The Code of Corporate Governance for Bangladesh
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Transcript of The Code of Corporate Governance for Bangladesh
8/12/2019 The Code of Corporate Governance for Bangladesh
http://slidepdf.com/reader/full/the-code-of-corporate-governance-for-bangladesh 1/101
8/12/2019 The Code of Corporate Governance for Bangladesh
http://slidepdf.com/reader/full/the-code-of-corporate-governance-for-bangladesh 2/101
Code of Corpor!e Go"er##$e for B#%&de'( )
TABLE OF CONTENTS
A$*#o+ed%ee#!' .
Pre/&e 0
Me/er' of !(e T'*for$e o# Corpor!e Go"er##$e 1
Code of Corpor!e Go"er##$e 23
Bord I''4e' 22
Roe of S(re(oder' )2
F5##$5 Repor!5#%, A4d5!5#% #d No#-F5##$5 D5'$&o'4r e' )6
Se$!or-Spe$5f5$ Pro"5'5o#'7 F5##$5 I#'!5!4!5o#' #d SOE' .3
F5##$5 I#'!5!4!5o#' .2
S!!e-O+#ed E#!erpr5'e' .8
E9(or!!5o#' !o O!(er E#!5!5e' 03
B'5$ C(e$*5'! for Ipee#!!5o# of !(e Code of Corpor!e Go"er##$e 0)
NGO Go"er##$e Pr5#$5pe' 00
Re'o4r$e' ::
Appe#d5$e' :1
C44!5"e Vo!5#%7 A Br5ef De'$r5p!5o# :;
Spe S(re(oder'< H#d/oo* 12
Spe Co#!e#!' of # A##4 Repor! 16
8/12/2019 The Code of Corporate Governance for Bangladesh
http://slidepdf.com/reader/full/the-code-of-corporate-governance-for-bangladesh 3/101
Code of Corpor!e Go"er##$e for B#%&de'( .
ACKNOWLEDGEMENTS
I# A4%4'! )33., B#%de'( E#!erpr5'e I#'!5!4!e =BEI> 5#"5!ed #4/er of pro5#e#!
5#d5"5d4' fro !(e pr5"!e 'e$!or, !(e %o"er#e#!, NGO' #d o!(er ree"#! /od5e' !o
/e%5# !(e pro$e'' of for4!5#% Code of Corpor!e Go"er##$e for B#%de'(
Co#"e#5#% !(5' T'*for$e o# Corpor!e Go"er##$e +' # o4!$oe of BEI<' o#%o5#%
re'er$( #d d"o$$? +or* o# '!re#%!(e#5#% $orpor!e %o"er##$e 5# B#%de'(
Me/er' of !(e T'*for$e pro"5ded e''e#!5& %45d#$e #d d5re$!5o# !o !(e de"eope#!
of !(e Code I# dd5!5o#, d5'!5#%45'(ed %4e'! e9per!' 5#"5!ed !o $er!5# T'*for$e
ee!5#%' pro"5ded 5#"4/e 5#p4! #d e9per!5'e o# 'pe$5f5$ 'pe$!' #d 'e$!5o#' of !(e
Code A'o, %re!? ppre$5!ed for e#d5#% !(e5r "4/e !5e #d e#$o4r%ee#! !o !(e
pro@e$! re Dr F*(r4dd5# A(ed, Go"er#or of !(e B#%de'( B#*, Mr M4(ed
A5 R4ee, Dep4!? Go"er#or of B#%de'( B#*, #d Dr M5r A54
I', C(5r# of !(e Se$4r5!5e' #d E9$(#%e Co5''5o#, of +(o offered'5%#5f5$#! 5#'5%(! #d $oe#!' !o !(e Code
M#? !(#*' re 'o d4e !o !(e 5#!er#!5o# do#or' !(! ''5'!ed 5# or%#5'5#% !(e
T'*for$e o# Corpor!e Go"er##$e #d '4ppor!ed 5!' +or*7 #e?, !(e Depr!e#! for
I#!er#!5o# De"e&ope#! =DFID>, !(e Coo#+e!( Se$re!r5! #d !(e G&o/&
Corpor!e Go"er##$e For4 =GCGF>
F5#?, !(e T'*for$e +' ''5'!ed #d '4ppor!ed 5# e"er? +? /? !(e B#%de'(
E#!erpr5'e I#'!5!4!e Wor*5#% Gro4p 5# !(e drf!5#% of !(e Code, +(5$( $o4d #o!
