Page 168 - SC SCAR 2023 ENGLISH Flipbook

PART 5 ORGANISATION INFORMATION
166
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023
Governance and Compliance
The establishment of the Code of Conduct served the following purposes:
Business Processes and Procedures
• The departments within the SC have developed internal policies and procedures which are fundamental tools for achieving the SC’s mandates. These documents establish clear lines of accountability to ensure employees and departments are responsible for their actions and outcomes. Departments are required to review the documents on a timely basis to ensure it remains relevant.
• The establishment of the Procurement Policy and Guidelines was aimed at ensuring fairness, transparency and a structured approach to sourcing and acquiring goods and services for the SC. This includes the provision of a procurement strategy offering comprehensive guidance throughout the end-to-end procurement process, along with the enhancement of sound procurement governance and control.
• The Policy and Guidelines on Asset Management are in place to ensure that the SC’s assets, which are allocated to employees for their duties, are adequately safeguarded and well-maintained. The policy and guidelines set out the conduct for the treatment of assets in the SC.
Information and Knowledge Management
• The Authorisation for Disclosure of Information Policy regulates the provision of confidential information to external parties. Any requests for the release of such information will be directed to a committee composed of senior management of the SC for decision.
• The Records Management Policy was created to offer guidance on the standards and procedures required to ensure that records can be effectively used as evidence or information by the SC in the course of its business operations or legal responsibilities. Improvements were made to the retention and dissemination processes to provide staff with enhanced access to knowledge and information to support their daily tasks.
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Defining governance expectations for Board Members in the execution of their duties.
Outlining expectations for the SC employees encompassing ethical conduct and standards of behaviour throughout their tenure with the SC.
The SC continues to advocate the principles of ethics and integrity within the organisation. External stakeholders are encouraged to embrace the SC’s Principles and Standards that focuses on ethical conduct including declaration of potential conflict of interest situations, and a zero-tolerance policy on all forms of bribery and corruption.
The SC maintains several feedback channels for employees and external parties to raise concerns or complaints against the SC and its employees. A review of the complaints and Internal Whistleblowing Procedure is in progress to ensure an enhanced seamless and independent process when handling any concerns raised. Further, in ensuring the SC is aligned with principles of transparency and maintaining the highest standards of ethics by employees, the presentation of gifts and/or hospitality to an employee of the SC is discouraged. The Gift and Hospitality Policy was enhanced to provide clarity on the organisation’s position on giving, receiving, and declaring gifts and/or hospitality.
In discharging the SC’s functions and roles, due care must be given in the manner employees achieve and deliver these objectives. Hence awareness programmes that touch on the SC’s culture of integrity and professionalism are key in reminding employees of permitted and prohibited conduct. Among other initiatives, an annual declaration on compliance with the Code of Conduct and completion of the Compliance and Ethics programme biennially is made mandatory for all employees. Employees’ knowledge and understanding of the governance structure and ethical behaviour within the SC are strengthened with such programmes.
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