Rule VI: Promote Code of Conduct and Ethical Standards
Professional Conduct and Values
The ethics and standards of professional conduct, approved by the company’s board of directors, are crucial to managing business operations and issues. In addition, they help to foster a work environment characterized by integrity and responsibility. All company employees adhere to the rules and standards. The role of company employees is not only limited to abiding by applicable laws and regulations, but they are also obliged to promote professional behaviors and ethics set forth in the Company’s Code of Conduct.
The company maintains a Code of Business Conduct for the Board, in addition to the employee Code of Conduct that is applicable to all departments and management levels. The company has also developed internal policies and charters conforming to the laws and regulations.
The code is based on applicable laws and regulations and international standards and aims to enable employees to deal with the ethical dilemmas they face on a daily basis. The purpose of this code is to define the expected behavior of all employees and the consequences in case of incompliance. Board members are expected to issue sound judgments in all matters to ensure that the interests of customers, employees and other stakeholders are protected and to maintain a positive work environment characterized by cooperation and efficiency.
The Board, executive management and all employees are bound by the Code of Business Conduct while assuming the tasks and responsibilities assigned to them, and that includes dealing honestly and impartially, maintaining the confidentiality of information and allocating sufficient time to assume specific responsibilities.
Conflict of Interest
The company’s conflict of interest policy contains the duties and responsibilities of members of the Board, executive management, and employees in this regard. The policy is based on a number of principles such as protecting the rights of stakeholders and maximizing shareholders value. It emphasizes maintaining the confidentiality of transactions and information issued by the Board.
Each member of the Board and the executive management is responsible for disclosing to the Board any cases that might result in a conflict between their interests and the interests of the company. These cases are handled in an appropriate and timely manner in accordance with the relevant regulatory requirements.
The policy ensures that a Board member shall not participate in discussing or voting on items if he/she has a direct or indirect interest in the matter. The policy contains the necessary materials to ensure the disclosure of cases of conflict of interest and specifies procedures to address them by the Board member.
This policy applies to the company, the Board, and the executive management, in a manner that ensures compliance with the rules and standards of professional conduct of the company. All company employees are obliged to implement the values of this policy and the regulations of the Capital Markets Authority and other relevant laws and regulations.