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Governance also ensures that we are meeting expectations and carrying out our mandate for sustainability, while also mitigating risks in the business. It is intended to future-proof and put in place controls that limit the organisation’s risk exposure, which also ensure commercial sustainability. Appropriate policies and practices reinforce a healthy culture of integrity and transparency throughout the organisation. 

 

 

 

Sustainability Governance

Through the Group Sustainability Policy, Sustainability Risk Management Framework and Sustainability Operating Model, CIMB enforces good sustainability governance.

 

Group Sustainability Policy

 

The Group Sustainability Policy (GSP) outlines CIMB’s approach to sustainability (including its risk management). The GSP provides guidance on how sustainability risks should be managed. It is guided by five key principles:

 

  • Ensure that the management of our internal operations and employees is consistent with our policies and position on various sustainability risks.

  • Take appropriate measures to manage sustainability risks of our business activities and not engage in business activities that do not meet our policy requirements.

  • Adopt an inclusive approach to our business relations and strive to positively influence their own sustainability performance and commitment.

  • Engage actively and openly with our stakeholders, including suppliers on proactive management of sustainability risks and identification of opportunities for sustainable growth.

  • Exercise due care and diligence to evaluate, adopt and advocate proactive measures to minimise and in the long-run prevent environmental harm, as well as promote social equity.

 

Sustainability Risk Management Framework

 

The Framework:

 

  • identifies and assesses the various sustainability risk components, to include environmental, social, economic and ethical risks;

 

  • defines the appropriate governance, which is supported by appropriate policies and procedures;

 

  • puts in place risk assessment tools to improve the understanding of and preparedness against existing and emerging sustainability risks;

 

  • ensures due diligence and assessment of sustainability risk impacts; and

 

  • cultivates a risk management culture through the three-lines of defense, as well through the relevant controls and measurements for efficient/credible reporting.

 

 

 

Corporate Governance

It is important for us to maintain strong governance practices given the highly regulated industry in which CIMB operates in. CIMB has adopted various initiatives to provide appropriate accountability and transparency as well as establish proper culture and behaviours.  

 

Find out more here.

 

Anti-Money Laundering / Counter Financing of Terrorism

 

CIMB Group is committed to enforcing an effective internal control system for anti-money laundering / counter financing of terrorism (AML/CFT) in compliance with all related laws, regulations, guidelines and industry-leading practices. Proceeds from financial crime and unlawful activities pose a continuous threat to the financial system. The Group’s policy complies with relevant AML/CFT practices, laws and regulations in all markets and jurisdictions where we operate. 

 

Anti-Bribery and Anti-Corruption Policy

 

We are committed to conducting our business free from any form of bribery or corruption. We adopt a zero-tolerance approach to any acts of bribery or corruption perpetrated by employees, suppliers and others with whom we do business or who act on our behalf. As commitment to this Anti-Bribery and Corruption Policy, CIMB has also developed a No Gift Policy in our conduct with our customers in relation to entertainment and the receipt and giving of gifts.

 

 

Sustainability Governance

Through the Group Sustainability and Governance Committee, Group Sustainability Policy, Sustainability Risk Management Framework and Sustainability Operating Model, CIMB enforces good sustainability governance.

 

Group Sustainability and Governance Committee

 

The Group Sustainability and Governance Committee (“GSGC”) is chaired by Ms. Teoh Su Yin and the members are Datuk Mohd Nasir Ahmad, Mr. Robert Neil Coombe, Ms. Shulamite N K Khoo and Mr. Didi Syafruddin Yahya, all of whom are Independent Directors. Madam Ho Yuet Mee, the Permanent Invitee to GSGC is also an Independent Director.

 

The GSGC’s primary purpose is to assist the Board in fulfilling its responsibilities in advocating and fostering a culture/DNA of sustainability, ethical conduct, and integrity across the Group. The GSGC provides oversight and input to the Management’s implementation, operation and assurance of policies and standards in alignment with the CIMB Group’s sustainability and climate change strategy, and takes a proactive approach to create a net positive impact on Environmental, Social and Governance (ESG) material matters arising from the Group’s capacity as a lender / financier, investor, service provider, purchaser, operator, advisor, business partner, sponsor, corporate donor, or as an employer. The GSGC also oversees the management of bribery, corruption and other related risks and the consequence management of breaches thereof. 

