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The Code of Ethics is applicable to all employees of Worldoils Pte. Ltd. (“COMPANY”) and its associated companies (together “GROUP”). 1. National Interest - GROUP shall be committed in all its actions to benefit the economic development of the countries in which it operates and of its shareholders. GROUP shall conduct its business affairs in accordance with the economic, development and foreign policies, objectives and priorities of the Nation's government and shall strive to make a positive contribution to the achievement of such goals at the international, national and regional level as appropriate. 2. Financial Reporting and Records - GROUP shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations in all countries in which GROUP conducts its business affairs. Internal accounting and audit procedures shall fairly and accurately reflect all of GROUP's business transactions and disposition of assets. All required information shall be accessible to GROUP auditors and other authorized parties and government agencies. There shall be no willful omissions of any GROUP transactions from the books and records, no advance income recognition and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as a violation of the Code apart from inviting appropriate civil or criminal action under the relevant laws. 3. Competition - GROUP shall fully strive for the establishment and support of a competitive open market economy in all countries in which it operates and shall co- operate in the efforts to promote the progressive and judicious liberalization of trade and investment by a country. Specifically, GROUP shall not engage in activities, which generate or support the formation of monopolies, cartels and similar unfair trade practices. GROUP shall market its services on its own merits and shall not make unfair and misleading statements about competitors' services. Any collection of competitive information shall be made only in the normal course of business and shall be obtained only through legally permitted sources and means. 4. Equal Opportunities Employer - GROUP shall provide equal opportunities to all its employees and all qualified applicants for employment without regard to their race, caste, religion, color, ancestry, marital status, sex, age, nationality, disability and veteran status. Employees of GROUP shall be treated with dignity and in accordance with GROUP policy to maintain a work environment free of harassment, whether sexual, physical, verbal or psychological. Employee policies and practices shall be administered in a manner that would ensure that in all matters equal opportunity is provided to those eligible and the decisions are merit-based. 5. Gifts and Donations - GROUP and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended to or perceived to obtain business or uncompetitive favors for the conduct of its business. However, a GROUP COMPANY and its employees may accept and offer nominal gifts which are customarily given and are of commemorative nature for special events. 6. Government Agencies - GROUP and its employees shall not offer or give any GROUP funds or property as donation to any government agencies or their representatives, directly or through intermediaries, in order to obtain any favorable performance of official duties. 7. Political Non Alignment - GROUP shall be committed to and support a functioning democratic constitution and system of the country it operates in. GROUP shall not support directly or indirectly any specific political party or candidate for political office. GROUP shall not offer or give any GROUP funds or property as donations, directly or indirectly, to any specific political party, candidate or campaign. 8. Health, Safety and Environment - GROUP shall strive to provide a safe and healthy working environment and comply, in the conduct of its business affairs, with all regulations regarding the preservation of environment of the territory it operates in. GROUP shall be committed to prevent the wasteful use of natural resources and minimize any hazardous impact of the development, production, use and disposal of any of its products and services on the ecological environment. 9. Quality of Products & Services - GROUP standards backed by efficient after-sales service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of GROUP's services should at least meet the required national standards and GROUP should endeavor to achieve international standards. 10. Corporate Citizenship - GROUP shall be committed to be a good corporate citizen not only in compliance with all relevant laws and regulations but also by actively assisting in the improvement of the quality of life of the people in the communities in which it operates. GROUP would also encourage volunteering amongst its employees and help them to work in the communities. 11. Public Representation of GROUP - GROUP honors the information requirement of the public and its stakeholders. In all its public appearance with respect to disclosing GROUP and business information to public constituencies such as media, the financial community, employees and shareholders, GROUP shall be represented only by a specifically authorized directors and employees. It will be the sole responsibility of these authorized representatives to disclose information on GROUP. 12. Third Party Representation - Parties which have business dealings with GROUP such as consultants, agents, sales representatives, distributors, contractors, suppliers, etc. shall not be authorized to represent GROUP if their business conduct and ethics are known to be inconsistent with the Code. 13. Shareholders - GROUP shall be committed to enhance shareholder value and comply with all regulations and laws that govern shareholders' rights. The Board of Directors shall duly and fairly inform its shareholders about all relevant aspects of GROUP's business and disclose such information in accordance with the respective regulations and agreements. 14. Ethical Code - Every employee of GROUP, which shall include whole time Directors and the CEO, shall deal on behalf of GROUP with professionalism, honesty, integrity as well as high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be as such by third parties. Every employee shall be responsible for the implementation of and compliance with the Code in his professional environment. Failure to adhere to the Code could attract the most severe consequences including termination of employment. 