SHAH ALAM, 8 Apr: The Auditor-General’s Report 2013 acknowledged the corporate governance of the Menteri Besar Incorporated (MBI) wholly-owned company, MSNS Holdings Sdn Bhd (MSNSH), for being carried out properly.

As reported, the Audit Review found that the MSNSH appointed chairman does not have executive power and does not interfere in daily operations.

The appointment of the MSNSH Board Director also received approval of the parent company’s Board of Directors and appointed members who have appropriate qualification and experience.

In fact, all non-executive members are independent and hold meetings frequently, as set, for 2010 to 2012.

MSNSH strategy and corporate plans are also available for 2012 to 2014 and is approved by the MSNSH Board of Directors.

Meanwhile, the Standard Operating Procedures (SOP) for finance, operations and human resource management of MSNSH is prepared and approved by the company’s Board of Directors.

Apart from good governance, the Audit Review also found that MSNSH implemented the Corporate Integrity Pact in procurement via successful bidders, as determined in the best practices of the Treasury Circular Number 10 Year 2010.

MSNSH also successfully signed the Corporate Integrity Pledge on 13 December last year.

MSNSH was established on 9 October 1991 under the Companies Act 1965, which at the time was a subsidiary company to the Selangor State Sports Council (MSN).

On 13 August 2008, the State Government Council (MMKN) approved the restructuring of the Selangor MSN when it was given the role of developing and advancing High Performance Sports, including football, badminton, track and field as well as aquatics, while MSNSH will carry out activities in the field of business and was taken over by MBI.

MSNSH Board of Directors consists of three members, chaired by an Assemblyman and two members, the Selangor State Financial Officer and the State Deputy Secretary.

Meanwhile, the management of MSNSH is led by a General Manager and assisted by 13 employees.