera (LTAT),entity
a localby statutory
virtue of body
its relationship
established with
byLTAT.
the Tabung Angkatan
Tentera
CorporationAct, is1973. The Company
Lembaga is a Government-related
Tabung Angkatan Tentera (LTAT),entity
a local by statutory
virtue of body
its relationship
established with
byLTAT.
the Tabung Angkatan
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the
Tentera Act, 1973. The Company is a Government-related entity by virtue of its relationship with LTAT.
Directors on 14statements
The financial April 2022.
were authorised for issue by the Board of Directors in accordance with a resolution of the
Directors on 1114 April 2023.
2022.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the
Directors on 14 April 2022.
2. CHANGES IN ACCOUNTING POLICIES
2. CHANGES IN ACCOUNTING
The accounting policies adopted POLICIES
are consistent with those of the previous financial year, except in the current period,
2. CHANGES
the Group
The IN the
and
accounting ACCOUNTING
Company
policies adopted POLICIES
adopted the following
are consistent withnew andofamended
those Malaysian
the previous Financial
financial Reporting
year, except Standards
in the current (MFRSs)
period,
mandatory
the for annual financialadopted
periods the
beginning on or after
andof1amended
January 2021:
The Group and
accounting the Company
policies following
adopted are consistent withnew
those Malaysian
the previous Financial
financial Reporting
year, except Standards
in the current (MFRSs)
period,
mandatory for annual financial periods beginning on or after 1 January 2022:
2021:
the Group and the Company adopted the following new and amended Malaysian Financial Reporting Standards (MFRSs)
2.1 Adoption of new standards effective 1 January 2021
mandatory for annual financial periods beginning on or after 1 January 2021:
2.1 Adoption of new standards effective 1 January 2022
2021
Effective for
2.1 Adoption of new standards effective 1 January 2021 annual periods
Effective for
Description beginning on
annual or after
periods
Effective for
Description
Amendments to MFRS 9, MFRS 139 and MFRS 7, MFRS 4 and MFRS 16: beginning on or
annual after
periods
Description
Interest RatetoBenchmark
Amendments Reform
MFRSto9,MFRS
MFRS 139– and
Phase 2 7, MFRS 4 and MFRS 16:
MFRS beginning on or 2021
1 January after
Annual improvements standards 2018 - 2020 1 January 2022
Amendments
Interest Rateto MFRS 16: COVID-19 Related Rent Concessions beyond 30 June 2021 1 April 2021
Amendments toBenchmark
to MFRS Reform
MFRS3:9,Reference
MFRS 139– and
to Phase
the 2 7, MFRS
Conceptual
MFRS Framework
4 and MFRS 16: 11 January
January 2021
2022
Amendments to MFRS 16: COVID-19 Related Rent Concessions beyond 30
Amendments to MFRS 116: Property, Plant and Equipment Proceeds before Intended Use
Interest Rate Benchmark Reform – Phase 2 June 2021 1 1 April 2021
1 January
January 2022
2021
The adoption to
Amendments ofMFRS
the above
MFRS 137: new andContacts
Onerous
16: COVID-19 amended
Related MFRSs
- Rent
Cost of did nota Contract
Fulfilling
Concessions have any30
beyond significant
June 2021financial impact 1toApril
the 2021
1 January Group
2022
and the Company.
The adoption of the above new and amended MFRSs did not have any significant financial impact to the Group
and the
The Company.
adoption of the above new and amended MFRSs did not have any significant financial impact to the Group
M TE SN T S
and the Company.

I AC
CI N
F I NFAI NFA CLTI AAS LTT EASM
ALINAS ES
NT T
TT EA M N
198
I N T E G R A T E D R E P O R T 2 0 2 1 2 0 5
NOTES TO THE FINANCIAL STATEMENTS Integrated Report 2022
NOTES TO THE FINANCIAL STATEMENTS I N T E G R A T E D R E P O R T 2 0 2 1 2 0 5

2. CHANGES IN ACCOUNTING POLICIES (CONT’D.)
2.2 Standards and interpretations issued but not yet effective
The standards and interpretations that are issued but not yet effective up to the date of issuance of the Group’s
and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these
2. CHANGES IN ifACCOUNTING
standards, applicable, whenPOLICIES (CONT’D.)
they become effective.
2.2 Standards and interpretations issued but not yet effective

Effective for
The standards and interpretations that are issued but not yet effective up to the date of issuance of theperiods
annual Group’s
and the Company’s
Description financial statements are disclosed below. The Group and the Company intend to adopt these
beginning on or after
standards, if applicable, when they become effective.
Annual Improvements to MFRS Standards 2018 – 2020 1 January 2022
Amendments to MFRS 3: Reference to the Conceptual Framework 1 January 2022
Effective for
Amendments to MFRS 116: Property, Plant and Equipment – Proceeds before Intended
annual periods
Use 1 January 2022
Description beginning on or after
Amendments to MFRS 137: Onerous Contract – Cost of Fulfilling a Contract 1 January 2022
Annual
MFRS Improvements
17 Insurance to MFRS
Contracts Standards 2018 – 2020
MFRS 17: Insurance Contracts (including amendments on Initial Application of MFRS 17 and 11 January 2022
2023
January 2023
Amendments to MFRS 3:
17:Reference
Insurance
MFRS 9 – Comparative Information) to the Conceptual
Contracts Framework 1 January 2022
2023
Amendments
Amendment toto MFRS
MFRS 116:
17: Property,
Insurance Plant
Contractsand – Equipment
Initial – Proceeds
Application of MFRS
Amendments to MFRS 101 and MFRS Practice Statement 2: Disclosure of Accounting Policies before
17 Intended
and MFRS 1 January 2023
Use
9 – Comparative
Amendments to MFRS Information
108: Definition of Accounting Estimates 11 January 2022
2023
January 2023
101: Onerous Contract
Classification of – Cost
Liabilities of
as Fulfilling
Current a
or
Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising from Contract
Non-Current 1 January 2022
2023
1 January 2023
MFRS 17
Amendments Insurance
to MFRS
a Single Transaction Contracts
101: Disclosure of Accounting Policies 1 January 2023
108: Insurance
DefinitionContracts
of Accounting
Amendments to MFRS 16: Lease Liability in a Sale and Leaseback Estimates 1 January 2023
1 January 2024
Amendment
Amendments totoMFRS
MFRS 17:
112:Insurance
Deferred Contracts
Tax –
relatedInitial
to Application
Assets and
Amendments to MFRS 101: Classification of Liabilities as Current or Non-current of MFRS
Liabilities 17 and
arising MFRS 1 January 2024
9 – Comparative
from a Single
Amendments Information
Transaction
to MFRS 10 and MFRS 128: Sale or Contribution of Assets between 1 January 2023
Deferred
Amendments
an Investor to
andMFRS 101:
10 and
its AssociatesClassification
MFRS 128:
or Joint ofSale
VentureLiabilities as CurrentoforAssets
or Contribution Non-Current
between an 1 January 2023
Amendments
Investor andtoitsMFRS 101: Disclosure
Associate of Accounting Policies
or Joint Venture 1 January 2023
Deferred
Amendments to MFRS 108: Definition of Accounting Estimates 1 January 2023
The directors expect that the adoption of the above standards and interpretations will have no material impact on
Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising
the financial statements in the period of application.
from a Single Transaction 1 January 2023
Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture Deferred
3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The directors
Estimates, expect
assumptions that the adoption
concerning the futureofand
the judgements
above standards and interpretations
are made will have
in the preparation of thenofinancial
materialstatements.
impact on
the financial statements in the period of application
The estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed as follows:
3. SIGNIFICANT ACCOUNTING
(a) Impairment JUDGEMENTS
of property, plant AND ESTIMATES
and equipment and right-of-use assets
Estimates, assumptions
The Group and theconcerning
Company the future
review theand judgements
carrying amounts areof made in the preparation
the property, of the financial
plant and equipment and statements.
right-of-use
The estimates, assumptions and judgements that have a significant risk of causing a material
assets at each reporting date to determine whether there is any indication of impairment. If any such adjustment to theindication
carrying
amounts of assets and liabilities within the next financial year are discussed as follows:
exists, the Group and the Company shall estimate the recoverable amount of CGU or groups of CGU. The recoverable
amount is measured at the higher of fair value less costs of disposal (FVLCD) or value-in-use (VIU).
(a) Impairment of property, plant and equipment and right-of-use assets
Where
The Groupthe recoverable amounts
and the Company of CGU
review the or groupsamounts
carrying of CGU of is the
determined
property,onplant
the and
basisequipment
of FVLCD,and the right-of-use
fair values
are based
assets on valuations
at each reporting by
dateindependent
to determine professional valuers
whether there which
is any were derived
indication from comparisons
of impairment. If any suchwith recent
indication
transactions
exists, involving
the Group other
and the similar vacant
Company agricultural
shall estimate land in the vicinity,
the recoverable amountsize, tenure
of CGU of title and
or groups the related
of CGU. valuation
The recoverable
adjustments
amount made byatindependent
is measured the higher ofprofessional valuers,
fair value less costsand from the(FVLCD)
of disposal income orcapitalisation
value-in-usemethod
(VIU). derived using
assumptions on fresh fruit bunches (FFB) yields, long term average crude palm oil (CPO) prices, cost of production
and
Wherean the
appropriate rateamounts
recoverable of returnofover
CGUthe or cropping
groups oflife
CGUof is
thedetermined
oil palms. onChanges
the basisto any of these
of FVLCD, theassumptions
fair values
would affect the amount of impairment losses.
are based on valuations by independent professional valuers which were derived from comparisons with recent
transactions involving other similar vacant agricultural land in the vicinity, size, tenure of title and the related valuation
adjustments made by independent professional valuers, and from the income capitalisation method derived using
assumptions on fresh fruit bunches (FFB) yields, long term average crude palm oil (CPO) prices, cost of production
and an appropriate rate of return over the cropping life of the oil palms. Changes to any of these assumptions
would affect the amount of impairment losses.
199
2 06 B OU S T E AD
P LAN T AT I O N S B ERH A D
3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONT’D.)

(a) Impairment of property, plant and equipment and right-of-use assets (cont’d.)
Determining the VIU of CGU or Groups of CGU requires the determination of future cash flows expected to be
derived from continuing use of the asset and from the ultimate disposal of such assets, which thus require the Group
and the Company to make estimates and assumptions that can materially affect the financial statements.
The estimation of the recoverable amount involves significant judgement and estimations. While the Group and the
Company believe that the assumptions are appropriate and reasonable, changes in the assumptions may materially affect
the assessment of recoverable amounts. The accumulated impairment losses are disclosed in Notes 13 and
6, 12 14.13.
and
(b) Impairment of goodwill

The Group tests for impairment of goodwill annually and at any other time when such indicators exist. This requires
an estimation of VIU of the assets or CGU to which the goodwill is allocated. Estimating the VIU requires management
to estimate the expected future cash flows from the asset or CGU and also to choose a suitable discount rate in
order to determine the present value of those cash flows. The preparation of the estimated future cash flows involves
significant judgement and estimations. While the Group believes that the assumptions are appropriate and reasonable,
changes in the assumptions may materially affect the assessment of recoverable amounts. The carrying amount of
goodwill as at 31 December 2022 2,281,000 (2020:
2021 was RM2,281,000 2021 RM2,281,000) as disclosed in Note 17. 16.
(c) Deferred tax assets

Deferred tax assets are recognised for all unused tax losses, unabsorbed capital and agricultural allowances and
deductible temporary differences to the extent that it is probable that taxable profit will be available against which
the losses, allowances and deductible temporary differences can be utilised. The recognition of deferred tax assets
is based upon the likely timing and level of future taxable profits together with tax planning strategies. Deferred tax
assets not recognised on unused tax losses, capital and agricultural allowances of the Group amounted to
437,443,000 (2020:
RM428,182,000 428,241,000 at the reporting date as disclosed in Note 18.
2021: RM428,128,000
RM439,253,000) 17.
(d) Fair value of biological assets

Biological assets represent the produce growing on oil palms. FFB are harvested from the oil palms for use in the
production of CPO and palm kernel (PK). The growing produce are essentially FFB prior to harvesting.
An oil palm fruit typically starts to develop oil from about 14 to 15 weeks after pollination. The oil content in the fruit
increases exponentially over the next 5 weeks and reaches its maximum at about 22 weeks.
S T ATE ME NT S
Management considered the maturity stages of FFB and concluded that unripen FFB of up to 3 weeks would be
used in the computation of the fair value of biological assets.
The fair value of the growing produce is determined on the basis of present value of expected future cash flows
which takes into consideration the production and estimated selling prices of CPO and PK adjusted for extraction
21.
rates, processing, harvesting and transport costs. The carrying amount of biological assets is disclosed in Note 20.
FINANCIAL
If the tonnage of unripen FFB vary by 10%, the fair value of the Group’s and Company’s biological assets would
increase or decrease by RM4,705,000 2021: RM4,705,000
3,184,000 (2020: 2021: RM1,492,000
1,111,000 (2020:
RM2,503,000) and RM1,492,000 RM846,000) respectively.
200
4. REVENUE
Group Company
Note 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Revenue from contracts with customers
– Sale of plantation produce 4(a) 1,176,206 1,049,539 359,291 329,856
– Plantation agency services 4(a) 742 445 – –
Revenue from other sources 4(b) – – 54,559 64,369
1,176,948 1,049,984 413,850 394,225
(a) Disaggregated revenue from

contracts with customers
Geographical markets
Peninsular Malaysia 462,413 401,386 323,447 294,334
Sabah 592,831 570,089 35,844 35,522
Sarawak 121,704 78,509 – –
1,176,948 1,049,984 359,291 329,856
Timing of revenue recognition

Goods transferred at a point in time 1,176,206 1,049,539 359,291 329,856
Services rendered over time 742 445 – –
1,176,948 1,049,984 359,291 329,856
(b) Revenue from other sources

Gross dividends received/
receivable from
– Subsidiaries – – 54,415 58,225
– Associate – – – 6,000
Sundry income – – 144 144
– – 54,559 64,369
(c) Performance obligations

Contracts with customers are mainly for sales of FFB, crude palm oil, palm kernel or for provision of plantation management
services with no other performance obligation included therein. A performance obligation is satisfied upon delivery of
the produce to the palm oil mill or refinery. Plantation management services are normally performed over the contracted
period of service.
201
5. OPERATING COSTS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Changes in inventories of produce stocks (15,086) (16,622) (5,746) (1,241)
Changes in fair value net of transfers to produce
stocks (Note 21) 15,211 (22,020) 3,811 (6,461)
Raw materials, consumables and other direct costs 371,956 266,447 80,522 58,828
Staff costs 288,656 229,423 73,261 62,049
Defined contribution plan 11,993 10,137 2,781 2,544
Unfunded defined benefit plan (Note 30) 785 799 529 520
Depreciation of property, plant and equipment
(Note 13) 89,980 96,310 27,787 28,113
Depreciation of right-of-use assets (Note 14) 35,927 33,987 1,363 1,346
Other operating costs 82,896 60,963 46,473 37,715
882,318 659,424 230,781 183,413
Other operating costs include:

Auditors’ remuneration
– Current year 935 744 346 275
– Prior year (3) – – –
Other services
– Current year 264 186 264 168
Directors’ remuneration
– Fees 1,083 978 1,083 978
– Allowance 379 298 379 298
Research and development 16,472 14,864 16,472 14,864
Provision for obsolete stock (Note 20) 476 – – –
Reversal of allowance for expected credit losses
on other receivables (Note 19 (ii)) (32) (81) (30) (79)
Gain on disposal of property, plant and equipment
and right-of-use assets – (274) – (274)
Property, plant and equipment written off (Note 13) 4,964 613 1,215 226
Expenses relating to short-term leases (Note 14) – 1,933 – –
Windfall levy 44,689 33,333 17,697 16,315
The directors’ benefits as follows:

Salaries 1,481 2,201 – –
Fees 1,083 978 1,083 978
Defined contribution plans 352 146 – –
Allowances 1,177 412 393 298
4,093 3,737 1,476 1,276
202
6. GAIN ON DISPOSAL OF PLANTATION ASSETS
During the year, the Group and the Company have disposed the following assets:
(i) Kulai Young land to SIPP Power Sdn Bhd for a cash consideration of RM428.8 million (Note 35 (2)). The net gain on
disposal is recognised at RM364.1 million.
(ii) partial of Bukit Mertajam land to Nur Solar Sdn Bhd for a cash consideration of RM98.0 million (Note 35 (3)). The gain
on disposal is recognised at RM90.9 million.
(iii) compulsory land acquisition by government on certain parcel of land in Telok Sengat Estate for the purpose of road
construction for a cash compensation of RM4.9 million. The net gain on disposal is recognised at RM3.7 million.
7. ALLOWANCE FOR EXPECTED CREDIT LOSSES
Company
2022 2021
RM’000 RM’000
Loans to non-wholly owned subsidiaries (Note 19) 196,189 –
During the financial year, the management had identified and recognised an allowance for expected credit losses of
RM196,189,000 on the net carrying amount of the loans to non-wholly owned subsidiaries as they are not expected to be
recoverable in the near future.
8. INTEREST INCOME
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest income
– Subsidiaries – – 89,542 92,254
– Financial institutions 4,536 617 4,534 596
– Others 524 318 524 318
5,060 935 94,600 93,168
203
9. FINANCE COSTS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest expense on
– Financial institutions 36,178 48,263 36,178 48,263
– Subsidiaries – – 3,573 2,471
– Joint operation partner 599 466 599 466
– Lease liabilities (Note 28) 166 39 5 –
36,943 48,768 40,355 51,200
Add: Amortisation of transaction costs on
borrowings 797 779 797 779
Less: Interest capitalised (Note 13(c)) (3,465) (1,463) (954) (935)
34,275 48,084 40,198 51,044
10. TAXATION
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Income tax
– Charge for the year 94,523 89,122 55,882 44,297
– (Over)/under provision in prior year (528) 503 (443) 388
93,995 89,625 55,439 44,685
Deferred tax (Note 18)

– Origination and reversal of temporary
differences (3,960) 9,568 (1,104) 3,680
– Over provision in prior year (1,175) (66) (60) (39)
(5,135) 9,502 (1,164) 3,641
Real property gains tax 48,722 – 48,722 –

