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.

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.

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