Whistle blowing policy

SICO is committed to the highest standards of good governance, openness, transparency, integrity and accountability. Consequently if any Staff Member have any well-founded "concerns", they have a duty to SICO and to the other colleagues to speak up and to report the situation immediately to their Department Head in "good faith" so that the matter can be investigated promptly.

These "concerns" may include:

  • Staff think that they or anyone else at SICO may have violated any applicable law, regulation or the Code of Conduct,
  • Staff are aware of any frauds (either attempted or realized),
  • Concerns about the integrity of individual colleagues
  • Staff detect a deficiency in SICO's processes or controls that would allow violations to go undetected.
  • Concerns with regards to health and safety risks, including risks to public/ employees, damage to environment.
  • Indulgence in corruption, unauthorized use of Bank's funds/ property/ resources for illegal, improper or unethical purpose.

The Department Head must then report such notification to the Head of Internal Audit as soon as reasonably practicable. If the issues or concerns relates to the Department Head, the Staff Member should contact the Head of Internal Audit directly. If the situation relates to the Head of Internal Audit then the staff should raise the issue with the Chief Executive Officer. Additionally, if the disclosures are not investigated, this should be raised as an issue with the Chief Executive Officer.

All such communications shall be treated with confidentiality to the extent possible and is intended to make it easier for members of staff to be able to report irregularities in "good faith", without having to fear that their actions may have adverse consequences.

"Good faith" means unequivocal belief in the veracity of the reported incidents. However, if any staff deliberately makes false allegations, or makes a report maliciously, such staff shall not be protected and this will be regarded as extremely serious and may result in disciplinary action, including dismissal.

Staff Members will be required annually to provide an affirmation that they have read the whistle blowing procedures outlined in the staff code of conduct and understand their duty to report any 'concerns' immediately for investigation and action. Staff would also have to confirm that they have not come across any situation which warrants reporting under this clause.