137,582 99,127 102,997 48,326
204
10. TAXATION (CONT’D.)
Reconciliations of the taxation applicable to profit before taxation and zakat at the statutory rate of 24% (2021: 24%) to the tax
expense of the Group and the Company are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Profit before taxation and zakat 729,007 344,799 500,025 252,936
Taxation at statutory tax rate of 24% (2021: 24%) 174,962 82,752 120,006 60,705
Effect of Cukai Makmur at the tax rate of 33%
(2021: Nil) 8,695 – 8,695 –
Effects of share of results of associates (1,164) (333) – –
Effects of income subject to different tax rates (109,204) – (109,204) –
Income not subject to tax (912) (198) (13,971) (15,504)
Non-deductible expenses 20,563 23,465 53,837 6,934
Tax incentives (4,585) (4,339) (4,585) (4,158)
Deferred tax assets not recognised 2,208 1,704 – –
Utilisation of previously unrecognised tax losses
and unabsorbed capital allowances and
agricultural allowances – (4,361) – –
(Over)/under provision of taxation in prior year (528) 503 (443) 388
Over provision of deferred tax in prior year (1,175) (66) (60) (39)
Real property gains tax 48,722 – 48,722 –
Taxation for the year 137,582 99,127 102,997 48,326
11. EARNINGS PER SHARE

The basic earnings per share of the Group is calculated by dividing profit attributable to ordinary equity holders of the Company
of RM595,311,000 (2021: RM241,293,000) by the weighted average number of ordinary shares in issue during the year of
2,239,999,895 (2021: 2,239,999,895). The Group does not have any potential dilutive ordinary shares for financial years
ended 31 December 2022 and 31 December 2021.
205
12. DIVIDENDS
Dividend
Amount per ordinary share
2022 2021 2022 2021
RM’000 RM’000 Sen Sen
Dividends on ordinary shares in respect of the
current financial year
– First interim declared on 23 May 2022 and paid
on 24 June 2022 163,520 – 7.30 –
– Second interim declared on 23 August 2022
and paid on 27 September 2022 61,600 – 2.75 –
– Third interim declared on 22 November 2022
and paid on 22 December 2022 24,640 – 1.10 –
– First interim declared on 25 May 2021 and paid
on 30 June 2021 – 6,720 – 0.30
– Second interim declared on 25 August 2021
and paid on 30 September 2021 – 51,520 – 2.30
– Third interim declared on 23 November 2021
and paid on 30 December 2021 – 39,200 – 1.75
249,760 97,440 11.15 4.35
Dividends on ordinary shares in respect of the

previous financial year
– Fourth interim declared on 21 February 2022
and paid on 22 March 2022 89,600 – 4.00 –
– Second interim declared on 24 March 2021
and paid on 28 April 2021 – 11,200 – 0.50
89,600 11,200 4.00 0.50
339,360 108,640 15.15 4.85
Subsequent to the end of the current financial year, the Directors declared a fourth interim dividend of 3.30 sen per share
amounting to RM73,920,000 in respect of the financial year ended 31 December 2022. The dividend, which had been paid
on 22 March 2023, will be accounted for in equity as an appropriation of retained earnings for the financial year ending 31
December 2023.
The Directors do not recommend the payment of any final dividend for the current financial year.
206
13. PROPERTY, PLANT AND EQUIPMENT
Freehold Bearer Plant and Motor

land plants Buildings machinery vehicles Others Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group – 2022
Cost
At 1 January 1,090,673 993,893 349,246 321,667 70,354 117,069 2,942,902
Additions – 40,705 4,826 13,541 11,289 4,802 75,163
Disposals (7,863) (1,582) – – – (81) (9,526)
Transfers to group companies – – – – – (9) (9)
Reclassification – – 605 2,537 – (3,142) –
Write off – (31,464) (11,599) (12,071) (10,968) (1,307) (67,409)
At 31 December 1,082,810 1,001,552 343,078 325,674 70,675 117,332 2,941,121
Accumulated depreciation
At 1 January – 396,440 159,017 197,738 60,850 66,954 880,999
Charge for the year (Note 5) – 47,601 14,137 18,473 4,770 4,999 89,980
Disposals – (982) – – – (55) (1,037)
Write off – (17,046) (7,744) (11,184) (10,119) (1,190) (47,283)
Transfers to group companies – – – – – (9) (9)
At 31 December – 426,013 165,410 205,027 55,501 70,699 922,650
Accumulated impairment
losses
At 1 January – 135,695 9,216 59 160 26,645 171,775
Write off – (12,753) (2,197) (57) (154) (1) (15,162)
At 31 December – 122,942 7,019 2 6 26,644 156,613
Net carrying amount

At 31 December 1,082,810 452,597 170,649 120,645 15,168 19,989 1,861,858
During the current and previous financial years, the Group acquired property, plant and equipment by cash.
207
13. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group – 2021
Cost
At 1 January 1,152,773 974,886 344,730 301,632 72,394 125,350 2,971,765
Additions – 28,339 4,981 11,533 1,188 4,483 50,524
Disposals – (60) (11) – (228) (18) (317)
Transfers to group companies – – – – (158) (12) (170)
Reclassification – – 2,797 9,815 – (12,612) –
Transfer to assets held for sale (62,100) (1,308) (2,995) (515) – (5) (66,923)
Write off – (7,964) (256) (798) (2,842) (117) (11,977)
At 31 December 1,090,673 993,893 349,246 321,667 70,354 117,069 2,942,902
At 1 January – 350,895 145,819 180,558 59,582 60,260 797,114
Charge for the year (Note 5) – 52,643 14,302 18,046 4,490 6,829 96,310
Disposals – (22) (11) – (225) (12) (270)
Transfers to group companies – – – – (155) (12) (167)
Transfer to assets held for sale – (486) (863) (94) – – (1,443)
Write off – (6,590) (230) (772) (2,842) (111) (10,545)
At 31 December – 396,440 159,017 197,738 60,850 66,954 880,999
losses
At 1 January – 136,514 9,216 59 160 26,645 172,594
Write off – (819) – – – – (819)
At 31 December – 135,695 9,216 59 160 26,645 171,775
Net carrying amount

At 31 December 1,090,673 461,758 181,013 123,870 9,344 23,470 1,890,128
208

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Company – 2022
Cost
At 1 January 959,928 335,936 100,683 51,399 21,340 5,027 1,474,313
Additions – 10,016 318 746 3,389 560 15,029
Disposals (7,863) (1,582) – – – (72) (9,517)
Transfer to group companies – – – – – (3) (3)
Reclassification – – 290 – – (290) –
Write off – (2,930) (1,622) (1,887) (588) (287) (7,314)
At 31 December 952,065 341,440 99,669 50,258 24,141 4,935 1,472,508
At 1 January – 118,498 40,735 25,736 18,831 3,162 206,962
Charge for the year (Note 5) – 18,471 4,927 2,918 1,297 174 27,787
Disposals – (982) – – – (48) (1,030)
Write off – (2,629) (923) (1,551) (540) (178) (5,821)
At 31 December – 133,358 44,739 27,103 19,588 3,110 227,898
losses
At 1 January – 19,559 – – – – 19,559
Write off – (278) – – – – (278)
At 31 December – 19,281 – – – – 19,281
Net carrying amount

At 31 December 952,065 188,801 54,930 23,155 4,553 1,825 1,225,329
During the current and previous financial year, the Company acquired property, plant and equipment by cash.
209

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Company – 2021
Cost
At 1 January 1,022,028 326,805 103,531 50,232 22,431 4,509 1,529,536
Additions – 13,230 147 1,653 627 885 16,542
Disposals – (60) – – – (14) (74)
Transfer to assets held for sale (62,100) (1,308) (2,995) (515) – (5) (66,923)
Reclassification – – – 311 – (311) –
Write off – (2,731) – (282) (1,718) (37) (4,768)
At 31 December 959,928 335,936 100,683 51,399 21,340 5,027 1,474,313
At 1 January – 102,818 36,585 22,996 19,420 3,048 184,867
Charge for the year (Note 5) – 18,764 5,013 3,045 1,129 162 28,113
Disposals – (22) – – – (11) (33)
Transfer to assets held for sale – (486) (863) (94) – – (1,443)
Write off – (2,576) – (211) (1,718) (37) (4,542)
At 31 December – 118,498 40,735 25,736 18,831 3,162 206,962
losses
At 1 January/31 December – 19,559 – – – – 19,559
Net carrying amount

At 31 December 959,928 197,879 59,948 25,663 2,509 1,865 1,247,792
210
(a) The other assets consist of office equipment, computers, laboratory equipment and buildings, plant and machinery
under construction. The cost of buildings, plant and machinery under construction amounted to RM11,888,000
(2021: RM11,974,000) and RM1,427,000 (2021: RM1,400,000) for the Group and the Company respectively.
(b) The freehold land of the Company with carrying amount of RM646,870,000 (2021: RM654,733,000) are held by CIMB
Islamic Trustee Berhad, acting as trustee for the Company.
(c) Movement of bearer plants
Mature Immature Total

RM’000 RM’000 RM’000
Group – 2022
Cost
At 1 January 925,724 68,169 993,893
Additions – 40,705 40,705
Disposals (1,582) – (1,582)
Reclassification 33,120 (33,120) –
Write off (31,464) – (31,464)
At 31 December 925,798 75,754 1,001,552
At 1 January 396,440 – 396,440
Charge for the year 47,601 – 47,601
Disposals (982) – (982)
Write off (17,046) – (17,046)
At 31 December 426,013 – 426,013
Accumulated impairment losses

At 1 January 135,429 266 135,695
Reclassification 266 (266) –
Write off (12,753) – (12,753)
At 31 December 122,942 – 122,942
Net carrying amount

At 31 December 376,843 75,754 452,597
Included in the additions of the bearer plants of the Group is the borrowing costs of RM3,465,000 (Note 9) capitalised
during the year. The rate used to determine the amount of borrowing costs eligible for capitalisation is 4.22%.
211
(c) Movement of bearer plants (cont’d.)

RM’000 RM’000 RM’000
Group – 2021
Cost
At 1 January 892,242 82,644 974,886
Additions – 28,339 28,339
Disposals (60) – (60)
Transfer to assets held for sale (1,308) – (1,308)
Write off (7,964) – (7,964)
At 31 December 925,724 68,169 993,893
At 1 January 350,895 – 350,895
Transfer to assets held for sale (486) – (486)
Write off (6,590) – (6,590)
At 31 December 396,440 – 396,440

At 1 January 135,955 559 136,514
Reclassification 293 (293) –
Write off (819) – (819)
At 31 December 135,429 266 135,695
Net carrying amount

At 31 December 393,855 67,903 461,758
Included in the additions of the bearer plants of the Group is the borrowing costs of RM1,463,000 (Note 9) capitalised
212

RM’000 RM’000 RM’000
Company – 2022
Cost
At 1 January 307,911 28,025 335,936
Additions – 10,016 10,016
Disposals (1,582) – (1,582)
Write off (2,930) – (2,930)
At 31 December 313,668 27,772 341,440
At 1 January 118,498 – 118,498
Disposals (982) – (982)
Write off (2,629) – (2,629)
At 31 December 133,358 – 133,358

At 1 January 19,559 – 19,559
Write off (278) – (278)
At 31 December 19,281 – 19,281
Net carrying amount

At 31 December 161,029 27,772 188,801
Included in the additions of the bearer plants of the Company is the borrowing costs of RM954,000 (Note 9) capitalised
213

RM’000 RM’000 RM’000
Company – 2021
Cost
At 1 January 297,787 29,018 326,805
Additions – 13,230 13,230
Transfer to assets held for sale (1,308) – (1,308)
Write off (2,731) – (2,731)
At 31 December 307,911 28,025 335,936
At 1 January 102,818 – 102,818
Transfer to assets held for sale (486) – (486)
Write off (2,576) – (2,576)
At 31 December 118,498 – 118,498

At 31 December 19,559 – 19,559
Net carrying amount

At 31 December 169,854 28,025 197,879
Included in the additions of the bearer plants of the Company is the borrowing costs of RM935,000 (Note 9) capitalised
214
14. RIGHT-OF-USE ASSETS
Motor
Buildings vehicles Land Total
RM’000 RM’000 RM’000 RM’000
Group – 2022
Cost
At 1 January – 2,037 2,069,030 2,071,067
Additions 4,244 6,518 – 10,762
At 31 December 4,244 8,555 2,069,030 2,081,829
At 1 January – 226 161,493 161,719
Charge for the year (Note 5) 1,703 369 33,855 35,927
At 31 December 1,703 595 195,348 197,646

At 1 January/31 December – – 15,407 15,407
Net carrying amount

At 31 December 2,541 7,960 1,858,275 1,868,776
Motor
vehicles Land Total
RM’000 RM’000 RM’000
Group – 2021
Cost
At 1 January 991 2,069,189 2,070,180
Additions 1,046 – 1,046
Disposals – (159) (159)
At 31 December 2,037 2,069,030 2,071,067
At 1 January 51 127,682 127,733
Charge for the year (Note 5) 175 33,812 33,987
Disposals – (1) (1)
At 31 December 226 161,493 161,719

At 1 January/31 December – 15,407 15,407
Net carrying amount

At 31 December 1,811 1,892,130 1,893,941
215
14. RIGHT-OF-USE ASSETS (CONT’D.)
Motor
vehicles Land Total
RM’000 RM’000 RM’000
Company – 2022
Cost
At 1 January – 190,752 190,752
Additions 1,962 – 1,962
At 31 December 1,962 190,752 192,714
At 1 January – 7,001 7,001
Charge for the year (Note 5) 22 1,341 1,363
At 31 December 22 8,342 8,364
Net carrying amount

At 31 December 1,940 182,410 184,350
Land
RM’000
Company – 2021
Cost
At 1 January 190,911
Disposals (159)
At 31 December 190,752
At 1 January 5,656
Charge for the year (Note 5) 1,346
Disposals (1)
Net carrying amount

216
14. RIGHT-OF-USE ASSETS (CONT’D.)
(a) As at 31 December 2022, the right-of-use assets of the Group with carrying amount of RM57,570,000
(2021: RM60,052,000) are subleased from the registered owners for the subsidiaries.
(b) As at 31 December 2022, the right-of-use assets of the Company with carrying amount of RM182,411,000 (2021:
RM183,757,000) are held by CIMB Islamic Trustee Berhad acting as trustee for the Company.
(c) As at 31 December 2022, the right-of-use assets of the Group and the Company with carrying amount of RM7,960,000
(2021: RM1,811,000) and RM1,940,000 (2021: Nil) are held under hire purchase arrangements.
(d) The following are the amounts recognised in profit or loss:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Depreciation expenses of right-of-use
assets (Note 5) 35,927 33,987 1,363 1,346
Expenses relating to short-term leases
(Note 5) – 1,933 – –
Interest expenses on lease liabilities
(Note 9) 166 39 5 –
Total amount recognised in profit or loss 36,093 35,959 1,368 1,346
The Group and the Company had total cash outflows for leases of RM2,798,000 (2021: RM2,374,000) and of
RM215,000 (2021: Nil) respectively.
15. INVESTMENT IN SUBSIDIARIES
Company
2022 2021
RM’000 RM’000
Unquoted shares in Malaysia
Cost
At 1 January 306,522 306,522
Addition 250 –
31 December 306,772 306,522

At 1 January/31 December 96,113 96,113
Net carrying amount

At 31 December 210,659 210,409
The Group’s interest in subsidiaries and their principal activities are disclosed in Note 39 to the financial statements.
217
15. INVESTMENT IN SUBSIDIARIES (CONT’D.)
Subsidiaries with material non-controlling interests
The Group regards Boustead Pelita Kanowit Sdn Bhd (BPK), Boustead Pelita Tinjar Sdn Bhd (BPT) and Boustead Pelita Kanowit
Oil Mill Sdn Bhd (BPKOM) as subsidiaries that have material non-controlling interests. These subsidiaries are incorporated and
operated in Malaysia.
The summarised financial information of BPK, BPT and BPKOM before inter-company eliminations is provided below.
BPK BPT BPKOM

2022 2021 2022 2021 2022 2021
% % % % % %
Equity interest held by non-
controlling interests 40 40 40 40 40 40
(i) Summarised statements of comprehensive income
BPK BPT BPKOM

2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue 49,474 52,252 63,967 19,134 60,476 59,375
(Loss)/profit for the year (10,581) (1,536) (3,531) 5,263 (2,177) (822)
Attributable to:
Shareholders of the
Company (6,349) (922) (2,119) 3,158 (1,306) (493)
Non-controlling interests (4,232) (614) (1,412) 2,105 (871) (329)
(10,581) (1,536) (3,531) 5,263 (2,177) (822)
218
15. INVESTMENT IN SUBSIDIARIES (CONT’D.)
Subsidiaries with material non-controlling interests (cont’d.)
(ii) Summarised statements of financial position
BPK BPT BPKOM

2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Non-current assets 16,844 21,425 28,384 29,931 10,065 11,342
Current assets 19,124 10,881 8,662 3,004 41,188 29,592
Total assets 35,968 32,306 37,046 32,935 51,253 40,934
Current liabilities,
representing total liabilities 260,931 246,688 33,775 26,133 18,650 6,154
Net (liabilities)/assets (224,963) (214,382) 3,271 6,802 32,603 34,780
Attributable to:
Shareholders of the
Company (127,722) (121,373) 33,401 35,520 19,563 20,869
Non-controlling interests (97,241) (93,009) (30,130) (28,718) 13,040 13,911
(224,963) (214,382) 3,271 6,802 32,603 34,780
(iii) Summarised statements of cash flows
BPK BPT BPKOM

2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Net cash generated from/
(used in):
Operating activities 1,376 15,110 (346) 1,622 10,289 700
Investing activities – – (241) (23) 809 107
Financing activities (1,383) (15,096) 581 (1,745) (11,088) (810)
Net (decrease)/increase in
cash and cash equivalents (7) 14 (6) (146) 10 (3)
219
16. INVESTMENT IN ASSOCIATES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Unquoted shares, at cost 3,330 3,330 3,330 3,330
Share of post acquisition reserves 27,205 22,344 – –
30,535 25,674 3,330 3,330
Equity interest in associates 50% 50% 50% 50%
The summarised financial information represents the amounts in the financial statements of associates and not the Group’s
share of those amounts.
(a) Summarised statements of comprehensive income:
2022 2021
RM’000 RM’000
Revenue 59,152 49,230
Profit for the year 9,698 2,776

