BM Code Ethic

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    BURSA MALAYSIA - CODE OF ETHICS

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    TABLE OF CONTENT PAGE

    1.0 INTRODUCTION 2

    2.0 PRELIMINARY 2

    3.0 REPORTING OF VIOLATION(S) OF THE CODE 3

    4.0 ETHICS COMMITTEE 5

    5.0 THE CODE OF ETHICS 55.1 CONFIDENTIAL INFORMATION 5

    5.2 SECURITIES AND FUTURES TRANSACTION (Prohibition/Secrecy/Offences) 65.3 CONFLICT OF INTEREST 65.4 GIFTS, GRATUITIES AND/OR BRIBES 75.5 DISHONESTY/GENERAL CONDUCT 85.6 SEXUAL HARASSMENT 95.7 GENERAL COMPLIANCE 10

    6.0 WHISTLE BLOWER 10

    7.0 DUE INQUIRY 12

    8.0 PENALTY 12

    9.0 APPEAL 12

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    1.0 INTRODUCTION

    Bursa Malaysia owes a statutory duty to the public to always act in the public interest andto maintain a fair and orderly capital market. Adherence to ethical values will create andpromote an environment of mutual trust, consideration for fellow employees andresponsible behaviour. Hence, personal integrity, honesty, discipline, commitment to actin Bursa Malaysias best interest and transparency are vital to making a set of code ofethics for Bursa Malaysia successful.

    The following was formulated to represent Bursa Malaysias Code of Ethics (hereinafterreferred to as the Code). Kindly read the following material carefully, as it serves toassist in defining the ethical standards and conduct at work required at Bursa Malaysia.This Code is to be interpreted within the framework of the laws and customs of Malaysia

    besides being read in line with Bursa Malaysias directives, guidelines and policies, asissued from time to time.

    The reputation of Bursa Malaysia rests on the good judgement and conscience of eachEmployee. As such, our actions must demonstrate that we live by the letter and spirit ofthese values.

    Bursa Malaysia is serious about being an ethical organisation. Violation(s) of the Codewill not be tolerated and will result in appropriate disciplinary action being taken includingterminating the services of the employee concerned.

    Each Employee has a duty to:

    (i) read and understand our Code of Conduct; and

    (ii) promptly report suspected violations and concerns about any situation that couldviolate the Code and Bursa Malaysias policy

    2. PRELIMINARY

    2.1 Definition

    For the purpose of the Code, and unless the context otherwise requires:-

    AuthorisedPersons

    Means personnel who are designated andauthorised to receive reports in respect ofviolations of the Code i.e Chief ExecutiveOfficer, Heads of Business Unit, Heads ofFunctional Group and Head Group HumanResources.

    Bursa Malaysia Means Bursa Malaysia Berhad and its group ofcompanies.

    Ethics Committee

    Members

    Chaired by the Chief Executive Officer and will

    consist of a minimum of 4 members includingHead GHR in an advisory capacity.

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    (Note: The Ethics Committee members may bereplaced or appointed from time to time by theChief Executive Officer).

    Employee Means all levels of employees of BursaMalaysia, its group of companies includingsuch persons who are on contract,secondment, apprenticeship, attachment orany persons by whatever description under thesupervision of Bursa Malaysia and its group ofcompanies whether remunerated or otherwise.

    GHR Means Group Human Resources, BursaMalaysia.

    GIA Means Group Internal Audit, Bursa Malaysia

    2.2 Interpretation i. Words importing the masculine shall be deemed and taken to include the

    feminine and neuter gender and vice versa. Words importing the singular shallbe deemed and taken to include the plural and vice versa.

    ii. All references to statutes include amendments or modifications to suchstatutes and re-enactments thereof including the rules, regulations and allother subsidiary legislation in relation thereto.

    2.3 Responsibilities For All EmployeesEthical behaviour at Bursa Malaysia is required of all Employees.

    All Employees of Bursa Malaysia are required to:

    i. observe a basic code of ethical conduct in the workplace.

    ii. uphold personal integrity and to adhere to the requirements of the law and toobserve recognised standards of fair dealing.

    iii. be dedicated and loyal to Bursa Malaysia.

    iv. be responsible for conducting their work in a manner consistent with BursaMalaysias directives, guidelines and policies as issued from time to time.

