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Corporate Governance

Integrity as Strong Foundation

Integrity is one of core values in SEDC. It identifies what SEDC stand for and defines the character. In fact, it is emphasised as the foundation of SEDC career and the Corporation is committed to upholding this value and to live by it.

Strong Governance System

Launching of SEDC Charter for Good Corporate Governance
by State Secretary, YB Datuk Amar Abdul Aziz Husain
5 February 2001

Good corporate governance has enabled SEDC to weather the 1997 and 2008 financial crisis. The Corporation were only one of two SEDCs in the country that remained in the black during the 1997 financial crisis. Against this backdrop and global economic downturn, SEDC continued to post positive Profit Before tax (PBT) for the past years till today.

One of the earliest measures SEDC took was to strengthen the internal audit function – to enable it to play a more effective and meaningful role. This includes assurance about the integrity of our information systems, compliance and internal controls. Audits are regularly carried out to ensure mistakes are corrected and not repeated. Auditees are required to comply and take immediate affirmative or corrective actions. At the same time, SEDC also established a Board Audit Committee, whose membership includes officers from the State’s Internal Audit Department. SEDC Internal Auditor now reports directly to the Chairman and to the Board Audit Committee.

The Corporation initiated Risk Management with the establishment of a Risk Management Unit in September 2012, and at the same time established a Board Risk Committee to provide oversight over the Corporation’s risk management implementation.

The meetings are organised in an orderly manner through a calendarised system. This ensures that Board members know in advance the dates of SEDC Board meetings and schedule their time/work accordingly. This way not only minimise the chances of postponing the meetings for lack of a quorum, but also meet the number of meetings targeted to be held for the year. This policy is also extended to SEDC subsidiary companies.

Corporate Governance Structure

 

Integrity and Governance Gallery (IGG)

The Corporation has set-up the Integrity and Governance Gallery which was launched by the State Secretary, YB Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani on 30 July 2013. The gallery is located at 7th Floor, Menara SEDC with the main objectives to showcase our integrity efforts and sharing with others on our integrity journey.

Launching of Integrity and Governance Gallery
by State Secretary, YB Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani
30 July 2013

Transparent and Open System

To enhance transparency and openness in its operation, SEDC has since 2007 adopted Transparency International's Integrity Pact and incorporated the same as part of its tender procedure and in the appointment of consultants. Tenderers are also required to sign a Declaration of Bona Fide Quotation/Tender in the approved format.

An added feature in its tender procurement process is the requirement for all those involved in the tender opening to sign a confidentiality or non-disclosure agreement. This is a distinct and unique feature of the SEDC tender procurement.

Signing of Integrity Pact with Transparency International

View Integrity Pact

Processes and procedures

As part of efforts to improve its delivery system, the Corporation has upgraded its ISO to 9001:2008 version. The Corporation has also reviewed its Financial Regulations to bring the same to suit current requirements and needs. 

ISO 9001:2008
Quality Management System

 

Financial Regulations

SEDC MOBILE VERSION

View SEDC Official Website in Mobile Version via QR Code 

 

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CONTACT US

Sarawak Economic Development Corporation,
Menara SEDC, Lot 2878,
The Isthmus, Off Jalan Bako,
93050, Kuching,
Sarawak.

Tel: +6082-551555
Fax: +6082-551222
E-mail: info[at]sedc[dot]my

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