Sustainable Procurement Policy
The Securities and Commodities Authority (SCA) confirms its commitment to sustainable procurement by pursuing a sustainable procurement policy to ensure effective and quality implementation and to determine and manage the environmental, social, and economic impacts within its own supply chain in an effort to:
- Identify goals and develop action plans to support the sustainable procurement policy and monitor the ongoing improvement in sustainable procurement practices.
- Supply SCA with its needs of quality, timely-delivered, and competitively-priced goods and services to ensure procurement efficiency in line with federal legislation and rules.
- Meet the principles of sustainable procurement, wise governance, integrity, equality, and transparency in all procurement and contractual arrangements.
- Provide equal contracting opportunities to vendors, perform quotation evaluations, and evaluate vendor performance.
- Give priority to quotations/proposals submitted by small and medium enterprises (SMEs) registered with authorities responsible for providing support to youth business projects to help develop the SME sector in the country. Provide facilities to vendors who embed sustainability practices and standards and follow codes of ethical conduct in their work and their own supply chain.
- nvestigate and handle complaints made by vendor partners in a professional and transparent manner.
- Ensure the continuity of business and the availability of services and goods needed for the management of SCA’s operations by entering into strategic partnerships with vendors, identifying high-risk areas, making an impact within SCA’s own supply chain, and engaging vendors in the risks.
- Rationalize expenses, promote concepts of reasonable spending in managing SCA’s procurement process, and prevent the waste of public funds.
- Maintain environmental, social, and economic sustainability and preserve the health and safety of all personnel, customers, and vendors during procurement and contractual arrangements by displaying commitment to the best international standards and practices in preserving the environment, reducing carbon footprint, and maintaining public funds to achieve sustainable economic growth rates and ensure fair procurement, thus maintaining the rights of the society.
- Control the quality of procurement and contractual arrangements and procedures and make ongoing improvements in line with best practices (ISO 20400).
- Vendors selected to supply SCA with goods and services must display the following characteristics
a. Work to reduce carbon footprint by:
- Conserving resources, including energy, water, and materials.
- Keeping waste to a minimum, whether in operations or otherwise.
- Mitigating the impact of delivery and transportation and increasing reliance on local resources.
b. Provide services and benefits to the society by:
- Complying with the International Labor Organization’s principles on human rights and working conditions.
- Ensuring the elimination of human trafficking and child labor practices in any of their supply chains or any part of their business if executed by a third party.
- Prohibiting discrimination and legal harassment to ensure an inclusive and safe business environment.
c. Work on boosting economic growth by:
- Supporting job creation and facilitating access to opportunities for SMEs, corporations, and community organizations.
- Considering the cost of the product life cycle.
- Paying wages (minimum requirements) to personnel and contractors.
- Implementing procedures and practices related to anti-money laundering, fraud, bribery, corruption, conflict of interest, and data security issues.
The senior management is committed to communicating the policy on sustainable procurement management system to all employees, vendors, and concerned parties using available means and methods. The policy must be reviewed regularly to ensure that it is in line with the best international practices in an effort to support sustainability goals.