    Any Employee who suspects or who has knowledge of possible violation of theCode should immediately bring the matter to the attention of Authorized Personsdesignated by Bursa Malaysia. All matters so reported shall be treated and dealtwith in complete confidentiality.

    3. REPORTING OF VIOLATION(s) OF THE CODE3.1 Violation of the Code affects the integrity of Bursa Malaysia as well as the

    integrity of its Employees. Not only does it lead to an unpleasant workingenvironment, but it can also lead to serious legal and financial implications for

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    Bursa Malaysia. Bursa Malaysia is dependant on all Employees to report and to notcondone any violation(s) of the Code.

    3.2 An Employee who knows of a violation of the Code that has been committed byanother Employee is under an obligation to report such violation to AuthorisedPersons i.e Heads of BU/FG or any Ethics Committee member.

    3.3 Appropriate action will be taken on reported violation(s) of the Code. If an issue

    cannot be resolved at the certain level, it shall be escalated to the next higher

    level. This is critical to the integrity of Bursa Malaysia.

    Complaints, grievances or reported violation(s) shall be handled and resolved according

    to the Escalation procedure specified below:

    Level Authority Action

    Level 1 Immediatesupervisor

    To resolve issue within 5 working days fromdate of receipt of the written complaint.

    Level 2 Heads ofBusiness Unit/FunctionGroup.

    To resolve the issue within 4 working daysfrom date of receipt of the written complaint.

    Level 3 Head, GHR To resolve the issue within 4 working daysfrom date of receipt of the written complaint.

    Level 4 ChiefExecutiveOfficer

    To make a final decision to resolve issuewithin 4 working days from date of receipt ofthe written complaint. The Chief ExecutiveOfficer may form the Ethics Committee toassist in resolving the issue.

    Note: The duration is an indicative period. Certain cases may take longer than the

    others based on the complexity of the cases.

    Issues, complaints and grievances shall be handled and resolvedaccording to the specification as illustrated above. If an issue cannot be

    resolved at a certain level, it shall be escalated to the next higher level.

    If an issue involved the employee's immediate supervisor (at Level 1), thecomplaint or grievance must be submitted to the next higher level (i.e.

    Head of Business Unit/ Function Group) for resolution.

    3.4 Guidelines

    Guidelines to be observed when handling complaints and grievances:

    3.4.1 interview the employee to understand the whole problem at hand,

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    3.4.2 do not interrupt when the employee is talking,3.4.3 ask relevant questions to gather more information and facts about the

    issue,

    3.4.4 ensure there is a common understanding of what the issue is about,3.4.5 do not jump to conclusion,3.4.6 verify all facts and information provided by the employee independently.

    3.5 Retribution against Employees who report violation(s) of the Code is in itselfunethical and inconsistent with ethical standards. Bursa Malaysia views such

    complaints about retribution just as seriously as any other violation(s) and willinvestigate and act accordingly in the same manner as that involving a breachof the Code.

    4 ETHICS COMMITTEE4.1 It is essential to form an Ethics Committee in Bursa to handle issues relating to

    ethics that are complex in nature and to adopt sound decision making process.

    The Ethics Committee will be headed by the Chief Executive Officer and willconsist of a minimum of four (4) members appointed by the Chief ExecutiveOfficer including the Head of GHR in an advisory capacity. For the purpose ofdischarging the relevant ethical issues across Bursa, the Chief Executive Officermay appoint or adopt relevant expertise within Bursa to give his or her views tothe committee.

    4.2 Responsibilities of the Ethics Committee are:4.2.1 To render advisory opinions and to provide interpretation with respect to

    the provisions of the Code of Ethics.

    4.2.2 Receive and evaluate anonymous complaints, letters or reports.4.2.3 Review and decides on any issues relating to ethics.4.2.4 Make decisions on such issues relating to ethics that may arise.4.2.5 Make recommendation on any penalties that may arise in respect of any

    breach of ethics or breach of this Code.

    4.2.6 Deliberate on any other complex issues brought to its attention.

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    THE CODE OF ETHICS

    5.1 Confidential Information

    In the course of employment, employees may come into possession ofconfidential or sensitive information and in particular, confidential and sensitiveinformation relating to Bursa Malaysia and or its business associates (confidentialinformation). All employees are prohibited from disclosing any confidentialinformation unless authorised to do so by their relevant Heads. It is thereforepertinent that all employees exercise caution and due care in handling anyinformation obtained in the course of their duties.

