Statement from the President/ Group Chief Executive Officer
The MISC Group has undertaken various initiatives in recent years to enhance and strengthen MISC Group’s framework for oversight of the Group’s business ethics and conduct. We have rolled out the MISC Group Compliance and Ethics Programme towards MISC 2020 that is based on international compliance standards and provides the framework for enhancement and monitoring of good business ethics and conduct of our employees in business operations with integrity.
Of utmost importance is our Zero Tolerance policy for bribery and corruption as depicted in the MISC Policy Statement on Anti-bribery and Corruption approved by the MISC Board. The board of directors and management at all levels of the organizations strive to demonstrate well through their deliverables, actions, and behavior the importance of integrity and ethical values in support of the policy.
I have continuously underpinned the importance for all employees to clearly understand, take ownership of and participate in ensuring adherence to business ethics and integrity. Ethics and integrity should be embedded in our day to day business operations such that it becomes our culture. It goes without saying that the MISC Code of Conduct and Business Ethics (CoBE) must be understood, embraced and adopted as a way of life in the MISC family.
Our high expectations of work ethics are also embodied in the MISC shared values of Loyalty, Integrity, Professionalism and Cohesiveness. Upholding these shared values facilitates collaboration with our stakeholders based on trust and mutual respect and creates powerful teams who have the right values to respond to challenges that arise in the ever-changing global environment in which we operate.
The MISC Code of Conduct and Business Ethics (“CoBE”) was adopted to cater for developments in local and international laws and practices. The CoBE will not only promote procedural compliance, but it will also provide for the compass to ensure that our individual behavior is in line with the MISC Shared Values.
The CoBE applies to all employees and directors within the MISC Group worldwide. MISC also expects that contractors, subcontractors, consultants, agents, representatives and others performing work or services for or on behalf of MISC will comply with the relevant parts of the CoBE when performing such work or services. In particular, the CoBE expressly prohibits improper solicitation, bribery, corrupt activity and non-compliances not only by employees and directors but also by third parties performing work or services for or on behalf of companies in the MISC. All directors, employees or third parties that work with or on behalf of the company are also subject to the relevant parts of the ABC Manual. Joint venture companies in which MISC is a non-controlling co-venture and associated companies are encouraged to adopt similar principles and standards.
A robust testing and monitoring program can help ensure that the control environment is effective. MISC begins with implementing appropriate controls, which should be tested and ultimately monitored and audited on a regular basis. MISC’s Whistleblowing Policy encourages the public and employees to raise genuine and legitimate concerns. Compliance Due Diligence shall be conducted in accordance with the MISC’s Due Diligence Guidelines on third parties and/or counterparties who are entering into or have existing contractual relationship with MISC.
I’m extremely proud to be leading the team and building on the culture of integrity that has made MISC an extraordinary company that it is today.