As a not-for-profit organisation under the purview of the Charities Act, SIM enforces stringent corporate governance guidelines to ensure that we are transparent and are compliant with legal regulatory requirements.
SIM adopts an enterprise-wide, systematic and integrated approach to risk management in identifying key risks and ensuring appropriate risk mitigation measures are in place, reviewed and monitored.
Assuming the overall governance of SIM is the Board of Directors. Comprising independent elected members, the Board is responsible for the strategic direction of SIM, provides governance oversight on all financial, remuneration, risk and audit matters, and closely monitors compliance with control measures.
The Internal Audit Division, as part of SIM's corporate governance framework, supports the Board to oversee SIM’s functions in whistle-blowing, internal and external audits.
As part of good corporate governance, SIM has in place the Whistle-Blowing Policy and Conflict of Interest best practices. Under the latter, Board members or staff who have personal interests in business transactions or contracts that SIM may enter into or have vested interest in any organisation that SIM has dealings with, are required to declare such conflicts of interest to the Board or senior management immediately, and to abstain from any discussion or decision making on the matter of interest.
The SIM Whistleblowing Policy, which has the full support and commitment of the Board, Audit & Risk Committee and the SIM senior management, has been put in place with this objective. The Whistleblowing Policy extends the notion of corporate governance to all customers, suppliers, employees and other stakeholders, allowing them to take responsibility in playing their part to help SIM achieve a greater level of public confidence in our corporate governance.
SIM takes whistle blowing very seriously. SIM has set up various reporting channels for its customers, suppliers, employees and other stakeholders to report, in good faith, details of any instances of illegal or unethical misconduct. The identity of the whistleblower and the information provided will be protected but may, under certain circumstances (e.g. where it is legally required among other reasons), be disclosed on a need-to-know basis to relevant parties.
SIM does not condone any acts of reprisal against a whistleblower. Any alleged acts of reprisal will be investigated promptly and action taken against any person found to have committed such acts.
SIM has appointed CLA Global TS, an external Whistleblower service provider, as our independent platform for Whistleblowing concerns to be raised.
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