Corporate Governance
Words | Meanings |
|---|---|
Bribery | Defined as any action which would be considered as an offence of giving or receiving gratification under the MACC Act. |
Business Associate | An external party with whom the Fund has, or plans to establish some form of business relationship which may include but not limited to the service providers, consultants, suppliers, agents and etc, where applicable. |
Corporate Gift | Something given from one organisation to another, with the appointed representatives of each organisation giving and accepting the gift. |
Corruption | Defined as any action which would be considered as an offence of giving or receiving gratification under the MACC Act. |
Conflict of Interest | When individual activities in relation to the Fund or personal relationship interfere with one’s ability to rationally, fairly and objectively discharge his or her job duties and make commercial decisions in the best interest of the Fund. Some examples include, but not limited to, the following: (a) Employees of business associates and/or their associates have personal financial interests in the Fund, its directors, other service providers, suppliers or competitors of the Fund. (b) Employees of business associates and/or their associates hold a decision making position in the engagement of services provided to the Fund. (c) Employees of business associates give or receive gratification from the Directors of the Fund or any third parties when procuring services with the Fund. |
Donations and Sponsorship | Charitable contributions and sponsorship payment made to support the community. |
Directors | Directors includes all of the following:-
|
Exposed Position | A position identified as vulnerable to bribery through risk assessment. Such position may include but not limited to roles involving procurement, financials, sales, or any other positions which the Fund has identified as vulnerable to Bribery and Corruption. |
Festive Gift | Traditional treats or gifts customary to the occasion such as red packets (cash or cash equivalent), hampers, and etc. |
Gratification | Defined in the MACC Act as:- (a) Money, donation, gift, loan, fee, reward, valuable security, property or interest in property being property of any description whether movable or immovable, financial benefit, or any other similar advantage; (b) Any office, dignity, employment, contract of employment or services, and agreement to give employment or render services in any capacity; (c) Any payment, release, discharge or liquidation of any loan, obligation or other liability, whether in whole or in part; (d) Any valuable consideration of any kind, any discount, commission, rebate, bonus, deduction or percentage; (e) Any forbearance to demand any money or money’s worth or valuable thing; (f) Any other service or favour of any description, including protection from any penalty or disability incurred or apprehended or from any action or proceedings of a disciplinary, civil or criminal nature, whether or not already instituted, and including the exercise or the forbearance from the exercise of any right or any official power or duty; and (g) Any offer, undertaking or promise, whether conditional or unconditional, of any gratification within the meaning of any of the preceding paragraphs (a) to (f). |
MACC Act | Malaysia Anti-Corruption Commission Act 2009 and any statutory modification, amendment or re-enactment thereof for the time being in force |
The Fund | icapital.biz Berhad |
1.1. The Fund is committed to the highest ethical standards in conducting business dealings with integrity and in compliance with all applicable laws, including the MACC Act.
1.2. The Fund has adopted a zero-tolerance approach against all forms of Bribery and Corruption and takes a strong stance against such acts.
1.3. The Policy and Procedure leverages on the core principles of the Fund as set out in the Fund’s Code of Conduct and Code of Ethics.
1.4. This Policy and Procedure is not intended to provide definitive answers to all questions regarding Bribery and Corruption, but is instead envisioned to provide a basic introduction to how the Fund combats bribery and corruption in furtherance of its commitment to lawful, fair and ethical behavior at all times, in addition to being designed to avoid situations in which bribery and corruption may take root.
1.5. Failure to comply with this Policy and Procedure, whether intentional or not, may lead to disciplinary action and criminal liability for the individual(s) involved.
1.6. Any person who commits an offence under sections 16, 17, 20, 21, 22 and 23 of the MACC Act, shall on conviction be liable to:-
a) imprisonment for a term not exceeding twenty years; and
b) a fine of not less than five times the sum or value of the gratification which is the subject matter of the offence, where such gratification is capable of being valued or is of a pecuniary nature, or ten thousand ringgit, whichever is the higher.
2.1. The Policy and Procedure sets out the Fund’s position on Bribery and Corruption in all its forms and matters that might confront the Fund in its day to day operations carried out by its service providers.
