ANNUAL REPORT 2023 69 For MYEG, a wide range of different acts fall under the category of what is deemed as a corrupt practice. Examples include elements of bribery, gifts, receiving favours of any kind, misuse of power, theft, fraud, forgery of documents, money laundering, blackmail, using insider information for personal gain, and so forth. MYEG’s policies also address ESG factors such as anti-corruption, child labour, forced labour, occupational safety and health (“OSH”), minimum wage, gender and racial discrimination, equal opportunities, excessive working hours, collective bargaining, freedom of association, energy use, climate change impacts, water and resource use, biodiversity impacts, waste management and notable environmental issues. The Group holds a firm stance on its ABAC policy and any non-compliance will not be accepted given that all parties have been provided with pertinent knowledge of the Group’s policies. Any breach of MYEG’s policies will be subjected to appropriate consequences and actions being taken. IDENTIFICATION OF HIGH-RISK SUPPLIERS MYEG consistently and diligently identifies high-risk suppliers within its supply chain, if any, through an annual analysis that considers factors such as the suppliers’ purchase value, critical item suppliers and sole suppliers. High-risk suppliers are identified due to the nature of items they are supplying, such as IT hardware and software, kiosks, as well as renovation and maintenance works. The Group conducts its yearly Vendor Performance Evaluation on suppliers with a purchasing value that contributes 80% or more of annual purchases. This is done to ensure the consistent supply from major suppliers and the overall supply chain continues smoothly and with integrity. Data on MYEG’s suppliers’ assessment for the past three years are as follows: FY2021 FY2022 FY2023 Number of suppliers screened / audited for good ESG performance 64 72 59 Number of suppliers removed from procurement list or cautioned for poor ESG performance Nil Nil Nil Number of suppliers endorsed under Anti-Bribery & Anti-Corruption policies 64 72 59 Suppliers are assessed on their contract term and specification compliance, price competitiveness, timeliness of their work, professionalism, customer service, communication and accessibility, prompt and effective correction of situations and conditions as well as documentation and records received in a timely manner. Suppliers are also subjected to product quality assessments and customer satisfaction surveys. Obtaining the most competitive price is done through a price comparison exercise, which allows MYEG to compare and contrast the different prices available on the market. To further ensure the price obtained is the most cost-efficient, purchases go through multiple levels of approval from Management before final approval. In addition to annually continuing the Group’s Vendor Performance Evaluation, MYEG also closely monitors its stock level by reviewing stock reports on a weekly basis and is constantly on standby to buffer its stock. The Group continuously expands its sourcing strategy in order to source for backup suppliers to work with. NUMBER OF SUPPLIERS AUDITED ANNUALLY MYEG’s best practice in supplier audits is to always audit its suppliers, especially new suppliers on the average of one supplier per month. MYEG began carrying out on-site physical audits ever since all economic sectors opened post the pandemic. These supplier audits continue to be supported by the annual Vendor Performance Evaluation on top-ranking suppliers and regular-purchase suppliers. MYEG evaluated performances of top suppliers that contributed 80% or more of annual purchases. SUSTAINABILITY GOVERNANCE (cont’d) Obtaining the most competitive price is done through a price comparison exercise which allows MYEG to compare SUSTAINABILITY STATEMENT
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