15. Regulatory Compliance - Every employee of a GROUP shall, in his business conduct, comply with all applicable laws and regulations, both in letter and in spirit, in all the territories in which he operates. If the ethical and professional standards set out in the applicable laws and regulations are below that of the Code then the standards of the Code shall prevail. 16. Concurrent Employment - An employee of a GROUP shall not, without the prior approval of the Managing Director of GROUP, accept employment or a position of responsibility (such as a consultant or a director) with any other GROUP, nor provide "free-lance" services to anyone. In the case of a Whole-time Director or the Managing Director such prior approval must be obtained from the Board of Directors of GROUP. 17. Conflict Of Interest - An employee of GROUP shall not engage in any business, relationship or activity, which might detrimentally conflict with the interest of his GROUP. A conflict of interest, actual or potential, may arise where, directly or indirectly, 18. Confidential Information - An employee of GROUP and his immediate family shall not derive any benefit or assist others in to derive any benefit from the access to and possession of information about GROUP which is not in public domain and thus constitutes insider information. 19. Protecting GROUP Assets - The assets of GROUP should not be misused but employed for the purpose of conducting the business for which they are duly authorized. These include tangible assets such as equipment and machinery, systems, facilities, materials, resources, documents as well as intangible assets such as proprietary information, relationships with customers and suppliers. 20. Citizenship - An employee of GROUP shall in his private life be free to pursue an active role in civic or political affairs as long as it does not adversely affect the business or interests of COMPANY or GROUP. 21. Integrity Of Data Furnished - Every employee of GROUP shall ensure, at all times, the integrity of data or information furnished by him to GROUP. 22. Reporting Concerns - Every employee of GROUP shall promptly report to the management any actual or possible violation of the Code or an event he becomes aware of that could affect the business or reputation of GROUP. |
The Code of Ethics is applicable to all employees of Worldoils Pte. Ltd. (“COMPANY”) and its associated companies (together “GROUP”). 1. National Interest - GROUP shall be committed in all its actions to benefit the economic development of the countries in which it operates and of its shareholders. GROUP shall conduct its business affairs in accordance with the economic, development and foreign policies, objectives and priorities of the Nation's government and shall strive to make a positive contribution to the achievement of such goals at the international, national and regional level as appropriate. 2. Financial Reporting and Records - GROUP shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations in all countries in which GROUP conducts its business affairs. Internal accounting and audit procedures shall fairly and accurately reflect all of GROUP's business transactions and disposition of assets. All required information shall be accessible to GROUP auditors and other authorized parties and government agencies. There shall be no willful omissions of any GROUP transactions from the books and records, no advance income recognition and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as a violation of the Code apart from inviting appropriate civil or criminal action under the relevant laws. 3. Competition - GROUP shall fully strive for the establishment and support of a competitive open market economy in all countries in which it operates and shall co- operate in the efforts to promote the progressive and judicious liberalization of trade and investment by a country. Specifically, GROUP shall not engage in activities, which generate or support the formation of monopolies, cartels and similar unfair trade practices. GROUP shall market its services on its own merits and shall not make unfair and misleading statements about competitors' services. Any collection of competitive information shall be made only in the normal course of business and shall be obtained only through legally permitted sources and means. 4. Equal Opportunities Employer - GROUP shall provide equal opportunities to all its employees and all qualified applicants for employment without regard to their race, caste, religion, color, ancestry, marital status, sex, age, nationality, disability and veteran status. Employees of GROUP shall be treated with dignity and in accordance with GROUP policy to maintain a work environment free of harassment, whether sexual, physical, verbal or psychological. Employee policies and practices shall be administered in a manner that would ensure that in all matters equal opportunity is provided to those eligible and the decisions are merit-based. 5. Gifts and Donations - GROUP and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended to or perceived to obtain business or uncompetitive favors for the conduct of its business. However, a GROUP COMPANY and its employees may accept and offer nominal gifts which are customarily given and are of commemorative nature for special events. 6. Government Agencies - GROUP and its employees shall not offer or give any GROUP funds or property as donation to any government agencies or their representatives, directly or through intermediaries, in order to obtain any favorable performance of official duties. 7. Political Non Alignment - GROUP shall be committed to and support a functioning democratic constitution and system of the country it operates in. GROUP shall not support directly or indirectly any specific political party or candidate for political office. GROUP shall not offer or give any GROUP funds or property as donations, directly or indirectly, to any specific political party, candidate or campaign. 8. Health, Safety and Environment - GROUP shall strive to provide a safe and healthy working environment and comply, in the conduct of its business affairs, with all regulations regarding the preservation of environment of the territory it operates in. GROUP shall be committed to prevent the wasteful use of natural resources and minimize any hazardous impact of the development, production, use and disposal of any of its products and services on the ecological environment. 9. Quality of Products & Services - GROUP standards backed by efficient after-sales service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of GROUP's services should at least meet the required national standards and GROUP should endeavor to achieve international standards. 