ANNUAL REPORT 2023 65 RISK MANAGEMENT Effective risk management is an integral part of MYEG, recognising the importance of a sound risk management system across all aspects of the organisation in enabling the Group to assess, minimise and mitigate potential risks that may have an adverse impact on the organisation, including safeguarding shareholders’ investments, the Group’s assets, and other stakeholders associated with MYEG’s operations. MYEG’s Risk Management Policy is the starting point in the risk management initiative and has been prepared to ensure that risk management becomes a concern for every personnel in the Group and that risk management practices are consistent throughout the Group, involving employees at all levels within the different business units (i.e. departments, sections, and business centres) of the Group. Other than using ISO31000 framework as MYEG’s risk management standard, MYEG also refers to GRI, IIRC and related reporting frameworks to help inform its risk management system. The Head of Departments of various functions support the Risk Management Committee (“RMC”) in overall risk management process by assessing key strategic and operational risks. The RMC raises any potential risks it identifies to the Board, given that the Board maintains ultimate oversight of the risk management process at MYEG. These potential risks are subsequently deliberated at scheduled Board meetings. Material ESG topics and related risks are progressively being discussed and embedded in MYEG’s overall risk approach, given that ESG issues are having a growing impact on a variety of factors such as financial and nonfinancial value creation, access to financing and brand reputation and more. MYEG’s system of internal control and risk management practices therefore continuously evolves to meet the changing and challenging business environment, which includes preparing for possible major ESG catastrophic events and incidents by having in place suitable response plans. The full details on the Group’s risk management framework and structure can be referred to in the Risk Management and Internal Control Statement of this report on page 154. STRONG ANTI-BRIBERY AND ANTI-CORRUPTION POSITION MYEG does not engage in, nor condone, corrupt practices of any form, recognising that corruption can lead to financial losses as well as damage the Group’s reputation and brand, which can then affect the trust among users, investors and stakeholders. MYEG’s robust Anti-Bribery and Anti-Corruption (“ABAC”) policy stance continues to be maintained, in pursuant of Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (“MACCA”). The MACCA came into force on 1 June 2020 and denotes that commercial organisations are liable and punishable if found to be involved in bribery. Potential liability extends to the company’s directors, officers, partners, employees and others who are tied to the company’s management, affairs and operations. In alignment with MACCA, the Group has established an ABAC Framework that sets out the Group’s stance against bribery and corruption, as well as adequate procedures for managing bribery and corruption risks in the Group’s businesses, regardless of the country of operation. Following the establishment of the ABAC Framework, the Group has adopted the ABAC Policy and Anti-Bribery Procedures for Managing Stakeholders. MYEG’s Board-approved ABAC Policy continues to be stringently enforced at all operating levels within MYEG involving both internal and external stakeholders such as suppliers and vendors. This displays the great lengths MYEG has gone to ensure this policy’s implementation. The Board receives all relevant information on MYEG’s ABAC agenda through the Audit Committee (“AC”) and RMC. The Board oversaw, reviewed and approved the Group’s ABAC Framework, policies (Whistleblowing Policy, ABAC Policy), and codes (Codes of Conduct, Code of Ethics and Code of Business Ethics).The full enhanced framework, policies and codes are available on MYEG’s website under the Investors Relations section at https://www.myeg.com.my/investor_relations/governance. SUSTAINABILITY GOVERNANCE (cont’d) Section 17A of the Malaysian Anti Corruption Commission Act 2009 (“ ”) SUSTAINABILITY STATEMENT
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