Code of Conduct for the members of the Board of Directors and the senior management of Cosmo Films Limited ('the Company')
This code inter-alia provides that all persons must avoid conflict of interests between their private financial activities and their part in the conduct of business.
The Code of Conduct (COC) hereinafter referred to as the 'Code' shall be applicable to, and adhered strictly by the following personnel:
'COC addressees' should sign the acknowledgement form at the end of this code and return the form to the HR Department indicating that they have received, read and understood, and agree to comply with the Code. The signed and acknowledgement form will be located in each COC addressees' personnel files. Each year, as part of their annual review, 'COC addressees' will be asked to sign an acknowledgement indicating their continued understanding of the Code.
An officers’ duty to the Company demands that he or she avoids and discloses actual and apparent conflicts of interest. A conflict of interest exists where the interests or benefits of one person or entity conflict with the interests or benefits of the Company. Examples include:
In consideration of employment with the Company, officers are expected to devote their full attention to the business interests of the Company. Officers are prohibited from engaging in any activity that interferes with their performance or responsibilities to the Company, or is otherwise in conflict with or prejudicial to the Company.
It is a conflict of interest to serve as a director of any Company that competes with the Company. Officers must first obtain approval from the Company's audit committee before accepting a directorship.
If an officer is considering investing in any customer, supplier, developer or competitor of the Company, he or she must first take care to ensure that these investments do not compromise on their responsibilities to the Company. Our policy requires that officers first obtain approval from the Company's Audit Committee before making such an investment.
As a general rule, Officers should avoid conducting Company Business with a relative, or with a business in which a relative is associated in any significant role. Relatives include spouse, siblings, children, parents, grandparents, and grandchildren.
Officers may not exploit for their own personal gain, opportunities that are discovered through the use of corporate property, information or position, unless the opportunity is disclosed fully in writing to the Company's Board of Directors and the Board declines to pursue such opportunity.
Because other conflicts of interest may arise, it would be impractical to attempt to list all possible situations. If a proposed transaction or situation raises any questions or doubts, Officers may consult the Company's audit committee.
Each 'COC addressees' shall report breach of any non-compliance of this code to the CEO of the company/Chairman of the Audit committee in writing within a reasonable period of knowledge of notice of the breach.
Senior management shall make disclosures to the board relating to all material financial and commercial transactions, where they have personal interest, that may have a potential conflict with the interest of the company at large (for e.g. dealing in company shares, commercial dealings with bodies, which have shareholding of management and their relatives etc.)
Each 'COC addressees' shall be held accountable for issues held under his control. Sanction in cases of breach shall be determined by the Chairman of the Company in consultation with the Chairman of the Audit committee. Sanctions may include serious disciplinary action, removal from office and dismissal as well as other remedies, all to the extent permitted by law and as appropriate under the circumstances.
We are committed to continuously reviewing and updating our policies and procedures. Therefore, this Code is subject to modification.
The provisions of this Code can be amended and supplemented from time to time by resolutions of the board of directors of the company. Amendment of any provision of this code must be approved in writing by the Company's Board of Directors and disclosed on the Company's website within 30 days.
No waiver of any provision of this Code shall be valid unless provided in writing by the chairman of the Audit Committee with the prior approval of the Audit Committee.