Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 119

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 16G
Chunk 119
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Item 16G. CORPORATE GOVERNANCE

As a British Virgin Islands company listed on
Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, the Nasdaq Stock Market listing rules permit a foreign
private issuer like us to follow the corporate governance practices of its home country. Other than as described in this section, our
corporate governance practices do not differ from those followed by domestic companies listed on the Nasdaq Capital Market. Nasdaq Stock
Market listing rule 5635 generally provides that shareholder approval is required for U. S. domestic companies listed on the Nasdaq Capital
Market prior to issuance (or potential issuance) of securities (i) equaling 20% or more of the company’s common stock or voting
power for less than the greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being
issued pursuant to a stock option or purchase plan to be established or materially amended or other equity compensation arrangement made
or materially amended. Notwithstanding this general requirement, Nasdaq Stock Market listing rule 5615(a)(3)(A) permits foreign private
issuers to follow their home country practice rather than these shareholder approval requirements. The British Virgin Islands do not require
shareholder approval prior to any of the foregoing types of issuances. Our Company, therefore, is not required to obtain such shareholder
approval prior to entering into a transaction with the potential to issue securities as described above. Our board of directors has elected
to follow our home country rules as to such issuances and will not be required to seek shareholder approval prior to entering into such
a transaction.

Nasdaq Listing Rule 5620 provides that (with certain
exceptions not relevant to the conclusions expressed herein) each company listing common stock or voting preferred stock, and their equivalents,
shall hold an annual meeting of shareholders no later than one year after the end of the company’s fiscal year-end. As a foreign
private issuer, however, we are permitted to, and we have elected to follow home country practice in lieu of the above requirements. The
corporate governance practice in our home country, the British Virgin Islands, does not require an annual meeting of shareholders to be
held.

Item 16H. MINE SAFETY DISCLOSURE