Other comprehensive income/(loss) 24 (180)
Total comprehensive income 9,722 2,596
Dividend declared and payable during the year – 12,000
Subsequent to the end of the current financial year, the Directors of the associates declared an interim dividend of 28.0
sen per share amounting to RM14,000,000 in respect of financial year ended 31 December 2022. The dividend, which
will be paid on 14 April 2023, will be accounted for in equity of the associates as an appropriation of retained earnings
for the financial year ending 31 December 2023.
(b) Summarised statements of financial position:
2022 2021
RM’000 RM’000
Non-current assets 28,443 31,544
Current assets 90,831 44,605
Non-current liabilities (3,329) (4,513)
Current liabilities (54,875) (20,288)
Net assets 61,070 51,348
220
16. INVESTMENT IN ASSOCIATES (CONT’D.)
(c) Reconciliation of summarised financial information to the net assets of associates:
2022 2021
RM’000 RM’000
Net assets at 1 January 51,348 60,752
Profit for the year 9,698 2,776
Other comprehensive income/(loss) 24 (180)
Dividend payable – (12,000)
Net assets at 31 December 61,070 51,348
Carrying value of Group’s investment in associates 30,535 25,674
17. GOODWILL ON CONSOLIDATION
Goodwill on consolidation arose from the acquisition of a subsidiary that is principally involved in oil palm cultivation. At
reporting date, the recoverable amount of goodwill was determined on the basis of value-in-use calculation using five year
cash flow projections approved by the Board of Directors. The pre-tax discount factor of 11% (2021: 8%) reflects the specific
risks of the industry.
Based on the sensitivity analysis, management believes that no reasonably possible change in base case key assumptions
would cause the carrying value of the goodwill to exceed its recoverable amount.
18. DEFERRED TAX ASSETS/(LIABILITIES)
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At 1 January (302,095) (294,206) (85,837) (83,809)
Recognised in profit or loss (Note 10) 5,135 (9,502) 1,164 (3,641)
Disposal of plantation assets 398 – 398 –
Reclassed to liabilities directly associated to the
assets held for sale (Note 23) – 1,613 – 1,613
At 31 December (296,562) (302,095) (84,275) (85,837)
Presented after appropriate offsetting as follows:

Deferred tax assets 2,765 – – –
Deferred tax liabilities (299,327) (302,095) (84,275) (85,837)
(296,562) (302,095) (84,275) (85,837)
221
18. DEFERRED TAX ASSETS/(LIABILITIES) (CONT’D.)
Deferred tax liabilities – Group
Property,
Right-of-use plant and
assets equipment Others Total
RM’000 RM’000 RM’000 RM’000
At 1 January 2022 (156,332) (149,148) (11,290) (316,770)
Recognised in profit or loss 2,808 (5,255) 3,650 1,203
Disposal of plantation assets – 398 – 398
At 31 December 2022 (153,524) (154,005) (7,640) (315,169)
At 1 January 2021 (159,186) (145,820) (6,005) (311,011)

Recognised in profit or loss 2,854 (4,941) (5,285) (7,372)
Reclassed to liabilities directly associated to the assets held for
sale (Note 23) – 1,613 – 1,613
At 31 December 2021 (156,332) (149,148) (11,290) (316,770)
Deferred tax assets – Group
Unabsorbed
capital and
Unused agricultural
tax losses allowances Others Total
RM’000 RM’000 RM’000 RM’000
At 1 January 2022 149 11,913 2,613 14,675
Recognised in profit or loss (104) (2,427) 6,463 3,932
At 31 December 2022 45 9,486 9,076 18,607
At 1 January 2021 3,277 11,941 1,587 16,805

Recognised in profit or loss (3,128) (28) 1,026 (2,130)
At 31 December 2021 149 11,913 2,613 14,675
222
Deferred tax liabilities – Company
Property,
Right-of-use plant and
assets equipment Others Total
RM’000 RM’000 RM’000 RM’000
At 1 January 2022 (13,209) (70,543) (3,580) (87,332)
Recognised in profit or loss 59 (1,504) 915 (530)
Disposal of plantation assets – 398 – 398
At 31 December 2022 (13,150) (71,649) (2,665) (87,464)
At 1 January 2021 (13,299) (69,616) (2,029) (84,944)

Recognised in profit or loss 90 (2,540) (1,551) (4,001)
Reclassed to liabilities directly associated to the assets held for
sale (Note 23) – 1,613 – 1,613
At 31 December 2021 (13,209) (70,543) (3,580) (87,332)
Deferred tax assets – Company
Others
RM’000
At 1 January 2022 1,495
Recognised in profit or loss 1,694
At 31 December 2022 3,189
At 1 January 2021 1,135

Recognised in profit or loss 360
At 31 December 2021 1,495
223
Unrecognised deferred tax assets
Deferred tax assets have not been recognised for the following items:
Group
2022 2021
RM’000 RM’000
Unabsorbed capital and agricultural allowances 71,229 66,823
Unused tax losses 366,214 361,418
437,443 428,241
Deferred tax assets have not been recognised in respect of these items because of the uncertainty of available taxable profits
to enable the utilisation of unused tax losses and unabsorbed capital and agricultural allowances.
The unused tax losses and unabsorbed capital and agricultural allowances of the Group are available for offsetting against
future taxable profits subject to the Income Tax Act, 1967 and guidelines issued by the tax authority.
The Ministry of Finance via Finance Bill 2021 announced that the unused tax losses carried forward shall be extended from
a maximum period of 7 to 10 consecutive years of assessment. This amendment is deemed to have effect for the year of
assessment 2019 and subsequent years of assessment.
224
19. RECEIVABLES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Trade
Trade receivables 33,446 39,973 3,397 8,315
Other
Estate receivables 4,302 4,212 1,041 1,182
Wholly owned subsidiaries
– Loan – – 34,788 37,473
– Current account – – 7,574 6,708
Non-wholly owned subsidiaries
– Loan – – – 18,259
– Current account – – – 1,391
Other related companies 184 375 2 2
Associates 4,269 2,948 277 234
Amount due from joint operation partner
– Current account 215 136 215 136
Prepayments and deposits 838 145 37 19
Workers’ housing scheme 347 377 347 377
Dividend receivables – 6,000 54,415 6,000
Sundry receivables 1,928 1,188 308 1,047
Balance from disposal of land (Note 35 (3)) 88,209 – 88,209 –
100,292 15,381 187,213 72,828
Less: Allowance for expected credit losses (405) (437) (347) (377)
99,887 14,944 186,866 72,451
133,333 54,917 190,263 80,766
Non-current
Other
Loans to wholly owned subsidiaries – – 1,424,832 1,474,762
Loans to non-wholly owned subsidiaries – – 271,189 235,957
Less: Allowance for expected credit losses – – (271,189) (75,000)
– – 1,424,832 1,635,719
Total receivables (current and non-current) 133,333 54,917 1,615,095 1,716,485
225
19. RECEIVABLES (CONT’D.)
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Total receivables (current and non-current) 133,333 54,917 1,615,095 1,716,485
Add: Cash and bank balances (Note 22) 165,618 82,202 164,532 81,375
Less: Prepayments (225) (78) (2) –
Total financial assets carried at amortised cost
(debt instruments) 298,726 137,041 1,779,625 1,797,860
Trade receivables
Trade receivables are non-interest bearing and are on 30-day (2021: 30-day) credit terms. Trade receivables are recognised
at original invoice amounts which represent their fair values on initial recognition.
Ageing analysis of trade receivables
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Neither past due nor impaired 32,377 39,744 3,393 8,308
Past due
– 1 to 30 days 430 4 – –
– 31 to 60 days 161 220 – –
– 61 to 90 days 157 – 4 –
– > 90 days 321 5 – 7
1,069 229 4 7
33,446 39,973 3,397 8,315
Other related companies
Loans to wholly-owned and non-wholly owned subsidiaries (current and non-current) are unsecured, repayable on demand
and bear interest ranging from 5.5% to 6.5% (2021: 5.5% to 6.5%) per annum.
Amounts due from Immediate Holding Company, other related companies, associates and current accounts of wholly owned
and non-wholly owned subsidiaries are unsecured, interest-free and repayable on demand.
226
Other receivables – current and non-current
(i) Maturity analysis of non-current receivables
Company
2022 2021
RM’000 RM’000
Due between 2 to 5 years:
Loans to wholly owned subsidiaries 1,424,832 1,474,762
Loans to non-wholly owned subsidiaries 271,189 235,957
1,696,021 1,710,719
(ii) Allowance for expected credit losses of other receivables
The allowance for expected credit losses of other receivables for the Group of RM405,000 (2021: RM437,000) and for
the Company of RM347,000 (2021: RM377,000) is analysed as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Workers’ housing scheme 347 377 347 377
Other receivable
– Cost of construction of pond 58 60 – –
405 437 347 377
Movement in allowance for expected credit losses of other receivables:

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
At 1 January 437 518 377 456
Reversal during the year (Note 5) (32) (81) (30) (79)
At 31 December 405 437 347 377
227
Other receivables – current and non-current (cont’d.)
(iii) Loans to subsidiaries that is impaired
Movement in allowance for expected credit losses of loans to non-wholly owned subsidiaries:
Company
2022 2021
RM’000 RM’000
At 1 January 75,000 75,000
Allowance for expected credit losses (Note 7) 196,189 –
At 31 December 271,189 75,000
20. INVENTORIES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Produce stocks 41,305 26,219 8,118 2,372
Consumables 64,367 22,526 21,670 7,745
Nursery stocks 31,292 13,664 6,109 4,359
136,964 62,409 35,897 14,476
Provision for obsolete stock (Note 5) (476) – – –
136,488 62,409 35,897 14,476
The cost of inventories recognised as an expense for the financial year amounted to RM729,881,000 (2021: RM565,982,000)
and RM184,849,000 (2021: RM153,585,000) for the Group and for the Company respectively.
228
21. BIOLOGICAL ASSETS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At 1 January 47,046 25,026 14,918 8,457
Changes in fair value net of transfers to produce
stocks (Note 5) (15,211) 22,020 (3,811) 6,461
At 31 December 31,835 47,046 11,107 14,918
The biological assets of the Group and of the Company represent fresh fruit bunches (FFB) of 3 weeks prior to harvesting. The
quantity of the unharvested FFB included in the valuation for the Group and the Company are 49,177 (2021: 46,635) metric
tonnes and 17,232 (2021: 14,349) metric tonnes respectively. The expected net cash flows are estimated using the expected
FFB harvest and market price at reporting date of crude palm oil and palm kernel adjusted for extraction rates less processing,
harvesting and transportation costs. The fair valuation of biological assets corresponds with Level 3 of the fair value hierarchy.
22. CASH AND BANK BALANCES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cash and bank balances 53,425 60,255 52,339 59,428
Short-term deposits with licensed banks 112,193 21,947 112,193 21,947
165,618 82,202 164,532 81,375
At the reporting date, the weighted average interest rate per annum and average remaining maturity period of short-term
deposits are as follows:
Group and Company

2022 2021
Weighted average interest rate (%) 3.16 1.86
Average remaining maturity period (days) 27 38
Included in cash and bank balances of the Group and the Company is overnight placement with a licensed bank of
RM39,721,000 (2021: RM59,242,000). The overnight deposits earned interest of 1.25% (2021: 1.25%) per annum.
229
23. ASSETS AND LIABILITIES HELD FOR SALE
On 28 September 2021, CIMB Islamic Trustee Berhad, acting as trustee for the Company, entered into a sale and purchase
agreement with SIPP Power Sdn Bhd for the sale of freehold land measuring 663.98 hectares in the district of Kulai, Johor as
disclosed in Note 35 (2).
The assets that are held for sale are as follows:
Group and Company

2021
RM’000
Proposed Disposal of 663.98 hectares:
Property, plant and equipment (Note 13):
– Freehold land 62,100
– Bearer plants 822
– Buildings 2,132
– Plant and machinery 421
– Other assets 5
Total assets held for sale 65,480
LIABILITIES DIRECTLY ASSOCIATED TO THE ASSETS HELD FOR SALE
The liabilities directly associated to the assets held for sale are as follows:
Group and Company

2021
RM’000
Proposed Disposal of 663.98 hectares:
Deferred taxation (Note 18):
– Freehold land 1,497
– Bearer plants 116
Total liabilities directly associated to the assets held for sale 1,613
230
24. SHARE CAPITAL
Number of ordinary shares Amount

2022 2021 2022 2021
‘000 ‘000 RM’000 RM’000
Issued and fully paid:
At 1 January/31 December 2,239,999 2,239,999 1,422,344 1,422,344
25. NON-DISTRIBUTABLE RESERVES
Non-
distributable
reserve
RM’000
At 1 January 2021 (195)
Exchange differences on translation of associates (90)
At 31 December 2021 and 1 January 2022 (285)
Exchange differences on translation of associates 12
At 31 December 2022 (273)
26. RETAINED PROFITS
The Company’s retained profits are distributable by way of single tier dividends.
231
27. BORROWINGS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Short-term borrowings
Unsecured:
Bank overdrafts 13 27 13 27
Revolving credits 345,400 439,500 345,400 439,500
Term loans 117,500 99,000 117,500 99,000
Transaction costs on borrowings (817) (779) (817) (779)
462,096 537,748 462,096 537,748
Long-term borrowings
Unsecured:
Term loans 396,500 478,500 396,500 478,500
Transaction costs on borrowings (1,743) (2,308) (1,743) (2,308)
394,757 476,192 394,757 476,192
Total borrowings
Bank overdrafts 13 27 13 27
Revolving credits 345,400 439,500 345,400 439,500
Term loans 514,000 577,500 514,000 577,500
Transaction costs on borrowings (2,560) (3,087) (2,560) (3,087)
856,853 1,013,940 856,853 1,013,940
Analysis by maturity:
– within 1 year 462,096 537,748 462,096 537,748
– from 2 to 5 years 374,316 469,269 374,316 469,269
– over 5 years 20,441 6,923 20,441 6,923
856,853 1,013,940 856,853 1,013,940
(a) The Group’s and the Company’s bank overdrafts bear interest at 7.32% (2021: 6.32%) per annum.
(b) The Group’s and the Company’s revolving credits bear interest at a weighted average rate of 3.73% (2021: 4.27%) per
annum.
(c) Include in term loans of the Group and of the Company of RM514,000,000 (2021: RM577,500,000) is an Islamic term
loan of the Group and of the Company of RM189,000,000 (2021: RM245,000,000) which bears an average profit rate
of 4.69% (2021: 4.20%) per annum. The remaining term loans of the Group and of the Company of RM325,000,000
(2021: RM332,500,000) bears interest rates which range from 3.42% to 5.15% (2021: 3.73% to 4.40%) per annum.
(d) All borrowings are denominated in Ringgit Malaysia.
232
27. BORROWINGS (CONT’D.)
Changes in liabilities arising from financing activities
At 1 Charged to At 31
January Re- profit December
2022 Cash flows classification or loss 2022
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Short-term borrowings:
Revolving credits 439,500 (94,100) – – 345,400
Term loans 99,000 (99,000) 117,500 – 117,500
Transaction costs on borrowings (779) – (817) 779 (817)
537,721 (193,100) 116,683 779 462,083
Long-term borrowings:
Term loans 478,500 35,500 (117,500) – 396,500
Transaction costs on borrowings (2,308) (270) 817 18 (1,743)
1,013,913 (157,870) – 797 856,840
Company
Term loans 99,000 (99,000) 117,500 – 117,500
537,721 (193,100) 116,683 779 462,083
Term loans 478,500 35,500 (117,500) – 396,500
Transaction costs on borrowings (2,308) (270) 817 18 (1,743)
1,013,913 (157,870) – 797 856,840
233
27. BORROWINGS (CONT’D.)
Changes in liabilities arising from financing activities (cont’d.)
At 1 Charged to At 31
January Re- profit December
2021 Cash flows classification or loss 2021
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Term loans 81,500 (81,500) 99,000 – 99,000
678,471 (239,750) 98,221 779 537,721
Term loans 577,500 – (99,000) – 478,500
Transaction costs on borrowings (3,087) – 779 – (2,308)
1,252,884 (239,750) – 779 1,013,913
Company
Term loans 81,500 (81,500) 99,000 – 99,000
678,471 (239,750) 98,221 779 537,721
Term loans 577,500 – (99,000) – 478,500
Transaction costs on borrowings (3,087) – 779 – (2,308)
1,252,884 (239,750) – 779 1,013,913
234
28. LEASE LIABILITIES
Motor
Buildings Vehicles Total
RM’000 RM’000 RM’000
Group
2022
Non-current
Lease liabilities 1,657 5,576 7,233
Current
Lease liabilities 837 1,472 2,309
Total lease liabilities 2,494 7,048 9,542
2021
Non-current
Lease liabilities – 1,095 1,095
Current
Lease liabilities – 317 317
Total lease liabilities – 1,412 1,412
Set out below are the movements during the year:
Motor
RM’000 RM’000 RM’000
Group
2022
At 1 January – 1,412 1,412
Addition 4,244 5,978 10,222
Accretion of interest (Note 9) 104 62 166
Payment (1,854) (404) (2,258)
Total lease liabilities 2,494 7,048 9,542
2021
At 1 January – 768 768
Addition – 834 834
Accretion of interest (Note 9) – 39 39
Payment – (229) (229)
Total lease liabilities – 1,412 1,412
235
28. LEASE LIABILITIES (CONT’D.)
Set out below are the movements during the year: (cont’d.)
Motor
RM’000 RM’000 RM’000
Group
2022
Maturity of lease liabilities:
Not later than 1 year 837 1,472 2,309
Later than 1 year and not later than 2 years 748 1,788 2,536
Later than 2 years and not later than 5 years 909 3,788 4,697
2,494 7,048 9,542
2021
Not later than 1 year – 317 317
Later than 1 year and not later than 2 years – 333 333
Later than 2 years and not later than 5 years – 762 762
– 1,412 1,412
The average interest rates (per annum) as at the reporting date for lease liabilities is as follow:
2022 2021
% %
Lease liabilities 2.70 2.22
Change in liabilities arising from financing activities:

Non-current Current Total
RM’000 RM’000 RM’000
Group
At 1 January 2022 1,095 317 1,412
Addition 6,526 3,696 10,222
Reclassification (388) 388 –
Cash flows – (2,258) (2,258)
At 31 December 2022 7,233 2,309 9,542
At 1 January 2021 613 155 768

Addition 645 189 834
Reclassification (163) 163 –
Cash flows – (229) (229)
At 31 December 2021 1,095 317 1,412
236
Motor
Vehicles
RM’000
Company
2022
Non-current
Lease liabilities 1,383
Current
Lease liabilities 369
Total lease liabilities 1,752
Set out below are the movements during the year:
Motor
Vehicles
RM’000
Company
2022
Addition 1,769
Accretion of interest (Note 9) 5
Payment (22)
Total lease liabilities 1,752
Motor
Vehicle
RM’000
Company
2022
Not later than 1 year 369
Later than 1 year and not later than 2 years 357
Later than 2 years and not later than 5 years 1,026
1,752
237
The average interest rates (per annum) as at the reporting date for lease liabilities is as follow:
2022
%
Lease liabilities 2.94
Change in liabilities arising from financing activities:
Non-current Current Total

RM’000 RM’000 RM’000
Company
Addition 1,383 386 1,769
Cash flows – (22) (22)
At 31 December 2022 1,383 369 1,752
238
29. PAYABLES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Trade
Trade payables 74,631 41,365 23,472 7,510
Other
Estate payables 28,826 20,250 4,745 3,828
Amount due to joint operation partner
– Loan 19,787 17,272 19,287 16,793
Other related companies 61 51 – –
Associates 5,125 5,590 4,501 4,308
Immediate Holding Company 891 452 500 103
Wholly owned subsidiaries
– Loan – – 84,769 46,011
– Current account – – 24,123 43,288
Non-wholly owned subsidiaries
– Loan – – 35,399 24,342
– Current account – – 101 70
Interest payable 4,270 3,780 4,270 3,780
Accrued expenses 32,351 7,929 8,832 2,390
Other taxes payable 6,694 9,796 749 1,728
Other payables 8,575 8,774 2,576 3,002
Deposit for disposal of land Note 35(2)) – 42,882 – 42,882
106,580 116,776 189,852 192,525
181,211 158,141 213,324 200,035
Non-current
Other payable
Defined benefit obligations (Note 30) 6,774 6,605 4,983 4,856
Total payables (current and non-current) 187,985 164,746 218,307 204,891
Total payables (current) 181,211 158,141 213,324 200,035

Add: Borrowings (Note 27) 856,853 1,013,940 856,853 1,013,940
Add: Lease liabilities (Note 28) 9,542 1,412 1,752 –
Less: Other taxes payable (6,694) (9,796) (749) (1,728)
Total financial liabilities carried at amortised cost 1,040,912 1,163,697 1,071,180 1,212,247
Trade and other payables
Trade and estate payables are on 30 to 60 days (2021: 30 to 60 days) payment terms and are non-interest bearing. Other
payables are normally settled on an average of 30 days (2021: 30 days) terms and are non-interest bearing.
239
29. PAYABLES (CONT’D.)
Related party balances
Amount due to joint operation partner is unsecured, repayable on demand and bears interest at 3.5% (2021: 3.5%) per annum.
Amount due to Immediate Holding Company is unsecured, interest-free and repayable on demand.
Loans from wholly owned and non-wholly owned subsidiaries are unsecured, repayable on demand and bear interest at 3.5%
(2021: 3.5%) per annum.
Amounts due to associates, other related companies and current accounts of wholly owned and non-wholly owned
subsidiaries are unsecured, interest-free and repayable on demand.
30. DEFINED BENEFIT OBLIGATIONS
(a) The amount recognised in the statements of financial position is determined as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Present value of unfunded defined benefit
obligations, representing net liability
(Note 29) 6,774 6,605 4,983 4,856
(b) The movement in the net liability in the current year is as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At 1 January 6,605 6,336 4,856 4,728
Recognised in profit or loss (Note 5) 785 799 529 520
Defined benefits paid (616) (530) (402) (392)
At 31 December 6,774 6,605 4,983 4,856
(c) The amount recognised in profit or loss is analysed as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current service cost 502 529 321 320
Interest cost 283 270 208 200
Recognised in profit or loss 785 799 529 520
240
30. DEFINED BENEFIT OBLIGATIONS (CONT’D.)
(d) The principal assumptions used to determine the defined benefit obligations are shown below:
Group and Company

2022 2021
Discount rate (% per annum) 4.4 4.4
Salary increment rate (% per annum) 5.5 5.5
(e) The sensitivity analysis arising from reasonably possible changes of each significant assumption on the defined benefit
obligations as at year end with all other assumptions held constant is given below:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
1% increase in discount rate (491) (490) (349) (349)
1% decrease in discount rate 563 563 399 400
1% increase in salary increment rate 773 698 557 504
1% decrease in salary increment rate (674) (612) (488) (444)
(f) The duration of the Group’s and Company’s defined benefit obligations at the end of the reporting period is 4 years
(2021: 5 years).
31. CAPITAL COMMITMENTS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Capital expenditure:
– authorised but not contracted for 193,673 290,436 36,120 107,290
The Group’s and the Company’s interest in the capital commitment of the joint operation plantation is disclosed in Note 34.
241
32. SEGMENT INFORMATION
The Group is principally involved in plantation operations and also provides plantation consultancy services. Management
controls operations by geographical locations where resources are allocated and performance are monitored for achievement
of the desired output. Monthly management reports are prepared by geographical segment for review by Management. Thus,
operating segments are best segregated as follows:
(a) Plantation segment
Plantation operations involve the cultivation of oil palms and production of crude palm oil and palm kernel. The Group’s
plantations are located in Peninsular Malaysia, Sabah and Sarawak.
(b) Others segment
The others segment consists of plantation consultancy and investing activities.
The performance of each operating segment is measured on the basis of operating results before interest income and finance
costs. Non-recurring items such as gains on disposal of plantation assets, impairment losses and share of results of associates
and fair value gains or losses are excluded from the measurement of a segment’s performance.
Transactions between operating segments are undertaken on arm’s length basis. Inter-segment revenue namely plantation
management fees are eliminated on consolidation. The Group practises central fund management where surplus funds are
moved within the Group and the interest income/expenses arising from such arrangements are eliminated in full.
242
32. SEGMENT INFORMATION (CONT’D.)
The performance of each segment is set out in the following table:
Plantations
PM* Sabah Sarawak Others Elimination Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Revenue
External customers 461,671 592,831 121,704 742 – 1,176,948
Inter-segment – – – 30,449 (30,449) –
Total revenue 461,671 592,831 121,704 31,191 (30,449) 1,176,948
Segment result 172,003 122,982 (3,868) 3,513 – 294,630

Gain on disposal of plantation assets 458,743
Interest income 5,060
Finance costs (34,275)
Share of results of associates 4,849
Profit before taxation and zakat 729,007
Taxation (137,582)
Zakat (2,629)
Profit for the year 588,796
Other information:
Depreciation of property, plant and
equipment 33,808 48,395 7,093 684 – 89,980
Depreciation of right-of-use assets 4,141 29,425 471 1,890 – 35,927
* Denotes Peninsular Malaysia.
243
32. SEGMENT INFORMATION (CONT’D.)
The performance of each segment is set out in the following table: (cont’d.)
Plantations
PM* Sabah Sarawak Others Elimination Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Revenue
External customers 400,941 570,089 78,509 445 – 1,049,984
Inter-segment – – – 22,267 (22,267) –
Total revenue 400,941 570,089 78,509 22,712 (22,267) 1,049,984
Segment result 181,728 188,696 16,598 3,538 – 390,560

Interest income 935
Finance costs (48,084)
Share of results of associates 1,388
Profit before taxation and zakat 344,799
Taxation (99,127)
Zakat (3,217)
Profit for the year 242,455
Other information:
Depreciation of property, plant and
equipment 35,014 53,192 7,584 520 – 96,310
Depreciation of right-of-use assets 4,109 29,265 472 141 – 33,987
* Denotes Peninsular Malaysia.
33. SIGNIFICANT RELATED PARTY TRANSACTIONS
Identification of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or
exercise significant influence over the party in making financial and operational decisions, or vice versa, or where the Group
and the party are subject to common control or common significant influence. Related parties may be individuals or other
entities.
244
33. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D.)
Identification of related parties (cont’d.)
Related parties of the Group include:

(i) Direct and indirect subsidiaries;
(ii) Immediate Holding Company, Boustead Holdings Berhad (BHB), its subsidiaries and associates;
(iii) Ultimate Holding Corporation, Lembaga Tabung Angkatan Tentera (LTAT), its subsidiaries and direct and indirect associates;
(iv) Direct and indirect associates;
(v) Key management personnel which comprises persons (including the Directors of the Company) having authority and
responsibility for planning, directing and controlling the activities of the Group directly or indirectly.
Significant related party transactions other than those disclosed elsewhere in the financial statements are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Subsidiaries
Sale of fresh fruit bunches – – 210,297 196,931
Plantation management fees – – 8,239 5,645
Interest income – – 89,542 92,254
Finance costs – – 3,573 2,471
Dividend – – 54,415 58,225
Subsidiaries of Immediate Holding Company

Purchase of non-regulated petroleum products 201 858 14 724
Travel agency services 449 114 12 22
Office rental 1,718 2,018 – –
Financial assistance in respect of hire purchase 30 – 23 –
Immediate Holding Company

General management fees 994 1,678 584 537
Tax consultancy fees 87 77 12 11
Associates
Advisory fees 1,500 887 380 228
Research and development 16,472 14,864 16,472 14,864
Dividend – 6,000 – 6,000
Associates of BHB
Insurance premium 3,921 3,646 725 702
Interest income 3,593 487 3,593 487
Finance costs 11,736 13,458 11,736 13,458
Purchase of chemical products 792 758 67 70
Related party balances with the Immediate Holding Company and subsidiaries are referred to in Notes 19 and 29.
245
33. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D.)
Government-related entities
At the reporting date, balances with financial institutions which are Government-related entities are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Bank balances and Islamic deposits 54,027 21,752 53,350 21,168
Term loans 216,000 280,000 216,000 280,000
Key management personnel
The remuneration of key management personnel for the financial year is as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Salaries 2,044 2,926 1,746 1,394
Allowances 815 325 791 86
Defined contribution plans 446 510 393 230
3,305 3,761 2,930 1,710
The Directors are of the opinion that related party transactions are in the normal course of business and at terms mutually
agreed between the parties.
34. INTEREST IN JOINT OPERATION PLANTATION
The Group and the Company have a 50% interest in Kuala Muda Estate, a joint operation plantation, which is held at book
value of RM22,435,000 (2021: RM22,435,000). The following amounts represent the Group’s and Company’s share of the
assets and liabilities as well as share of revenue and expenses of the joint operation plantation, which are included in the
respective statement of financial position and income statement:
Group and Company

2022 2021
RM’000 RM’000
Statement of Financial Position
Non-current assets 26,808 27,058
Current assets 20,966 17,967
Current liabilities (3,801) (4,136)
Non-current liabilities (141) (125)
Net assets 43,832 40,764
246
34. INTEREST IN JOINT OPERATION PLANTATION (CONT’D.)
Group and Company

2022 2021
RM’000 RM’000
Inome Statement
Revenue 10,713 9,613
Operating costs (5,317) (4,077)
Operating profit 5,396 5,536
Capital commitments 1,032 821
35. SIGNIFICANT AND SUBSEQUENT EVENTS
(1) On 10 September 2021, Boustead Plantations Berhad (BPlant) entered into a Conditional Land Lease Agreement
(CLLA) with CIMB Islamic Trustee Berhad and Next Generation Oil Sdn Bhd (NGOSB) for NGOSB to lease between
1,040 to 1,286 acres of land in Telok Sengat Estate. BPlant had received a deposit of 15% of the total consideration
of RM8.0 million, amounting to RM1.2 million upon signing of the agreement. The CLLA is subject to the fulfilment of
condition precedents within a period of eighteen (18) months from the date of agreement.
On 17 August 2022, BPlant received a Notice of Termination of the CLLA from NGOSB. BPlant had refunded the
deposit of RM1.2 million on 29 August 2022 to NGOSB.
(2) On 28 September 2021, CIMB Islamic Trustee Berhad, acting solely as trustee for BPlant entered into a sale and
purchase agreement (SPA) with SIPP Power Sdn Bhd for the disposal of 5 parcels of freehold land in Kulai Young estate
held under GRN 229629 Lot 3564, HSD 64784 PTD 109021, HSD 64789 PTD 109026, HSD 64796 PTD 109033
and HSD 64797 PTD 109034 all within Mukim of Kulai, District of Kulai, Johor measuring 663.98 hectares for a total
cash consideration of RM428.8 million.
The sale of the land was completed on 27 January 2022.
(3) On 22 July 2022, CIMB Islamic Trustee Berhad, acting solely as trustee for BPlant entered into a SPA with Nur Solar
Sdn Bhd for the disposal of land in Bukit Mertajam estate held under Geran Mukim 577, Lot 15 and Geran 39039,
Lot 1314 and partial of land under Geran 32397, Lot 277 Mukim Padang China, Daerah Kulim, Kedah measuring 300
acres for a total cash consideration of RM98.0 million. BPlant had received 10% amounting to RM9.8 million upon
signing of the SPA.
The condition precedents as stated in the SPA had been fulfilled on 20 December 2022. The full remaining balances
of cash consideration were received on 10 February 2023.
247
36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of risks, including interest rate, liquidity, credit and commodity price risks. The
Group’s overall financial risk management objective is to ensure that the Group creates value for its shareholders while
minimising potential adverse effects on the performance of the Group.
The Board of Directors reviews and agrees with the policies and procedures for the management of these risks, which are
executed by the Chief Executive Officer, through the Management Committee. The Risk Committee provides independent
oversight to the effectiveness of the risk management process.
It is the Group’s policy that no derivatives shall be undertaken except for use as hedging instruments where appropriate and
cost efficient. The Group and the Company do not apply hedge accounting.
The following sections provide details regarding the Group’s and the Company’s exposure to the above-mentioned financial
risks and the objectives, policies and processes for the management of these risks.
(a) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the Group’s and the Company’s financial instruments
will fluctuate because of changes in market interest rates. The Group’s and the Company’s interest rate risk arises from
bank deposits, borrowings and intercompany loans.
The Group finances its operations through operating cash flows and borrowings, which is denominated in Ringgit
Malaysia. All bank borrowings are on floating rate terms. Loans to subsidiaries are also on floating rate terms, where
such rates are remeasured at periodic intervals to approximate market interest rates or cost of borrowings. The floating
rate loans to subsidiaries form a natural hedge for its floating rate bank borrowings.
Sensitivity analysis for interest rate risk
At the reporting date, if interest rates had been 50 basis points lower/higher, with all other variables held constant, the
Group’s and Company’s profit before taxation (PBT) would have been:
Group Company
Increase/(Decrease) (Decrease)/Increase
2022 2021 2022 2021
Effect on PBT Effect on PBT Effect on PBT Effect on PBT
RM’000 RM’000 RM’000 RM’000
50 basis points decrease in interest rate 3,822 5,046 (4,233) (3,437)
50 basis points increase in interest rate (3,822) (5,046) 4,233 3,437
The assumed movement in the basis points for interest rate for sensitivity analysis is based on a prudent estimate of
the current market environment.
(b) Liquidity risk
Liquidity risk is the risk that the Group or the Company will encounter difficulty in meeting financial obligations due to
insufficient funds. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches of the
maturities of financial assets and liabilities. The Group practises prudent liquidity risk management by maintaining
availability of funding through adequate amount of committed credit facilities.
248
36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(b) Liquidity risk (cont’d.)
The borrowings of the Company were obtained mainly for the acquisition of the Group’s plantation assets. These
borrowings are essentially backed up by the strength of the Group’s financial position and its ability to generate cash
flows to fund activities. The Group’s financial and liquidity position is closely monitored to ensure its continued ability
to duly service and repay the loans when due.
Analysis of financial instruments by remaining contractual maturities
The table below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date
based on contractual undiscounted repayment obligations.
On demand
or within Two to Over five
one year five years years Total
RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2022
Financial liabilities:
Trade and other payables 174,517 – – 174,517
Lease liabilities 2,447 7,913 – 10,360
Borrowings 494,089 399,887 21,602 915,578
Total undiscounted financial liabilities 671,053 407,800 21,602 1,100,455
At 31 December 2021
Lease liabilities 369 1,174 – 1,543
Borrowings 579,006 509,563 7,067 1,095,636
Company
At 31 December 2022
Lease liabilities 421 1,598 – 2,019
Borrowings 494,089 399,887 21,602 915,578
At 31 December 2021
Borrowings 579,006 509,563 7,067 1,095,636
249
36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(c) Credit risk
Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its
obligations. The Group’s and the Company’s exposure to credit risk arises primarily from trade and other receivables.
For other financial assets (including cash and bank balances), the Group and the Company minimise credit risk by
dealing exclusively with high credit rating counterparties.
The Group seeks to control credit risk by setting credit limits, obtaining bank guarantees where appropriate; ensuring
that sales are made to customers with appropriate credit history and conducting periodic review on financial standing
of customers. Further, sales to customers are reviewed when deliveries exceed guaranteed amounts or set credit
limits.
The Group and the Company consider the risk of material loss in the event of non-performance by a financial
counterparty to be unlikely due to the good prospects of the industry that its customers operate in and these customers
are creditworthy debtors with good payment records with the Group and the Company.
Exposure to credit risk
At the reporting date, the Group’s and the Company’s maximum exposure to credit risk is represented by the
carrying amount of each class of financial assets recognised in the statements of financial position. The Group has no
concentration of credit risk on any one particular customer or related company. At the reporting date, the Company
has significant concentration of credit risk that arose from exposures to amounts due from 1 (2021: 2) subsidiary
representing 86% (2021: 90%) of the Company’s trade and other receivables.
Information regarding credit enhancements for trade and other receivables is disclosed in Note 19.
Amounts due from subsidiaries and related companies
There is minimal risk of default as these companies are either profitable or prospectively profitable except for
subsidiaries for which allowances have been made in respect of amounts estimated to be not recoverable as disclosed
in Note 19. The credit standing of these companies are periodically monitored and reviewed.
(d) Commodity price risk
The Group is exposed to commodity price risk arising from fluctuations in the price of crude palm oil and palm kernel.
The Group adopts the strategy of having a mix of spot and forward sales at any one time to mitigate this risk. Forward
sales policies are periodically reviewed by management.
250
37. FAIR VALUE OF FINANCIAL INSTRUMENTS
Determination of fair value
The following are classes of financial instruments that are not carried at fair value and whose carrying amounts are reasonable
approximation of fair value:
Note
Trade and other receivables 19

