Bribery and corruption là gì

This Policy establishes principles that governs Principal Asset Management Berhad [Principal]’s conduct in order to, a] conform to the U.S. Foreign Corrupt Practices Act [FCPA], the UK Bribery Act and similar anti-corruption laws worldwide [as the company is also bound by the laws affecting its Group], the MACC Act and Guidelines on Adequate Procedures pursuant to MACC Act Section 17A [5] and b] more broadly, reinforce our intention and obligation to act honestly and ethically in all of our business dealings. 

“People want to work with companies they can trust. Principal has built a strong reputation for being an ethical, trustworthy company. Each of us has a responsibility to protect that reputation by demonstrating honesty and integrity as we interact with customers, business partners and each other.” - Dan Houston, chairman, president and CEO.

Scope

This policy applies to all employees, including those of wholly and majority-owned entities of Principal. 


Policy Statement 

Bribery and corruption are not only against our Company values; they are illegal and can expose both the employee and Company to fines, penalties, including imprisonment and reputational damage. At Principal, bribery is never permitted. We will not seek to influence others, either directly or indirectly, by offering, paying or receiving bribes or kickbacks, or by any other means that is considered unethical, illegal or harmful to our reputation for honesty and integrity. Employees and representatives of the Company are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes to government officials [domestic and foreign]; this Policy applies to non-government business partners as well. 


What is Bribery and Corruption? 

Corruption is dishonest or fraudulent conduct by those in power, typically involving bribery. Bribery is offering, giving or receiving anything of value with the intention of inducing a person to act or to reward a person for having acted. It is important to understand that a corrupt act has occurred even if:  

  1. A bribe does not succeed.  
  2. A person authorizes or provides direction for a bribe but no bribe is ultimately offered or paid.  

 
“Anything of value” includes, but is not limited to:  

  1. Cash, cash equivalents [such as gift certificates/cards], stock, personal property and assumption or forgiveness of a debt. 
  2. Gifts, meals, entertainment, travel – Any corporate travel, gifts, entertainment and meals must be proportionate to the occasion and comply with Principal’s gift & entertainment policy.
  3. Political contributions.  
  4. Charitable contributions – if made to a charity at the direct request of a government official or private business partner, it could be considered an indirect bribe made in order to obtain or retain business or to secure other improper business advantage.  
  5. Job offers or internship awards – offers to Government Officials [or their relatives] can present a risk of violating anti-bribery or anticorruption laws and regulations. Compliance must be consulted prior to making such offers. 


Third Parties

Companies cannot avoid liability by using a third party to give or receive a bribe. A third party includes, but is not limited to consultants, agents, representatives, contractors and advisors.     We must clearly convey to third parties representing the Company that we expect them to comply with our Bribery and Corruption Policy.   In some jurisdictions, the Company can be convicted of a criminal offense if it fails to prevent bribery carried out on its behalf by a third party even if no one in the Company had actual knowledge of the bribe.      

Whenever the Company seeks to engage a third party in a context in which the third party may interact with a Government Official for or on behalf of the Company, the following guidelines apply: 

  1. Due diligence is performed to ensure that the third party is a bona fide and legitimate entity; is qualified to perform services for which it will be retained; and maintains standards consistent with the legal, regulatory, ethical and reputational standards of the Company.  
  2. Agreements with third parties will be in writing and contain provisions related to the following, based on corruption risk present in the third party relationship: - A representation that the third party will remain in compliance with all relevant anticorruption laws, including the FCPA.  

    - A provision that requires the third party to respond to reasonable requests for information from the Company regarding the work performed under the agreement and related expenditures by the third party. 


Government Officials

Laws and regulations are strict when dealing with Government Officials. Reasonable corporate hospitality that is acceptable with other business associates might not be allowable when Government Officials are involved.  

Before such expenses are incurred, obtain approval from your Compliance Director/Legal contact.

A Government Official is any:  

  1. Individual elected or appointed to a governmental entity,  
  2. Official or employee of a government, official or employee of a company wholly or partially controlled by a government [such as state-owned companies],  
  3. Candidate for political office,  
  4. Political party or official of a political party, or  
  5. Person acting in an official capacity for any of the above regardless of rank or position.  

  The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.    

Some laws allow expenses which relate to reasonable and bona fide travel, accommodation and meal expenses in connection with a contract between the Company and the third party, or the demonstration of Company capabilities relating to proposed business with the third party.


Facilitation Payments

“Facilitation or grease payments” facilitate a normal government bureaucratic function, such as to expedite processing paperwork. However, they are not allowed under the UK Bribery Act and they are prohibited by this policy.


Policy Violations

Failure to follow this Policy could result in disciplinary action for employees or termination of a non-employee’s relationship with Principal. Violations can be reported anonymously by using the online reporting form. Our Whistleblower Policy protects employees, customers and third parties [including but not limited to consultants, agents, representatives, contractors and advisors] who report concerns in good faith.


Reporting Violations

Employees and representatives should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law.  If you are offered a bribe from a person or entity doing business with or seeking to do business with the Company, report it immediately to your business area’s Compliance Director/Legal contact.  If you are offered something of value and are uncertain whether you are allowed to accept it, refer to the gift and entertainment policy and standards applicable to your location, or check with your leader or your business area’s Compliance Director/Legal contact.  Violations can be reported anonymously by using the Ethics Hotline or online reporting form. Our Whistleblower Policy protects employees who report concerns in good faith. 

