THE ADOPTION OF T.R.U.S.T PRINCIPLES BY PRUDENTIAL BSN TAKAFUL BERHAD
DOI:
https://doi.org/10.31436/iiumlj.v31iS1.875Keywords:
Adequate Procedures, Corporate Liability, Prudential BSN Takaful Berhad, Section 17A of MACC Act 2009, T.R.U.S.T PrinciplesAbstract
The T.R.U.S.T principles were set out by Malaysia’s Prime Minister Department in 2018, pursuant to subsection (5) of Section 17A, Malaysian Anti-Corruption Commission (MACC) Act 2009. It was crafted as a guideline for commercial organisations to safeguard the company from being charged under corporate liability. The principles have been formed using five indicators to ensure that organisations can take reasonable steps and adequate procedures from committing corrupt activities in daily businesses. This article explains the issues faced by Prudential BSN Takaful Berhad in adopting the salient features of the T.R.U.S.T principles, encompassing top-level commitment, risk assessment, undertaking control measures, systematic review, monitoring and enforcement, and training and communication. This article deploys the qualitative legal research methodology which is based on primary and secondary data to analyse the company’s practice in the context of the law and guidelines in Malaysia. The adoption of the T.R.U.S.T principles has been seen to become essential to all corporate organisations, as the company, including its senior management, can be charged under section 17A, MACC Act 2009 if found guilty unless it can be proven that adequate measures have been put in place. In conclusion, the T.R.U.S.T principles have set an outline for companies to be guided with, and to protect them from corporate liability charges under the MACC Act.
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