Amount due to Immediate Holding Company 29
Loans to/from subsidiaries 19,29
Amount due from/to associates 19,29
Amount due from/to joint operation partner 19,29
Amount due from/to related companies 19,29
Trade and other payables (current) 29
Borrowings (current and non-current) 27
Lease liabilities (current and non-current) 28
The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values, either due to their
short-term nature or that they are floating rate instruments that approximate market interest rates at the reporting date.
Loans to subsidiaries are evaluated by the Company based on parameters such as interest rates, individual credit worthiness
of the respective subsidiaries and the risk characteristics of the financed project. Based on the evaluation, allowances are
taken into account for expected losses of the loan. As at 31 December 2022, the carrying amounts of the loan, net of
allowances, were not materially different from their calculated fair values.
The fair value of borrowings are estimated by discounting expected future cash flows at market incremental lending rate for
similar types of lending or borrowing arrangements at the reporting date.
38. CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximise shareholders’ value.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain
or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders
or issue new shares. No changes were made to the objectives, policies or processes during the financial years ended 31
December 2022 and 2021.
The Group monitors capital using gearing ratio, which is derived by dividing borrowings (Note 27) over shareholders’ equity.
At the reporting date, the Group’s gearing ratio is 0.29 times (2021: 0.37 times). The Group’s policy is to keep gearing within
manageable levels.
251
NOTES TO THE FINANCIAL STATEMENTS II N

N T
T E
E G
G R
R A
A T
T E
E D
D R
R E
E P
P O
O R
R T
T 2
2 0
0 2
2 11 2
2 5
5 3
3
NOTES TO THE FINANCIAL STATEMENTS I N T E G R A T E D R E P O R T 2 0 2 1 2 5 3
38.
39. LIST
38. LIST OF
OF SUBSIDIARIES
SUBSIDIARIES AND
AND ASSOCIATES
ASSOCIATES
Group
Group interest
interest
38. LIST OF SUBSIDIARIES AND ASSOCIATES 2021
2022
2021 2020
2021
2020
Name
Name of
of Company*
Company* Principal
Principal activities
activities Paid
Paid up
up capital
capital %
% %
%
Group interest
SUBSIDIARIES
SUBSIDIARIES 2021 2020
Boustead
Boustead Telok
Telok Sengat
Sengat Sdn
Sdn Bhd
Bhd Processing
Processing of
of fresh
fresh fruit
fruit bunches
bunches (FFB)
(FFB) RM11,480,000
RM11,480,000 100
100 100
100
Name of Company* Principal activities Paid up capital % %
and investment holding
SUBSIDIARIES
Boustead 100
Boustead Eldred
Eldred Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of
of oil
oil palms
palms RM15,000,000
RM15,000,000 100 100
100
Boustead Telok Sengat Sdn Bhd Processing of fresh fruit bunches (FFB) RM11,480,000 100 100
Boustead
Boustead Solandra Sdn Bhd
Solandra Sdn Bhd Cultivation
Cultivation of
of oil palms
oil palms RM200,000
RM200,000 100
100 100
100
Boustead Agency
Boustead Eldred and
AgencySdn
andBhdConsultancy
Consultancy Plantation management and RM4,500,000 100
100 100
Boustead Cultivation of oil palms and
Plantation management RM4,500,000
RM15,000,000 100 100
100
Services Sdn
Services Sdn Bhd
Bhd engineering
engineering consultancy
consultancy
Boustead Solandra Sdn Bhd Cultivation of oil palms RM200,000 100 100
Boustead
Boustead Rimba
Rimba Nilai
Nilai Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of
of oil
oil palms
palms and
and processing
processing RM100,000,000
RM100,000,000 100
100 100
100
Boustead Agency and Consultancy Plantation
of FFB management and RM4,500,000 100 100
of FFB
Services Sdn Bhd engineering consultancy
Boustead
Boustead Emastulin
Emastulin Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of
of oil
oil palms
palms and
and processing
RM17,000,000 100
100 100
100
Boustead Rimba Nilai Sdn Bhd Cultivation
of of oil palms and processing RM100,000,000 100 100
of FFB
FFB
of FFB
Boustead
Boustead Gradient
Gradient Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of
of oil
oil palms
palms and
and processing
RM3,000,000 100
100 100
100
Boustead Emastulin Sdn Bhd Cultivation
of FFB of oil palms and processing RM17,000,000 100 100
of FFB
of FFB
Boustead
Boustead Trunkline
Trunkline Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of
of oil
oil palms
palms RM7,000,000
RM7,000,000 100
100 100
100
Boustead Gradient Sdn Bhd Cultivation of oil palms and processing RM3,000,000 100 100
Boustead
Boustead Pelita
Pelita Kanowit
Kanowit Sdn
Sdn Bhd
Bhd Cultivation of
Cultivation of oil
oil palms
palms RM234,560,000
RM234,560,000 60
60 60
60
of FFB
Boustead
Boustead Pelita
Pelita Tinjar
Tinjar Sdn
Sdn Bhd
Bhd Cultivation
Cultivation of oil palms and processing RM161,370,000 60
60 60
Boustead Trunkline Sdn Bhd Cultivation of
of oil
oil palms
palms and processing RM161,370,000
RM7,000,000 100 60
100
of FFB
of FFB
Boustead Pelita Kanowit Sdn Bhd Cultivation of oil palms RM234,560,000 60 60
Boustead
Boustead Pelita
Pelita Kanowit
Kanowit Oil
Oil Mill
Mill Operation of
Operation of palm
palm oil
oil mill
mill RM30,000,000
RM30,000,000 60
60 60
60
Boustead
Sdn Pelita Tinjar Sdn Bhd Cultivation of oil palms and processing RM161,370,000 60 60
Sdn Bhd
Bhd
of FFB
Boustead
Boustead Estates
Estates Agency
Agency Sdn
Sdn Bhd
Bhd Plantation
Plantation management
management and and RM1,637,292
RM1,637,292 100
100 100
100
Boustead Pelita Kanowit Oil Mill Operation of palm oil mill
engineering RM30,000,000 60 60
consultancy
Sdn Bhd
Bounty
Bounty Crop
Crop Sdn
Sdn Bhd
Bhd Ceased operation
Ceased operation RM70,200,000
RM70,200,000 100
100 100
100
Boustead Estates Agency Sdn Bhd Plantation management and RM1,637,292 100 100
Boustead
Boustead Life Sciences Research
Life Sciences Research Advisory
Advisory and
and research
research on
on life
life sciences
sciences RM250,000
RM250,000 100
100 100
100
Sdn
Sdn Bhd
Bhd and
and commercialisation of products
commercialisation of products
Bounty Crop Sdn Bhd Ceased operation life sciences, health
developed RM70,200,000 100 100
developed from
from life sciences, health
Boustead Life Sciences Research Advisory
and and research on life sciences
and cosmetic
cosmetic RM250,000 100 100
Sdn Bhd
ASSOCIATES and commercialisation of products
ASSOCIATES
Boustead Agro Plantations Sdn Bhd Farming, marketing and selling of RM250,000 100 –
developed from life sciences, health
Applied
Applied Agricultural Resources
Agricultural Resources Agronomic
agricultureadvisory
Agronomic produces
advisory services,
services, RM3,000,000
RM3,000,000 50
50 50
50
and cosmetic
Sdn
Sdn Bhd
Bhd commercial
commercial production
production of of oil
oil palm
palm
ASSOCIATES planting
planting materials
materials and
and investment
investment
Applied Agricultural Resources Agronomic
holding advisory services,
holding RM3,000,000 50 50
PTSdn Bhd commercial oilproduction of oil palm 25
PT AAR
AAR Nusantara**
Nusantara** Production
Production ofof oil palm
palm seeds
seeds IDR10,000,000,000
IDR10,000,000,000 25 25
25
planting materials and investment
Advanced Agriecological
Advanced Agriecological Research
Research Agronomy
Agronomy research services RM500,000 50
50 50
holding research services RM500,000 50
Sdn Bhd
Sdn Bhd
PT AAR Nusantara** Production of oil palm seeds IDR10,000,000,000 25 25
PT
PT Applied
Applied Agricultural
Agricultural Resources
Resources Agronomy
Agronomy research
research and
and advisory
advisory IDR12,775,000,000
IDR12,775,000,000 –
– 50
50
Advanced Agriecological
Indonesia** Research Agronomy
services research services RM500,000 50 50
Indonesia**## services
Sdn Bhd
PT Applied Agricultural Resources Agronomy research and advisory IDR12,775,000,000 – 50
** Incorporated
Incorporated inin Malaysia
Malaysia unless
unless otherwise
otherwise indicated
indicated
Indonesia**# services
**
** Incorporated
Incorporated inin Indonesia
Indonesia and
and audited
audited by
by an
an overseas
overseas firm
firm not
not associated
associated with
with Ernst
Ernst &
& Young
Young PLT,
PLT, Malaysia
Malaysia
# The
# interest in the associate company was sold on 29 January
The interest in the associate company was sold on 29 January 2021 2021
* Incorporated in Malaysia unless otherwise indicated
** Incorporated in Indonesia and audited by an overseas firm not associated with Ernst & Young PLT, Malaysia
252 # The interest in the associate company was sold on 29 January 2021
2 5 4 B O U S T E A D P L A N T A T I O N S B E R H A D Integrated Report 2022
RECURRENT RELATED PARTY TRANSACTIONS

RECURRENT RELATED PARTY
TRANSACTIONS
At the Annual General Meeting held on 17 14 June
June 2021,
2022 the Company obtained Shareholders’ Mandate to allow the Group to
enter into recurrent related party transactions of a revenue or trading nature.
In accordance with Section 3.1.5 of Practice Note No. 12 of Bursa Malaysia Securities Berhad Listing Requirements, the details
of recurrent related party transactions conducted during the financial year ended 31 December 2022 2021 pursuant to the
Shareholders’ Mandate are as follows:
Actual
Interested Director/ transaction
Related party Connected party Nature of transaction RM’000
Boustead Pelita Kanowit Datu Monaliza

Monaliza Zaidel
Zaidel Sales of Fresh Fruit Bunches 49,474
52,252
Sdn Bhd (BPK) Idris Ibrahim to Boustead Pelita Kanowit
LCDA Holdings Sdn Bhd Oil Mill Sdn Bhd (BPKOM)
(holds 10% interest in BPK
and 40% interest in BPKOM)
Boustead Holdings Berhad Datuk Haji Shah Headan Ayoob General management, 1,081
1,755
(BHB) Hussain Shah (1) internal audit and tax
Izaddeen Daud (1) consultancy
Fahmy Ismail (1)
Ahmad Shahredzuan Mohd Shariff (2) (1)
Lembaga
LTAT Tabung Angkatan Tentera (LTAT)
Boustead Petroleum Datuk Haji Shah Headan Ayoob Purchase of non-regulated 201
858
Marketing Sdn Bhd Hussain Shah (1) petroleum products
Izaddeen Daud (1)
Fahmy Ismail (1)
(2)
(1)
Ahmad Shahredzuan Mohd Shariff
LTAT
Boustead Realty Sdn Bhd Datuk Haji Shah Headan Ayoob Office rental at Menara 1,718
2,018
Hussain Shah (1) Boustead
Izaddeen Daud (1)
Fahmy Ismail (1)
(2)
(1)
LTAT
Boustead Travel Services Datuk Haji Shah Headan Ayoob Provision of travel agency 114
449
SHAREHOLDERS’ INFORMATION
Sdn Bhd Hussain Shah (1) services

Izaddeen Daud (1)
Fahmy Ismail (1)
(2)
(1)
LTAT
Drew Ameroid (M) Sdn Bhd Datuk Haji Shah Headan Ayoob Provision of chemical products 792
758
Hussain Shah (1) for raw and boiler water
Izaddeen Daud (1) treatment
Fahmy Ismail (1)
(2)
(1)
LTAT
Boustead
DirectorCredit
(1) Bhd 2021 Datuk Haji Shah Headan Ayoob
SdnMarch
from 10
Provision of financial assistance 30
(BCSB) Hussain Shah (1) in respect of hire purchase
Izaddeen Daud business carried out by BCSB
Fahmy Ismail
Ahmad Shahredzuan Mohd Shariff (2)
LTAT
(1)
Director up to 14 June 2022 (2)
Director up to 9 December 2022
253
PROPERTIESPROPERTIES
OF THEOFGROUP
THE GROUP
PROPERTIES OF THE GROUP

Age of Year of
buildings
Age of Book acquisition/
Year of
Location Hectares Description Tenure (Years)
buildings value
Book revaluation*
acquisition/
Location Hectares Description Tenure (Years) value revaluation*
Peninsular Malaysia
Peninsular
Batu PekakaMalaysia
Estate, Kuala Ketil, 968.7 Oil palm estate Freehold 43.9 2016*
Kedah
Batu Pekaka Estate, Kuala Ketil, 968.7 Oil palm estate Freehold 43.0
43.9 2016*
Kedah
Kuala Muda Estate (50% interest), 759.8 Oil palm estate Freehold 26.6 2016*
Sungai
Kuala Petani,
Muda Kedah
Estate (50% interest), 759.8 Oil palm estate Freehold 26.3
26.6 2016*
Sungai Petani, Kedah
Stothard Estate, Kuala Ketil, 983.1 Oil palm estate Freehold 42.9 2016*
Kedah Estate, Kuala Ketil,
Stothard 983.1 Oil palm estate Freehold 43.5
42.9 2016*
Kedah
Kedah Oil Palms Estate, Kulim, 243.0 Oil palm estate Freehold 22.4 2016*
Kedah
Kedah Oil Palms Estate, Kulim, 243.0 Oil palm estate Freehold 22.5
22.4 2016*
Kedah
Bukit Mertajam Estate, Kulim, 2,727.1 Oil palm estate Freehold 207.1 2016*
Kedah
Bukit Mertajam Estate, Kulim, 2,605.7
2,727.1 Oil palm estate Freehold 199.7
207.1 2016*
Kedah
Taiping Rubber Plantation Estate, 1,347.8 Oil palm estate & Freehold 20 71.9 2016*
Trong,Rubber
Taiping Perak Plantation Estate, 1,347.8 Oilpalm
palmoilestate
mill & Freehold 21
20 70.3
71.9 2016*
Trong,Estate,
Malaya Perak Selama, Perak 906.5 Oilpalm
palmoilestate
mill Freehold 43.4 2016*
Malaya Estate,
Lepan Kabu Selama,
Estate, Perak
Kuala Pahi, 906.5
43.4
81.7 2016*
Kelantan
Lepan Kabu Estate, Kuala Pahi, 2,034.6 Oil palm estate Freehold 83.0
81.7 2016*
KelantanEstate, Kemaman,
Solandra 395.9 Oil palm estate 1984-2054 4.3 2016*
Terengganu
Solandra Estate, Kemaman, 395.9 Oil palm estate 1984-2054 4.0
4.3 2016*
Terengganu
Ladang Tabung Tentera 1,810.7 Oil palm estate 1984-2054 44.3 2016*
Terengganu
Ladang Tabung(LTT-Terengganu),
Tentera 1,810.7 Oil palm estate 1984-2054 41.9
44.3 2016*
Kemaman,
TerengganuTerengganu
(LTT-Terengganu),
Kemaman,
Sungai JernihTerengganu
Estate, Pekan, 2,695.7 Oil palm estate & 1981-2091 30 109.5 2016*
Pahang
Sungai Jernih Estate, Pekan, 2,695.7 Oilpalm
palmoilestate
mill & 1981-2091 31
30 105.7
109.5 2016*
Pahang
Bebar Estate, Muadzam Shah, 2,340.6 Oilpalm
palmoilestate
mill 1984-2083 107.0 2016*
Pahang
Bebar Estate, Muadzam Shah, 2,340.6 Oil palm estate 1984-2083 102.3
107.0 2016*
Pahang
Balau Estate, Semenyih, Selangor 247.4 Oil palm estate Freehold 14 280.0 2016*
Balau
BekohEstate,
Estate,Semenyih, Selangor
Tangkak, Johor 247.4
1,226.1 Oil palm estate Freehold 15
14 280.0
70.3 2016*
Bekoh
Eldred Estate, Tangkak, Johor
Bekok, Johor 1,226.1
70.3
91.1 2016*
Eldred Estate,Estate,
Kulai Young Bekok,Kulai,
JohorJohor 1,799.7
670.6 Oil palm estate Freehold 91.6
91.1
65.5 2016*
Kulai
ChamekYoung Estate,
Estate, Kulai,Johor
Kluang, Johor 670.6
814.6 Oil palm estate Freehold 55.1
65.5
54.9 2016*
Chamek Estate, Kluang, Johor 814.6 Oil palm estate Freehold 54.9 2016*
Telok Sengat Estate, Kota Tinggi, 3,672.2
3,690.1 Oil palm estate & Freehold 36
35 251.1
257.6 2016*
Johor
Telok Sengat Estate, Kota Tinggi, 3,690.1 Oilpalm
palmoilestate
mill & Freehold 35 257.6 2016*
Johor palm oil mill
254
256 B OU S T E AD
P LAN T AT I O N S B ERH A D
Age of Year of
buildings Book acquisition/
Sabah
Sungai Sungai 1, Sungai Sungai 2 6,035.3

