1.0 OBJECTIVE
Wasiyyah Shoppe Berhad (WSB) has implemented a “No Gift Policy.” WSB and Top Management employees, family members, or consultants acting on behalf of top management or their family members are prohibited from accepting or giving gifts, either directly or indirectly.
Conflicts of interest arise when some parties use their position at WSB for personal gain, including benefits for family, household, and friends. This will have an impact on the credibility, loyalty, diligence, and integrity of WSB employees, Top Management, and consultants in carrying out their responsibilities.
It is the responsibility of WSB staff and Top Management to inform external parties involved in any transaction with WSB that WSB has a No Gift Policy and to request that such policy be understood and followed.
2.0 DEFINITION
2.1 Among the prizes are:
- Cash
- Movable and immovable property
- Vehicles
- Fare free
- Stocks
- Ease of travel
- Entertainment
- Services and membership of prestigious luxury clubs, honorary membership centers, and any form of discounts/commissions.
- Hampers, jewelry, ornaments, and other small items.
- Any souvenir or valuable item gift
2.2 Personnel, Senior Management, and Consultants
This policy applies to all staff, Top Management, and Consultants formally appointed by WSB, as well as parties dealing with WSB.
2.3 Other People
Referring to:
- Wife/husband;
- Biological parents and in-law parents;
- Children, including legally adopted children; and
- Any other person on his behalf.
3.0 PROHIBITION OF GIVING AND RECEIVING GIFTS
3.1 Employees, Top Management, and Consultants at WSB are not permitted to accept or give any gifts from contractors, vendors, suppliers, business partners, or contributions unless they are directly related to the performance of official duties.
3.2 The acceptance of gifts by WSB Staff, Top Management, and Consultants can give rise to negative perceptions that can affect credibility and integrity.
WSB is committed to implementing the No Gift Acceptance Policy, which prohibits Employees, Top Management, and Consultants from accepting or giving any type of gift from persons or parties with whom WSB has a working relationship, official dealings, or an interest.
4.0 ACCEPTANCE OF DIPLOMACY
4.1 When WSB staff, top management, or consultants are forced to accept gifts because of a particular culture, because gift-giving is part of business ethics, to avoid embarrassing the giver, or because it could harm diplomatic relations between both parties, the acceptance of the gift must be recorded in the gift acceptance register book using a specific form that must be submitted to the Executive Management Committee.
4.2 In situations where rejecting a gift may be perceived as disrespectful to outsiders, the Head of the Department cannot approve the acceptance of the gift if there is a conflict of interest. In this case, the gift must be politely returned by explaining the WSB No-Acceptance Policy.
4.3 Meanwhile, if the Head of Department approves the gift’s receipt, the Head of Department must ensure that:
4.3.1 donate the gift to a charitable organization; or
4.3.2 keep it for office display; or
4.3.3 sharing among WSB employees; or
4.4.4 allowing employees, upper management, and receiving consultants to keep it
5.0 EXCEPTIONS TO THE POLICY OF REFUSING GIFTS
5.1 WSB, on the other hand, has a No Gift Policy in general. Acceptance is permitted in the following situations as an exception to the general rule:
5.1.1 Gifts are exchanged between WSB and other companies (gifts exchanged between the Company as part of an official visit/courtesy call for which the gifts are later categorized as WSB property);
5.1.2 WSB gifts to external institutions or individuals in connection with WSB’s official functions, functions, and celebrations (souvenirs, souvenirs given to all guests attending the event);
5.1.3 Gifts from WSB to employees, consultants, and directors, as well as their family members, in connection with WSB’s well-known functions, either internally or externally, events, or entertainment (in recognition of citizens’/ directors’ services);
5.1.4 Nominal value token gifts (typically T-shirts, pens, diaries, calendars, USB drives, and other promotional items) are distributed fairly to the general public, delegates, customers, business partners, and key stakeholders attending the event (events such as conferences, exhibitions, trainings, and others).
5.1.5 Gifts to third parties who do not have a transaction with WSB (for example, financial or similar gifts to charities); and
5.1.6 If staff or consultants attend or are invited to give a briefing on WSB’s business affairs, they will be awarded cash prizes. This cash must not exceed RM500; if it does, the staff or consultant must immediately notify the WSB Executive Management Committee.
6.0 ACTIONS/PENALTIES
6.1 Any staff or consultants who default or fail to comply with this No-Acceptance Policy may be considered in default and subject to disciplinary action under the WSB Career Guidelines – Section 10: Code of Ethics & Professional Accountability for employees and the Consultant Licensing Agreement for WSB consultants.
6.2 Any contractors, vendors, or suppliers found to have violated this policy will be reported to the Malaysian Anti-Corruption Commission, the Malaysian Companies Commission, the Securities Commission, or any other relevant regulatory body for action.