Corporate Governance, Compliance & Ethics
Long-term success for companies is built on the foundation of good corporate governance. Ensuring strong corporate governance and robust risk management is vital for PRIME to protect the interests of its stakeholders, create long-term value, address potential risks to PRIME's reputation, and promote investor confidence.
PRIME strives to maintain high levels of corporate governance in its business practices, which include transparency, accountability, and sustainability. To achieve this, PRIME aligns its corporate governance policies and practices with the Code of Corporate Governance 2018 issued by the Monetary Authority of Singapore (MAS), upholding the standards set out in the Code.
To maintain a culture of responsible and ethical behaviour, the Board of PRIME takes a top-down approach by establishing a code of conduct and ethics and implementing clear policies and procedures to address conflicts of interest. PRIME's code of conduct provides clear expectations and guidelines for employees and directors to adhere to ethical concerns, including appropriate business and employee conduct. The code is distributed to the Manager's employees, and a mandatory annual refresher training is conducted to reinforce the policies and ethical standards.
PRIME ensures the effectiveness of its policies and procedures by implementing risk control measures and conducting regular internal and external audits to verify the effectiveness of these controls. To further enhance its risk management and internal control systems, PRIME has developed a Sustainability Risk Framework - based on its Enterprise Risk Management framework, and a Climate Risk Register, which were both approved and adopted in February 2023. The Framework enables PRIME to manage sustainability risks effectively by using a long-term approach to identify and evaluate the potential impacts of these risks. In essence, the Sustainability Risk Framework is a risk management tool that informs our action on addressing such risks. Following the adoption of the Framework, the Board will receive quarterly updates on the ongoing development of the Climate Risk Register to provide feedback.
For more information on PRIME's Corporate Governance system, please refer to the Corporate Governance Report on page 57 of PRIME's 2022 Annual Report.