Keppel’s success and reputation is rooted in a firm commitment to doing business the right way. The tone for regulatory compliance – zero tolerance for fraud, bribery, corruption and violations of laws and regulations – is set at the top. During the year, we embarked on several forums and platforms to raise awareness and build competencies in regulatory compliance.

Regulatory Compliance Framework

We have a defined framework and continue to work towards strengthening our policies and processes surrounding regulatory compliance, to foster a compliance‑centric culture. The framework deals with the structure, people, policies and activities required for management to identify, assess, mitigate and monitor key compliance risks.

Governance Structure

The Board Risk Committee (BRC) supports the Board in its oversight of regulatory compliance and is responsible for driving the Group’s compliance governance. The Group Risk and Compliance Department serves as a secretariat to the BRC, reporting on the Group’s compliance risks and mitigations.

Keppel’s Regulatory Compliance Governance Structure is designed to strengthen our corporate governance. The Group Regulatory Compliance Management Committee (“Group RCMC”) is chaired by Keppel Corporation’s CEO and its members include the heads of all business units. The role of the Group RCMC is to articulate the Group’s commitment to regulatory compliance, direct and support the development of over‑arching compliance policies and guidelines, and facilitate the implementation and sharing of policies and procedures across the Group. The Group RCMC is in turn supported by the Group Regulatory Compliance Working Team (“Group RCWT”), which oversees the development and review of over‑arching compliance policies and guidelines for the Group, as well as reviewing training and communication programmes.

Each business unit in the Group has a Risk and Compliance team that is responsible for driving and administering the compliance function and agenda for the business unit. This includes providing support to management through expertise on subject matter, process excellence and reporting to ensure compliance risks are effectively managed.

Under the overall direction of the Group RCMC and Group RCWT, business units working in partnership with their respective Risk and Compliance teams are responsible for implementing the Group’s Code of Conduct and regulatory compliance policies and programmes. They are also responsible for ensuring that risk assessments in relation to material regulatory compliance risks are conducted and control measures are appropriate to mitigate the identified risks which the business units may face.

Policies And Procedures

Employee Code of Conduct

We have a strict Code of Conduct that applies to all employees, who are required to acknowledge and comply with the code. The Code of Conduct sets out principles to guide employees in carrying out their duties and responsibilities to the highest standards of personal and corporate integrity when dealing with the Company, customers and suppliers. It covers areas such as conduct in the workplace and business conduct, including anti‑corruption and conflict of interests. These policies are reviewed regularly and updated to reflect changes where required.

Supplier Code of Conduct

At the end of 2016, we established the Supplier Code of Conduct to integrate Keppel’s sustainability principles across our supply chain, and positively influence the environmental, social and governance performance of our suppliers. Suppliers of the Keppel Group of companies are expected to abide by the Code, which covers areas pertaining to business conduct, labour practices, safety and health, and environmental management.

Whistle‑Blower Policy

Keppel’s Whistle‑Blower Policy encourages the reporting of suspected misconduct through a clearly defined process and reporting channel by which reports can be made in confidence and without fear of reprisal.

Training & Communications

Training is a key component within Keppel’s regulatory compliance framework and we continue to focus on refining our compliance training programme and curriculum for new and existing employees. Training programmes are tailored to the audience and we leverage Group‑wide forums to reiterate the key messages. Our employees are also required to complete mandatory annual e‑training and assessment covering key policies, as well as to acknowledge that they have read and understood our policies and declare any potential conflicts of interest.

Regulatory Compliance Training

As part of continuous efforts to foster a compliance‑centric culture, regulatory compliance trainings and workshops are carried out across the Group, in Singapore and overseas.