2.2. The Policy and Procedure serve as a guideline on how to deal with Bribery and Corruption which may arise in the course of business.
3.1. This Policy and Procedure applies to the following persons:-
a) The Directors of the Fund; and
b) Business associates or any other parties performing services for and on behalf of the Fund.
(collectively referred to as “the Parties”)
3.2. In the event of doubt in relation to this Policy and Procedure, the Parties should contact the Chairman of the Audit Committee of the Fund.
4.1. The Parties are responsible for understanding and complying with this Policy and Procedure which includes the following:-
a) Be familiar with the requirements and directives of the Policy and Procedure and communicate them to their respective stakeholders;
b) Any suspicious transactions should be escalated to the Chairman of the Audit Committee for guidance on next course of action;
c) Promptly report violations or suspected violations through appropriate channels; and
d) Attend and complete all trainings and assessments in relation to the Policy and Procedure.
5.1. All forms of Bribery and Corruption are prohibited. The Parties should not participate in any corrupt or unethical activity such as but not limited to extortion, abuse of power, fraudulent trading and/or money laundering.
5.2. Bribery and Corruption may take the form of exchange of money, goods, services, property, privilege and/or preferential treatment. The Parties shall not, whether directly or indirectly, offer, give, receive or solicit any gratification, in an attempt to influence decisions or actions of a person in a position in the Fund, with an intent (a) to obtain or retain business for the Fund; or (b) to obtain or retain an advantage in the conduct of business for the Fund.
5.3. This Policy and Procedure applies to the Fund’s business dealings with commercial and government entities, and includes interactions with their directors, employees, agents and other appointed representatives, where applicable.
5.4. The Fund awards contracts based on merits and shall consider them at arm’s length. Support letters in all forms shall not be recognized as part of the business decision making process.
5.5. The Fund’s internal audit function shall conduct regular risk assessments once in every three (3) years, with intermittent assessments conducted when necessary, in relation to Bribery and Corruption.
6.1. A situation of conflict of interest or potential conflict of interest arises in situations where a personal interest that might be considered to interfere with a person’s objectivity in performing or exercising duties/judgement on behalf of the Fund.
6.2. The Parties should avoid or deal appropriately with situations in which conflict of interest arises and they must not use their position to gain or to cause disadvantage to the Fund.
6.3 If a conflict cannot be avoided, the conflict must be declared and reported to the Fund immediately. Directors shall declare their interest and withdraw from taking any action or participating in any decision-making process in matters where they have or potentially have a Conflict of Interest. When in doubt with regards to the presence of a potential Conflict of Interest, directors are encouraged to undertake the appropriate steps to avoid the potential conflict of interest.
6.4 Directors shall not be involved with the commission or omission of any act, which gives an undue advantage to an outside party in its dealings with the Fund without prior approval, whether such acts or omissions result in him obtaining a personal gain, benefit or advantage. Directors who were tasked to supervise or oversee the activities of third party vendors shall be responsible to monitor their activities to ensure strict compliance with the Fund’s ethical standards and rules, and report any violation on a timely basis.
7.1. The Fund expects all Business Associate to refrain from Bribery and Corruption.
7.2. If suspicion of Bribery and Corruption arises in any collaboration with the Business Associate, the Fund shall seek an alternative Business Associate.
7.3. The Fund shall endeavor to include clauses in contracts which would enable the Fund to terminate any contract in which Bribery or Corruption is made suspicious of.
7.4. Prior to entering into any formalised relationships and in the event of suspicious behavior, allegations and/or investigations relating to Bribery and Corruption in relation to collaboration with the Fund and Business Associate, the Fund shall conduct due diligence on any relevant parties which include but not limited to search through relevant database, background checks and conducting interviews to identify relationship and documenting the reasons for choosing one particular Business Associate over another.
7.5 All Business Associates are required to adhere to industry best practice and accepted standards of behavior and are required to execute a Declaration Form for the Fund’s records.
