Business Ethics
Besides conducting its business operations under good corporate governance principles, and being a socially responsible corporation, the Company conducts its business with integrity and abides by the law, standards and good business conduct including the disclosure of financial information, and will not seek personal interests by using inside information, does not engage in paying bribery for corporate benefits, disclose inside information to outsiders, or cause any conflicts of interest.
The Company continuously supports and encourages activities which are beneficial to society, culture and traditions. The Company also encourages, develops and respects intellectual property rights and evaluates such intellectual property with fairness, without barriers, discrimination or unequal treatment.
In 2005, the Board of Directors approved a “Business Ethics and Code of Conduct Handbook” for directors, management and employees in the Group. This material is publicised on the intratnet and Company website (http://www.gmmgrammy.com). There is a policy to continuously revise and update the content in line with regulatory requirements and to remain relevant to the Company’s business operations.
Business Ethics and Code of Conduct Handbook consists of
- Section 1 The Company’s Vision and Mission
- Section 2 Business Ethics in Operating the Company
- Section 3 Code of Conduct toward Shareholders, Customers, Trade Partners and/or Creditors, Trade Competitors, Employees, and Society
- Section 4 Code of Conduct for Employees
- Section 5 Monitoring to ensure that the Code is implemented
To ensure that the Business Ethics and Code of Conduct is implemented, the Company has specified that this task falls on Directors, Management team, and every employee acknowledges, understands, and strictly complies with the “Code of Ethics”. Managers of all levels have to be responsible and treat this matter with great importance so that their subordinates will follow suit, and seriously practice the Business Ethics and Code of Conduct.
The Company does not wish to see any unlawful business practice which is against ethical conduct. If directors, managers, and employees conducts themselves in ways that are deemed unethical, the Company will evaluate and proceed according to the rules. The Company has arranged for a special unit to handle general complaints, unlawful behavior, breaches of the Business Ethics and Code of Conduct, queries about financial statements or the internal control system. The details will be summarized and submitted to the Internal Audit Committee composed of Independent Directors at auditcommittee@ gmmgrammy.com for further consideration and reporting to the Board of Directors.
In 2010, there was no complaint nor query submitted to the Audit Committee.
