Procurement Policy

Purpose

The Procurement Policy sets out the Group’s approach to sourcing goods and services in a fair, transparent, competitive and efficient manner. The Policy supports ethical procurement, regulatory compliance, value for money, supplier accountability and sustainability, while ensuring that procurement decisions are aligned with the Group’s governance standards and operational needs.

Scope

The Policy applies to procurement of goods, works and services across the Group. It covers supplier selection, tendering, prequalification, evaluation, contracting, emergency or low-value purchases, supplier due diligence, conflict-of-interest management and contract oversight.

Key Provisions

1. Procurement Principles: Procurement is guided by fairness, equal treatment, non-discrimination, transparency, competition, efficiency, ethical conduct and compliance with approved procedures.
2. Supplier Selection: Suppliers are selected through competitive processes based on cost, quality, capability, timely delivery and compliance with the Group’s procurement requirements.
3. Procurement Methods: The Group may use open procedures, restricted calls for pre-qualified suppliers, negotiated procedures, public tenders and simplified processes for low-value or emergency purchases.
4. Ethics and Conflicts of Interest: Suppliers may be disqualified for conflicts of interest, corruption, fraud, coercive practices, criminal convictions or other conduct inconsistent with the Group’s ethical standards.
5. Supplier Management: The Group undertakes supplier prequalification, risk categorisation, procurement planning, contract oversight and supplier capacity building to support compliance and service delivery.
6. Sustainability: Procurement decisions may incorporate environmental and sustainability considerations in line with the Group’s broader sustainability and responsible business commitments.

Roles & Responsibilities

Board of Directors: Provides oversight of the procurement governance framework and ensures that procurement practices support ethical conduct, regulatory compliance, value creation, risk management and stakeholder confidence.

Management: Implements the Policy through approved procurement procedures, supplier selection, due diligence, tender evaluation, contract management, risk categorisation, ethical controls and escalation of material procurement matters through the appropriate governance channels.

Why It Matters

• Promotes fair, transparent and competitive procurement.
• Supports value for money and efficient use of Group resources.
• Reduces procurement, fraud, conflict-of-interest and supplier risk.
• Strengthens supplier accountability and ethical business conduct.
• Supports sustainability, compliance and responsible corporate governance.