    Employees have a contractual and moral responsibility to safeguard anyconfidential information to which they may have access in the course of theiremployment. The improper and unauthorised use of such confidential informationis totally prohibited.

    The following are principles and procedures of ethical conduct for Employeeswhen dealing with and preserving confidentiality in regard confidentialinformation:-

    4.2.7 Where possible, the Employee(s) making the disclosures shall mark asconfidential all material the employees regards as embodying confidentialinformation, so that recipients are aware that such information is to be

    treated as confidential;

    4.2.8 Employees shall treat such information in strict confidence, not disclosesuch information to any unauthorised person, take all necessaryprecautions to maintain such confidentiality and not use it for any purposeother that for what has been authorised;

    4.2.9 Employees who require and/or have access to confidential informationshall not disclose the whole or any part of the information or have anydiscussions with any other unauthorised person in relation to theinformation;

    4.2.10 When transferring confidential records, data or such information to otherpersons or entities, the Employee shall notify the recipient of theconfidentiality of the said information;

    4.2.11 No Employee shall make use of any confidential information obtaineddirectly or indirectly in the course of his duties for his own personal use(whether or not it is for financial or other gain), unless duly authorised;

    4.2.12 No Employee shall provide or transfer any confidential informationobtained directly or indirectly in the course of his duties to another personfor that other persons personal use (whether or not it is for financial or

    other gain), unless duly authorised;

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    4.2.13 No Employee shall use any confidential information as a basis for anysecurities or other transactions for himself or make recommendations toanother to enter into such securities or other transactions based on suchinformation;

    4.2.14 Employee shall not during or after cessation of his employment with BursaMalaysia, disclose confidential information to any other person within oroutside Bursa Malaysia unless such information has subsequently (butprior to the Employees above disclosure) entered the public domain.

    5.2 Securities and Futures Transaction (Prohibitions/Secrecy/Offences)-Reference ismade to the Securities Transaction Policy for Employees of Bursa MalaysiaBerhad (Securities Transaction Policy) posted in the Employee Information Site(EIS)

    5.2.1 Each Employee of Bursa Malaysia has a duty to be conversant with theprovisions of Part V, Division 1 of the Capital Markets and Services Act

    2007, Part V, Division 2 of the Capital Markets and Services Act 2007, PartIV and Part V of the Securities Industry (Central Depositories) Act 1991(SICDA), and not directly or indirectly involve themselves in any action oractivity that amounts to a violation of such provisions by the Employees oranother person(s);

    5.2.2 No Employee of Bursa Malaysia shall engage, whether directly orindirectly, in trading in futures contract;

    5.2.3 All Employees of Bursa Malaysia must read, understand and comply withthe Securities Transaction Policy prior to any trading in securities listed onBursa Malaysia Berhad.

    5.2.4 Employees who breach the Securities Transaction Policy, will subjectthemselves to strict disciplinary action including dismissal.

    5.3 Conflict of Interest

    5.3.1 The term conflict of interest describes any circumstances that couldcast doubt on an Employees ability to act with total objectivity with regardto Bursa Malaysias interests and statutory duties. No Employee shallknowingly place himself in a position that would be in conflict with theinterest or statutory duties of Bursa Malaysia. Employees in avoiding

    situations of conflict of interest shall:-

    a) Ensure that their personal financial circumstances and transactions donot jeopardise their independent judgement or adversely affect theirjob performance;

    b) Not hold any financial or other interest, either directly or indirectly inany stock broking or futures broking company or act for or on behalfof any stock broking or futures broking company ;

    c) Not hold any financial or other interest either directly or indirectly inany contractor, vendor or party having or is likely to have businessdealings with Bursa Malaysia.

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    d) not have any direct or indirect involvement in other employment(remunerated or otherwise) except with the prior written consent of theManagement of Bursa Malaysia

    5.3.2 Whilst it is impossible to specify all situations where a conflict of interestmay arise, the following are example of situations that constitute a conflict,and shall be reported to an Authorised Person of Bursa Malaysia:-

    a) any direct of indirect financial or other interest in a person or entitywhich has dealings with Bursa Malaysia or its subsidiaries where theEmployee can influence decisions with respect to Bursa Malaysiasdealings with such person or entity;

    b) serving on the Board of Directors or employment in any capacity(with or without remuneration) with any person or body that hasdealings with Bursa Malaysia;

    c) where such Employee acting in the official capacity of being amember of any tender/purchasing committee of Bursa Malaysia hasa direct or indirect interest in a person or entity that has a relevantmatter for consideration before the said tender/purchasingcommittee.