10. Corporate Citizenship - GROUP shall be committed to be a good corporate citizen not only in compliance with all relevant laws and regulations but also by actively assisting in the improvement of the quality of life of the people in the communities in which it operates. GROUP would also encourage volunteering amongst its employees and help them to work in the communities. 11. Public Representation of GROUP - GROUP honors the information requirement of the public and its stakeholders. In all its public appearance with respect to disclosing GROUP and business information to public constituencies such as media, the financial community, employees and shareholders, GROUP shall be represented only by a specifically authorized directors and employees. It will be the sole responsibility of these authorized representatives to disclose information on GROUP. 12. Third Party Representation - Parties which have business dealings with GROUP such as consultants, agents, sales representatives, distributors, contractors, suppliers, etc. shall not be authorized to represent GROUP if their business conduct and ethics are known to be inconsistent with the Code. 13. Shareholders - GROUP shall be committed to enhance shareholder value and comply with all regulations and laws that govern shareholders' rights. The Board of Directors shall duly and fairly inform its shareholders about all relevant aspects of GROUP's business and disclose such information in accordance with the respective regulations and agreements. 14. Ethical Code - Every employee of GROUP, which shall include whole time Directors and the CEO, shall deal on behalf of GROUP with professionalism, honesty, integrity as well as high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be as such by third parties. Every employee shall be responsible for the implementation of and compliance with the Code in his professional environment. Failure to adhere to the Code could attract the most severe consequences including termination of employment. 15. Regulatory Compliance - Every employee of a GROUP shall, in his business conduct, comply with all applicable laws and regulations, both in letter and in spirit, in all the territories in which he operates. If the ethical and professional standards set out in the applicable laws and regulations are below that of the Code then the standards of the Code shall prevail. 16. Concurrent Employment - An employee of a GROUP shall not, without the prior approval of the Managing Director of GROUP, accept employment or a position of responsibility (such as a consultant or a director) with any other GROUP, nor provide "free-lance" services to anyone. In the case of a Whole-time Director or the Managing Director such prior approval must be obtained from the Board of Directors of GROUP. 17. Conflict Of Interest - An employee of GROUP shall not engage in any business, relationship or activity, which might detrimentally conflict with the interest of his GROUP. A conflict of interest, actual or potential, may arise where, directly or indirectly, 18. Confidential Information - An employee of GROUP and his immediate family shall not derive any benefit or assist others in to derive any benefit from the access to and possession of information about GROUP which is not in public domain and thus constitutes insider information. 19. Protecting GROUP Assets - The assets of GROUP should not be misused but employed for the purpose of conducting the business for which they are duly authorized. These include tangible assets such as equipment and machinery, systems, facilities, materials, resources, documents as well as intangible assets such as proprietary information, relationships with customers and suppliers. 20. Citizenship - An employee of GROUP shall in his private life be free to pursue an active role in civic or political affairs as long as it does not adversely affect the business or interests of COMPANY or GROUP. 21. Integrity Of Data Furnished - Every employee of GROUP shall ensure, at all times, the integrity of data or information furnished by him to GROUP. 22. Reporting Concerns - Every employee of GROUP shall promptly report to the management any actual or possible violation of the Code or an event he becomes aware of that could affect the business or reputation of GROUP. |
The Code of Ethics is applicable to all employees of Worldoils Pte. Ltd. (“COMPANY”) and its associated companies (together “GROUP”). 1. National Interest - GROUP shall be committed in all its actions to benefit the economic development of the countries in which it operates and of its shareholders. GROUP shall conduct its business affairs in accordance with the economic, development and foreign policies, objectives and priorities of the Nation's government and shall strive to make a positive contribution to the achievement of such goals at the international, national and regional level as appropriate. 2. Financial Reporting and Records - GROUP shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations in all countries in which GROUP conducts its business affairs. Internal accounting and audit procedures shall fairly and accurately reflect all of GROUP's business transactions and disposition of assets. All required information shall be accessible to GROUP auditors and other authorized parties and government agencies. There shall be no willful omissions of any GROUP transactions from the books and records, no advance income recognition and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as a violation of the Code apart from inviting appropriate civil or criminal action under the relevant laws. 3. Competition - GROUP shall fully strive for the establishment and support of a competitive open market economy in all countries in which it operates and shall co- operate in the efforts to promote the progressive and judicious liberalization of trade and investment by a country. Specifically, GROUP shall not engage in activities, which generate or support the formation of monopolies, cartels and similar unfair trade practices. GROUP shall market its services on its own merits and shall not make unfair and misleading statements about competitors' services. Any collection of competitive information shall be made only in the normal course of business and shall be obtained only through legally permitted sources and means. 