Taking cognizance of the introduction of Corporate Liability in the recent amendment to the Malaysian Anti-Corruption Commission Act 2009 (MACC Act 2009), which would come into force on 1 June 2020, the Company has taken proactive actions to ensure that it has adequate procedures in place designed to prevent associated persons from undertaking conduct that would trigger the newly introduced Section 17A of the MACC Act, 2009.
The Corporate Liability provision criminalises a company based on illegal actions by the employee without the presence of adequate procedures, for the benefit of the company.
The Company conducted a session on 11 February 2020, 15 February 2020, 27 February 2020 and 27 April 2020, to equip the Directors and employees with the relevant understanding on their liability and penalties imposed for the offences, if any.
The Board of Directors (“Board”) of Sarawak Consolidated Industries Berhad (“SCIB” or “the Company”) supports high standards of corporate governance practices as stipulated in the Principles and Recommendations of the Malaysian Code on Corporate Governance (“MCCG”) which was released on 26 April 2017, in implementing its governance system and ensuring compliance with the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).
The Board acknowledges its fundamental responsibility to promote and drive long term sustainable growth, whilst taking into account the interests of the investors and all other stakeholders.