Regarding board performance, the Board believes in regular self-assessment to reflect on its effectiveness and identify areas for improvement. This process includes evaluating the Board, its committees, and individual directors using questionnaires, with the NRC reviewing the results and making recommendations on follow up action to the Board where necessary For FY 2023, the evaluation was satisfactory, with affirmative ratings across various categories, reflecting a satisfactory performance in board composition, processes, strategy, performance, governance, and individual director contributions. FRAUD, BRIBERY AND CORRUPTION RISK MANAGEMENT FRAMEWORK The Manager has a longstanding zero-tolerance stance against FBC2 in the conduct of its business activities and expects all its employees to be committed to the highest standards of integrity in their work and business dealings. The Manager’s employees adhere to CLI’s FBC Risk Management Policy. The policy reiterates the strong stance against fraud, bribery and corruption, and sets the overarching approach and standards in managing FBC risks in an integrated, systematic and consistent manner. This stance is also reiterated during its regular staff communication sessions. FBC RISK MANAGEMENT FRAMEWORK Board Oversight and Senior Management Involvement The Board, with the support of the Audit and Risk Committee (ARC) and senior management, is responsible for the oversight and governance of FBC Risk Management. Risk-Aware Culture A risk-aware culture, underpinned by CICT Group's organisational culture, values and practices, sets the foundation for effective management of FBC risks. Risk-Aware Culture • Process-specific Controls • Risk Assessment • Knowing and Managing Third Parties • Managing Conflicts of Interest • Hiring Detection and Monitoring • Detection of Irregularities • Monitoring of Fraud Risk Profile • Independent Review & Audit • Report Fraud Incident Response • Investigation • Insurance & Recovery • Protocol to observe when contracted by Authorities • Disclosure to Authorities and Media • Disciplinary Actions • Review of Controls FBC Risk Management 2 Fraud is the use of deception with the intention of obtaining an advantage, or avoiding an obligation or causing loss to another party. Fraud can be perpetuated by employees, third parties or a collusion between employees and third parties. Bribery and Corruption is the offering, promising, giving, accepting or soliciting of an undue advantage of any value (which could be financial or non-financial), directly or indirectly, and irrespective of location, in violation of applicable law. These are usually made as an inducement or reward for a person acting or refraining from acting in relation to the performance of that person’s duties. Overview Environment Social Governance References SUSTAINABILITY REPORT 2023 85
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