6,035.1 Oil palm estate 1997-2098 17
16 87.1
92.0 2012, 2014,
and Sungai Sungai 3 Estates, & palm oil mill 2016
Sugut
Kawananan Estate, Sugut 2,585.0 Oil palm estate 1997-2098 25.2
24.8 2012
Lembah Paitan Estate, Sugut 1,305.1 Oil palm estate 1997-2098 11.1
11.6 1997-2001
Resort Estate, Sandakan 1,106.6 Oil palm estate 1978-2071 17.6
17.7 2013
Nak Estate, Sandakan 1,348.8
1,348.9 Oil palm estate 1965-2075 36
35 73.3
74.0 2016*
Sutera Estate, Sandakan 2,197.5
2,197.6 Oil palm estate 1888-2887 154.3
155.5 2016*
Ladang Tabung Tentera Sabah 2,023.0 Oil palm estate 1979-2077 113.3
112.5 2016*
(LTT-Sabah), Lahad Datu
Segaria Estate, Semporna 4,746.2 Oil palm estate 1965-2072 42
41 235.2
238.2 2016*
& palm oil mill
Sungai Segamaha and Bukit 5,659.6 Oil palm estate 1979-2077 26
25 300.0
308.0 2016*
Segamaha Estates, Lahad Datu & palm oil mill
G&G Estate, Lahad Datu 2,409.8 Oil palm estate 1979-2077 124.5
124.0 2016*
Boustead Pertama and Boustead 3,944.1 Oil palm estate 1980-2079 204.0
209.3 2018
Sapa Payau Estates, Labuk & 1981-2080
Sugut 1982-2081
Boustead Sungai Lokan and 4,439.0 Oil palm estate 1980-2079 201.4
200.8 2018
Boustead Lokan Baru Estates, 1981-2080
Labuk & Sugut 1982-2081
1988-2087
Boustead Ruku Ruku Estate, 3,196.2 Oil palm estate 1980-2079 157.9
162.3 2018
Labuk & Sugut 1981-2080
1982-2081
INFORM ATI ON
Boustead Tawai 1 Estate, Labuk 1,793.6 Oil palm estate 1978-2077 22

21 112.6
113.3 2019
& Sugut & palm oil mill 1979-2078
1980-2079
1981-2080
Boustead Tawai 2 Estate, Labuk 3,232.7
3,232.8 Oil palm estate 1934-2033 162.7
165.9 2019
& Sugut 1935-2034
S HARE HO LD E RS ’
1979-2078
1982-2081
1992-2091
255
PROPERTIES OF THE GROUP INTEGRA TED REP O RT 2 02 1 257
Age of Year of
buildings Book acquisition/
Sarawak
Loagan Bunut Estate, Tinjar 12,522.9 Oil palm estate 1991-2091 28

27 25.2
26.4 1994
& palm oil mill
Pedai Estate, Sibu 3,412.8 Oil palm estate 1998-2058 3.4
4.4 1998
Jih Estate, Sibu 2,891.1 Oil palm estate 1998-2058 2.4
2.9 1998
Kanowit Palm Oil Mill, Sibu 45.3 Palm oil mill 1998-2058 19
18 4.3
4.7 1994
Kelimut Estate, Sibu 3,444.5 Oil palm estate 1998-2058 3.0
3.2 1998
Mapai Estate, Sibu 2,426.8 Oil palm estate 1998-2058 4.3
5.4 1998
Bawan Estate, Sibu 1,781.1 Oil palm estate 1998-2058 3.0
4.4 1998
Total 97,399.1
98,209.1 3,557.7
3,685.7
Book values are stated in RM million
256
GROUP AGRICULTURAL STATISTICS
2022 2021 2020 2019 2018

Planted area in hectares (ha)
Past prime 32,964 34,972 32,952 32,505 26,438
Prime 19,991 20,173 21,672 27,167 29,750
Young 12,639 12,824 12,223 13,183 12,480
Total mature 65,594 67,969 66,847 72,855 68,668
Immature 6,697 5,484 6,647 6,551 6,364
Total planted 72,291 73,453 73,494 79,406 75,032
FFB crop metric tonnes (MT) 871,287 923,471 1,001,557 979,972 966,134
FFB yield (MT/ha) 13.0 13.3 15.0 13.9 14.9
Oil yield (MT/ha) 2.8 2.9 3.2 3.0 3.2
Mill production (MT)

FFB processed 1,050,823 1,041,364 1,152,763 1,070,639 1,000,367
Crude palm oil 216,047 220,773 243,080 231,298 211,847
Palm kernel 41,639 42,542 49,211 47,113 43,601
Extraction rate (%)

Crude palm oil 20.6 21.2 21.1 21.6 21.2
Palm kernel 4.0 4.1 4.3 4.4 4.4
Average selling price (RM/MT)

FFB 1,143 946 552 391 426
Crude palm oil 5,066 4,341 2,811 2,134 2,261
Palm kernel 3,156 2,922 1,628 1,244 1,780
257
PLANTATION AREA STATEMENT
2022 2021
Ha % Ha %
Oil palms 72,291 74.2 73,453 74.8
Building sites, roads, unplantable areas, etc. 25,108 25.8 24,756 25.2
Total 97,399 100.0 98,209 100.0
AGE PROFILE OF PALMS
2022
<------------------------------ Mature ------------------------------->
Immature Young Prime Past prime Total
Region <3 years 4-9 years 10-20 years >20 years planted
Peninsular Malaysia 2,689 4,864 9,949 5,834 23,336
Sabah 4,008 7,511 9,984 17,167 38,670
Sarawak – 264 58 9,963 10,285
Total hectares 6,697 12,639 19,991 32,964 72,291
2021
<------------------------------ Mature ------------------------------->
Immature Young Prime Past prime Total
Region <3 years 4-9 years 10-20 years >20 years planted
Peninsular Malaysia 2,356 5,543 10,007 6,230 24,136
Sabah 3,128 7,017 10,108 18,779 39,032
Sarawak – 264 58 9,963 10,285
Total hectares 5,484 12,824 20,173 34,972 73,453
258
SHAREHOLDINGS STATISTICS
as at 31 March 2023
No. of holders % No. of shares %

LESS THAN 100 409 2.05 12,031 0.00
100 TO 1,000 2,417 12.11 1,260,569 0.06
1,001 TO 10,000 9,966 49.95 47,544,012 2.12
10,001 TO 100,000 6,165 30.90 193,884,647 8.66
100,001 TO LESS THAN 5% OF ISSUED SHARES 993 4.98 473,956,636 21.16
5% AND ABOVE OF ISSUED SHARES 2 0.01 1,523,342,000 68.00
TOTAL 19,952 100 2,239,999,895 100
30 LARGEST SHAREHOLDERS
Name of shareholders No. of shares %

1 BOUSTEAD HOLDINGS BERHAD 1,286,135,900 57.42
ACCOUNT NON-TRADING
2 LEMBAGA TABUNG ANGKATAN TENTERA 237,206,100 10.59
3 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 20,003,800 0.89
PLEDGED SECURITIES ACCOUNT FOR CHONG YIEW ON (6000006)
4 LEMBAGA KEMAJUAN TANAH PERSEKUTUAN 12,348,000 0.55
5 AFFIN HWANG NOMINEES (ASING) SDN BHD 11,733,000 0.52
EXEMPT AN FOR LEI SHING HONG SECURITIES LIMITED (CLIENT A/C)
6 LTG DEVELOPMENT SDN BHD 7,700,000 0.34
7 UOB KAY HIAN NOMINEES (TEMPATAN) SDN BHD 7,016,640 0.31
EXEMPT AN FOR UOB KAY HIAN PTE LTD (A/C CLIENTS)
8 CIMSEC NOMINEES (TEMPATAN) SDN BHD 6,695,000 0.30
CIMB FOR CHE LODIN BIN WOK KAMARUDDIN (PB)
9 CHIN TECK PLANTATIONS BERHAD 5,600,000 0.25
10 HSBC NOMINEES (ASING) SDN BHD 5,193,700 0.23
JPMCB NA FOR TEACHERS’ RETIREMENT SYSTEM OF THE CITY OF THE NEW YORK
11 NEGRI SEMBILAN OIL PALMS BERHAD 4,800,000 0.21
12 YEO ANN SECK 4,000,000 0.18
13 TAN SEE TONG 3,900,000 0.17
14 CITIGROUP NOMINEES (ASING) SDN BHD 3,878,676 0.17
CBNY FOR EMERGING MARKET CORE EQUITY PORTFOLIO DFA INVESTMENT
DIMENSIONS GROUP INC
15 MAYBANK NOMINEES (TEMPATAN) SDN BHD 3,700,000 0.17
THONG WEI HAO
259
SHAREHOLDINGS STATISTICS
as at 31 March 2023
30 LARGEST SHAREHOLDERS (CONT’D.)
Name of shareholders No. of shares %

16 CARTABAN NOMINEES (ASING) SDN BHD 3,692,520 0.16
SSBT FUND 0MUA FOR TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF
ILLINOIS
17 AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 3,594,360 0.16
YAYASAN LTAT
18 MOHD NASRI BIN ABDUL RAHIM 3,500,000 0.16
19 ENG THYE PLANTATIONS BERHAD 3,100,000 0.14
20 CARBATAN NOMINEES (ASING) SDN BHD 3,095,700 0.14
THE BANK OF NEW YORK MELLON FOR ACADIAN EMERGING MARKETS SMALL CAP
EQUITY FUND, LLC
21 TAN GUAT SIM 2,966,900 0.13
22 PALMHEAD HOLDINGS SDN. BHD. 2,800,000 0.13
23 CIMB GROUP NOMINEES (TEMPATAN) SDN BHD 2,758,400 0.12
EXEMPT AN FOR DBS BANK LTD (SFS-PB)
24 CHUA SOH PENG 2,738,400 0.12
25 HLB NOMINEES (TEMPATAN) SDN BHD 2,690,600 0.12
PLEDGED SECURITIES ACCOUNT FOR CHEE SAI MUN
26 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 2,650,000 0.12
PLEDGED SECURITIES ACCOUNT FOR TA KIN YAN (7000778)
27 YEAP AH KAU @ YEAP CHAN TOOI 2,623,100 0.12
28 TIMOR OIL PALM PLANTATION BERHAD 2,600,000 0.12
29 GAN TENG SIEW RELTY SDN. BERHAD 2,555,420 0.11
30 IZZAT BIN OTHMAN 2,534,000 0.11
TOTAL 1,663,810,216 74.26
SUBSTANTIAL SHAREHOLDERS BASED ON THE REGISTER OF SUBSTANTIAL SHAREHOLDERS
Direct Interest Indirect Interest

No. of holders % No. of shares %
Boustead Holdings Berhad 1,286,135,900 57.42 – –
Lembaga Tabung Angkatan Tentera 237,206,100 10.59 – –
Class of shares Ordinary Share

Voting rights 1 vote per ordinary share
260
DIVIDEND POLICY
It is the policy of the Board in recommending dividends to allow shareholders to participate in the profits of Boustead Plantations
Berhad, while taking into account the retention of adequate reserves for future growth.
The Company’s income and therefore its ability to pay dividends is dependent upon income from plantation operations, dividends
and other distributions from subsidiaries, associated companies and joint operation plantation.
The payment of dividends by subsidiaries and associated companies will depend upon their distributable profits, operating results,
financial condition, capital expenditure, debt servicing and other obligations or business plans and applicable laws or agreements
restricting their ability to pay dividends or make other distributions.
Under the dividend policy, it is the intention of the Board to adopt a dividend payout ratio of at least 60% of the Company’s audited
profit after taxation and zakat attributable to shareholders for each financial year, after excluding the profit retained by associated
companies, any unrealised income that are non-cash in nature and exceptional gains of non-operating nature where cash flow arising
therefrom may be reinvested.
The above-mentioned payout ratio that the Board intends to adopt in respect of dividend payment for a particular financial year
or period will depend on the factors outlined below as well as any other factors deemed relevant by the Board. In considering the
amount of dividend payment, if any, upon recommendation by the Board, the following factors are taken into account:
(i) level of cash, gearing and return on equity and retained earnings;
(ii) expected financial performance;
(iii) projected levels of capital expenditure, investment plans or growth/expansion strategy;
(iv) working capital requirements; and
(v) any contractual restrictions.
The dividend policy reflects the Board’s current views on the Group’s financial position and the said policy will be reviewed from time
to time.
261
GRI CONTENT INDEX

Boustead Plantations Berhad (BPlant) has reported the information cited in this GRI content index for the period of 1 January 2022
to 31 December 2022 with guidance from Bursa Malaysia’s Sutainability Reporting Guide and the Global Reporting Initiative (GRI)
Standards.
GRI 1: Foundation 2021
GRI STANDARDS DISCLOSURE TITLE GRI SECTOR SOURCE OF PAGE

STANDARDS INFORMATION/
LOCATION
GRI 2: General 2-1 Organizational details – Overview (Who we are) 7
Disclosures 2021 2-2 Entities included in the organisation’s – About this report 2
sustainability reporting Group Structure 14
2-3 Reporting period, frequency and contact – About this report 2
point Back cover page -
2-4 Restatements of information – - -
2-5 External assurance – No external assurance was
conducted on this report.
About this report 2
2-6 Activities, value chain and other business – Overview (What we do) 12-13
relationships
2-7 Employees – Sustainability statement 160-161
(Workforce management)
Our Value Creating 40
Business Model (Human
Capital)
2-9 Governance structure and composition – Corporate governance 98-115
2-10 Nomination and selection of the highest – Corporate governance 98-115
governance body
2-11 Chair of the highest governance body – Corporate governance 98-115
2-12 Role of the highest governance body in – Corporate governance 98-115
overseeing the management of
impacts
2-13 Delegation of responsibility for managing – Corporate governance 98-115
impacts
2-14 Role of the highest governance body in – Sustainability governance 139
sustainability reporting
2-15 Conflicts of interest – Corporate governance 98-115
2-16 Communication of critical concerns – Strategic review 48-52
2-17 Collective knowledge of the highest – Leadership 78-94
governance body
2-18 Evaluation of the performance of the – Corporate governance 98-115
highest governance body
2-19 Remuneration policies – Corporate governance 98-115
2-20 Process to determine remuneration – Corporate governance 98-115
2-22 Statement on sustainable development – Key Focus 2022 74
strategy Sustainability statement 136-163
262
GRI CONTENT INDEX

LOCATION
GRI 2: General 2-23 Policy commitments – Sustainability statement 136-163
Disclosures 2021
2-24 Embedding policy commitments – Sustainability statement 136-163
(cont’d.)
2-25 Processes to remediate negative impacts – Grievance mechanism 160
2-26 Mechanisms for seeking advice and – Grievance mechanism 160
raising concerns
2-28 Membership associations – Sustainability statement 137
2-29 Approach to stakeholder engagement – Stakeholder engagement 42-45
2-30 Collective bargaining agreements – Material matters 53-58
GRI 3: Material 3-1 Process to determine material topics – Material matters 53-58
Topics 2021 Sustainability statement 140
3-2 List of material topics – Material matters 53-58
Sustainability statement 140
3-3 Management of material topics – Material matters 53-58
Sustainability statement 136-163
GRI 201: Economic 201-1 Direct economic value generated and – Financial statement 165-252
Performance 2016 distributed
OUR SUSTAINABILITY APPROACH: ACHIEVING STRATEGIC GROWTH
BUSINESS CONTINUITY
GRI 3: Material 3-3 Management of material topics – Risk committee report 117
Topics 2021 Sustainability statement 142-143
(Business continuity)
CREATING BUSINESS OPPORTUNITY
GRI 3: Material 3-3 Management of material topics – Sustainability statement 143
Topics 2021 (Creating business
opportunity)
GRI 203: Indirect 203-1 Infrastructure investments and services – Sustainability statement 162-163
Economic Impacts supported (Social welfare and
2016 community investment)
RESEARCH AND DEVELOPMENT, AND YIELD IMPROVEMENT
GRI 3: Material 3-3 Management of material topics – Research and development 70-71
Topics 2021 Sustainability statement 143-144
(Research and
development and yield
improvement)
263
GRI CONTENT INDEX

LOCATION
TRACEABILITY AND SUPPLY CHAIN
GRI 3: Material 3-3 Management of material topics Disclosure Sustainability statement 145
Topics 2021 13.23.1 (Treaceability and supply
chain)
Additional Sector Disclosure Disclosure Sustainability statement 145
(Level of traceability) 13.23.2 (Treaceability and supply
chain)
(Percentage of sourced volume) 13.23.3 (Treaceability and supply
chain)
(Improvement projects to get suppliers certified 13.23.4 (Treaceability and supply
to internationally recognised standards) chain)
OUR SUSTAINABILITY APPROACH: SAFEGUARDING THE ENVIRONMENT
HIGH CONSERVATION VALUE AREAS AND BIODIVERSITY
GRI 3: Material 3-3 Management of material topics Disclosure Sustainability statement 146-148
Topics 2021 13.3.1 (HCV areas and
biodiversity)
GRI 304: Biodiversity 304-1 Operational sites owned, leased, Disclosure Sustainability statement 146-148
2016 managed in, or adjacent to, protected areas 13.3.2 (HCV areas and
and areas of high biodiversity value outside biodiversity)
protected areas
304-3 Habitats protected or restored Disclosure Sustainability statement 146-148
13.3.4 (HCV areas and
biodiversity)
304-4 IUCN Red List species and national Disclosure Sustainability statement 146-148
conservation list species with habitats in areas 13.3.5 (HCV areas and
affected by operations biodiversity)
WATER AND EFFLUENT MANAGEMENT
GRI 3: Material 3-3 Management of material topics Disclosure Sustainability statement (Air, 152-155
Topics 2021 13.7.1 water, waste and effluent)
GRI 303: Water and 303-1 Interactions with water as a shared Disclosure Sustainability statement 153
Effluents 2018 resource 13.7.2 (Water management)
303-2 Management of water discharge-related Disclosure Sustainability statement 155
impacts 13.7.3 (Waste and effluent
management)
303-5 Water consumption Disclosure Sustainability statement 153-154
13.7.6 (Water management)
264
GRI CONTENT INDEX

