SUSTAINABILITY REPORT Cont’d Press Metal’s approach to good corporate governance is delineated by our suite of policies, which include: Audit & Tax Policy Diversity Policy Succession Planning Policy Sustainability Policy Whistle-Blowing Policy Code of Conduct Code of Ethics Corporate Disclosure Policy Directors’ and Key Senior Management Remuneration Policy Directors’ Assessment Policy Responsible Sourcing Policy ESG-Linked Executive Incentive Remuneration Framework Our governing policies are reviewed and updated as and when required, and may be accessible via our corporate website: https://www.pressmetal.com/investor-relations/corporate-governance.php. Read more on our corporate governance practices in the Corporate Governance Overview Statement section in this Annual Report and Corporate Governance Report 2022. Rotation of Audit Firm and Audit Partner Press Metal has adopted a Statutory Auditors, and Statutory Audit and Non-Audit Services Framework (“Statutory Auditor Framework”) which ensures: 1) Regular rotation of the lead audit partners, and consider the necessity of a regular rotation of the audit firm 2) Audit Committee (“AC”) carry out an assessment on the performance, suitability, and independence of the external auditors Press Metal has set a condition that requires the lead partner and the quality control partner involved in the external audit to be rotated every seven (7) years and to observe a cooling-off period of five (5) years before being reappointed, aligned with the current professional standards by the Malaysian Institute of Accountants. Anti-Bribery and Anti-Corruption ZERO TOLERANCE POLICY Press Metal’s stance on zero tolerance towards any instances of bribery or corruption is stipulated in our Anti-Bribery and Anti-Corruption Policy (referred to as “ABAC Policy”). The ABAC Policy outlined potential activities constituting bribery and corruption: commissions and incentives, unofficial payment, gifts and entertainment, political contributions and donations, gratifications, charitable support as well as other stipulated behaviour that may constitute bribery and corruption. The ABAC Policy also sets the requirements for risk assessments, training programmes, and effective reporting mechanisms to manage any potential bribery or corruption risks. It is expected of our Directors, Management, and employees to uphold the ABAC Policy. The Board, periodically or when necessary, reviews and updates the ABAC Policy and accompanying procedures to remain in line with regulatory requirements such as Section 17A (1) of the Malaysia Anti-Corruption Commission (Amendment) Act 2018. The ABAC Policy is clearly communicated and conveyed to all personnel, from Directors to employees, through various channels, such as the corporate website, induction programmes, training sessions and briefings. Press Metal organises employee trainings and awareness-raising initiatives to ensure employees are equipped with necessary knowledge and tools to identify and report any instances of bribery or corruption. Employees are required to sign a declaration upon joining Press Metal stating that they acknowledge and will comply with the ABAC Policy and the relevant procedures. This approach is essential to create a culture of integrity within the Group, encouraging everyone to think critically about the impact of their actions and make choices that align with our values and principles. PRESS METAL ALUMINIUM HOLDINGS BERHAD 103
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