159 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information CORPORATE GOVERNANCE OVERVIEW STATEMENT 5.4 Conflict of Interest Policy The Conflict of Interest Policy was established and approved by the Board of Directors on 27 February 2024 in line with Bursa Malaysia’s focus on enhancing the MMLR to address issues associated with conflict of interest involving Directors and Key Senior Management of the WB Group. The Conflict of Interest Policy was last reviewed by the Board on 29 August 2024. The objective of the policy is to ensure that actual, potential and perceived conflicts of interest are identified and managed effectively as it provides guidance on how to deal with conflict of interest situations as they arise and to protect the Group’s interest, while assisting the Directors and employees to perform with high integrity and ethical standards. The policy applies to all Directors and employees of the WB Group (including employees on contract terms, temporary staff and those on internship). The policy applies when an individual recognises, or should reasonably recognise, that a conflict of interest may arise from their current or future activities. The policy guides the individual on how to identify and declare all conflict of interest, guides the Group on how to develop, implement and monitor actions to appropriately manage the conflict, and how to deal with breaches of the policy. The scope of the policy is relatively wide in coverage of the activities that may give rise to conflicts of interest. The Conflict of Interest Policy is available on the Company’s website at www.wascoenergy.com. 5.5 Principles of Business Conduct The Board is committed to achieving and maintaining high ethical standards with regards to behavior at work and hence the Principles of Business Conduct is established. The Principles of Business Conduct of the Group is a formal document which sets out the guiding principles and standards in which the employees and Directors shall adhere to in conducting the day-to-day duties and operations. The Principles of Business Conduct was last reviewed by the Board on 29 August 2024. The Principles of Business Conduct is available on the Company’s website at www.wascoenergy.com. 5.6 Group Human Rights Policy Group Human Rights Policy was established on 29 August 2024. The policy demonstrates the Board’s dedication to uphold human rights and serves as a guide for all employees, partners and stakeholders connected with the Group to promote a work environment that respects and protects human rights in all aspects of its operations. The Group Human Rights Policy is available on the Company’s website at www.wascoenergy.com. 5.7 Relationship with Auditors The Board has established a formal and transparent relationship with the External Auditors appointed by the Company and its subsidiaries within its fold. The External Auditors are invited to attend the AC Meetings where the Group’s annual financial results are considered, to review and discuss the Group’s audit findings, internal controls and accounting policies and as and when the need arises. For the financial year under review, the AC had two (2) meetings with the External Auditors without the presence of the Management, which encouraged a greater exchange of independent, frank views and opinions/dialogue between both parties.
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