 

Please click here to view the terms of reference for the GSGC.

 

Group Sustainability Policy

 

The Group Sustainability Policy (GSP) outlines CIMB’s approach to sustainability (including its risk management). The GSP provides guidance on how sustainability risks should be managed. It is guided by five key principles:

 

  • Ensure that the management of our internal operations and employees is consistent with our policies and position on various sustainability risks.

  • Take appropriate measures to manage sustainability risks of our business activities and not engage in business activities that do not meet our policy requirements.

  • Adopt an inclusive approach to our business relations and strive to positively influence their own sustainability performance and commitment.

  • Engage actively and openly with our stakeholders, including suppliers on proactive management of sustainability risks and identification of opportunities for sustainable growth.

  • Exercise due care and diligence to evaluate, adopt and advocate proactive measures to minimise and in the long-run prevent environmental harm, as well as promote social equity.

Group Sustainable Financing Policy

 

The Group Sustainable Financing Policy (GSFP) aims to integrate environmental and social considerations into CIMB’s key decisions in relation to financing and capital raising, in order to manage environmental and social risks linked to CIMB clients and activities. The Policy represents the commitments, principles and standards to which CIMB will be accountable. Through this Policy, CIMB seeks to identify, assess and manage risks arising from financing and capital raising through IPOs, bond / Sukuk issuances related to clients and sectors that are most vulnerable to environmental and social risks, as well as harness opportunities to create positive impact and value to all stakeholders.

 

Our GSFP is part of our larger Sustainable Finance Framework. For the complete framework, please view it here.

Sustainability Risk Management Framework

 

The Framework:

 

  • identifies and assesses the various sustainability risk components, to include environmental, social, economic and ethical risks;

 

  • defines the appropriate governance, which is supported by appropriate policies and procedures;

 

  • puts in place risk assessment tools to improve the understanding of and preparedness against existing and emerging sustainability risks;

 

  • ensures due diligence and assessment of sustainability risk impacts; and

 

  • cultivates a risk management culture through the three-lines of defense, as well through the relevant controls and measurements for efficient/credible reporting.

 

Sustainability Operating Model

 

Our sustainability agenda is championed at the Group-level, to cover all businesses in our key operating markets. The Group Sustainability department and Group Sustainability Council are responsible for implementing the Sustainability Operating Model. While the CIMB Group Board is responsible for our sustainability performance, our Sustainability Sponsor provides guidance to the Board as well as the Management to continuously evolve and strengthen our sustainability strategies and implementation. Click here for a full list of our Board of Directors.

 

 

 

Corporate Governance

It is important for us to maintain strong governance practices given the highly regulated industry in which CIMB operates in. CIMB has adopted various initiatives to provide appropriate accountability and transparency as well as establish proper culture and behaviours.  

 

Find out more here.

 

Anti-Money Laundering / Counter Financing of Terrorism

 

CIMB Group is committed to enforcing an effective internal control system for anti-money laundering / counter financing of terrorism (AML/CFT) in compliance with all related laws, regulations, guidelines and industry-leading practices. Proceeds from financial crime and unlawful activities pose a continuous threat to the financial system. The Group’s policy complies with relevant AML/CFT practices, laws and regulations in all markets and jurisdictions where we operate. 

Anti-Bribery and Anti-Corruption Policy

 

We are committed to conducting our business free from any form of bribery or corruption. We adopt a zero-tolerance approach to any acts of bribery or corruption perpetrated by employees, suppliers and others with whom we do business or who act on our behalf. As commitment to this Anti-Bribery and Corruption Policy, CIMB has also developed a No Gift Policy in our conduct with our customers in relation to entertainment and the receipt and giving of gifts.

 

Find out more here.

Political Contributions

 

Based on our Anti-Bribery and Corruption Policy Statement, we are not allowed to make any contributions to political parties, political party officials or candidates for political office. However, CIMB Group continues to actively participate in various initiatives led by industry associations, financial industry bodies and apex institutions, which may have a role in influencing public policy.

