Transparency International Malaysia (TI-M) lauds the recent initiative announced by Petronas to enforce a No Gifts Policy for its staff. This initiative is a positive step in building and reinforcing a culture of integrity within the organisation, and sends a strong message that Petronas is committed to conducting business in an open and transparent manner.
TI-M strongly advocates initiatives to build integrity in the corporate sector. A No Gifts Policy is an important component of a Corporate Integrity System (CIS). The other elements of a CIS include Declaration of Interest and Assets, Integrity Pacts, a trusted Whistle blowing channel and policies on Political Contributions and Support Letters.
Globalisation requires companies to establish comprehensive approaches to ethics. Companies who place a premium on integrity, transparency and accountability have a competitive edge.
As the custodian of the country’s oil wealth, Petronas has a great responsibility in conducting its business in an open and transparent manner for the benefit of all Malaysians. This move is a step in the right direction.