OVERVIEW

The principles of corporate governance encompass transparency, accountability, integrity, and corporate performance.

The Board of Directors acknowledges the significance of upholding sound corporate governance. In guiding the Group's operations, the Board is unwavering in its commitment to adhering to the rigorous standards established by the Malaysian Code of Corporate Governance ("the Code").

The Board mandates that all executives, employees, and business partners of the Group adhere to the highest standards of business integrity. Consequently, the Group's Code of Business Conduct and Ethics ("COBCE") and standard operating policies and procedures are strictly enforced to instill and foster a culture of corporate governance and open communication via our 'Speak Up' culture .

Additionally, the Board recognizes the vital role of the Internal Audit, Risk Management, and Compliance functions in upholding the elevated standards outlined in the Code and the COBCE.

OVERVIEW

The principles of corporate governance encompass transparency, accountability, integrity, and corporate performance.

The Board of Directors acknowledges the significance of upholding sound corporate governance. In guiding the Group's operations, the Board is unwavering in its commitment to adhering to the rigorous standards established by the Malaysian Code of Corporate Governance ("the Code").

The Board mandates that all executives, employees, and business partners of the Group adhere to the highest standards of business integrity. Consequently, the Group's Code of Business Conduct and Ethics ("COBCE") and standard operating policies and procedures are strictly enforced to instill and foster a culture of corporate governance and open communication via our 'Speak Up' culture .

Additionally, the Board recognizes the vital role of the Internal Audit, Risk Management, and Compliance functions in upholding the elevated standards outlined in the Code and the COBCE.

Our Code of Ethics delineates the standards that every individual within Bumi Armada is expected to adhere to in the course of our business dealings. It provides comprehensive guidelines for legal compliance, integrity in business transactions, prevention of illegal and questionable payments, and appropriate practices concerning gifts and entertainment. 

We do not tolerate incidents of corruption. Each employee is mandated to acknowledge their adherence to the Code of Ethics, which notably addresses issues such as child labor and minimum wage standards. By upholding this code, we aim to demonstrate our collective commitment to robust values, and to take pride in being part of this cohesive group. We anticipate the same level of ethical conduct from our business partners. The Code of Ethics is disseminated to all employees and customers, and our suppliers are obligated to conform to our Code of Procurement Ethics.

Learn more about the Bumi Armada Code of Conduct here.

Bumi Armada considers human rights to be a fundamental value that underpins the sustainability of our organization. It is fully committed to conducting business with fairness, dignity, equality and mutual respect (see BAB Human Rights Policy), whilst being dedicated to applying the international principles aimed at protecting and promoting human rights, as described in the United Nations Global Compact (UNGC) and other applicable international human rights standards, applicable laws and regulations across our global business operations.

Learn more about the Bumi Armada Human Rights Policy here.

Underlying our human resources activities is a strong commitment to equal opportunities, in order to attract the best talent across gender and cultures to serve our global operations. Our Employee Handbook clearly indicates “Employment decisions are based on merit and business needs, and not on race, colour, citizenship status, national origin, ancestry, gender, sexual orientation, age, weight, religion, creed, physical disability, marital status, veteran status, political affiliation, or any other factor protected by law. Wherever possible we will endeavour to reflect a country’s diversity in our staff strength.”

The Board of Directors (the “Board”) places strong dedication and commitment to the highest standards toward an effective Compliance function in-line with the Malaysian Code on Corporate Governance 2017. The Board also supports the Compliance role in reviewing the adequacy and integrity of the company’s internal control systems and management of information systems for compliance with Standard Operating Policies (SOP), relevant laws and regulations, rules and guidelines and industry directives.

Bumi Armada Berhad is firmly dedicated to upholding ethical standards and ensuring full compliance with all relevant laws and regulations across its operational jurisdictions. To achieve this goal, the company relies on the commitment of its directors, officers, managers, employees, customers, partners, suppliers, and agents to adhere to applicable laws, regulations, company policies, the Anti-Bribery and Corruption Policy (ABC Policy), and the Code of Business Conduct and Ethics.

The objective of this policy is to foster a culture where employees and stakeholders feel empowered to report any instances of unethical or illegal conduct without fear of reprisal. Specifically, the policy aims to:

  • Support employees and stakeholders in confidentially reporting suspected violations of laws, regulations, the ABC Policy, and the Code.
  • Proactively prevent and deter misconduct that could harm the company’s financial performance and reputation.
  • Ensure that all reports are handled seriously, treated confidentially, and managed without fear of retaliation.
  • Promote and cultivate a culture of openness, accountability, and integrity.

Reporting under this policy is open to employees, stakeholders, and any concerned parties. Reports are to be made to an independent third-party hotline provided by Navex Global (see link to Speak Up Hotline), which operates around the clock and offers assistance in multiple languages. Reports can also be made securely through a dedicated website.

For further details, the toll-free number and website are available at bumiarmada.ethicspoint.com.

Learn more about the Bumi Armada Anti Bribery & Corruption (ABC) Policy here.

Additionally, you may review the details of the Bumi Armada Speak Up Policy by following this link.

  • ENTERPRISE RISK MANAGEMENT 

The Board is committed to the highest standards of effective enterprise risk management in line with the best practices provided in the Malaysian Code of Corporate Governance (“the Code”). An enterprise risk management approach aligns strategy, processes, people, technology and knowledge with the purpose of evaluating and managing potential risks to the Group. It enhances and encourages the identification of opportunities through continuous improvement and innovation.

  •  RISK MANAGEMENT STATEMENT 

The Bumi Armada Berhad Group is committed to an effective enterprise risk management framework that ensures sustainable business growth and promotes a proactive approach to reporting, evaluating and managing risk. up. Such approach is in line with the risk framework that has been implemented by the Risk Management Committee and approved by the Board of Directors.

INTERNAL AUDITS

Internal Audit is conducted by the Group’s Internal Audit Department (IAD) which has been established by the Audit Committee (AC). The IAD is independent of the activities it audits. Audits are performed with impartiality, proficiency and due professional care.

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CHARTERS

POLICIES

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Internal Audit Reports are tabled at AC meetings. The AC will review, assess and approve the internal audit plans and programmes and provide guidance to the IAD as and when necessary. The AC also reviews and monitors the responsiveness of the management to significant audit findings and the recommendations of the IAD.

AC has directed that part of the management’s annual key performance indicators include the proper close out of key audit findings to ensure all significant audit findings are closed out in a timely manner. The IAD assists the Group in accomplishing its goals by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of the various processes and controls within the Group. The IAD maintains its impartiality and proficiency and due professional care by having its plans and reports directly under the purview of the AC.

The reports from any reviews performed by the IAD are also forwarded to the auditee’s management and shared with business unit heads, the CEO and CFO. Management is responsible for ensuring that corrective actions are taken within the stipulated time frame and all outstanding/open items are reported.

The IAD adopts the main standards and principles outlined in the International Professional Practices Framework of The Institute of Internal Auditors and this has been incorporated in the practical IAD methodology that is used to guide the ways of working of the IAD.