 

The key objective is to share best practices, transfer knowledge and technical skills, and collaborate with peers to deliberate on common challenges and future solutions. We proactively champion specific issues, facilitate meaningful dialogue and influence industry action.

 

Our 2021 contribution through our membership and sponsorship to various industry, business and trade associations amounted to RM1.95 million. Our top three contributions are to The Thai Bankers' Association (TBA), the Indonesian Banks Association (PERBANAS), and the United Nations Environment Programme Finance Initiative (UNEP FI), as part of CIMB being a signatory to the Principles of Responsible Banking.


Contributions in 2020 as reported in CIMB's 2020 Sustainability Report were restated based on revised methodology.

Figures reported include contributions from Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, and the Philippines.
 

Monetary Contribution (RM'mil)
2020 2.25
2021 1.95
2022 2.7

 

Largest Contributions  in 2022

               

The Thai Bankers’ Association

RM604,960.97

 

Perhimpunan Bank Umum Nasional

RM202,995.65

 

Malaysian Muslim Restaurant Owners Association

RM200,000.00

Tax Policy

 

CIMB Group complies with tax laws and pays all taxes legally due in all jurisdictions in which we operate. We are committed to timely and accurate registration, filing of tax returns by their due dates and payment of taxes, appropriate documentation and tax reporting. We apply professional due care when adopting any tax technical positions on areas of uncertainties, including seeking written opinion from third party advisors/legal counsels or ruling/confirmation from tax authorities where necessary to ensure that position taken is supportable and defendable in a tax audit. We manage our relationships with tax authorities and regulators in a transparent and professional manner. CIMB Group contributes to the development of tax policy and legislation, typically through direct engagement with tax authorities, public consultation processes or in our role as a member of an industry group.

 

CIMB Group’s highest governance body i.e. the Board of Directors formally reviews and approves the CIMB Group’s Tax Policy, whenever there are required changes which will be triggered upon a review by Group Tax of the said Policy which takes place at least once in every two years. Subject to the degree of risks or nature of the transactions involved, tax related decisions will be referred to the relevant Board of Directors or Delegated Authority for approval and guidance.

 

CIMB Group employs an Enterprise-Wide Risk Management (EWRM) framework with Three Lines-of-Defence model as a standardised approach to effectively manage our risks and opportunities including tax risks. The system of internal controls is designed to mitigate these risks by identifying and assessing, measuring, managing and controlling, monitoring and reporting risks, including operational tax risk.

 

CIMB Group Tax also works together with business units and business enablers to provide advice and guidance on tax related areas in strategic implementations or changes, significant business transactions, new products, implementation of new tax laws etc as part of efforts to ensure that the implementation of the said Policy is embedded into the organization.

 

Tax is considered part of relevant business decisions and we only engage in tax planning or utilize tax incentives that supports a genuine business purpose and commercial activity and in line with the intended policy objectives of the Governments which introduced the incentives. We do not enter into transactions whose sole purpose is to minimise or reduce tax cost. Similarly, we do not promote products to our customers where the tax treatment is contrary to the intent of the law. We are committed not to use secrecy jurisdictions or so-called “tax havens” for tax avoidance. We fully support and will always comply with tax laws aimed at preventing the facilitation of tax avoidance and fraud.

 

Transactions between group entities are priced on an arm’s length basis, reflecting the economic reality of the transaction in accordance with international standards and local government law. We pay our share of taxes in each jurisdiction in accordance with the relevant laws and regulations. We adhere to the OECD transfer pricing guidelines in accordance with local and international tax law and prevailing standards. We do not artificially divert profits to low tax jurisdictions. To further enhance tax transparency, the Group has also been filing its Country-by-Country-Report (CbCR) annually with aggregate data on the global allocation of income, profits, taxes paid and economic activities among tax jurisdictions in which we operate. This CbCR Report is shared with tax administrations in these jurisdictions for use in high level transfer pricing and tax risk assessments.

 

We also support tax authorities in their efforts to tackle tax evasion by complying with client tax information regimes such as FATCA and the Common Reporting Standard. Our reported tax data are subject to independent external verification as part of the annual financial audits. Paying taxes is one of the many ways we contribute to sustainable growth in local economies.

Code of Conduct

 

All employees of the Group must discharge their respective duties with the highest level of integrity in line with relevant laws and regulations and the Group’s policies, guidelines and best practices. 

