Wah Seong Corporation Berhad Annual Report 2021 18 We conduct quantitative and qualitative assessments of all suppliers on our Approved Vendor List every year. Our selection is based on Major and Minor Vendors categories. We examine their performance to mitigate risks and drive improvement during the review. We notify poor performing suppliers and provide corrective action or improvements. The vendor may be suspended or removed from the Approved Vendor List if they do not take the requested action or make the necessary improvements. Wasco updates the Supplier Audit Matrix following the yearly assessment. Integrity, Compliance, Assurance and Reporting Concerns Ensuring integrity and compliance is a foundational element of our culture and a business priority. We set high expectations outlined in our Principles of Business Conduct. One of the Company’s values emphasises acting with integrity and remaining professional and accountable while operating openly and transparently. Anti-Bribery and Corruption Integrity is a fundamental business philosophy and is deeply rooted in the corporate culture. Wasco adopted a zerotolerance approach against all forms of bribery and corruption, such as fraud and illegal kickbacks. Wasco’s Anti-Bribery and Corruption Policy (“ABC Policy”) communicates its comprehensive anti-corruption stand. The ABC Policy evinces a proactive commitment to addressing and mitigating corruption risks, including bribery, fraud and other corrupt acts. Wasco introduced the Anti-Bribery and Corruption Policy as part of its Anti-Bribery Management System (“ABMS”), which aligns with the requirements set out in ISO 37001:2016. Endorsed by the Board of Directors, the ABC fulfils the provisions in the Guidelines on Adequate Procedures to Section 17A (5) of the Malaysian Anti-Corruption Commission Act 2009 (“MACCA”). Coverage of ABC Directors Consultants Employees Agents Vendors Representatives Contractors Tenants Sub-contractors Business associates (including joint venture and consortium partners) Other intermediaries performing works or services, for and on-behalf of Wasco All board members and employees have accepted the Company’s integrity and delivery of the ABC Policy. They have also completed anti-corruption education and training, including bribery. An anti-bribery and corruption eLearning course was held in 2021. Employees found to have been involved in bribery are subject to disciplinary action that can lead to termination. Heads of departments and sections must ensure that all employees adhere to the ABC Policy. The Board of Directors oversees our compliance with anti-corruption policies and compliance, including bribery. Every employee is responsible for preventing and reporting instances of corruption, bribery, suspicious activity or wrongdoing which may lead to bribery using our whistleblowing channels. Wasco received no (RM0) penalties due to ethical conduct breaches such as corruption during the year. A keen understanding of corruption risk exposure is the foundation of an effective anti-corruption compliance programme. Corruption risks, including bribery, are important elements in Wasco’s risk register. This keen understanding helps the Company design effective mitigation strategies and strategically deploy resources to combat potential bribery, corruption and fraud, especially for high-risk operations. SUSTAINABILITY STATEMENT
RkJQdWJsaXNoZXIy NDgzMzc=