MANAGEMENT APPROACH Commitment Good governance is the foundation for long-term value creation and ST Engineering is committed to conducting its business in a responsible manner, supported by a group-wide enterprise risk management framework and backed by a strong Code of Business Conduct and Ethics. As a company listed in Singapore, we are bound by the listing rules and guidance promulgated by the Singapore Exchange (SGX), and we comply with all the requirements listed in the Singapore’s Code of Corporate Governance. We comply with applicable laws and regulations of all relevant jurisdictions and industries in order to maintain our licences to operate. We have zero tolerance for fraud and corrupt practices in our business units globally and throughout our value chain. Governance and Organisation Governance refers to having the appropriate people, processes and structures to direct and manage the business and affairs of the company to enhance long-term stakeholder value and achieve long-term sustainable business performance. The Board has the dual role of setting strategic direction and the Group’s approach to governance. This includes establishing the appropriate culture, values and ethical standards of conduct at all levels of the Group. The Board not only provides oversight, but fosters more complete discussions, leading to better decisions and enhanced business performance. The Group Risk & Assurance function assists the EXCO in overseeing matters relating to governance, risk and compliance. It has in place a regulatory compliance framework and compliance related policies, and continually conducts mandatory training of our global workforce on our Code of Business Conduct and Ethics (Code) and other relevant compliance topics. The Code sets out the guiding principles and desired behaviour with which our employees are expected to operate, and embraces the business practices and standards of behaviour that support our commitment to honest and ethical business conduct. The standards set out in the Code have also been embedded in various corporate and operational policies and procedures. Ethical audits, based on our Code are conducted as part of internal audits by the ST Engineering Internal Audit Department. GOVERNANCE → Ethical Business & Regulatory Compliance 54 ST ENGINEERING SUSTAINABILITY REPORT 2021 OVERVIEW OUR SUSTAINABILITY APPROACH ENVIRONMENTAL SOCIAL GOVERNANCE AWARDS INDEX
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