KUALA LUMPUR, June 29 — The Retirement Fund Inc (KWAP) announced today it has implemented a policy barring employees from sending or receiving gifts including during the coming Hari Raya festival, in a bid to improve corporate governance.

In a statement today, the government agency said that its “No Gifts Policy,” which is already in effect, will apply to any item that may affect the company’s “business or operations.” “As an organisation that is committed to upholding its core values, KWAP believes in keeping with best business practises and good corporate governance at all times,” KWAP chief executive Wan Kamaruzaman Wan Ahmad said.

He added that the policy was put in place to maintain the highest standards of ethical, integrity and professionalism within KWAP.

The “No Gifts Policy” prohibits all KWAP staff from giving out or accepting any gifts be it “directly or indirectly” that may have an impact on the public agency’s operations “on or off the work premise.” The statement added that any gifts received during the festive season will be returned.

KWAP did not, however, elaborate what could be considered a “gift.”