Corporate Code Of Ethics
The Company has a Code of Ethics regulating corporate and individual behavior with reference to the principles of Good Corporate Governance. The principles of Good Corporate Governance are:
- Transparency, i.e. openness in decision making and disclosure of material information of relevance to the Company.
- Independence, i.e. professional management of the Company without conflict of interest and without influence/pressure from any party.
- Accountability, i.e. clarity of functions, rights, obligations, powers and responsibilities among the Shareholders, Board of Commissioners and Board of Directors.
- Responsibility, i.e. management of the Company in compliance with the applicable laws and regulations and sound corporate principles.
- Fairness, namely just and equitable treatment in fulfilling the rights of Shareholders and stakeholders, whether arising from agreements or applicable laws and regulations.
The implementation of the Company Code of Ethics serves as a reference for the Board of Commissioners, Board of Directors and Employees in promoting behavior guided by:
- Compliance with laws and regulations.
- Compliance with Company policies and regulations.
- Avoidance of conflict of interest.
- Rights of the individual.
- Confidentiality of Company information.
- Insider information
- Prohibition on accepting gifts from outside parties, whether directly or indirectly, that may
influence decision making or violate law.
In 2012, no breaches of the Code of Ethics were reported to the Company.