There is no universal definition of bribery but all definitions have in common that it involves someone in an appointed position acting voluntarily in breach of trust in exchange for a benefit. The benefit does not have to involve cash or a payment exchanging hands. It can take many forms such as lavish gifts, hospitality and expenses, access to assets or a favour made to a relative, friend or favoured cause.

TI defines bribery as: the offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal, unethical or a breach of trust. Inducements can take the form of money, gifts, loans, fees, rewards or other advantages [taxes, services, donations, favours etc.].

When a person offers, promises or gives a bribe, it is called ‘active bribery’ and when a person requests, receives, or accepts a bribe, it is called ‘passive bribery’.  Both forms are of concern to companies and are outlawed in most countries. Until the advent of the UK Bribery Act, the focus of anti-bribery legislation had been on active bribery of foreign public officials as this is the main arena for bribery because of the harm it brings to societies and the way it undermines fair trading. For example, the OECD Anti-bribery Convention and the U.S. Foreign Corrupt Practices Act [FCPA] address only active bribery.  

Examples of active bribery

  • Bribing a public official in order to:
    • Be awarded a contract in the briber’s favour.
    • Obtain an inspection report or to be awarded a license.
    • Circumvent planning or safety controls. For a case study, click here.
  • Channelling bribes to win public contracts through a consultant.
  • Payment of small bribes to customs officials to expedite passage of goods through a port.
  • Employing a public official’s son to influence the award of contracts.
  • Providing sponsorship fees and excessive travel expenses for doctors to influence them to prescribe a pharmaceutical company’s products.

Examples of passive bribery

Passive bribery takes place most often in certain operating functions; examples of instances are below:

  • Security: A security officer in a company accepts a bribe from criminals to allow access for theft.
  • Purchasing and procurement: A procurement executive demands a ‘kickback’ to award a contract. This involves a portion of the contract fee being given back to the individual who made the decision to award the contract. The consequences of such bribery can include financial loss through overpaying for goods, projects or services and purchase of substandard, counterfeit or otherwise non-compliant goods or services. See the UK retailer case study.
  • Allocation of goods and services: An employee favours a customer by expediting delivery at the expense of other customers or giving preferential allocation of goods or services.
  • Recruitment: An executive demands a bribe to appoint or promote a person who would otherwise not have been selected. A senior buyer awards a contract on the strength of promise of a lucrative appointment with the supplier after a suitable interval.
  • Insider fraud: A bank employee accepts a bribe to provide details of the bank’s customers.  See case study.
  • Illegal information brokering: An executive accepts a bribe to provide contract specifications to be used in a tender ahead of time. Bribery might also be accepted to alter the specification in favour of a bidder.

5.3.1 The Deadly consequences of bribery to avoid planning and safety rules

A Chinese court in 2016 gave the head of a logistics company a suspended death sentence and a fine of more than 700,000 yuan [about U.S. $100,000] over a massive explosion on 12 August 2015 at a chemical warehouse in the eastern port city of Tianjin that killed 173 people. The dead included 99 firefighters and 11 police officers. Another 798 people were injured, largely because the company illegally built its warehouse too close to residential apartments. The cost of damage was estimated to be U.S. $1 billion according to a report by the Chinese government.

The court ruled that Ruihai International Logistics Chairman Yu Xuewei paid bribes to obtain permission to illegally store more than 49,000 tons of sodium cyanide and other highly toxic chemicals at the company’s warehouse in the city’s port between 2013 and 2015. The explosion was among China’s deadliest industrial accidents in recent years and the resulting investigation was directly overseen by the Cabinet.

Various other Tianjin courts gave lesser sentences to 48 other people. They included 25 local government officials and workers accused of dereliction of duty, abuse of power and bribe taking, 12 other Ruihai employees accused of taking part in the scheme and 11 employees of a company that provided phoney certificates supporting the company’s operations.

5.3.2 Passive Bribery by Bank Employees: Bank’s Customers Robbed of £113 Million

Along with his accomplices, Feezan Choudhary stole £113 million from a UK bank’s customers. He paid a £250 bribe every time corrupt staff at a UK bank provided information about the bank’s customers. In September 2016, he was jailed for 11 years and a total of 19 people were convicted including three of the bank’s employees. 

5.3.3 Passive Bribery in a UK Retailer

Two former IKEA staff and a supplier were found guilty in the UK in 2007 in a £1.3m bribes case.  The convicted parties set up a number of companies to supply goods to the UK operation of IKEA. IKEA operated a policy whereby it would not take more than 40 per cent of a supplier’s turnover. This ‘turnover rule’ was designed to prevent suppliers being overly reliant on IKEA’s business. In this case virtually the entire turnover of these companies was with IKEA. In addition, by supplying goods through the supplier’s various companies the true extent of the scale of turnover of the supplier’s business with IKEA was masked. To help keep this fact from being discovered and to ensure that the companies’ supplies and invoices would be approved, corrupt payments were made to two IKEA executives in influential positions in purchasing and retail sales. Ultimately the position was reached where the supplier was dictating what would be ordered by IKEA according to what goods the supplier had available.

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TI defines bribery as the offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal, unethical or a breach of trust.  This covers ‘active bribery’ whereby an employee of the company offers, promises or gives an advantage, and ‘passive bribery’ which is when an employee requests, agrees to receive or accepts an advantage. 

It is important to understand the key definitions and types of bribery in order to assess and mitigate the risks.  For example ‘Kickbacks’ which have an element of both active and passive bribery, are a particular risk in procurement and purchasing.

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