 

Find out more here.

Human Rights

 

We adhere to the principles of Human Rights and Labour, which are advocated by the Universal Declaration of Human Rights, and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work.

 

Through our progressive staff policies and procedures, as well as our continuous efforts to create a culture of responsibility and integrity, we support and respect our employees’ and partners’ rights to freedom of association, collective bargaining, and equitable opportunities for learning and growth. The principles of Human Rights are embedded into various provisions made in our Employee Code of Conduct.

 

Click here to download our human rights statement. 

Donation Policy

 

CIMB only makes charitable donations that are appropriate, legal and ethical under laws and practices. In order to ensure appropriate governance over this policy, no donation is offered without the prior approval of Heads of Divisions/Departments/Subsidiaries/Overseas Branches or the Group Marketing and Communications Division in accordance with the Group’s Delegated Authority.

Whistleblowing Policy

 

In our endeavor to create a workplace that is safe and conducive to positive performance, we encourage all employees to remain vigilant and report any kind of wrongdoings, malpractices or irregularities at the workplace. Employees as well as third parties can report promptly any such instances for immediate rectification or appropriate measures. 

 

Any reports on wrongdoings, malpractices or irregularities can be reported at whistleblowing@cimb.com. All the matters are investigated independently.

 

Find out more here.

Vendor Code of Conduct

 

A precondition to partner and work with CIMB is that all registered suppliers must strictly adhere to our Vendor Code of Conduct, which includes our expectations in relation to sustainable supply chain practices – guidelines on anti-corruption, human rights and environment. The Vendor Code of Conduct also defines CIMB’s requirements of its suppliers, and the responsibility of suppliers towards their stakeholders and the environment. 

Modern Slavery Statement

 

The Group is committed to acting ethically and with integrity at all times in our business relationships. We expect high standards from all of our contractors, suppliers and other business partners. We also expect our direct/primary suppliers to encourage their own suppliers to adopt and be accountable to similar high standards. Through this statement, we ensure that modern slavery or human trafficking is not taking place in either our own business or in any part of our supply chain. 

 

Find out more here.

Through the Group Sustainability Policy, Sustainability Risk Management Framework and Sustainability Operating Model, CIMB enforces good sustainability governance.

 

Group Sustainability Policy

 

The Group Sustainability Policy (GSP) outlines CIMB’s approach to sustainability (including its risk management). The GSP provides guidance on how sustainability risks should be managed. It is guided by five key principles:

 

  • Ensure that the management of our internal operations and employees is consistent with our policies and position on various sustainability risks.

  • Take appropriate measures to manage sustainability risks of our business activities and not engage in business activities that do not meet our policy requirements.

  • Adopt an inclusive approach to our business relations and strive to positively influence their own sustainability performance and commitment.

  • Engage actively and openly with our stakeholders, including suppliers on proactive management of sustainability risks and identification of opportunities for sustainable growth.

  • Exercise due care and diligence to evaluate, adopt and advocate proactive measures to minimise and in the long-run prevent environmental harm, as well as promote social equity.

Sustainability Risk Management Framework

 

The Framework:

 

  • identifies and assesses the various sustainability risk components, to include environmental, social, economic and ethical risks;

 

  • defines the appropriate governance, which is supported by appropriate policies and procedures;

 

  • puts in place risk assessment tools to improve the understanding of and preparedness against existing and emerging sustainability risks;

 

  • ensures due diligence and assessment of sustainability risk impacts; and

 

  • cultivates a risk management culture through the three-lines of defense, as well through the relevant controls and measurements for efficient/credible reporting.

 

Sustainability Operating Model

 

Our sustainability agenda is championed at the Group-level, to cover all businesses in our key operating markets. The Group Sustainability department and Group Sustainability Council are responsible for implementing the Sustainability Operating Model. While the CIMB Group Board is responsible for our sustainability performance, our Sustainability Sponsor provides guidance to the Board as well as the Management to continuously evolve and strengthen our sustainability strategies and implementation. Click here for a full list of our Board of Directors.

 

 

 

It is important for us to maintain strong governance practices given the highly regulated industry in which CIMB operates in. CIMB has adopted various initiatives to provide appropriate accountability and transparency as well as establish proper culture and behaviours.  

