Operating our business in a consistent and reliable manner is vital to us, especially in a constantly changing business environment. The values and principles we uphold in conducting our business is the foundation upon which we build our brand equity and will continue to drive our business progression and development.
Code of Conduct and Business Ethics (CoBE)
The Company observes its own CoBE which includes policy on conflict of interest, fighting corruption and unethical practices, financial integrity, confidentiality, whistleblowing and refusal of personal gifts. The CoBE is applicable to the Company, its Directors, employees and third parties performing works or services for and on behalf of the Company. It governs the desired standard of behaviour and ethical conduct expected from each individual to whom the CoBE applies.
The CoBE emphasises and advances the principles of discipline, good conduct, professionalism, loyalty, integrity and cohesiveness that are critical to the success and well-being of the Group. We believe the CoBE reflects our commitment to effective corporate governance compliance measures in the conduct of the Group’s business both domestically and worldwide.
The CoBE covers four key areas, namely:
The objectives of the MISC Group Compliance and Ethics Programme is to ensure ethics and integrity is embedded in the day to day business operations so that it becomes part of our culture, forming an integral part of the MISC Sustainability Strategy. All employees are highly encouraged to clearly understand, take ownership of and participate in ensuring adherence to business ethics and integrity.
Anti-Bribery and Corruption
MISC Group has a zero tolerance policy against all forms of bribery and corruption. To support the general policy statement in the CoBE, MISC also observes the principles set out in the Anti-Corruption and Bribery (ABC) manual which provides further guidelines on dealing with improper solicitation, bribery and other corrupt activities as well as issues that may arise in the course of doing business.
There are strict provisions within the ABC manual that specifically addresses MISC’s anti-corruption practices, amongst others, with regards to entertainment and corporate hospitality, dealings with public officials, political contributions and the No Gift Policy. All Directors, employees or third parties that work with or on behalf of the company, are subjected to the relevant parts of the ABC manual.
- All employees are provided with a copy of CoBE and ABC manual upon joining the company.
- All employees are required to undergo refresher trainings on a periodic basis.
- Apart from that, these policies and guidelines are available through various platforms such as MISC corporate website, internal portal.
We are also pleased to report that during the year under review, there has been no incidences of staff disciplinary or dismissal actions due to non-compliance to MISC CoBE and ABC policies.
The MISC Whistleblowing Policy provides an avenue for all employees to disclose and report any suspected unethical and/or unlawful conduct involving MISC and/or any of our employees. The Whistleblowing Policy provides clarity of oversight and responsibilities of the whistleblowing process, the reporting process, protection to whistleblowers and confidentiality afforded to the whistleblower.
The primary aim of the Whistleblowing Policy and its reporting mechanism is to enable individuals to raise genuine concerns without fear of retaliation. The policy outlines the systems and processes, including the support of a secretariat and a dedicated CoBE hotline, for employees to utilise for purposes of making reports of non-compliance with the CoBE on a strictly confidential basis.
The whistleblowing system includes four different whistleblowing channels for employees to make reports in a confidential manner. The following diagram shows the process of making disclosure for employees.
The Whistleblowing Secretariat (WBS) and Whistleblowing Committee (WBC) are jointly operationalised by the Compliance Unit of Legal, Corporate Secretarial & Compliance Department and Human Resource Department of MISC. The WBC conducts an independent and unbiased review as part of the deliberation process. Whistleblowing reports which have been deliberated and investigated are escalated to the Board.
Public Policy Positions/Political Donations
We do not allow for any political contributions, or the use of MISC’s facilities, resources and equipment for any politically related activities, campaigns or functions so as not to compromise its interest, nor do we receive any form of financial assistance from the government. Employees are also prohibited from using their position in MISC to influence political contributions and support.
Anti-Competition and Anti-Trust
MISC’s policy is to conduct business activities in accordance with competition laws and to be independent at all times. Employees are required to act fairly towards business partners, competitors and enforcement authorities in accordance with proper business practices and in compliance with competition laws.
For more details on our Compliance and Business Ethics policies and guidelines, please click here.