    5.3.3 Where a conflict of interest situation arises, the Employee shall disclose inwriting all potential conflict and where relevant, abstain from voting as amember of the relevant committee on any matter in which he may have aninterest (direct or indirect) or where there may be potential conflict ofinterest. Further, where required, the said Employee shall submit adeclaration of assets including any revised declarations within the time

    prescribed, to GHR.

    5.4 Gifts, Gratuities and/or Bribes

    5.4.1 It is a violation of the Code for an Employee to solicit or accept any gift orpersonal benefit in connection with his work at Bursa Malaysia.

    a) For the purpose of this provision of the Code, personal benefit herewould include but are not limited to any gifts, items of legacy, fees,rebates, rewards, commissions, services, favours, offices,employment contracts, and holidays and any item where there is a

    likelihood that the Employee will be or will appear to have beenimproperly influenced the objectivity of the Employee in theperformance of this duties.

    b) Any other business courtesy given in an attempt to motivate theEmployee to do anything that is prohibited by law, regulation orBursas policy

    5.4.2 Notwithstanding the above, the following gifts or personal advantage(provided not exceeding RM300 in total value) that are deemed as notgiven to influence the employees performance of duties include, :-

    i) normal business courtesies, such as meals or other like entertainment;ii) token gifts which are occasional;

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    iii)gifts presented to employees during birthdays, weddings, Hari Raya,Chinese New Year, Deepavali and Christmas or other festive occasionswhen gifts are traditionally exchanged;

    iv)remuneration received from a governmental / statutory based body or anorganisation which is charitable or educational in nature for which anservices outside his duties to Bursa Malaysia;

    vi) non-cash gifts presented to the Employees attending social functions onbehalf of Bursa Malaysia;

    5.4.3 Bursa Malaysia prohibits the solicitation of any gift or personal benefit ofany value by an Employee of Bursa Malaysia from stock broking orfutures broking company , listed companies, suppliers or any person whohas any business dealings with Bursa Malaysia . This includes (but isnot limited to) subscribing, purchasing or selling a security at a price orcommission, which is more favourable than the price or commissionafforded to a member of the public.

    5.4.4 Public interest shall prevail over any conflicting interest an employee mayhave. Employees should evaluate their working relationship with BursaMalaysia to ensure that situations of conflict are avoided. To this end, anemployee may consult his immediate superior for advice. An employeeshall not act when he is placed in a position in which his views orjudgement is likely to be biased. It is the responsibility of each employeeto act and to perform his duties at Bursa Malaysia, with transparency,impartiality and objectivity.

    5.5 Dishonesty/General Conduct

    5.5.1 Employees shall not be involved in or aid or abet any activity that is a

    criminal offence punishable by imprisonment or one where the relevantauthorities deem as an activity that requires the Employee to be placedunder any legal order of restricted residence or banishment.

    5.5.2 Employees shall not be involved in or aid or abet any activity that isdeemed by Bursa Malaysia to be a misconduct. Misconduct shall includewithout limitation to acts involving:

    (a) use of foul or abusive language/behaviour against fellow Employeesor a superior or any person having business with Bursa Malaysia

    (b) use of threat or use of violence and or intimidation against another

    employee or persons having dealings with Bursa Malaysia in theBursa Malaysia premises

    (c) inciting religious or racial disharmony amongst Bursa MalaysiaEmployees or others,

    (e) participating in or inciting civil commotions and unlawful strikes

    (f) consumption/use of or being under the influence of alcohol orprohibited drugs/narcotics during working hours or possession,distribution or use/abuse of prohibited drugs/narcotics in Bursa

    Malaysias premises

    (g) conviction or imprisonment for any criminal offence by a court of law

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    which indicates unsuitability for the job or raises a threat to thesafety, well-being or reputation of Bursa Malaysia, its Employees,customers or property

    (h) wilful slow-down of work or inciting others to do so or conduct that isdisruptive towards fellow Employees or lawful visitors of BursaMalaysia

    (i) committing an immoral or indecent act in Bursa Malaysias premises(j) wilful insubordination or disobedience whether alone or on

    combination with others to any lawful and reasonable instructions ofa superior or those acting under the instruction of a superior, whichthe Employee is required to follow

    (k) engaging in activities involving the unauthorised use, sale, transfer,conversion or defacement Bursa Malaysia property or that of a

    fellow Employee,

    (l) bringing to or being in possession of or distribution of pornographicmaterial during working hours or in Bursa Malaysias premises,

    (m) organising of or participating in any gambling activity on BursaMalaysia premises or doing so during working hours.

