WASCO BERHAD 162 CORPORATE GOVERNANCE OVERVIEW STATEMENT 8. CORPORATE DISCLOSURE POLICIES AND PROCEDURES The Board has established a Corporate Disclosure Policies and Procedures aiming at effectively handling and disseminating the corporate information timely and accurately to its shareholders, stakeholders, potential investors and the public in general as required by Bursa Malaysia. The Corporate Disclosure Policies and Procedures are available on the Company’s website at www.wascoenergy.com. 9. GOVERNANCE MODEL DOCUMENT The Governance Model Document is established and approved by the Board of Directors on 23 February 2021 as part of the Group wide framework for co-operation and communication between the Company and its subsidiaries, in compliance with the Group Governance under Chapter 5 of the SC Guidelines on Conduct of Directors. The Governance Model Document was last reviewed by the Board on 23 May 2023. The Governance Model Document is available on the Company’s website at www.wascoenergy.com. 10. ANTI-CORRUPTION MEASURES The Company published the ABC Policy on the Company’s website in compliance with the MMLR which took effect from 1 June 2020. The Group’s ABMS Manual and its twenty-four (24) SOPs were established on 1 December 2020 in accordance with SIRIM ISO 37001:2016 and Section 17A of the MACC Act. The ABMS Manual together with its 24 SOPs serve to provide guidance to the Directors, employees and business associates of the WB Group about the Group’s core values, principles and expectations, as well as the policies and procedures pertaining to the prevention and handling of bribery and corruption matters. The ABMS Manual together with the 24 SOPs serve as a comprehensive preventive tool and guidance to assist the Directors, employees and business associates of the WB Group in recognising, preventing and detecting potential corrupt practices. The Board of Directors is committed to ensuring that the policies and procedures on anti-bribery and corruption are reviewed periodically, at least once every 3 years to assess their effectiveness in addressing and mitigating corruption risks. The Board of Directors is assisted by the BSC and its Sub-Committee, the Integrity Committee in the oversight of policy-making, implementation of an effective regulatory framework, practices and procedures to ensure that the approach of the Group on anti-bribery and anti-corruption is in compliance with the SIRIM ISO 37001:2016 and Section 17A of the MACC Act while the Risk Manager captures such risks in the risk register and in the annual risk assessment of the WB Group for the review by the Risk Management Committee. In addition, the Internal Auditors have embedded bribery risks and anti-bribery and corruption in their scope of audit. The Group is also committed to combat money laundering and terrorism financing within the WB Group and will remain vigilant in mitigating and preventing the risk of money laundering and terrorism financing in its business operations. The Board of Directors has established the Anti-Money Laundering Policy on 28 November 2024 and published it on the Company’s website at www.wascoenergy.com. 11. CORPORATE GOVERNANCE REPORT Please refer to the Company’s Corporate Governance Report on the extent of the Company and its Group’s application and compliance with the MCCG 2021 and the relevant explanations for the deviations which can be downloaded from the Company’s website at www.wascoenergy.com.
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