8.1. The Fund prohibits both the giving and receiving of GEHTDS which may influence business decisions.
8.2. The Fund should not solicit any GEHTDS from any Business Associate directly or indirectly.
8.3. The Fund should avoid offering and/or accepting GEHTDS from government officials.
8.4. The Fund should not exercise any of its resources to make any direct or indirect political contributions to any political party.
8.5. Even if refusal of the gift and/ or hospitality is considered disrespectful or may offend the other party, the gift must be politely returned with a note of explanation of the Fund’s “no gift” policy if there is a potential conflict of interest situation.
8.6. The Fund must ensure that all Donation and Sponsorship are given through legal and proper channels. Particular care must be taken in ensuring that the charities or sponsored organisations on the receiving end are valid bodies and are able to manage the funds properly. Steps must be taken to ensure that donations to foreign-based charities or beneficiaries are not disguised illegal payments to government officials nor act as conduit to fund illegal activities in violation of any applicable law. When in doubt, Parties can escalate the matter to the Chairman of the Audit Committee to determine the authenticity of such requests.
8.7. If Parties are unclear about obligations under this policy or have doubt about the scope of applicable laws or the Fund’s policies concerning bribery and corruption, to check with the Chairman of Audit Committee immediately. The Chairman of Audit Committee may further escalate to the Board of Directors to determine if legal advice is necessary.
9.1. The Fund would take immediate action against any party who did not adhere to the Policy and Procedure. This may include but not limited to the termination of business arrangements, initiation of legal action and/or notification to the authorities.
9.2. Any Parties found guilty by the authorities pursuant to Section 17A(2) of the MACC Act, is punishable by a fine not less than ten (10) times the sum or value of the gratification which is the subject matter of the offence, where the gratification is capable of being valued or is of a pecuniary nature, or RM1.0 million, whichever is higher or imprisonment for a term not exceeding 20 years or both. The Fund may also be liable if it fails to prevent bribery by an associated person1 for the Fund’s benefit.
Note 1: A person who performs any services or functions on behalf of another person, or under the instruction of another party, who works/ deals with the Fund.
10.1. The Fund would keep and maintain data, record and documents in accordance with statutory and regulatory requirements. The Fund would have appropriate internal controls in place to safe-keep, archival, retrieval, retain and store proper records.
10.2. The Fund must ensure that all GEHTDS are recorded in the register in a timely manner.
10.3. All documentation and records shall be kept at the Fund’s registered office.
11.1. The Fund has established a Whistleblowing Policy which details the Fund’s policies and procedures in relation to disclosure of any known malpractices or wrongdoings occurred in the Fund.
11.2. The Parties who encounter actual or suspected violations of this Policy and Procedure are required to report their concerns. The Parties are responsible to ensure that suspected Bribery and Corruption incidents are reported promptly via the procedures set out in the Whistleblowing Policy which is made available in the Fund’s website.
11.3. Reports made in good faith, either anonymously or otherwise, would be addressed in a timely manner and without incurring fear of reprisal regardless of the outcome of any investigation.
11.4 Please refer to the Fund’s Whistleblowing Policy in this regard.
12.1. The Fund is committed to ensuring all Parties are mindful of the Policy and Procedure and to continuously promulgate integrity and ethics.
12.2. The Fund will facilitate annual declarations from all Parties in relation to the Policy and Procedure.
13.1. The Fund is committed in conducting its business ethically and in compliance with all applicable laws and regulations.
13.2. In the event that any clause in this Policy and Procedure is inconsistent with or in breach of any applicable laws and regulations, the applicable laws and regulations shall prevail.
14.1. The Fund is committed to continually improve the Policy and Procedure and may therefore endeavor to develop further integrity measures.
14.2. The Board of Directors shall conduct a review on the effectiveness of the implementation of this Policy and Procedure at appropriate intervals, considering its suitability, adequacy and effectiveness.
14.3. This Policy and Procedure should be reviewed annually and may be amended by the Board of Directors as it deems appropriate.
14.4. This Policy and Procedure should be disclosed on the Fund’s website.
14.5. This Policy is adopted by the Board on 23 July 2026.