4. Equal Opportunities Employer - GROUP shall provide equal opportunities to all its employees and all qualified applicants for employment without regard to their race, caste, religion, color, ancestry, marital status, sex, age, nationality, disability and veteran status. Employees of GROUP shall be treated with dignity and in accordance with GROUP policy to maintain a work environment free of harassment, whether sexual, physical, verbal or psychological. Employee policies and practices shall be administered in a manner that would ensure that in all matters equal opportunity is provided to those eligible and the decisions are merit-based. 5. Gifts and Donations - GROUP and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended to or perceived to obtain business or uncompetitive favors for the conduct of its business. However, a GROUP COMPANY and its employees may accept and offer nominal gifts which are customarily given and are of commemorative nature for special events. 6. Government Agencies - GROUP and its employees shall not offer or give any GROUP funds or property as donation to any government agencies or their representatives, directly or through intermediaries, in order to obtain any favorable performance of official duties. 7. Political Non Alignment - GROUP shall be committed to and support a functioning democratic constitution and system of the country it operates in. GROUP shall not support directly or indirectly any specific political party or candidate for political office. GROUP shall not offer or give any GROUP funds or property as donations, directly or indirectly, to any specific political party, candidate or campaign. 8. Health, Safety and Environment - GROUP shall strive to provide a safe and healthy working environment and comply, in the conduct of its business affairs, with all regulations regarding the preservation of environment of the territory it operates in. GROUP shall be committed to prevent the wasteful use of natural resources and minimize any hazardous impact of the development, production, use and disposal of any of its products and services on the ecological environment. 9. Quality of Products & Services - GROUP standards backed by efficient after-sales service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of GROUP's services should at least meet the required national standards and GROUP should endeavor to achieve international standards. 10. Corporate Citizenship - GROUP shall be committed to be a good corporate citizen not only in compliance with all relevant laws and regulations but also by actively assisting in the improvement of the quality of life of the people in the communities in which it operates. GROUP would also encourage volunteering amongst its employees and help them to work in the communities. 11. Public Representation of GROUP - GROUP honors the information requirement of the public and its stakeholders. In all its public appearance with respect to disclosing GROUP and business information to public constituencies such as media, the financial community, employees and shareholders, GROUP shall be represented only by a specifically authorized directors and employees. It will be the sole responsibility of these authorized representatives to disclose information on GROUP. 12. Third Party Representation - Parties which have business dealings with GROUP such as consultants, agents, sales representatives, distributors, contractors, suppliers, etc. shall not be authorized to represent GROUP if their business conduct and ethics are known to be inconsistent with the Code. 13. Shareholders - GROUP shall be committed to enhance shareholder value and comply with all regulations and laws that govern shareholders' rights. The Board of Directors shall duly and fairly inform its shareholders about all relevant aspects of GROUP's business and disclose such information in accordance with the respective regulations and agreements. 14. Ethical Code - Every employee of GROUP, which shall include whole time Directors and the CEO, shall deal on behalf of GROUP with professionalism, honesty, integrity as well as high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be as such by third parties. Every employee shall be responsible for the implementation of and compliance with the Code in his professional environment. Failure to adhere to the Code could attract the most severe consequences including termination of employment. 15. Regulatory Compliance - Every employee of a GROUP shall, in his business conduct, comply with all applicable laws and regulations, both in letter and in spirit, in all the territories in which he operates. If the ethical and professional standards set out in the applicable laws and regulations are below that of the Code then the standards of the Code shall prevail. 16. Concurrent Employment - An employee of a GROUP shall not, without the prior approval of the Managing Director of GROUP, accept employment or a position of responsibility (such as a consultant or a director) with any other GROUP, nor provide "free-lance" services to anyone. In the case of a Whole-time Director or the Managing Director such prior approval must be obtained from the Board of Directors of GROUP. 17. Conflict Of Interest - An employee of GROUP shall not engage in any business, relationship or activity, which might detrimentally conflict with the interest of his GROUP. A conflict of interest, actual or potential, may arise where, directly or indirectly, 18. Confidential Information - An employee of GROUP and his immediate family shall not derive any benefit or assist others in to derive any benefit from the access to and possession of information about GROUP which is not in public domain and thus constitutes insider information. 19. Protecting GROUP Assets - The assets of GROUP should not be misused but employed for the purpose of conducting the business for which they are duly authorized. These include tangible assets such as equipment and machinery, systems, facilities, materials, resources, documents as well as intangible assets such as proprietary information, relationships with customers and suppliers. 20. Citizenship - An employee of GROUP shall in his private life be free to pursue an active role in civic or political affairs as long as it does not adversely affect the business or interests of COMPANY or GROUP. 21. Integrity Of Data Furnished - Every employee of GROUP shall ensure, at all times, the integrity of data or information furnished by him to GROUP. 22. Reporting Concerns - Every employee of GROUP shall promptly report to the management any actual or possible violation of the Code or an event he becomes aware of that could affect the business or reputation of GROUP. |
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