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Financial Reports &
Governance Other Information HENGYUAN REFINING COMPANY BERHAD l ANNUAL REPORT 2023 63

The minutes of the meetings were circulated to the Board and In addition, the BWC was established by the Board to carry
respective Board Committees members within ten (10) working out the following objectives:
days after the meeting, allowing members and Management i. Review, investigate and resolve complaints of improper
to provide comments. Thereafter, the final draft Minutes were conduct of any member of the Board or any employee of
distributed to the Board and the respective Board Committees the Company that is submitted to the BWC through the
at least five (5) working days before the following meeting Company’s whistleblowing channel;
together with the Board papers. The chairman of the meeting
at which the proceedings were held or the chairman of the next ii. Develop the Company’s Whistleblowing Policy and
succeeding meeting will approve the finalised Minutes. procedures and to implement them together with the
Management of the Company; and
Board Charter
iii. Periodically assess the adequacy and effectiveness of the
The Board reviews and evaluates the adequacy of its Board Company’s Whistleblowing Policy and procedures and to
Charter on a regular basis to ensure that there is clarity in revise them as necessary.
the roles and responsibilities of the Board, its committees,
individual directors, the relationship between the Board and The Board regularly reviews and updates the Company’s
Management and issues reserved for the Board. Whistleblowing Policy. The Whistleblowing Policy and TOR
of the BWC are published on the Company’s website at
The Board regularly reviews and updates the Company’s Board www.hrc.com.my.
Charter, with the most recent update on 26 February 2024,
to align with the amended MMLR issued by Bursa Malaysia. Addressing Sustainability Risks and Opportunities
The Board Charter is published on the Company’s website at Amongst the roles of the Board is to ensure that the Company
www.hrc.com.my. adopts a strategic plan that supports both short-term and
long-term value creation and includes strategies on economic,
Code of Conduct
environmental, safety & health, social and governance
The Company continues to enforce strict compliance to its considerations underpinning sustainability.
Code of Conduct, which provides information and guidelines for The Board sits on top of the Company’s sustainability
the Company to achieve its business principles and core values governance structure and holds overall responsibility and
in the conduct of its businesses and operations. The Code of oversight on all sustainability matters of the Company.
Conduct addresses areas which include, but is not limited to, The Management, led by the CEO, develops and recommends
unacceptable behaviour, conflict of interests, breach of laws and the strategy to ensure viability and long-term economic,
regulations, insider dealing, use of information technology and environmental and social sustainability of the business to the
electronic communications, data privacy, intellectual property, Board, and provides leadership and oversees implementation
information and records management, gift & hospitality of the sustainability strategy. The Management evaluates
procedure, disclosures and business communication.
overall risks and opportunities of the Company in weekly and
The Code of Conduct is supplemented by the Company’s Gift monthly management meetings based on reports received
& Hospitality Procedure, which sets out the procedures for from the steering committees and the respective departments
accepting, receiving and declaring gifts from the Company’s of the Company.
business partners.
Carbon footprint reduction remains the core driver of a
The Company’s Anti-Bribery & Corruption & Anti-Money sustainable future and hence, HRC will focus on reducing
Laundering Manual (ABC & AML Manual) further solidifies the CO emission in its production as the key strategic initiative.
2
Company’s proactive measures in ensuring that its employees The Board has approved the Company’s aspiration to achieve
and business partners comply with laws and regulations that “Net Zero Carbon Emission by Year 2050” and the Company’s
prohibit bribery, corruption and money laundering. establishment of the ESG framework. Two key elements
have been incorporated into the strategies to achieve the
The Code of Conduct and ABC & AML Manual are accessible on Company’s aspiration:
the Company’s website at www.hrc.com.my.
(i) Reduce emission through optimisation of energy
Whistleblowing
consumption as well as usage of renewable/alternate clean
The Company has a Whistleblowing Policy to encourage and energy; and
facilitate the disclosure of genuine and legitimate improper
conduct raised by employees of HRC, employees of HRC’s (ii) Seek initiatives such as nature restoration projects to
contractors, vendors, customers and members of the public at compensate for the emission.
the earliest opportunity.