KUALA LUMPUR (Oct 29): Tune Protect Group Bhd has applauded Budget 2022 for not only maintaining the Perlindungan Tenang Voucher (PTV), but increasing the value to RM75 from RM50 currently for the Bottom 40% (B40) income group.

"The B40 group is more vulnerable now as Covid-19 has impacted their livelihoods. The recent reopening of all economic sectors should form part of the recovery to increase their social protection. The voucher is timely, as it should spur families to continue to maintain their insurance or takaful coverage or incentivise others to now seek out and secure insurance coverage as a safety net for themselves and their family," its group chief executive officer Rohit Nambiar said in a statement on Friday.

On its part, Tune Protect will be rolling out its PTV product by the end of the year, as well as a health protection plan by the first quarter of 2022 that are both aimed to help the B40 group.

On making it mandatory for all public listed companies to appoint at least one woman to its board, Rohit said this is a much-needed boost to building a more inclusive, diverse and equitable business ecosystem.

"At Tune Protect, we have surpassed the target with two women board members, which is above the Malaysian Code on Corporate Governance's (MCCG) recommendation of having at least 30% women representation.

"Furthermore, 40% of members of the Tune Protect’s senior leadership team are women, which brings us closer towards achieving the Group’s commitment of having 50% women in the leadership team by 2023," he added.

The Securities Commission Malaysia has set a target for 30% women to be on the boards of the top 100 listed companies by the end of 2020. However, as at March 2021, there was only 25.6% of women on the boards, which denotes there is still room for improvement to increase women representation at corporate levels, Rohit noted.

Tune Protect shares closed unchanged at 50 sen on Friday, bringing a market capitalisation of RM368.4 million.

See more Budget 2022 highlights here.