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In FYE2020, certain governance
processes have been strengthened
after a thorough review of the Group’s
integrity infrastructure for which an
external consultant had been engaged.
The exercise involved not only the review
of the Board Charter and the terms of
reference of the Board committees, but
also entailed a review of the policies
of the Group and the anti-bribery
framework. This is to ensure that our
management practices remain relevant
and effective for the Group’s ongoing
performance.
Our Anti-Bribery policy includes inter
alia policies on ethical behaviour,
including the acceptance of the
offering of corporate hospitality
and gifts. For example, corporate
hospitality must be reasonable and
proportionate, and any gifts given or
received must not conflict with our
obligations to that party. Furthermore,
our procurement and authorisation
procedures are consistent and
transparent so that all payments are
documented and understood. These
internal control procedures are also
subject to regular review to provide
assurance that they are effective in
countering any risk of bribery and
corruption. A significant number of
written agreements entered into by our
businesses with their respective vendor
and customers include specific anti-
bribery and corruption clauses.
In addition, the Board, through the
Audit and Risk Committee reviews and
monitors all related party transactions
and conflicts of interest situation, if
any, on a quarterly basis. A Director or
member of senior management who
has an interest in a transaction must
abstain from deliberating and voting
on the relevant resolutions, in respect
of such transaction.
Cybersecurity
The Group acknowledges the
importance of cybersecurity as a critical
feature in preserving our data integrity
and maintaining trust amongst our
stakeholders. Being able to provide
continuity of our cybersecurity agenda,
will ensure protection towards the
Group’s IT network, information and
communications assets. Threats of
malicious software, phishing attacks
and spams are all matters we take
seriously. During the year, there were a
few incidents of phishing and malware
targeted at our employees. For this
reason, we have taken additional
security measures improve our
readiness to respond against cyber
attacks which are getting increasingly
sophisticated and prevent misuse and
unauthorised access to our systems.
We strive always to ensure that our
cybersecurity is up to the latest
industry standards.
Responsible Procurement
As we continue to find more effective
ways to do business and respond to
external changes and disruptions,
we recognise the influential role we
can and need to play in delivering
sustainable solutions for our
customers, suppliers and the broader
community. We interact with our
suppliers in a variety of ways including
tender and bid processes, surveys,
site inspections and events. These
interactions cover a broad range
of topics such as cost efficiencies
and ways of working as well as
environmental and social compliance.
For example, as part of International
Food Corporation Limited (“IFC”)
procurement practice, before any
major fish supply contract is executed
with a new supplier, our management
team would usually conduct on-site
visits to get assurance that the supplier
can adhere to our sustainability and
compliance standards. Sustainability
and traceability are high on IFC’s
agenda when making purchase
decisions. By only sourcing tuna
from an approved list of the fishing
vessel, i.e. those registered under the
ProActive Vehicles Register, IFC is able
to ensure it is not supporting illegal
fishing or sourcing from vessels on the
Illegal, Unreported and Unregulated
(“IUU”) blacklists supplied by relevant
tuna management bodies. For each
catch, IFC is also able to determine
when, where, and how it was caught.
Observers from National Fisheries
Authority of Papua New Guinea
(“NFA”) are on board the vessels
that catch tuna to ensure the vessels
operators are adhering to the required
standards. During FYE2020, IFC did not
incur any IUU-related violations.
The majority of the tuna that IFC
buys is skipjack and yellowfin, which
is considered to be highly fertile and
abundant. Moreover, tuna fishery in
PNG is managed under the National
Tuna Fishery Management Plan,
which regulates among others total
allowable catches of tuna, thereby
maintaining sustainable stock levels.
Moving forward, IFC intends to secure
more than tuna caught without the Fish
Aggregate Device (“FAD”).
Sustainability : Governance
kumpulan Fima Berhad
(197201000167)(11817-V)
Annual Report 2020
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