Geo Energy 19 • Our operation is mainly at Indonesia and it is foreseeable that sometimes laws will conflict with each other or with the Code or Company policy. If such conflict arises, we will consult with the Group legal team or Management before any action is to be taken. All employees of the organisation, including board of directors are required to follow the Code. • The Supplier Code of Conduct applies to all current and future suppliers of the Group and conveys the expectation for suppliers to adhere to the highest ethical standards when conducting business. It covers the topics of general conduct (exercise reasonable care, competence and professional manner in the work performed with respect, integrity, courtesy and cooperative attitude), confidentiality, ethical dealings, conflict of interest that may adversely influence the business relationship with Geo Energy, compliance with applicable competition laws, equality/fair standards, health and safety working environment, and compliance with all laws and regulations. For new vendor selection, the Group has a set of criteria, such as cost competitiveness, offered credit term, quality and availability of goods and vendor reputation/ background (inclusive of trade sanctions) to assess and evaluate such new vendor before any engagement. For evaluation of an existing vendor, the Group will perform a yearly review and assessment on the competitive pricing, after sales service, satisfactory service, internal financial and trade sanctions, response time to queries and delivery schedule to determine whether such vendor will be continued as an approved vendor or to cease the transaction with such vendor. The above two sets of criteria apply to the bidding process. Policy Name Description Code of Ethics and Conduct (the “Code”) • The Code provides guidelines, principles and expectations on professional conduct that should be upheld. • The Code contains clear guidelines on how the Board of Directors, employees and associated guests are expected to behave, as well as disciplinary actions taken in the event of non-compliance. • Prohibition on anti-competitive behaviour has also been stipulated in the Code. Whistleblowing Policy • The Policy establishes a formal channel for employees and relevant stakeholders to report occurrences of malpractice within the organisation. • The Policy ensures that all reports received through this channel are treated with confidentiality and impartiality, with no employee or third-party subject to consequence or retaliation for a report made in good faith. • Whistleblowing reports are reviewed by the Audit and Risk Committee (ARC) to facilitate investigative action and resolution. • The ARC received zero whistleblowing reports during this reporting period. Anti-Bribery and Corruption (ABC) Policy • The ABC Policy outlines rules surrounding money laundering, gifts, entertainment and hospitality expenses. • Employees who violate the ABC Policy will be subject to prompt disciplinary action or termination. • The Group’s anti-corruption policies and procedures have been communicated to all governance body members and employees, including new joiners, in Singapore and Indonesia. All employees are mandated to undergo anticorruption and bribery training. The latest training was conducted in 2022, and the Group is looking to conduct the training annually from 2024. For investment opportunities, a preliminary analysis will be conducted to determine if the merger and acquisition (M&A) target fits into the corporate business strategy, followed by a due diligence exercise. We operate under our Good Corporate Governance (GCG) principles and framework which enables us to embed accountability and transparency within our operations. Our adherence to the Code of Corporate Governance 2018 (Code 2018), which is detailed in our annual report, is substantial and regularly reviewed in line with latest regulations and standards. Geo Energy strictly aligns to mandatory legislations and complies with necessary laws and regulations. We comply with SGX Listing Rules, the Principles and Practice Guidance as outlined in the Code of Corporate Governance 2018, and laws and regulations of the jurisdictions we operate in. In addition to this, we have implemented the following policies to further reinforce our corporate governance system. We are obliged to fully comply to the following policies:
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