Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 88

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 6
Chunk 88
---
 director is a current partner of the company’s outside auditor, or at any time during the past three (3) years was a partner or employee of the company’s ...  

Under such definitions, our Board has undertaken a review of the independence
of each director. Based on information provided by each director concerning his background, employment and affiliations, our Board has
determined that a majority of our directors (Alex Chua Siong Kiat, Steve Ng Mun Huat, Zoe Yong Goon Wey and Vincy Liew Yu Ying) are independent
directors of the Company.

Directors’ Fiduciary Duties

Under Delaware corporate law, a director of a
Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and
the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would
exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information
reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably
believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty
prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over
any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions
of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in
the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties.
Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction,
and that the transaction was of fair value to the corporation.

Under British Virgin Islands law, the directors
owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to
our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence
and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company,
the nature of the decision and the position of the