 

Find out more here.

 

Anti-Money Laundering / Counter Financing of Terrorism

 

CIMB Group is committed to enforcing an effective internal control system for anti-money laundering / counter financing of terrorism (AML/CFT) in compliance with all related laws, regulations, guidelines and industry-leading practices. Proceeds from financial crime and unlawful activities pose a continuous threat to the financial system. The Group’s policy complies with relevant AML/CFT practices, laws and regulations in all markets and jurisdictions where we operate. 

Anti-Bribery and Anti-Corruption Policy

 

We are committed to conducting our business free from any form of bribery or corruption. We adopt a zero-tolerance approach to any acts of bribery or corruption perpetrated by employees, suppliers and others with whom we do business or who act on our behalf. As commitment to this Anti-Bribery and Corruption Policy, CIMB has also developed a No Gift Policy in our conduct with our customers in relation to entertainment and the receipt and giving of gifts.

Tax Policy

 

CIMB Group complies with tax laws and pays all taxes legally due in all jurisdictions in which we operate. We are committed to timely and accurate registration, filing of tax returns by their due dates and payment of taxes, appropriate documentation and tax reporting. We manage our relationships with tax authorities and regulators in a transparent and professional manner. CIMB Group contributes to the development of tax policy and legislation, typically through direct engagement with tax authorities, public consultation processes or in our role as a member of an industry group.

 

Transactions between group entities are priced on an arm’s length basis, reflecting the economic reality of the transaction in accordance with international standards and local government law. We pay our share of taxes in each jurisdiction in accordance with the relevant laws and regulations. We adhere to the OECD transfer pricing guidelines in accordance with local and international tax law and prevailing standards. We do not artificially divert profits to low tax jurisdictions.

 

Tax is considered as part of relevant business decisions and we only engage in tax planning that supports a genuine business purpose and commercial activity. We do not enter into transactions whose sole purpose is to minimise or reduce tax cost. Similarly, we do not promote products to our customers where the tax treatment is contrary to the intent of the law.

 

We also support tax authorities in their efforts to tackle tax evasion by complying with client tax information regimes such as FATCA and the Common Reporting Standard. Our reported tax information are subject to independent external verification as part of the annual financial audits. Paying taxes is one of the many ways we contribute to sustainable growth in local economies.  

Code of Conduct

 

All employees of the Group must discharge their respective duties with the highest level of integrity in line with relevant laws and regulations and the Group’s policies, guidelines and best practices. 

 

Find out more here.

Human Rights

 

We adhere to the principles of Human Rights and Labour, which are advocated by the Universal Declaration of Human Rights, and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work.

 

Through our progressive staff policies and procedures, as well as our continuous efforts to create a culture of responsibility and integrity, we support and respect our employees’ and partners’ rights to freedom of association, collective bargaining, and equitable opportunities for learning and growth. The principles of Human Rights are embedded into various provisions made in our Employee Code of Conduct.

 

Donation Policy

 

CIMB only makes charitable donations that are appropriate, legal and ethical under laws and practices. In order to ensure appropriate governance over this policy, no donation is offered without the prior approval of Heads of Divisions/Departments/Subsidiaries/Overseas Branches or the Group Marketing and Communications Division in accordance with the Group’s Delegated Authority.

Whistleblowing Policy

 

In our endeavor to create a workplace that is safe and conducive to positive performance, we encourage all employees to remain vigilant and report any kind of wrongdoings, malpractices or irregularities at the workplace. Employees as well as third parties can report promptly any such instances for immediate rectification or appropriate measures. 

 

Any reports on wrongdoings, malpractices or irregularities can be reported at whistleblowing@cimb.com. All the matters are investigated independently.

 

Find out more here.

Vendor Code of Conduct

Modern Slavery Statement

 

The Group is committed to acting ethically and with integrity at all times in our business relationships. We expect high standards from all of our contractors, suppliers and other business partners. We also expect our direct/primary suppliers to encourage their own suppliers to adopt and be accountable to similar high standards. Through this statement, we ensure that modern slavery or human trafficking is not taking place in either our own business or in any part of our supply chain. 

 

Find out more here.

 

 

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