ROBUST CORPORATE GOVERNANCE CORPORATE GOVERNANCE AND BUSINESS ETHICS (CONT’D) OUR PERFORMANCE (CONT’D) The operations in Al-Aqar REIT have been assessed against 15 corruption risks. Fraud Government Interaction Bribery & Kickbacks Facilitation Payments Gifts, entertainment & hospitality Embezzlement Recruitment Environmental Corruption Cyber Corruption Country of Operation Charitable and political donations, sponsorship Procurement Practices Money Laundering Collusion Conflict of Interest In FY2023, the Manager reported zero incidents of corruption or non-compliance. Additionally, we recorded zero whistle blowing reports and zero employee dismissal due to non-compliance with the ABAC Policy. (Source: Corporate Services) REGULATORY COMPLIANCE AND RISK MANAGEMENT Beyond preserving the integrity of our corporate processes, upholding steadfast regulatory compliance fortifies the Fund’s vigilance against potential risks and opportunities. By guaranteeing stringent regulatory compliance at our REIT operations, we also safeguard the interests of our stakeholders, fostering increased overall trust and further bolstering brand perception. Effective risk management also empowers the Fund, enabling the identification and proactive preparation against potential risks, thereby future-proofing the business as a REIT. Thus, Al-‘Aqar REIT commits to embedding risk management processes throughout our endeavours, ensuring a holistic approach to addressing and mitigating potential risks. The Manager ensures strict compliance with relevant legal and statutory requirements through meticulous management of a compliance report delineating the requirements of various acts, risk treatments, mitigation plans and risks ratings. To further fortify these efforts, the Manager employs legal specialists for advice, trains staff members on legal requirements and assigns external consultants to undertake all internal audits, preserving objectivity. OUR APPROACH i. Regulatory Compliance The REIT complies with relevant national laws, regulations, and guidelines. • Capital Market Services Act 2007 • Main Market Listing Requirements • Guidelines on Listed REITs • Guidelines on Islamic Capital Market Products and Services • Income Tax Act 1967 • EPF Act 1991 • Malaysia Code on Corporate Governance (“MCCG”) • Guidelines on Corporate Governance for Capital Market Intermediaries 58 SUSTAINABILLITY STATEMENTS 1 2 4 5 6 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023
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