This department is responsible for the company's overall financial plan and policies along with its accounting practices and the conduct of its relationship with lending institutions, principals, and the financial community. Its function covers the whole spectrum of the financial discipline and is briefly described under the following:
2. Financial accounting
3. Management accounting
4. Internal audit
5. Share registration
6. Miscellaneous including project financing
The well-qualified staff employed have many years of experience in the plantation industry.
The agency, acting as custodian of funds of the principals, is always exploring avenues in optimising short term idle funds by investing in approved money market instruments available. Such operations deploy temporary funds of principals and enable them to earn extra revenue.
2. Financial Accounting
These involve establishing and directing procedures and systems necessary to maintain proper records and to afford adequate accounting controls to secure reliability of data. It is also responsible for the preparation of the year-end statutory report and accounts in compliance with recognised, acceptable accounting standards and practices, and to liaise with and handle observations from external auditors.
Timely completion of statutory accounts has always been and is the tradition of our service, having public quoted companies in our stable.
3. Management Accounting
This is an area where great emphasis is made so as to secure a direct impact on the performance of the estates under the agency's management. As such it has the attention of senior and experienced personnel of the agency. The emphasis here is not only to relate figures to activities but to translate plans and programme into realities within established objectives and cost. Some of the specific areas of attention are:-
4. Internal Audit
The emphasis here is on control audits through a systematic review of the various operational procedures at the estates, factories and mills. One of the principal objectives of this function is to provide a linkage between the operating managers and the senior management of the agency in highlighting issues for corrective action. Audit visits are made
by staff with many years of experience in estate work.
5. Share Registration
The department provides share registration services for numerous companies quoted on Bursa Malaysia Securities Berhad (Bursa Malaysia) and on the London Stock Exchange.
An increasing number of companies based in North Malaysia with no plantation connections are utilising the Share Registration Department, finding it much more convenient than having a registrar in Kuala Lumpur.
The department also undertakes a host of miscellaneous activities including securing financing for plantation projects, F.I.C approval for acquisition exceeding RM10 million, manufacturing licences under the Industrial Co-ordination Act, 1975, pioneer status under the Promotion of Investments Act, 1986 and approvals relating to equity participation and exchange control requirements.