ETHICAL BUSINESS & REGULATORY COMPLIANCE Good governance refers to having the appropriate people, policies and processes to manage the business and affairs of the company 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 guides, and we comply with all the requirements stipulated in Singapore’s Code of Corporate Governance (2018). OUR COMMITMENT We are committed to conducting our business in a responsible manner, and comply with all applicable laws and regulations including export control, data privacy, trade sanctions and embargoes. We do not tolerate fraud, bribery, corruption and misconduct in all our business units globally, and throughout our supply chain. We are determined to foster and maintain an environment where anyone can report any wrongdoing, in good faith, without the fear of retaliation. OUR APPROACH Our Leaders Keep Abreast of Best Practices and Key Risk Trends The Board goes through regular training to enhance their collective OUR GOALS Our 2022 Goals Enhance staff awareness of key compliance topics such as export control and personal data protection Refresh the Control SelfAssessment (CSA) process to enhance the basis of assurance provided to the Board Our Achievements In 2022, we launched three mandatory e-learning courses on topics such as Personal Data Protection and International Trade Compliance for relevant employees In 2022, we rolled out the refreshed CSA process for our Singapore operations. This will be progressively implemented for our international business units in 2023 and 2024 Our 2023 Goals Enhance Group ERM Framework for proactive monitoring of emerging risks on a longer-term horizon, such as climate change and geopolitical trends Strengthen risk culture and awareness through training, communication, and campaigns knowledge and skills. In 2022, this included anti-corruption and sustainability topics. Additionally, the Company Secretary (CoSec) arranged briefings by external consultants and industry professionals 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. The Group R&A function provides GSBC with timely and relevant updates on risks pertaining to the macro-environment, including impact of geopolitical developments in the regions where our business operates, as well as potential opportunities for and threats to our Group. During these sessions, plans are formulated to address both risks and opportunities. GOVERNANCE In 2022, we had ZERO - substantiated cases of bribery and corruption - significant fines or non-monetary sanctions for non-compliance with environmental, health and safety regulations
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