Salcon recognizes the importance of maintaining a high standard of corporate governance practices and to sustain the company in long run. With this, the Board is committed to cultivating a responsible organisation by ensuring best practices in our standards of corporate governance at all times.
This Policy sets out the criteria to be used in recommending the remuneration package of Directors and/or Senior Management of Salcon Berhad (“Salcon” or the “Company”) and is in line with the best practice provisions of the Malaysian Code on Corporate Governance.
The Board of Directors of the Company has adopted a fit and proper policy for the appointment and re-election of Directors (“Policy”) of the Company and its subsidiaries. This Policy will enhance the governance of the Company in relation to the Board’s quality and integrity, as well as ensure that each of its Directors has the character, experience, integrity, competence, time and commitment to effectively discharge his role as a Director.
The Board of Directors ("the Board") of Salcon Berhad ("Salcon" or "the Company") is committed in ensuring that a high standard of corporate governance is practised throughout the Company and its subsidiaries ("the Group"). This is a fundamental part of discharging their fiduciary duty to safeguard shareholders' investments and protect their interests.
The Board regards Corporate Governance as vitally important to the success of the business of the Group and are committed towards adhering to high standards of corporate governance as guided by the Malaysian Code on Corporate Governance 2012, the Listing Requirements of Bursa Malaysia, the Capital Markets and Services Act 2009 and the CA, in its effort to discharge its duties in ensuring an appropriate and sound governance system is implemented throughout the Group and to safeguard the interests of all stakeholders as well as to enhance shareholders' value.
The Board Diversity Policy sets out the approach to achieve diversity on the composition of the Board of Directors of Salcon Berhad. The Board believes that a truly diversified Board will leverage differences in thought, perspective, knowledge, skill, professional experience, culture, race, background, age, ethnicity and gender among directors, will enhance the decision making capabilities of the Board and achieve optimum Board performance.
The Company is committed to providing an environment that is free from discrimination and harassment and expected you to conduct yourself everyday in a way that helps us to maintain an outstanding reputation in the communities we serve. This written code is an important reference source and legally binding for employees, officers and directors. Additional guidance is provided in the HR Policies & Procedures Manual, Company's standard operating procedures and guidelines accessible in our W, J, Y Drive and E-Admin.
To enhance corporate governance practices across the Group, a whistle-blowing policy was adopted which provides Directors, officers, employees and stakeholders of the Group with an avenue to report suspected improprieties such as illegal or unlawful conduct, contravention of the Group's policies and procedures, acts endangering the health or safety of any individual, public or employee, and any act of concealment of improprieties. The aim of this policy is to encourage the reporting of such matters in good faith, with the confidence that the person filing the report, to the extent possible, be protected from reprisal, victimisation, harassment or subsequent discrimination.
The Group strives to apply the highest standards of risk management to minimize, monitor and control the probability or impact of unfortunate events and maximize the realization of opportunities.
The Risk Management Committee in Salcon is guided by the Integrated Risk Management Policy, which is in compliance with ISO 31000 and applies to all of our operations in the Group. The committee consists of 2 directors and 3 senior management personnel from non-Audit Departments who report to the board on risk management issues.
Guided under the Integrated Risk Management Policy & Audit Charter, the Risk Management Department will identify, analyze, evaluate, follow up and report on any non-compliance issues in the Group. We also commit to regular rotation of auditors for a neutral audit process and seek shareholders' approval to re-appoint the same audit firm to conduct the Group's accounts audit.
Risk management assessments will be conducted before starting a new project to analyze the potential risk factors and are submitted to the Board for consideration to facilitate the decision making process. The risk management scorecard is also being reviewed on a half-yearly basis by the Internal Audit & Risk Management Department.
As part of Salcon's Code of Ethics & Conduct, Salcon employees are expected to maintain high ethical and professional standards in dealing with government officials and members of the private sector. The Company's funds, property or services must not be given, either directly or indirectly, to anyone in an improper effort to obtain or retain business for the Company or to obtain special or unusual treatment in connection with a business transaction.