ABC Policy

General

Eastspring Al-Wara’ Investments Berhad (the “Company”) has zero tolerance to bribery and corruption as any crime or any perceived involvement in bribery or corruption will also reflect adversely on the company’s image and reputation.

The Company has a comprehensive anti-bribery and corruption standards established pursuant to the Malaysian Anti-Corruption Commission Act and Guidelines on Adequate Procedures pursuant to Subsection (5) of Section 17A under the MACC Act (Guidelines on Adequate Procedures) as well as legislations impacting Prudential Plc.

The Company is also bound by the laws affecting its Group (Prudential Plc) i.e. United Kingdom Bribery Act 2010 (UKBA), US Foreign and Corrupt Practices Act 1977 (FCPA); and Hong Kong Prevention of Bribery Ordinance (HKPBO).

Offences of bribery and corruption

The Company is committed to adhering anti-bribery and corruption laws, particularly the MACC Act which imposes corporate liability. A company commits an offence if a person associated with the Company commits bribery and corruption. A person is associated with the Company if they are a director, partner, employee, nominee, a person manages the affairs of the company, associated organisation and corporation, trustee and any other person who performs services for or on behalf of the Company.

Although the primary purpose of acquiring the information is to confine its use to the normal course of the general business between Eastspring Investments Berhad and its Customer, the said information may also be applied for purposes incidental to and connected with the said primary purpose including the provision of www.eastspringinvestments.com.my as well as to evaluate the Customer's needs that may arise from time to time, to enable Eastspring Investments Berhad to facilitate the provision of information pertaining to the Eastspring Investments Berhad's products and services available from time to time.

Key concepts

Bribery
The Companies perceive bribery as the offering, promising or giving, accepting (and/or any equivalent actions including performing on behalf of someone) any gratification whether for the benefit of that person or another person with intent to obtain / retain business for the Company or to obtain / retain an advantage in the conduct of business for the Company. Bribery can take in many forms so long as it is “something of value” to the recipient such as cash, gifts, luxury hospitality such as travels and accommodation, preferential treatment and favours, sponsorships, charitable donations, offers of work opportunities, etc.
Commercial bribery
Commercial bribery related to corrupt dealings with the agents or employees of potential vendors to secure an improper business advantage over its business competitors. It is a form that does not necessarily involve Government Officials. Commercial bribery violates the local laws and laws governing our Group.
Corruption
Corruption is the abuse of entrusted power or public office for a private gain and it is a term used to describe a wide range of financial misconduct.
Maintaining accurate books and records
The Company must ensure that books and records must accurately and fairly reflect the transactions and dispositions of the assets.

ABC standards

EIB is committed to observe the following adequate procedures principles (T.R.U.S.T.):

1. Top Level Commitment

The top-level management spearheads the Company’s efforts to improve upon the effectiveness of its bribery and corruption risks management framework, internal control system, review and monitoring and training and communication. The Company’s CEO and senior management have the responsibility to act as role models and build a transparent, safe and trustful culture within their teams ensuring that there are sufficient processes and resources to undertake the required roles and responsibilities for the effective operation of the ABC programme

The Company’s CEO will appoint a suitable person as the ABCO who leads the ABC function and has a reporting line to appropriate the Company’s senior management in order to oversee the application of the ABC policy in the Company.

2. Risk Assessment

The Company conducts bribery and corruption risk assessments at least annually and when there is any significant change in the business or regulatory requirements. When performing risk assessments, the Company takes into consideration of various factors including its relationship with third parties in its supply chain.

The completed RA is reviewed and signed-off by the Company’s CEO as the person accountable for the ABC Policy together with the ABC Officer. The completed risk assessment is submitted to the Head Office Compliance and reported to the Board of Directors and Audit and Compliance Committee (ACC).

3. Undertake Control Measures

The Company has put in place the appropriate controls and contingency measures to address any bribery and corruption risks:

Due diligence
The Company conducts due diligence on relevant parties prior to entering any formalised relationships. Methods may include background checks, document verification process and risk assessment.
ABC Policy
The Company’s policy must be approved by the Board and is reviewed and/or refreshed annually and when there is any significant change in the Company’s business and regulatory requirements in order to ensure the Company’s ABC Policy remains up-to-date and relevant.
Reporting channel
The Company has in place an accessible and confidential reporting channel called ‘Speak Out’. The Company encourages its staff to raise concerns of bribery and corruption and their identities will be protected and the Company prohibits any form of retaliation against those making reports in good faith.
A general ABC policy and statement
The Company ensures clear and unambiguous ‘tone from the top’ to all employees and business partners that the bribery and corruption are unacceptable.
Conflict of interest
The Company has in place Conflict of Interest Policy which requires declaration of conflict of interest to manage such risks.
Gifts and hospitality
While the Company welcomes great rapport with its business partners, the Company follows a strict gifts and hospitality policy.
Gift is an object or item given to a person(s) in recognition of an event or special occasion.
Hospitality refers to provision of meals, entertainment, travel or accommodation.
We are committed to promote integrity when giving and receiving gifts and hospitality and we are bound by the following:

Principles of gifts and hospitality The gifts and hospitality:

Must not be solely due to promoting relationship, but they must have a justified business rationale;
Must be proportionate with the intention behind them i.e. not extravagant and lavish;
Must not influence any party’s influence or compromise their judgment;
Must be consistent with the norm in the industry sector;
No elements of concealment.

Our staff are not allowed to give or receive gifts and hospitality that are:

Of cash or cash equivalents (including pre-paid card, cash/gift vouchers, etc.)
Indecent, inappropriate or would damage the Company’s integrity or reputation;
Breaching any local law or regulation;
The recipient is not permitted to receive by their employer/principal;
Where a staff attempts to circumvent our gifts and hospitality policy by personally paying the gifts and hospitality (out of pocket expenditures);
Persons engaged in negotiations (e.g. contract awards / tenders);
When the Company is actively pursuing commercial engagements, regardless of value.
The Company is also not allowed to request our business associates to sponsor the cost of our staff events or for lucky draw prizes.

Gifts and hospitality must be recorded.
The following Gift and Hospitality Approval Threshold applies:

Government Official (GO) and Government Entities (GE) including government-linked corporations (GE)
All gift and hospitality, regardless of value requires prior approval from the ABC Team, CEO and respective parties. The Company is also not allowed to give/receive gift and hospitality prohibited by government agencies.
Other third parties other than GO and GE
Gifts and hospitality of RM400 and above requires prior approval from the Company’s ABC Team. The approval threshold applies to the total value of gift and hospitality at the entity level, not at the individual level or per person amount. The approval threshold also applies to the total value of a single event to one third party, where the event may occur on one or multiple dates for the same third party. The period of the event must be stated on the gift and hospitality approval.

For certain types of gifts and hospitality such as the provision of external training, travel and/or accommodation; the Company would bear the cost of travel and accommodation and the Company would issue a Transparency Letter to ensure no excessive gifts and hospitality is offered. Additionally, if the cost of the external training / event exceeds the Approval Threshold above, the Company must pay for the training.
Meals and refreshments as well as gifts associated with a company-organised marketing events must be reviewed and approved in accordance with the Company’s governance framework for such events and must be recorded and assessed for appropriateness (i.e. it must be proportionate to the relationship and not extravagant or excessive).

Charitable donations and sponsorships
The Company prohibits political contributions. All charitable contributions and sponsorship must be undertaken in line with agreed and documented processes with supporting authorisations in line with corporate schemes and guidelines.
Facilitation payments
Facilitation payments are not permitted or condoned by the Company.
Financial and non-financial controls
o Separation of duties and approving powers or multiple signatories for transactions;
o Separation of duties and approving powers or a pre-tendering process;
Monitoring framework
Managing and improving upon any inadequacies in the anti-corruption monitoring framework;
Record keeping
The Company’s CEO and CFO must ensure accurate and honest recording within company books and records (which are not limited to finance related records). All relevant records to demonstrate compliance with the relevant regulatory requirements will be maintained.

4. Systematic Review, Monitoring and Enforcement

The Company consistently review and assess the effectiveness of its ABC framework e.g. internal audit, monitor the performance of personnel in relation to our ABC standards and conducting disciplinary proceedings against personnel found to be non-compliant to the programme.

5. Training and Communication

The Company will develop and disseminate internal and external training and communications relevant to its ABC management system, in proportion to its operation, covering the following areas:

policy;
training;
reporting channel; and
consequences of non-compliance.

The Company will provide its employees and business associates with adequate training to ensure their thorough understanding of the Company’s ABC position, especially in relation to their role within or outside the Company.

Advanced training should be provided to relevant higher risk staff and senior management in order to prepare and support these employees in the discharge of their duties.

The Company is committed to train its Board of Directors, senior management, staff and business associates via appropriate channels in relation to its ABC standards.

Responsibility for adherence to EIBABCS

Every employee is responsible for compliance with the Company’s ABC policy The responsibility to ensure the Company’s adherence to relevant regulations and the Company’s ABC policy rests ultimately with the Board and CEO.

ABC Compliance responsibilities should be documented clearly in the official job description for all ABC roles, organisation charts outlining the ABC function within the company structure as well as the relationship among the various ABC

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