    (n) money laundering activities during working hours or in BursaMalaysias premises,

    (o) use of property or facilities of Bursa Malaysia for purposes ofcommitting or attempting to commit or preparing to commit amisconduct.

    (p) money lending activities during working hours or in BursaMalaysias premises.

    5.5.3 Discovery

    Any Employee who becomes aware of any such activities as above isrequired to report such matters immediately to the Authorised Person(s)who will then refer the matter to GHR who is empowered to conduct a fullinvestigation. The management further reserves the right to report any

    actions or activity suspected of being of a criminal nature to the police orother relevant authority.

    Employees should not attempt to conduct individual investigations orinterviews/ interrogations in order to determine whether or not a suspectedactivity is, in fact, improper.

    5.6 Sexual Harassment

    5.6.1 Sexual harassment by or of any person(s) employed by Bursa Malaysia, isunacceptable and strictly prohibited. Employees are to be guided by theprovisions contained in the Code of Practice on the Prevention andEradication of Sexual Harassment In the Workplace issued by the Ministry

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    of Human Resource, Malaysia. A copy of the said code is available uponrequest, from GHR;

    5.6.2 Escalation Process for Sexual Harassment

    Due to the sensitive and personal nature of sexual harassment complaints

    and to protect victims from further embarrassment, all reports/complaints

    shall be treated in strictest confidence. Complaints and grievances shall be

    handled and resolved according to the escalation procedure prescribed in

    3.3 above.

    5.7 General Compliance

    5.7.1 Outside Interest

    No employee may engage in an outside interest that would encroach onhis time and / or attention that is required to be devoted to Bursa Malaysia.

    5.7.2 Property, Equipment and Use of Facilities

    Employees shall not cause any damage to property whether belonging toBursa Malaysia or to other Employees located within the premises ofBursa Malaysia or any use of any such property to commit any criminalacts or any act of misconduct as determined by Bursa Malaysia.

    Properties of Bursa Malaysia assigned to Employees are strictly to beutilised for work related purposes only. Abuse or misuse of the propertiesso assigned is a serious violation of the Code.

    5.7.3 Accurate Representation of Information

    It is the responsibility of all employees to ensure that the public or anyparty dealing with Bursa Malaysia with whom the Employee iscommunicating with on behalf of Bursa Malaysia, receives accurate andauthorised information only.

    5.7.4 Proper Recording and Disbursement of Funds and Other Assets

    Funds and other assets of Bursa Malaysia are to be used for legal andproper business purposes only. No unauthorised, false, improper ormisleading records or entries shall be made in the books and records ofBursa Malaysia.

    5.7.5 News Release

    No Employee of Bursa Malaysia is authorised to make any statementsabout Bursa Malaysia to the news media or the public without prior

    approval of the Chief Executive Officer or such other designated personnelor Authorised Persons of Bursa Malaysia.

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    5.7.6 Religious/Racial/Sexual Discrimination

    No Employee of Bursa Malaysia shall practice any form of discriminationor prejudice in the workplace.

    6 WHISTLE BLOWER PROCEDUREAll employees of Bursa Malaysia are encouraged to report to their management promptlyany breach or suspected breach of any law or regulation, including business principlesand company policies and guidelines.

    Any employee who wishes to make a report regarding any irregularity shall be able to doso without jeopardising its position at Bursa Malaysia. Each report shall be treated strictlyconfidential and promptly investigated. This procedure explains the rights and obligationsof a Bursa Malaysia employee who makes a report of a breach within Bursa Malaysia.

    6.1 Rights and Obligations of Employees Filing a Report

    Any employee is encouraged to report a breach to its manager or management,provided that such employee reasonably believes that the breach has taken place,is taking place or will take place.

    If an employee does not wish to make a report with his/her immediate manager ormanagement, or no action has been taken at that level, the employee may make areport to the Chief Executive Officer (CEO) of Bursa Malaysia by sending him amail or email. The CEO will send a copy of any report received to the Chairman ofthe Board of Directors within one week of the receipt thereof.