LOCATION
WASTE
GRI 3: Material 3-3 Management of material topics Disclosure Sustainability statement (Air, 152-155
Topics 2021 13.8.1 water, waste and effluent)
GRI 306: Waste 306-1 Waste generation and significant waste- Disclosure Sustainability statement 155
2020 related impacts 13.8.2 (Biomass)
GREENHOUSE GAS (GHG) EMISSIONS
Topics 2021 13.1.1 (Climate change and GHG
emissions)
305-4 GHG emissions intensity Disclosure Sustainability statement 149-151
13.1.5 (GHG emissions)
GRI 305: Emissions 305-5 Reduction of GHG emissions Disclosure Sustainability statement 149-151
2016 13.1.6 (GHG emissions)
CHEMICAL MANAGEMENT
GRI 3: Material 3-3 Management of material topics – Sustainability statement 148
Topics 2021 (Chemical management)
Sustainability statement 148
(Integrated pest
management)
OUR SUSTAINABILITY APPROACH: CARING FOR OUR PEOPLE
OCCUPATIONAL, SAFETY AND HEALTH
Topics 2021 13.19.1 (Occupational safety and
health)
GRI 403: 403-1 Occupational health and safety Disclosure Sustainability statement 156-159
Occupational, management system 13.19.2 (Occupational safety and
Safety and Health health)
403-2 Hazard identification, risk assessment, Disclosure Sustainability statement 157
and incident investigation 13.19.3 (Occupational safety and
health)
403-5 Worker training on occupational health Disclosure Sustainability statement 158
and safety 13.19.6 (Occupational safety and
health)
403-6 Promotion of worker health Disclosure Sustainability statement 159
13.19.7 (Occupational safety and
health)
403-9 Work-related injuries Disclosure Sustainability statement 159
13.19.10 (Occupational safety and
health)
265
GRI CONTENT INDEX

LOCATION
GRI 3: Material 3-3 Management of material topics – Sustainability statement 160-161
Topics 2021 (Workforce management)
GRI 401: Employment Practices Disclosure Sustainability statement 160-161
Employment 2016 13.20.1 (Workforce management)
GRI 405: Diversity 405-1 Diversity of governance bodies and Disclosure Sustainability statement 160-161
and Equal employees 13.15.2 (Workforce management)
Opportunity
GRI 406: Non- 406-1 Incidents of discrimination and corrective Disclosure Sustainability statement 160-161
discrimination and actions taken 13.15.4 (Workforce management)
equal opportunity
GRI 404: Training 404-1 Average hours of training per year per – Sustainability statement 160-161
and Education 2016 employee (Workforce management)
404-2 Programs for upgrading employee skills – Sustainability statement 160-161
and transition assistance programs (Workforce management)
SOCIAL WELFARE AND COMMUNITY INVESTMENT
GRI 3: Material Management of material topics – Sustainability statement 162-163
Topics 2021 (Social welfare and
community investment)
266
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NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 110th Annual General Meeting (AGM) of Boustead Plantations Berhad
will be conducted entirely through live streaming from the broadcast venue at Amphitheatre, Level 23,
The Bousteador, No.10 Jalan PJU 7/6, Mutiara Damansara, 47800 Petaling Jaya, Selangor on Monday,
12 June 2023 at 9.30 a.m. for the purpose of transacting the following business:
AS ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the financial year ended 31 December 2022 together with
the Reports of the Directors and Auditors.
(Please refer to Explanatory Note 1)
2. To re-elect the following Directors who retire by rotation in accordance with Article 117 of the Company’s
Constitution, and being eligible, offer themselves for re-election:
i) Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. Resolution 1
ii) Izaddeen Daud Resolution 2
3. To re-elect Lieutenant General Datuk Azizan Md Delin (R) who retires in accordance with Article 123 of the Resolution 3
Company’s Constitution.
4. To approve payment of Directors’ fees, allowances and other benefits for Boustead Plantations Berhad Resolution 4
from 13 June 2023 until the conclusion of the next AGM of the Company.
5. To re-appoint Messrs. Ernst & Young PLT as auditors of the Company and to hold office until the conclusion Resolution 5
of the next AGM, at a remuneration to be determined by the Directors.
AS SPECIAL BUSINESS
To consider and, if thought fit, pass the following resolutions:
6. ORDINARY RESOLUTION
AUTHORITY TO ALLOT AND ISSUE SHARES IN GENERAL PURSUANT TO SECTIONS 75 AND 76 OF Resolution 6
THE COMPANIES ACT 2016
“THAT pursuant to Sections 75 and 76 of the Companies Act 2016 and subject to the approvals of the
relevant governmental/regulatory authorities, the Directors be and are hereby empowered to issue shares
in the capital of the Company from time to time and upon such terms and conditions and for such purposes
as the Directors, may in their absolute discretion deem fit, provided that the aggregate number of shares
issued pursuant to this resolution does not exceed 10% of the issued share capital of the Company for
the time being and that the Directors be and are hereby also empowered to obtain approval from Bursa
Malaysia Securities Berhad for the listing and quotation of the additional shares so issued and that such
authority shall continue to be in force until the conclusion of the next AGM of the Company.”
268
7. ORDINARY RESOLUTION
PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY Resolution 7
TRANSACTIONS
“THAT, subject always to the Companies Act 2016 (Act), the Company’s Constitution and the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad, approval be and is hereby given for the renewal
of the mandate granted by the shareholders of the Company on 14 June 2022, authorising the Company
and/or its Subsidiaries to enter into recurrent transactions of a revenue or trading nature with the Related
Parties as specified in Section 2.3.1 of the Circular to Shareholders dated 28 April 2023, provided that the
transactions are:
i) necessary for the day-to-day operations;

ii) carried out in the ordinary course of business and on normal commercial terms which are not more
favourable to the Related Parties than those generally available to the public; and
iii) are not to the detriment of the minority shareholders.
AND THAT such approval shall continue to be in force until:
i) the conclusion of the next AGM of the Company, at which time it will lapse, unless by a resolution
passed at the said AGM, such authority is renewed;
ii) the expiration of the period within which the next AGM of the Company is required to be held
pursuant to Section 340(2) of the Act (but shall not extend to such extension as may be allowed
pursuant to Section 340(4) of the Act); or
iii) revoked or varied by a resolution passed by the Shareholders in a General Meeting;
whichever is the earlier.
AND FURTHER THAT the Directors of the Company be authorised to complete and do all such acts and
things (including executing all such documents as may be required) as they may consider expedient or
necessary to give effect to this Shareholders’ Mandate.”
8. To transact any other business of the Company of which due notice shall have been received.
By Order of the Board
AFFENDI MOHD YOB (LS0010305) SSM PC No. 201908001314

JUNIZA AZIZAN (LS0009647) SSM PC No. 201908001876
Company Secretaries
Kuala Lumpur
28 April 2023
269
Explanatory Notes The Nominating and Remuneration Committee (NRC) of the

Company has assessed the criteria and contribution of Maj.
1. Audited Financial Statements Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. and
Izaddeen Daud and recommended for their re-election.
The Audited Financial Statements laid at this meeting The Board endorsed the NRC’s recommendation that Maj.
pursuant to Section 340(1)(a) of the Companies Act 2016 are Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. and
meant for discussion only. It does not require shareholders’ Izaddeen Daud be re-elected as Directors of the Company.
approval, and therefore, shall not be put forward for voting.
Article 123 of the Company’s Constitution provides
2. Ordinary Resolution 1 to 3 – Proposed Re-election of amongst others that the Directors shall have power at any
Directors in accordance with Article 117 and Article 123 time and from time to time to appoint any other person to
of the Company’s Constitution be a Director of the Company either to fill a casual vacancy
or as an addition to the existing Directors. Any Director so
Article 117 of the Company’s Constitution provides appointed shall hold office only until the next following AGM
amongst others that at least one-third of the Directors who of the Company and shall then be eligible for re-election.
are subject to retirement by rotation or, if their number is not
three or multiple of three, the number nearest to one-third Director who is standing for re-election pursuant to
shall retire from office provided always that all Directors Article 123 of the Company’s Constitution is as follows:
shall retire from office once at least in every three years
and shall be eligible for re-election. i) Lieutenant General Datuk Azizan Md Delin (R)
Directors who are standing for re-election pursuant to The profiles of the Directors who are standing for
Article 117 of the Company’s Constitution are as follows: re-election are set out on pages 82 to 86 of the Integrated
Report 2022 and published on the Group’s website,
i) Maj. Gen. Dato’ Seri Haji Khairuddin Haji Abu Bakar (R) J.P. www.bousteadplantations.com.my. Details of their interests
ii) Izaddeen Daud in securities are set out on page 129 of the Integrated
Report 2022.
3. Ordinary Resolution 4 – Non-Executive Directors’ Remuneration
Section 230(1) of the Companies Act 2016 provides amongst others that the fees of the Directors and any benefits payable to
the Directors of a listed company and its subsidiaries shall be approved at a general meeting.
In this respect, the Board wishes to seek shareholders’ approval for the payment of Directors’ fees, allowances and other
benefits payable to Non-Executive Directors of Boustead Plantations Berhad from 13 June 2023 until the conclusion of the next
AGM of the Company comprising the following, with or without modifications:
Directors’ Fees Meeting Allowance Other Allowances

(annual) (per meeting) (annual)
(RM) (RM) (RM)
Board Chairman 110,000 1,500 67,800
Non-Executive Director 90,000 1,000 –
Audit Committee Chairman 30,000 1,500 –
Member 15,000 1,000
Other Board Committees Chairman 5,000 1,500
Member 3,000 1,000 –
270
4. Ordinary Resolution 5 – Re-appointment of Auditors Notes:
The Board and Audit Committee of the Company 1. The AGM will be conducted on a virtual basis through
are satisfied with the quality of service, adequacy of live streaming whilst the online remote voting will be via
resources provided, communication, interaction skills Remote Participation and Voting (RPV). Both facilities are
and independence, objectivity and professionalism available on Tricor Investor & Issuing House Services Sdn
demonstrated by the External Auditors in carrying out Bhd’s TIIH Online website at https://tiih.online. Please follow
their functions. Being satisfied with the External Auditors’ the procedures provided in the Administrative Notes for the
performance, the Board recommends their re-appointment AGM in order to register, participate and vote remotely via
for shareholders’ approval at the 110th AGM. the RPV facilities.
5. Explanatory Notes to Special Business
Shareholders are to participate (including posing questions
to the Board via real time submission of typed texts) and
a) Ordinary Resolution 6 - Authority for Directors to
vote remotely at the AGM via the RPV provided by Tricor via
Allot and Issue Shares
its TIIH Online website at https://tiih.online.
Ordinary Resolution 6, if passed, will give powers to
the Directors to issue up to a maximum of 10% of the 2. The Broadcast venue is strictly for the purpose of complying
issued share capital of the Company for the time being with Section 327(2) of the Companies Act 2016 which
for such purposes as the Directors consider would requires the Chairman of the meeting to be present at the
be in the interest of the Company. This authority will, main venue. No shareholders/proxy(ies) from the public will
unless revoked or varied by the Company at a general be physically present at the meeting venue on the day of
meeting, expire at the conclusion of the next AGM. the meeting.
The authority will provide flexibility to the Company 3. For the purpose of determining who shall be entitled to
for any possible fund-raising activities, including but participate in the AGM via RPV, the Company shall be
not limited to further placing of shares, for purpose of requesting Bursa Malaysia Depository Sdn Bhd to make
funding future investment project(s), working capital available to the Company, the Record of Depositors as at
and/or acquisitions. 6 June 2023. Only members registered in the Record of
Depositors shall be entitled to participate in the AGM via RPV.
As at the date of this Notice, no new shares in the
Company were issued pursuant to the authority 4. A member of the Company entitled to participate in the
granted to the Directors at the 109th AGM held on AGM via RPV is entitled to appoint a proxy or attorney or
14 June 2022, the mandate of which will lapse at the
in the case of a corporation, to appoint a duly authorised
conclusion of the 110th AGM to be held on 12 June
representative to participate in his/her place. A proxy may
2023.
but need not be a member of the Company.
b) Ordinary Resolution 7 - Recurrent Related Party
Transactions 5. A member of the Company entitled to attend and vote at
a general meeting of the Company may appoint not more
Ordinary Resolution 7, if passed, will enable the than two proxies to participate at the AGM via RPV. Where
Company and/or its Subsidiaries to enter into recurrent a member appoints more than one proxy, the proportion of
transactions involving the interests of related parties, shareholdings to be represented by each proxy must be
which are of a revenue or trading nature and necessary specified in the instrument appointing the proxies.
for the Group’s day-to-day operations, subject to the
transactions being carried out in the ordinary course 6. Where a member of the Company is an authorised
of business and on terms not to the detriment of the nominee as defined under the Securities Industry
minority shareholders of the Company. (Central Depositories) Act 1991 (Central Depositories Act),
it may appoint not more than two proxies in respect of each
Further information on the Mandate is set out in the securities account it holds in ordinary shares of the Company
Circular to Shareholders dated 28 April 2023. standing to the credit of the said securities account.
271
7. Where a member of the Company is an exempt authorised Tower A, Vertical Business Suite, Avenue 3, Bangsar South,
nominee which holds ordinary shares in the Company No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or
for multiple beneficial owners in one securities account alternatively, the Customer Service Centre at Unit G-3,
(omnibus account), there is no limit to the number of Ground Floor, Vertical Podium, Avenue 3, Bangsar South,
proxies which the exempt authorised nominee may No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia not
appoint in respect of each omnibus account it holds. less than 48 hours before the time appointed for holding
An exempt authorised nominee refers to an authorised the AGM or adjourned general meeting at which the
nominee defined under the Central Depositories Act person named in the appointment proposes to vote. A
which is exempted from compliance with the provisions of copy of the power of attorney may be accepted provided
Section 25A(1) of the Central Depositories Act. that it is certified notarially and/or in accordance with the
applicable legal requirements in the relevant jurisdiction in
8. A member who has appointed a proxy or attorney which it is executed.
or authorised representative to participate, speak and
vote at the AGM via RPV must request his/her proxy to 11. For a corporate member who has appointed an authorised
register himself/herself for RPV at TIIH Online website at representative, please deposit the original certificate of
https://tiih.online. Please follow the procedures provided in appointment with the Share Registrar of the Company
the Administrative Notes for the AGM in order to register, at Tricor Investor & Issuing House Services Sdn. Bhd.,
participate and vote remotely via the RPV facilities. Unit 32-01, Level 32, Tower A, Vertical Business Suite,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia or alternatively, the Customer
9. The appointment of proxy may be made in a hardcopy form
Service Centre at Unit G-3, Ground Floor, Vertical Podium,
or by electronic means as follows:
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia. The certificate of appointment of
i. In hard copy form
should be executed in the following manner:
In the case of an appointment made in hard copy form,
the proxy form must be deposited with Share Registrar
i. If the corporate member has a common seal, the
of the Company at Tricor Investor & Issuing House
certificate of appointment of authorised representative
Services Sdn. Bhd., Unit 32-01, Level 32, Tower A,
should be executed under seal in accordance with the
Vertical Business Suite, Avenue 3, Bangsar South, constitution of the corporate member.
No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia
or alternatively, the Customer Service Centre at ii. If the corporate member does not have a common
Unit G-3, Ground Floor, Vertical Podium, Avenue 3, seal, the certificate of appointment of authorised
Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala representative should be affixed with the rubber stamp
Lumpur, Malaysia, no later than Saturday, 10 June of the corporate member (if any) and executed by:
2023 at 9.30 a.m.
a) at least two authorised officers, of whom one
ii. By electronic form shall be a director; or
The proxy form can be electronically lodged with
Share Registrar of the Company via TIIH Online at b) any director and/or authorised officers in
https://tiih.online. Kindly refer to the Administrative accordance with the laws of the country under
Notes on the procedures for electronic lodgment of which the corporate member is incorporated.
proxy form via TIIH Online.
12. Pursuant to Paragraph 8.29A(1) of the Main Market Listing
10. Any authority pursuant to which such an appointment Requirements of Bursa Malaysia Securities Berhad, all
is made by a power of attorney must be deposited with resolutions set out in the Notice of the AGM of the Company
Share Registrar of the Company at Tricor Investor & shall be put to vote by way of a poll.
Issuing House Services Sdn. Bhd., Unit 32-01, Level 32,
272
ADMINISTRATIVE NOTES
DATE MODE OF MEETING

Monday, 12 June 2023
The 110th AGM of Boustead Plantations Berhad will be conducted on a virtual
basis through live streaming whilst the online remote voting will be via Remote
TIME Participation and Voting (RPV). Both facilities are available on Tricor Investor & Issuing
9.30 a.m. House Services Sdn Bhd’s (Tricor) TIIH Online website at https://tiih.online.
The venue of the AGM is strictly for the purpose of complying with Section 327(2) of
the Companies Act 2016 which requires the Chairman of the Meeting to be at the main
venue. No shareholders/proxy(ies) from the public will be physically present at the
meeting venue.
Remote Participation and Voting
Shareholders are to participate (including posing questions to the Board via real time
submission of typed texts) and vote remotely at the AGM using RPV provided by Tricor
via its TIIH Online website at https://tiih.online.
Shareholders who appoint proxy(ies) to participate via RPV in the AGM must ensure that
the duly executed proxy forms are deposited in a hard copy form or by electronic means
to Tricor no later than Saturday, 10 June 2023 at 9.30 a.m.
Corporate representatives of corporate members must deposit their original

certificate of appointment of corporate representative to Tricor no later than Saturday,
10 June 2023 at 9.30 a.m. to participate via RPV in the AGM. Attorneys appointed
by power of attorney are to deposit their power of attorney with Tricor not later than
Saturday, 10 June 2023 at 9.30 a.m. to participate via RPV in the AGM.
A shareholder who has appointed a proxy or attorney or authorised representative to

participate at the AGM via RPV must request his/her proxy to register himself/herself for
RPV at TIIH Online website at https://tiih.online.
As the AGM is a virtual Meeting, members who are unable to participate in

the Meeting may appoint the Chairman of the Meeting as his/her proxy and
indicate the voting instructions in the proxy form.
273
Procedures to Remote Participation and Voting via RPV Facilities

