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Masteel remains steadfast in our dedication to ethical behavior, exemplified by the formalisation of our Anti-Bribery & Anti-Corruption Policy (“ABAC Policy”) and the strengthening of our Whistleblowing Policy. Our ABAC Policy underscores the value of honesty and establishes a robust framework for accountability. Simultaneously, the updated Whistleblowing Policy ensures employees have a secure avenue to report concerns anonymously. Furthermore, the ABAC Policy mandates risk management protocols, comprehensive training initiatives, and effective reporting mechanisms to mitigate potential bribery and corruption risks. The ABAC Policy outlines various forms of bribery and corruption, encompassing areas such as gift-giving, entertainment, travel,  hospitality, donations, and sponsorships, which pose potential risks. Additionally, the policy provides guidelines on preventing and addressing potential or perceived conflicts of interest.

Our commitment to good governance and accountability encompasses all employees, including the Board of Directors, as well as third-party partners throughout the Group. Periodic reviews and updates of the ABAC Policy by the Board of Directors ensure alignment with regulatory requirements, as outlined in the Malaysia Anti-Corruption Commission (Amendment) Act 2018.

At Masteel, we prioritise transparent communication of our ABAC  policy to all stakeholders, including directors, employees, and suppliers. Through channels like our corporate website, internal memoranda, induction briefings, and thorough training sessions, we ensure that every Masteel employee is equipped to recognise and report instances of bribery or corruption.

As part of our best practices, we require all new employees and suppliers to sign an anti-bribery and anti-corruption declaration acknowledging their understanding of and commitment to comply with our ABAC  Policy. Furthermore, during their orientation program, all new employees will be introduced to the ABAC policy. This statement is key to Masteel’s endeavors to minimise bribery risks across the entire Group, encompassing 100% of our operations, particularly concerning third parties identified in our thorough risk assessment. Based on our risk assessment findings, the division handling import and export activities, as well as engagements with outsourced activities or third-party associations, were identified as having a high risk of bribery. Masteel takes further precautions to enhance risk mitigation. Before engaging with any third party, we conduct thorough due diligence, including checking the Corruption Offenders Database on the Malaysia Anti-Corruption Commission’s website. The Whistleblowing Policy precisely delineates the established procedure for  whistleblowers to file a report, specifying the roles and responsibilities assigned to personnel tasked with investigating the claims. Masteel ensures whistleblower anonymity and protects them against retaliation for reports made in good faith.

As of 2023, Masteel conducted a total of 20 training sessions focused on the ABAC  Policy, with participation from 207 employees comprising of 30 management (2.99%), 79 executives (7.86%) and 98 non-executives  (9.75%). Additionally, these policies are accessible to the public on our corporate website. We take pride in reporting that there were no recorded cases or fines related to corruption in FY2023, marking our fourth consecutive year of maintaining a corruption-free record. As a publicly listed entity, Masteel maintains neutrality, does not support or endorse political parties or organisations, and refrains from making political donations.