    If an employee has concerns regarding a breach concerning the CEO or theBoard of Directors, or a failure to act on a report, the employee may contact theChairman of the Board of Directors by sending him a mail or email.

    If an employee has concerns regarding a breach concerning the Chairman of theBoard of Directors, or a failure to act on a report, the employee may contact theChairman of the Audit Committee by sending him a mail or email.

    Save when the CEO, the Chairman of the Board of Directors, the Chairman of theAudit Committee, respectively, has refused to investigate the matter and allalternatives for internal consultation have been exhausted, an employee shallavoid any form of external or internal publicity concerning any breach he/sheintends to report.

    Any employee, who makes a report of a breach which he/she reasonably believesto be true, and from which breach he/she has no personal gain, will be givenprotection under this whistle blower procedure. This implies that Bursa Malaysiawill not discharge, demote, suspend, threaten, harass or in any mannerdiscriminate against any employee in the terms and conditions of employmentbased upon any lawful actions of such employee with respect to the reporting ofsuch a breach.

    The submission of a false or frivolous report may have consequences for theemployee and the employee may be liable for damages towards anyone whosuffered from such false report.

    6.2 Obligations of Bursa Malaysia and its Management

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    Bursa Malaysia expects management at all levels in the company to handle allmatters concerning any breach seriously, confidentially and promptly. Evidenceand documentation shall be preserved as per the instructions of respectively, theChairman, the CEO, and the Chairman of the Audit Committee.

    Management at all levels at Bursa Malaysia is obligated to fully co-operate with

    and assist the Chairman, the CEO, and the Chairman of the Audit Committee, andwhomever appointed to investigate the breach, in the investigations. It is themanagements responsibility to be able to clearly demonstrate that reports aretreated seriously, promptly and confidentially.

    Any person receiving a report pursuant to this procedure will, when employeedetails are available, acknowledge receipt of the report to the employee within fiveworking days of its receipt and maintain a log of all reports received, tracking theirreceipt, investigation and resolution. Copies of reports and such log will bemaintained in accordance with applicable legal requirements.

    6.3 Confidentiality and AnonymityAll reports of a breach will be dealt with in a confidential manner. Confidentialitywill be maintained to the fullest extent possible, consistent with the need toconduct an adequate investigation of the report.

    Bursa Malaysia encourages employees to report any breach directly, openly andin accordance with this procedure to their manager, management or the CEO,Chairman or Chairman of the Audit Committee, as appropriate. It is possible to filea report anonymously although this may hinder or complicate investigations andpossibly prevent appropriate action from being taken.

    6.4 DelegationThe Chairman, the CEO, and the Chairman of the Audit Committee may delegatethe responsibility for implementing the day-to-day running of this whistle blowerprocedure to the Company Secretary or one or more other officers of thecompany. Such officer (s) has the authority to investigate. The officer reports on aday-to-day and a case-by-case basis to the Chairman, the CEO, and theChairman of the Audit Committee, as appropriate.

    7. DUE INQUIRY

    Upon being notified of a violation of the Code, the Chief Executive Officer or personsdelegated by the Chief Executive Officer shall conduct an inquiry into such breach,according to procedures established for such an inquiry. The above inquiry anddisciplinary proceedings shall be co-ordinated by GHR in accordance with BursaMalaysias practices.

    8. PENALTY

    8.1 The Chief Executive Officer or persons delegated by the Chief Executive Officer,shall have the power where appropriate, to impose one or more of the followingpenalties in the event of breach and/or violation of the code of ethics:-

    a) oral warning;b) written warning;

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    c) stoppage/revision of increment;d) suspension without salary;e) demotion;f) dismissal;g) any other sanctions as may be deemed appropriate

    9. APPEAL

    9.1 In the event disciplinary proceedings have been concluded and a decision ofdismissal has been made in respect of a breach of this policy, an Employee mayappeal against such decision by notifying Group Human Resources (GHR) of hisor her intention to appeal within fourteen (14) days from receipt of notification ofthe decision.

    9.2 Upon being notified of an appeal, the Chief Executive Officer will initiate andcommence the Appeal Committee meeting for a hearing of the appeal. TheAppeal Committee will be headed by the Chief Executive Officer and will consist

    of at least four members, including the Head of GHR in an advisorycapacity. Should the appeal be successful the Employee will be reinstated tohis/her former position.