• Please read and follow the procedures below to engage in remote participation through live streaming and online remote voting
at the AGM using the RPV facilities:
Procedure Action
BEFORE THE AGM DAY
(a) Register as a user • Using your computer, access the website at https://tiih.online. Register as a user under the
with TIIH Online “e-Services”, select the “Sign Up” button and followed by “Create Account by Individual Holder”.
Refer to the tutorial guide posted on the homepage for assistance.
• Registration as a user will be approved within one working day and you will be notified via e-mail.
• If you are already a user with TIIH Online, you are not required to register again. You will receive an
e-mail to notify you that the remote participation is available for registration at TIIH Online.
(b) Submit your • Registration is open from Friday, 28 April 2023 until the day of the AGM on Monday, 12 June
request to attend 2023. Shareholder(s) or proxy(ies) or corporate representative(s) or attorney(s) are required to
AGM remotely pre-register their attendance for the AGM to ascertain their eligibility to participate the AGM using
the RPV.
• Login with your user ID and password and select the corporate event: (Registration)
Boustead Plantations Berhad 110th AGM.
• Read and agree to the Terms & Conditions and confirm the Declaration.
• Select “Register for Remote Participation and Voting”
• Review your registration and proceed to register.
• System will send an e-mail to notify that your registration for remote participation is received and
will be verified.
• After verification of your registration against the Record of Depositors as at 6 June 2023, the
system will send you an e-mail on or after 10 June 2023 to approve or reject your registration for
remote participation.
(Note: Please allow sufficient time for approval of new user of TIIH Online and registration for the RPV)
ON THE DAY OF THE AGM
(a) Login to TIIH • Login with your user ID and password for remote participation at the 110th AGM at any time from
Online 8.30 a.m. i.e. 1 hour before the commencement of meeting at 9.30 a.m. on Monday, 12 June 2023.
(b) Participate through • Select the corporate event: (Live Streaming Meeting) Boustead Plantations Berhad 110th AGM
Live Streaming to engage in the proceedings of the AGM remotely.
• If you have any question for the Chairman/Board, you may use the query box to transmit your
question. The Chairman/Board will try to respond to questions submitted by remote participants
during the AGM. If there is time constraint, the responses will be e-mailed to you at the earliest
possible, after the meeting.
(c) Online Remote • Voting session commences from 9.30 a.m., Monday, 12 June 2023 until a time when the Chairman
Voting announces the completion of the voting session at the 110th AGM.
• Select the corporate event: (Remote Voting) Boustead Plantations Berhad 110th AGM.
• Select the CDS account that represents your shareholdings.
• Indicate your votes for the resolutions that are tabled for voting.
• Confirm and submit your votes.
(d) End of remote • Upon the announcement by the Chairman on the conclusion of the AGM, the Live Streaming will
participation end.
274
Note to users of the RPV facilities:
1. We will make available to you the rights to join the live streamed meeting and to vote remotely once your application to join the
meeting is approved. Your login to TIIH Online on the day of meeting will indicate your presence at the virtual meeting.
2. The quality of your connection to the live broadcast is dependent on the bandwidth and stability of the internet at your location
and the device you use.
3. In the event you encounter any issues with logging-in, connection to the live streamed meeting or online voting,
kindly call Tricor Help Line at 011-40805616 / 011-40803168 / 011-40803169 / 011-40803170 for assistance or e-mail to
tiih.online@my.tricorglobal.com for assistance.
ENTITLEMENT TO PARTICIPATE AND APPOINTMENT OF PROXY
• Only members whose names appear on the Record of Depositors as at 6 June 2023 shall be eligible to attend, speak and vote
at the AGM or appoint a proxy(ies) and/or the Chairman of the Meeting to attend and vote on his/her behalf.
• In view that the AGM will be conducted on a virtual basis, a member can appoint the Chairman of the Meeting as his/her proxy
and indicate the voting instruction in the Proxy Form.
• If you wish to participate in the AGM yourself, please do not submit any Proxy Form for the AGM. You will not be allowed to
participate in the AGM together with a proxy appointed by you.
• Accordingly, proxy forms and/or documents relating to the appointment of proxy/corporate representative/attorney for the AGM
whether in hard copy or by electronic means shall be deposited or submitted in the following manner not later than Saturday,
10 June 2023 at 9.30 a.m.:
i. In hard copy form:
By hand or post to the office of the Share Registrar, Tricor Investor & Issuing House Services Sdn. Bhd., Unit 32-01,
Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia
or alternatively, the Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8,
Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia;
ii. By electronic form:
All shareholders can have the option to submit proxy forms electronically via TIIH Online and the steps to submit are as
follows:
275
Procedure Action
i. Steps for Individual Shareholders
Register as a User • Using your computer, please access the website at https://tiih.online. Register as a user under the
with TIIH Online “e-Services”. Please refer to the tutorial guide posted on the homepage for assistance.
• If you are already a user with TIIH Online, you are not required to register again.
Proceed with • After the release of the Notice of Meeting by the Company, login with your user name
submission of Proxy Form (i.e. email address) and password.
• Select the corporate event: “Boustead Plantations Berhad 110th AGM – Submission of Proxy Form”.
• Insert your CDS account number and indicate the number of shares for your proxy(ies) to vote on
your behalf.
• Appoint your proxy(ies) and insert the required details of your proxy(ies) or appoint Chairman as
your proxy.
• Indicate your voting instructions – FOR or AGAINST, otherwise your proxy will decide your vote.
• Review and confirm your proxy(ies) appointment.
• Print the proxy form for your record.
ii. Steps for Corporation or Institutional Shareholders
Register as a User with • Access TIIH Online at https://tiih.online.
TIIH Online • Under e-Services, the authorised or nominated representative of the corporation or institutional
shareholder selects the “Sign Up” button and followed by “Create Account by Representative of
Corporate Holder”.
• Complete the registration form and upload the required documents.
• Registration will be verified, and you will be notified by email within one to two working days.
• Proceed to activate your account with the temporary password given in the email and re-set your
own password.
(Note: The Representative of a corporation or institutional shareholder must register as a user in
accordance with the above steps before he/she can subscribe to this corporate holder electronic
proxy submission. Please contact our Share Registrar if you need clarifications on the user registration.)
Proceed with • Login to TIIH Online at https://tiih.online.
submission of Proxy Form • Select the corporate exercise name: “Boustead Plantations Berhad 110th AGM – Submission of
Proxy Form”.
• Agree to the Terms & Conditions and Declaration.
• Proceed to download the file format for “Submission of Proxy Form” in accordance with the
Guidance Note set therein.
• Prepare the file for the appointment of proxy by inserting the required data.
• Login to TIIH Online, select corporate exercise name: “Boustead Plantations Berhad 110th AGM
– Submission of Proxy Form”.
• Proceed to upload the duly completed proxy appointment file.
• Select “Submit” to complete your submission.
• Print the confirmation report of your submission for your record.
276
Pre-Meeting Submission of Questions to the Board of Directors
In order to enhance the efficiency of the proceedings of the AGM, shareholders may in advance, before the AGM, submit questions
to the Board of Directors via Tricor’s TIIH Online website at https://tiih.online, by selecting “e-Services” to login, post your questions
and submit it electronically no later than 10 June 2023. The Board of Directors will endeavor to address the questions received at
the AGM.
No Breakfast/Lunch Pack, Door Gift or Food Voucher
There will be no distribution of breakfast/lunch packs, door gifts or food vouchers during the AGM since the meeting is being
conducted on a virtual basis.
Integrated Report
• The Integrated Report is available on the Company’s website at www.bousteadplantations.com.my and Bursa Malaysia Securities
Berhad’s website at www.bursamalaysia.com under Company’s announcements.
• As a shareholder of the Company, you may request for a printed copy of the Integrated Report at https://tiih.online by selecting
“Request for Integrated Report” under the “Investor Services” or alternatively, request through telephone or e-mail to Tricor at
the number or e-mail address given below.
• Kindly consider the environment before you decide to request for the printed copy of the Integrated Report. The environmental
concerns like global warming, deforestation, climate change and many more affects every human, animal and nation on this
planet.
Boustead Plantations Berhad would like to thank all its shareholders for their kind co-operation and understanding in these challenging
times.
Enquiry
If you have any enquiries on the above, please contact the following persons during office hours on Mondays to Fridays from
8.30 a.m. to 5.30 p.m. (except on public holidays):
Tricor Investor & Issuing House Services Sdn Bhd

General Line : +603-2783 9299
Fax Number : +603-2783 9222
Email : is.enquiry@my.tricorglobal.com
277
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PROXY FORM
PROXY FORM
(A member of Boustead Group)
194601000012 (1245-M)
I/We NRIC (New)/Company No.:

(INSERT FULL NAME IN BLOCK CAPITAL)
I/We ___________________________________________________ NRIC (New)/Company No.: ____________________________
of
(FULL ADDRESS)
of ______________________________________________________________________________________________________
being a member of BOUSTEAD PLANTATIONS BERHAD, hereby
(FULL appoint*
ADDRESS)
being
NRICa member of BOUSTEAD PLANTATIONS BERHAD,
(New) No.: of hereby appoint* ______________________________________________
(FULL ADDRESS)
NRIC (New) No.: ________________________ of _________________________________________________________________

(FULL ADDRESS) (FULL ADDRESS)
and/or NRIC (New) No.:

________________________________________________________________________________________________________
(FULL ADDRESS)
and/or _______________________________________________________
(FULL ADDRESS) NRIC (New) No.: ______________________________
*or failing him/her, the Chairman of the Meeting as my proxy to attend and vote for me on my behalf, at the One Hundred and
Ninth Annual General Meeting of the Company to be conducted entirely through live streaming from the broadcast venue at
________________________________________________________________________________________________________
Royale Chulan Damansara, 2 Jalan PJU 7/3, Mutiara Damansara, 47810 Petaling Jaya, Selangor on Tuesday, 14 June 2022 at
(FULL ADDRESS)
9.30 a.m. or any adjournment thereof, to vote as indicated below:
*or failing him/her, the Chairman of the Meeting as my proxy to attend and vote for me on my behalf, at the 110th Annual
No Meeting
General Resolution
of the Company to be conducted entirely through live streaming from the broadcast venue For Against
at Amphitheatre,
Level
1 23, Re-election
The Bousteador, No.10
of Dato’ HajiJalan PJU
Ismail 7/6,
Haji Mutiara Damansara, 47800 Petaling
Lasim Jaya,
Ordinary Selangor1on Monday, 12 June 2023 at 9.30
Resolution
a.m. or any adjournment thereof, to vote as indicated below:
2 Re-election of Tan Sri Dato’ Wira Aziah Ali Ordinary Resolution 2
No3 Re-election of Datuk Haji Shah Headan Ayoob Hussain Shah

Resolution Ordinary Resolution 3 For Against
14 Re-election
Re-election of (Dr.)
Maj. Salihin
Gen. Abang
Dato’ Seri Haji Khairuddin Haji Ordinary Resolution
Ordinary 1
Resolution 4
Abu Bakar (R) J.P.
5 Re-election of Datuk Mustapa Kamal Mohd Yusoff Ordinary Resolution 5
2 Re-election of Izaddeen Daud Ordinary Resolution 2
6 Re-election of Datuk Haji Abdul Ghani Abdul Rashid Ordinary Resolution 6
3 Re-election of Lieutenant General Datuk Azizan Md Delin (R) Ordinary Resolution 3
7 Approval of Directors’ fees, meeting allowances and other benefits Ordinary Resolution 7
4 Approval of Directors’ fees, meeting allowances and other Ordinary Resolution 4
for Boustead Plantations Berhad from 15 June 2022
benefits for Boustead Plantations Berhad from13 June 2023
58 Re-appointmentofofMessrs.
Re-appointment Messrs.Ernst
Ernst& Young
& Young
PLTPLT as Auditors
as Auditors Ordinary
Ordinary Resolution
Resolution 5 8
69 Approvalfor
Approval forDirectors
Directorstotoallot
allot
andand issue
issue shares
shares Ordinary
Ordinary Resolution
Resolution 6 9
710 Renewal
RenewalofofShareholders’
Shareholders’Mandate
Mandateforfor
recurrent related
recurrent partyparty
related Ordinary Resolution
Ordinary 7
Resolution 10
transactions
transactions
11 Additional Shareholders’ Mandate for recurrent related party Ordinary Resolution 11
No. of ordinary shares held:
transactions
Dated this ____________ day of ___________ 2023 CDS account no. of authorised nominee:
Proportion of shareholdings First Proxy: _______________%
Dated this day of 2022.to be represented by proxies Second Proxy: ____________%
Contact No.:
_________________________________________ No. of ordinary shares held:

Signature of Member
CDS account no. of authorised nominee:
Signature of Member Proportion of shareholdings to First Proxy: %

be represented by proxies Second Proxy: %
Contact No.:
Notes: 6. Where a member of the Company is an authorised nominee as defined in the
1. The AGM will be conducted on a virtual basis through live streaming whilst the online Securities Industry (Central Depositories) Act 1991 (Central Depositories Act), it may
remote voting will be via Remote Participation and Voting (RPV). Both facilities are appoint not more than two proxies in respect of each securities account it holds in
available on Tricor Investor & Issuing House Services Sdn Bhd’s TIIH Online website ordinary shares of the Company standing to the credit of the said securities account.
at https://tiih.online. Please follow the procedures provided in the Administrative 7. Where a member of the Company is an exempt authorised nominee which holds
Notes for the AGM in order to register, participate and vote remotely via the RPV ordinary shares in the Company for multiple beneficial owners in one securities
facilities. account (omnibus account), there is no limit to the number of proxies which the
2. The venue of the AGM is strictly for the purpose of complying with Section 327(2) of exempt authorised nominee may appoint in respect of each omnibus account it
the Companies Act 2016 which requires the Chairman of the Meeting to be at the holds. An exempt authorised nominee refers to an authorised nominee defined
main venue. No Shareholders/proxy(ies) from the public will be physically present at under the Central Depositories Act which is exempted from compliance with the
the meeting venue on the day of the meeting. provisions of Section 25A(1) of the Central Depositories Act.
3. For the purpose of determining who shall be entitled to participate in the AGM 8. The appointment of proxy may be made in a hardcopy form or by electronic means
via RPV, the Company shall be requesting Bursa Malaysia Depository Sdn Bhd to as follows:
make available to the Company, the Record of Depositors as at 6 June 2023. Only (i) In hard copy form
members registered in the Record of Depositors shall be entitled to participate in the In the case of an appointment made in hard copy form, the proxy form must be
AGM via RPV. deposited with the Share Registrar of the Company at Tricor Investor & Issuing
4. A member of the Company entitled to participate in this AGM via RPV is entitled House Services Sdn. Bhd., Unit 32-01, Level 32, Tower A, Vertical Business
to appoint a proxy or attorney or in the case of a corporation, to appoint a duly Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur,
authorised representative to participate in his/her place. A proxy may but need not Malaysia or alternatively, the Customer Service Centre at Unit G-3, Ground
be a member of the Company. Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
5. A member of the Company entitled to attend and vote at a general meeting of Kuala Lumpur, Malaysia, no later than Saturday, 10 June 2023 at 9.30 a.m.
the Company may appoint not more than two proxies to participate instead of the (ii) By electronic form
member at the AGM via RPV. Where a member appoints more than one proxy, the The proxy form can be electronically lodged with the Share Registrar of the
proportion of shareholdings to be represented by each proxy must be specified in Company via TIIH Online at https://tiih.online. Kindly refer to the Administrative
the instrument appointing the proxies. Notes on the procedures for electronic lodgement of proxy form via TIIH Online.
Please fold here
STAMP
Share Registrar of Boustead Plantations Berhad

Tricor Investor & Issuing House Services Sdn Bhd 197101000970 (11324-H)
Unit 32-01, Level 32, Tower A
Vertical Business Suite, Avenue 3, Bangsar South
No. 8 Jalan Kerinchi
59200 Kuala Lumpur
Please fold here
Please fold here

B O U S T E A D P L AN TATION S BER H AD www.bousteadplantations.com.my
194601000012 (1245-M)
Level 23, The Bousteador

No. 10, Jalan PJU 7/6
Mutiara Damansara
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Tel : +603 – 2145 2121

Fax: +603 – 2141 1690

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building on

INTEGRATED REPORT 2022

VALUE CREATION 036 SUSTAINABILITY STATEMENT 134

MANAGEMENT DISCUSSION 046 FINANCIAL STATEMENTS 164

Statement from Chief Executive Sustainability

p.026 p.028 p.036 p.064 p.134

INTEGRATED REPORT 2022 COVER RATIONALE

throughout our operations.

ABOUT THIS REPORT

INTEGRATED REPORTING APPROACH

SCOPE AND BOUNDARY

DIRECTORS’ RESPONSIBILITY STATEMENT

The Sustainability Statement, meanwhile, has been guided by the:

OUR CAPITALS MATERIAL MATTERS STAKEHOLDERS RISKS

Social and Relationship Capital Workforce Management Union Financial Risk

Natural Capital Creating Business Opportunities Regulatory Bodies Cost Risk

Traceability and Supply Chain Business Partners Market Risk

Climate Change and Greenhouse Gas Emissions Local Communities

Occupational Safety and Health

Social Welfare and Community Investment

SUSTAINABLE DEVELOPMENT GOALS

We strive to be open-minded and

To enhance our efficiency and

To provide optimal coaching and We are dedicated to the mutually

To explore new business We acknowledge and respect

We are committed to ensuring

Profit Before Taxation and Zakat Profit for the Year

Total Assets Capital Expenditure

Peninsular Malaysia, Sabah and Sarawak

SEN (2021: 9.1%)

(2021: 10.8 Sen)

highlight 1 highlight 2 highlight 3

Systems (ABMS) Palm Oil (MSPO)

Mechanisation of estate Listed on the

38,640 ha RSPO certified

1,364 Kilo tCO e 2

OUR CREDIT RATINGS

Actual fy2020 Actual fy2021 Actual fy2022

1. Best Quality PK Supplier 2. FTSE4GOOD Bursa Malaysia Index and

BPlant is principally involved in the

With the support of our research and

Average Yield Average Yield

Plantation Research AND

Leveraging on more than 35 years of expertise and

BOUSTEAD PLANTATIONS BERHAD

PLANTED AREAS MATURED AREAS

18. Sungai Sungai 1 31. Boustead Pertama

INDICES REPRESENTATION Vendors

ISO 9001:2015 Certified

ISO 37001:2016 certified

Over 100 Years

INTEGRATED VALUE CHAIN

FFB HARVESTING FFB EVACUATION FFB TRANSPORTATION

ON-PAR CPO AND

• Acquired 2,400 ha of oil palm plantations land in 1 March

Statement FROM THE BOARD

This Statement has been penned by the

River flowing at Sungai Segamaha Estate, Sabah