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GOVERNANCE

Anti-Bribery & Anti-Corruption Policy and Whistleblowing Policy

Since 2020, Masteel already formalised our Anti-Bribery & Anti-Corruption Policy (“ABAC Policy”) and updated our Whistleblowing Policy, proving our strong commitment to cultivating a high standard of ethics and behaviour that enables our business to operate transparently and responsibly. Thesepolicies outline our responsibility to be honest and to create a system of accountability and anonymous reporting. Our good governance principles and accountability apply to all employees across the Group, including any third parties we engage with. All these policies are well communicated with all employees via internal memorandums, briefings,s and training sessions.

As of 2022, we have conducted 20 training related to ABAC Policy which were attended by 207 (25.2%) employees from all levels. Meanwhile, these policies are also available publicly on our corporate website. We are proud to disclose that we recorded zero corruption cases in FY2022. This is our third consecutive year recording zero cases of corruption.

Our employed third parties will be required to sign an anti-bribery and anti-corruption declaration prior to any engagement with Masteel. This declaration is important to ensure Masteel prevents any potential bribery risks relating to third parties from occurring, which we identify during our risk assessment process. According to our risk assessment outcome, the risk of bribery was deemed high in the division of import and export of goods and engagement with an outsourced activity or association of a third party.  In addition, Masteel took an additional precaution step prior to any third-party engagement; Masteel will undergo a due diligence process to search for the third party company on The Corruption Offenders Database, which is publicly available on the Malaysian Anti-Corruption Commission’s website.

The ABAC Policy details the types of bribery and corruption, including other potential risk areas such as giving gifts, entertainment, travel, hospitality, donation, and sponsorship. Furthermore, the policy also highlights the prevention ways in the event of a potential or perceived conflict of interest.

Meanwhile, the Whistleblowing Policy clearly outlines the standard procedure for a whistleblower to lodge a report, including the personnel roles and responsibilities assigned to investigate the whistleblower’s claim. Masteel always ensures that the whistleblower’s identity remains confidential and anonymous. Furthermore, we take full responsibility for protecting whistleblowers from retaliation when lodging a report in good faith.