Singtel is committed to upholding the highest standard of corporate governance and strong business ethics through implementation of appropriate policy, structure and enforcement of our Code of Ethics and core value of integrity.
Major control initiatives across the businesses were implemented focusing on establishing and maintaining accountability for prevention, detection and reporting of fraud and applying the group’s zero tolerance policy at the highest levels of management.
The adoption of the Fraud Investigation and Whistleblower Protection Policy in Singtel, along with our whistleblower programme, provides robust internal controls in the management of fraud risk, through prompt identification of suspected frauds and encouraging employees to raise concerns about fraud or other irregularities without any fear of reprisal. The Policy and related processes, including the adoption of zero tolerance approach to fraud, are formally communicated to our people each year. The Policy requires independent and prompt investigation of all fraud matters by Internal Audit and prompt and regular reporting of all significant fraud cases and whistleblower complaints to the Audit Committee, Senior Management and external auditors, as appropriate.
Fraud and control awareness training programmes were
rolled out throughout the year to educate our people
on fraud risk and mitigating measures. A total of 202
participants attended such training in FY2012. Internal
Audit worked with Management to conduct regular training
sessions in Singtel including overseas subsidiaries and
offices and at workshops organised by Management.
The training sessions included discussion of past fraud
cases and the lessons learnt on internal controls. Fraud
Awareness Training, conducted on-line via eLearning, was also part of the compulsory annual compliance training and launched to |
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2,168 employees or 16.1% of workforce.
The training included fraud reporting structures and
understanding of the whistleblower programme.
We also launched a Code of Ethics with Vendors in
December 2011 requiring all our people to comply with the
guidelines covering gifts and hospitality to avoid a situation
of conflict or potential/perceived conflict of interest. They
have to make the necessary declarations to HR and their
line supervisor as well as report any breach or case
involving potential or alleged fraud to HR and Internal
Audit.
We require our people to be honest in all business dealings
at all times. Any payment or in-kind transaction, such as
gifts or favours, to influence business opportunities or
decisions in Singtel’s favour is prohibited. Singtel has a
strict code of conduct that governs employee dealings with
customers, suppliers, competitors and the community and
we adopt a zero-tolerance policy against any employee
who has, for example, committed a criminal offence or
other serious misconduct that may affect our corporate
reputation.
In accordance with the requirement under SGX Listing Rule 1207 (10) which came into effect on 29 September 2011, the Board is required to issue an opinion to the shareholders on the adequacy of Singtel Group’s internal controls, addressing financial, operational and compliance risks in the Corporate Governance section of the Annual Report.
The framework and process to support the Board’s opinion
on the adequacy of Singtel Group’s internal controls
include reviews and statutory audit of financial statements
by external auditors, results of work performed by Singtel Internal Audit, annual certification by Management on adequacy and
effectiveness of risk management and internal controls, reporting
protocol for escalating major incidents and violations |
