This is the Code of Conduct to which the management company & Modarabas is committed voluntarily maintaining the highest standards of conduct and ethical behavior is a moral right and legal requirement that requires the personal commitment of every person associated/connected with the Modarabas and the manager. The Code of Conduct of Crescent Standard Modaraba Managed by B.R.R. Investments (Private) Limited (hereinafter refer to as Modarabas) its manager indicates good business conduct that generally promote the qualities of honesty, fairness, consideration and enlightened professionalism.
It is the policy of the Modarabas and its manager to follow the highest business ethics and standards of conduct. It is the obligation of every director/employee to be a responsible director/employee, that is, to be honest, trustworthy, conscientious, and dedicated to the highest standards of ethical business conduct.
Code of Business Ethics
1. Directors/employees shall conduct their duties/employment activities with the highest principles of honesty, integrity, truthfulness and honor. To this end, directors/employees are to avoid not only impropriety, but also the appearance of impropriety.
2. Directors/employees have a legal, moral and ethical responsibility to report to the Modarabas or the appropriate authorities, known or suspected violations of law, regulations, or corporate policy, including the Modaraba’s Standards of Conduct.
3. Directors/employees shall not make, recommend, or cause to be taken any action known or believed to be in violation of any law, regulation or corporate policy.
4. Directors/employees shall not make, recommend, or cause to be made any expenditure of funds known or believed to be in violation of any law, regulation or corporate policy.
5. Directors/employees shall not use their position to force, induce, coerce, harass, intimidate, or in any manner influence any person, including subordinates, to provide any favor, gift or benefit, whether financial or otherwise, to themselves or others.
6. In business dealings with government entities, whether Pakistani or foreign, directors/employees shall not provide or offer to provide any favor or other benefit to government employees, or engage in any other activity which could improperly influence, or reasonably be interpreted as improperly influencing, their decisions or activities. All such activities with governmental agencies shall be conducted strictly on an arm's length business basis.
7. Directors/employees representing the Modarabas to the third parties shall not allow themselves to be placed in a position in which an actual or apparent conflict of interest exists.
Such conflict of interest may arise, or appear to arise, by reason of the directors/employees acceptance of other reputable benefits, which could improperly influence or reasonably be interpreted as improperly influencing sound business decisions. All such activities shall be conducted strictly on an arm's length, business basis.
8. Directors/employees will exercise great care in situations in which a pre-existing personal relationship exists between an employee and an industry representative or Government employee or official of an agency with whom the Modarabas have an existing or potential business relationship. In such a situation, the director/employee shall immediately report the relationship to management and the director/employee shall take no further action associated with the business in which the personal relationship exists, subject to further direction by the Modarabas. Where there is any doubt as to the propriety of the relationship, the director/employee shall report the relationship to management so as to avoid even the appearance of impropriety.
9. Directors/employees shall not engage in outside business activities, either directly or indirectly, with a customer, vendor, supplier or agent of the Modarabas, or engage in business activities, which are inconsistent with, or contrary to, the business activities of the Modarabas.
10. Directors/employees shall not use or disclose the Modaraba’s trade secrets, proprietary or confidential information, or any other confidential information gained in the performance of Modaraba’s duties as a means of making private profit, gain or benefit.
The Modaraba’s and its manager’s reputation and its actions as a legal entity depend on the conduct of its directors/employees. Each director/employee must commit to act according to the highest ethical standards and to know and abide by applicable laws. We each must assure that our personal conduct is above reproach and complies with the highest standards of conduct and business ethics. Difficult as it may be at times, we also each have an obligation to assure that the conduct of those who work around us complies with these Standards. The Modaraba’s and its manager’s Code of Conduct will be enforced at all levels fairly and without prejudice.
Code of Conduct / Business
Through our business in Pakistan, we provide services to our customers. In so doing, we aim to uphold our reputation, for acting responsibility and with integrity, respecting the laws and regulations, traditions and cultures of the country within which we operate.
The Modarabas and its manager requires the highest possible standards of professional and ethical conduct from all directors/employees. Equivalent standards of conduct are expected from all agents and other persons acting on behalf of the Modarabas. We are implementing this Code of Conduct to help and maintain the highest possible ethical standards among the employees of the Modarabas.
Each business should operate with policies and procedures, which are consistent with our values and this Code of Conduct in particular, each business should:
Dealing with customers
1. Treat customers fairly, openly and honestly
2. Provide high standards of service
3. Operate effective complaint processes to deal with situations where these standards are challenged
4. Aim to provide and promote a range of products and services that meet customer needs and are readily understandable
5. Maintain the confidentiality of customer information, save where the law requires or permits disclosure, or the customer has given prior written consent.
Dealing with employees
1. Maintain a working environment that provides appropriate remuneration including benefits, training, opportunities for personal development, and compliance with the employment related laws and regulations of the Pakistan
2. Explain to employees our values and the standards required by our business conduct
3. Be intolerant of discrimination, harassment or victimization. Recognize diversity in recruitment and dealings with employees. Create a favorable employee relations environment in which the involvement of all employees is encouraged
4. Provide a clean, healthy and safe work environment, stressing the obligation on all employees to take every reasonable precaution to avoid injury to colleagues and members of the public
Dealings with suppliers of goods and services
1. Maintain the highest possible standards of integrity in business relationships with suppliers/vendors
2. Encourage the use of those suppliers/vendors who operate with values and standards equivalent to the Modarabas
3. Work together with suppliers/vendors to improve all aspects of performance
4. Agree terms of payment when orders for goods and services are placed and pay in accordance with those terms
Dealings with communities
1. Contribute to the social and economic well being of those communities where we are an employer
2. Encourage employees to participate in projects and initiatives to strengthen those communities
3. Work to minimize adverse environmental impact of our business operations
Dealings with shareholders
1. Maximize shareholder value over time, recognizing that wealth generated also benefits customers and employees as well as the communities within which we operate
2. Keep accounting records, which accurately disclose the financial position of the business and issue financial statements to ensure transparency of information on the Modaraba’s financial performance
3. Communicate business policies, achievements and prospects honestly
Dealings with competitors
1. The business in accordance with our Code of Conduct and compete vigorously but honestly
2. In any contacts with competitors, avoid disclosing any confidential information.
Dealings with governments and regulators
1. Comply with all applicable laws, rules and regulations under which we operate
2. Maintain a constructive and open relationship with regulators to foster mutual trust, respect and understanding
3. Maintain effective procedures to prevent confidential information being misused and make it clear that the use of confidential information for personal and corporate gain will not be tolerated.
Compliance with the Code of Conduct
Provide confidential channels of communication to encourage reporting of concerns, particularly in situations where a person is unable or unwilling to inform their direct line management or speak out where there is suspicion of fraud or undesirable practice.
Undertake periodic audits of compliance with our Code of Conduct.
The Code of Conduct
CRESCENT STANDARD MODARABA
(Managed By B.R.R. Investments (Private) Limited)
Confidentiality Notice: This statement and any accompanying documents contain confidential information intended for a specific Modaraba’s and its manager Purpose. This information is private and protected by law. You are hereby notified that any disclosure, copying or distribution, of this information is strictly prohibited.