ENRA Group Berhad | Annual Report 2022 68 CONTROL ENVIRONMENT AND STRUCTURE (Cont’d) b. Strategies, business planning, budgeting and reporting fulfills the Monitoring role. • Bi-weekly comprehensive information provided to Management for monitoring through the Management Committee Meeting and monthly Management Financial Review meetings on performance against strategic plans covering all key financial, operational, oil & gas and property venture indicators. • Detailed budgeting process requiring all business units to review their budgets periodically. The budgets are discussed and approved by the President & Group Chief Executive Officer and subsequently the Board. • The Group Chief Financial Officer provides the Board with quarterly financial information. This effective reporting system exposes significant variances against the budget. Key variances are followed up by Management and reported to the Board. c. Risk assessment ensures that all are in Compliance and meet the Ethical requirements of the ethics code. • The President & Group Chief Executive Officer, with the input from the ERMC, reviews with the ARMC on any significant changes in internal and external environment, which affects the Group’s risk profile. CODE OF BUSINESS ETHICS SIGN OFF BY EMPLOYEES AND EXCO The Group communicates the Code of Business Conduct to its employees upon their employment. The Code of Business Conduct reinforces the Group’s core value on integrity by providing guidance on moral and ethical behaviour that is expected from all employees in following applicable laws, policies, standards and procedures. Every six months, the employees and EXCO of the Group confirm compliance via the Code of Business Conduct Questionnaire for disclosure of any irregularities or breach of the Code of Business Conduct. The feedback from the Code of Business Conduct Questionnaire is considered by the EXCO and further deliberated by the ARMC. There were no irregularities or breaches in this financial year. GROUP VENDOR CODE OF CONDUCT There is a Group Vendor Code of Conduct, which sets standards of business practice that generally applies to all vendors of the Group. The areas of coverage in the Vendor Code of Conduct are Professional Conduct and Business Ethics, Compliance with Laws, Rules and Regulations, Human Rights and Labour, Anti-Corruption/Anti Competition, Conflict of Interest, Health Safety and Environment, Confidentiality and maintenance of Documentations and Records. All vendors need to acknowledge the Vendor Code of Conduct. Acknowledgement of the Code is a pre-requisite in all of the Group’s contracts for supply. Through the acceptance of a purchase order, letter of award, contract or agreement or performance of any obligation to and agreed by the Group, Vendors shall commit and are deemed to have committed themselves to complying with the Code. WHISTLEBLOWING POLICY A Whistleblowing Policy is established to provide appropriate communication and feedback channels which facilitate whistleblowing in a transparent and confidential manner to enable employees and stakeholders and where applicable, members of the public, to raise genuine concerns about possible improprieties, improper conduct or other malpractices within the Group in an appropriate way. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
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