QUESTION 1 Philosophy is one of the important components of a mission statement that a company should have. Explain the philosophy of Top Glove. (8 marks) Philosophy is one important component in mission statement in which that a company basic beliefs, values, aspirations and ethical priorities of the firm. Tan Sri Dr Lim Wee Chai, the executive chairman and founder of Top Glove Corporation Bhd, believes constant innovation, listening to what customer and immersive research and development (R&D), coupled with long-term succession planning, are what will keep the world's largest rubber glove market afloat. He also talks on the issue of succession although his son works in the company, but he considers all employees as children of Top Glove. He also emphasizes the best man runs the show in the succession. In this case, he values equality for all people that work in the company and no discrimination by company regarding people who may have more skills. Furthermore, Tan Sri Dr Lim Wee Chai hold value that the company practiced absolute meritocracy, and everyone has chance to succeed in which he put emphasize the firm power is held by all its people of Top Glove not the hierarchical organization. Top Glove was listed on the Bursa Saham Kuala Lumpur in 2001 and within a span of slightly more than a year, Top Glove Corporation Corporation Bhd's listing was promoted from the Second Board to the Main Board of the Kuala Lumpur Stock Exchange in 2002. In 2016, Top Glove also listed on the Mainboard of the Singapore Exchange. In this year 2020, Top Glove had a shareholder fund of RM2.6 billion and an annual turnover of about RM2.4 billion