Policy Statement of Ethics and Business Practices
Statement of compliance with the best practice of corporate governance.
Reliance Weaving Mills Limited conducts its business with the highest ethical standards in full compliance with all applicable laws. Honesty and integrity take precedence in all relationships including those with customers, suppliers, employees and other stakeholders.
Ethics and Business Practices
We believe in conducting the company's business in a manner that respects, protects and improves the environment and provides employees with a safe and healthy workplace. We conduct our business in an environmentally responsible and sustainable manner. Employees must be completely familiar with the permits, Health Safety and Environment policy, local laws and regulations that apply to their work.
All employees are expected to understand the laws and business regulations related to their work and comply fully so that our shareholders, employees, customers, suppliers, stakeholders and the Government have complete faith in the way we operate and that our business decisions are made ethically and in the best interests of the Company.
Employees are obligated to act in accordance with the company's code of Ethics and Business Conduct and are restricted to using only legitimate practices in commercial operations and in promoting the Company's position on issues before governmental authorities. Inducements intended to reward favorable decisions and governmental actions are unacceptable and prohibited.
Employees are prohibited from using their positions, company property or information for personal gain, and from competing with the Company. Employees are also prohibited from taking advantage from opportunities that become available through the use of Company information, property or their position.
Management labor relation
The management and the labor relation remained warm and cordial throughout the year. We place great importance to our employees. We contribute to invest in professional development and improvement of skills of our human resource, since we believe that by investing in our people we invest in our future. The Company's human resource policy is based on the underlying values of fairness, merit, equal opportunity and social responsibilities.
Assets and Proprietary information
We consider our company's assets, both, physical and intellectual, very valuable. We have, therefore an obligation to protect these assets in the interest of the Company and its shareholders. Protection of the Company's information is important for our business. All employees are expected to know what information is proprietary and which must not be disclosed to unauthorized sources. Employees are responsible for applying all available tools to manage the Company's information resources and records.
Relations with Business partners
We seek to do business with suppliers, vendors, contractors and other independent businesses who demonstrate high standards of ethical business behavior. Our company will not knowingly do business with any persons or businesses that operate in violation of applicable laws and regulations, including employment, health, safety and environmental laws. We shall take steps to assure that our suppliers, vendors and contractors understand the standards we apply to ourselves, and expect the same from them.
We believe that highly engaged employees are the key ingredient in professional development and business success. Therefore, we invite our employees to contribute their best and to avail the opportunities for improvement and growth. We are an equal opportunity employer and promote gender diversity, self-development and innovation. We provide employees with tools, techniques, and training to master their current jobs, broaden their skills, and advance their career goals.
Code of Conduct
The Salient features of the Code of Conduct are as follows:
- The Company's policy is to conduct its business with honesty & integrity and be ethical in its dealings, showing respect for the interest of all stakeholders including its shareholders, employees, customers, suppliers and the society.
- The Company is dedicated towards providing a safe and non-discriminatory working environment for all employees.
- The Company does not support any political party nor contributes funds to groups whose activities promote political interests.
- The Company is committed to provide products which consistently offer value in terms of price and quality and are safe for their intended use, to satisfy customer needs and expectations.
- The Board of Directors and Management are committed that the Company is responsible corporate citizen and the business shall be carried out in a sustainable manner.
- The operations shall be carried out with minimum adverse effect on the environment, producing quality products in a healthy & safe working environment.
- We, as a responsible corporate citizen, shall promote our role towards betterment of the society in health and education sectors.
Conflicts of Interest
- Every employee should conduct his/her personal and business affairs in such a manner that neither a conflict, nor the appearance of a conflict, arises between those interests and the interests of the Company.
- An employee should avoid any situation in which he or she, or a family member, might profit personally (directly or indirectly), from the Company's facilities, its products, or Company's relationships with its vendors or customers.
- An employee should not permit himself/herself (or members of his/ her family) to be obligated (other than in the course of normal banking relationships) to any organization or individual with whom the Company has a business relationship. However, business lunches, dinners or social invitations, nominal giveaways and attendance at conferences and seminars would not be considered a violation of this Code.
- In case an employee is offered or receives something of value which he/she believes may be impermissible under this Code, he /she should promptly disclose the matter.
- All employees shall avoid any kind of bribery, extortion and all other forms of corruption.
- Conflict of interest shall be avoided and promptly disclosed where they exists and guidance should be sought from senior management.
Accounting Records, Controls & Statements
- All books, records, accounts and statements should conform to generally accepted and applicable accounting principles and to all applicable laws & regulations and should be maintained accurately.
- Employees are expected to sign only documents or records which they believe to be accurate and truthful.
- The Company is committed to conduct its business in an environmentally sound and sustainable manner and promote preservation and sustainability of the environment.
- All employees are required to adhere strictly to all applicable environmental laws and regulations that impact the Company's operations.
- The Company is committed to making prompt public disclosure of "material information" as prescribed in the Karachi Stock Exchange Regulations and/or any other exchange where the Company is listed.
- Where an employee is privy to the information, which is generally referred to as "material inside information” the same must be held in the strictest confidence by the employee involved until it is publicly released.
- The employees shall abide by the appropriate Competition Laws and shall not enter into understandings, arrangements or agreements with competitors which have the effect of fixing or controlling prices, dividing and allocating markets or territories, or boycotting suppliers or customers.
- All employees should conduct themselves with the highest degree of integrity and professionalism in the workplace or any other location whilst acti rig in the course of business.
- The employees shall be careful while dealing with personal or business associates and not disclose, divulge or provide any information regarding the Company to anyone except where the same is used as a part of his/ her official obligations and as required for official purpose and shall abide by the closed period announced by the Company from time to time and also sign a Non- Disclosure Agreement if the need arises.
- All employees should avoid any kind of bribery, extortion and all other forms of corruption.
- Employees should always be cognizant of the need to adhere strictly to all safety policies and regulations.
- Any legally prohibited or controlled substances if found in the possession of any employee will be confiscated and where appropriate, turned over to the authorities.
Page Last Updated: Sunday, May 01, 2016