Good governance refers to having the appropriate people, policies and processes to manage the business and affairs of the Group, to enhance long-term stakeholder value whilst upholding high standards of compliance and ethical business practices. As a company listed in Singapore, we are bound by SGX listing rules and practice notes, all applicable requirements stipulated in Singapore’s Code of Corporate Governance (2018) and the Companies Act 1967. We comply with applicable laws and regulations in the jurisdictions where we operate. We have zero tolerance for fraud and corrupt practices. In addition, we actively protect our data and those entrusted to us by our stakeholders. OUR APPROACH Our Leaders Keep Abreast of Best Practices and Critical Risks The Board goes through regular training to enhance their collective knowledge and skills on topics such as corporate governance, anti-corruption and sustainability. Additionally, briefings by external consultants and industry experts are arranged to keep the Board abreast of developments in these areas. More details on the Directors’ training can be found in the “Director Induction, Training/Development” section of the Corporate Governance Report in our Annual Report. Risk and Assurance (R&A) also monitors key risks pertaining to the macro-environment such as geopolitical tensions and provides updates to the RSC accordingly. During the year, Presidents of the business areas and relevant Group HQ functions review their respective dashboards of key risks on a rotational basis at the quarterly RSC meetings. These key risks are aggregated to identify the top risk themes which impact the Group’s ability to achieve its strategic objectives. During these engagements, emerging risk trends, critical uncertainties, areas for improvement and action plans are thoroughly reviewed. We Safeguard our Creditors’ Rights We are committed to safeguarding creditors’ rights through robust corporate governance practices. We ensure timely and transparent communication, honouring of contractual obligations, compliance with applicable laws and regulations, fair and equitable treatment of all creditors, and maintaining financial prudence that enables us to meet our obligations towards our creditors when they are due. We Are Guided by Our Code of Business Conduct and Ethics Our Code of Business Conduct and Ethics forms the foundation of the Group’s commitment to ethical business conduct and regulatory compliance. Read our Business Code of Conduct and Ethics on our website All reporting lines, responsibilities and accountabilities are clearly defined in our businesses. Employees are advised to reach out to their direct line manager or R&A business partners for clarifications, and guidance on our Code of Business Conduct and Ethics. Employees are informed about the consequences of violating the standards in our Code of Business Conduct and Ethics. Employee misconduct will result in appropriate disciplinary action which commensurates with the seriousness of the misconduct and may impact the employee’s remuneration. Employee misconduct of a serious nature may also result in termination of employment. GOVERNANCE ETHICAL BUSINESS & REGULATORY COMPLIANCE 68 ST ENGINEERING | SUSTAINABILITY REPORT 2024
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