Code of Ethics
Code of Business Ethics
The Company must conduct itself responsibly, transparently, honestly, and with competitive competence while treating each of the following groups fairly:
|1. Shareholders and Investors:||The Company must ensure good operating results to ensure good returns to the shareholders and investors.|
|2. Customers:||The Company must provide reasonably priced, high-quality products and services that meet the needs of customers.|
|3. Business Partners and Creditors:||The Company must conduct its operations on a basis of fair and mutual support.|
|4. Competitors||The Company must conduct its operations on a basis of fair competition.|
|5. Employees:||The Company must offer employees a good standard of living at wages that are competitive with similar jobs in the labour market, with appropriate benefits, with opportunities for career advancement, and in a safe, healthy working environment.|
|6. The Government:||The Company must work to promote national prosperity and progress, in obedience to the laws of the land and conformity to general business practices.|
|7. The Community and Society:||The Company must take its share of responsibility for the community and society and consider the impact of its operations on natural resources and the environment.|
The Company will aim for the appropriate balance among the needs of these various groups and give them all equal consideration.
Code of Ethics for Company Directors
- The Company´s directors must fulfil their duties in the spirit of the Company´s principles of good business conduct and adhere to the codes of ethics established by the Company.
- The Company´s directors must fulfil their duties in compliance with the law, the objectives and the Company´s Articles of Association, and the resolutions of shareholders´ meetings, and with all due honesty, integrity, and care for the interests of the Company.
- The Company´s directors must dedicate sufficient time and all their knowledge, competence, and managerial skill to the fulfilment of their duties and responsibilities, for the prosperity and stability of the Company and good returns.
- The Company´s directors must fulfil their duties as a responsibility to shareholders and with all due concern for the interests of stakeholders, and must treat all groups as fairly and prudently as possible.
- The Company´s directors must not use their position for wrongful gain, must not disclose the Company´s secrets to outsiders, must not seek gain for themselves or those related to them by means of information not yet publicly disclosed, and must not do anything that would result in a conflict of interest.
Code of Ethics for Employees
- Respect for the Organization
Employees must join in strengthening and upholding the honour of the Company in their attitudes and behaviour. Good employees demonstrate pride in the Company, defend and maintain its respectability, and help to enhance its public image.
- Loyalty and Honesty
Employees must act with integrity. They must not seek remuneration or gain from outside, nor use their position in the Company for their own interests or those of their families, relatives, or other persons.
Employees must perform the work for which they are responsible with all due care and diligence. They must devote themselves to the work of the Company with all their ability and strive for the success of their work and the greater good of the Company.
Employees must comply with the Company´s policies, regulations, orders, rules, and good corporate culture, and must learn the said policies, regulations, orders, and rules with the clarity needed to practise them correctly.
- Preserving Secrecy
Employees must keep corporate information confidential and not disclose any of it or use it for personal benefit, either one´s own or others´, without permission from those in authority. Exempt from this prohibition is information that needs to be disclosed in the normal conduct of business or has already been disclosed to the public.
- Using and Protecting Corporate Assets
Employees must use and protect the Company´s assets for the greatest possible benefit of the Company, not for personal benefit, either one´s own or others´. All assets must be maintained in good condition for the sake of their effective, long-term use.
- Conflicts of Interest
Employees must not engage in any activity that conflicts with the interests of the Company, results in loss or diminishment of benefit for the Company, or seeks to share in the Company´s benefit, such as:
7.1 Conducting any business or activity that competes directly or indirectly with the Company´s activities.
7.2 Conducting any business or activity that sells goods or services to the Company, accepts contracted work from the Company, or may be considered as representing any person or organization that sells good or services to the Company or accepts contracted work from the Company.
7.3 Having any financial interest or owning shares or interests in any business competing with the Company or having any type of transaction with the Company, such as clients, sales agents, contractors, or suppliers of goods or services, providing the said interest or share is one which may be affected by any commission or omission of the employee in the employee´s normal course of duties in the Company.
- Accepting Gifts
Employees must not accept abnormally expensive gifts and/or offerings at events or gatherings of any type from those who do business with the Company or anyone who might benefit from their normal course of duties. If such a gift is accepted, only to discover later that its value is considered abnormal, the recipient must inform his/her superior of the fact and await whatever consequences are considered appropriate.
- Personal Behaviour
Employees must conduct themselves in a manner befitting a representative of the Company in terms of behaviour, manners, type of dress, character, and attitude. Employees must not behave in ways that devalue themselves or the Company. They must strive to develop their knowledge and abilities in ways that enhance the value of their work and promote the greater prosperity of the Company.
- Conduct of Superiors and Subordinates
Employees with superior position must act as leaders and set good examples for those under them in terms of behaviour, developing morale, listening to the opinions of their subordinates, and protecting them with all due fairness and reasonableness.
Employees who are subordinate must listen and obey their superiors in whatever conforms to the discipline and regulations of the Company. They must not act in a stubborn, aggressive, or hostile manner to their superiors, but rather respect them and observe the proprieties of time and place.
- Utilizing Social and Political Rights
Employees are free to engage in social activities, but must avoid activities that are illegal, immoral, inappropriate, or unproductive or harmful to society. They must protect their own dignity and ensure that the Company´s position in the community and society is not impaired by their actions.
Employees are free to utilize their political rights, such as voting in elections and participating in political parties, but must not do anything to promote the understanding that the Company is involved in or favours any one political party.