("e /ee# $ope!ed +5!(5# '4$( '(or! !5e-fre, 5f #o! for !(e (rd +or* of !(5'
ded5$!ed %ro4p T(e Wor*5#% Gro4p +' $(5red /? Froo So/(#,Pre'5de#! of BEI T(e pr5r? drf!er of !(e Code +' We#d? Wer#er, +(5e
o'ep(5#e O%4! ed !(e effor! !o for4!e !(e 'e$!5o# of !(e Code o# NGO Go"er##$e
O!(er e/er' of !(e Wor*5#% Gro4p +ere S(ee R(#, Y+er S?eed, N5(d
/5r, R'(5d A(d #d Adee/ (# T(e %ro4p 'o re$e5"ed d"5$e fro Ad##
W(ed #d A/d4( A& M4# o# F5##$5 I#'!5!4!5o#' A#? R(#
#d R'(5d A(d 'pe#! #? (o4r'
proofred5#% !o (ep f5#5e !(e do$4e#! F5#?, M5$(e G5&&5/r#d 'er"ed '
5#!er#!5o# $o#'4!#! !o !(e pro@e$! #d pro"5ded 4#f55#% feed/$*, re'o4r$e', #d
''5'!#$e o# 5#!er#!5o# /e'! pr$!5$e' of $orpor!e %o"er##$e
8/12/2019 The Code of Corporate Governance for Bangladesh
http://slidepdf.com/reader/full/the-code-of-corporate-governance-for-bangladesh 4/101
Code of Corpor!e Go"er##$e for B#%&de'( 0
PREAMBLE
Before !4r#5#% !o !(e 'pe$5f5$ pro"5'5o#' of !(e pre'e#! Code of Corpor!e
Go"er##$e, !(ree f4#de#! 4e'!5o#' '(o4d /e e95#ed
re%rd5#% Code' of Corpor!e Go"er##$e 5# %e#er #d !(e
B#%de'( Code 5# pr!5$4r F5r'!, +(! 5' !(e f4#$!5o# of Code of Corpor!e
Go"er##$e Se$o#d, (o+ $# '4$( Code /e 5pee#!ed T(5rd, +(! 5' !o /e
%5#ed fro !(e 5pee#!!5o# of Code of Corpor!e Go"er##$e
T(e o/"5o4' f4#$!5o# of Code of Corpor!e Go"er##$e for B#%de'( 5' !o 5pro"e
!(e %e#er& 45!? of $orpor!e %o"er##$e pr$!5$e' T(e Code doe' !(5' /? def5#5#%
/e'! pr$!5$e' of $orpor!e %o"er##$e #d 'pe$5f5$ '!ep' !(! or%#5'!5o#' $# !*e !o
5pro"e $orpor!e %o"er##$e T(e Code, !(ere/?, /e%5#' !o r5'e !(e 45!? #d e"e
of $orpor!e %o"er##$e !o /e e9pe$!ed fro or%#5'!5o#' 5# 'oe re' !(e Code
'pe$5f5e' ore '!r5#%e#! pr$!5$e' !(# 5' re45red /? B#%de'(5 +, /4! 5! '(o4d /e ep('5'ed !(! !(e'e dd5!5o# re45ree#!' re 5# *eep5#% +5!( 5#!er#!5o#
/e'! pr$!5$e' E"e# 5f ' or%#5'!5o#' do #o! fee !(e? $# ee!
!(e re45ree#!' 5ed5!e?, !(e Code pro"5de' '!#drd !(! $# /e 4'ed !o
e'4re pro%re'' !o+rd' !(e %o of /e'! pr$!5$e'
T(e Code of Corpor!e Go"er##$e, !(erefore, pre'$r5/e' !(e pr5#$5pe', pro$ed4re' #d
pro$e'' !(ro4%( +(5$( /e!!er $orpor!e %o"er##$e pr$!5$e' ? %rd4? /e
5#!rod4$ed A' '4$(, !(e Code 5' or%#5'ed 5#!o Pr5#$5pe' #d G45de5#e' Or%#5'!5o#'
$# '!r! o# !(e p!( !o /e!!er $orpor!e %o"er##$e f5r'! /? $*#o+ed%5#% !(e Pr5#$5pe'
of Corpor!e Go"er##$e #d !(e# /? 5#$orpor!5#% !(e !(ro4%( !(e5r o+# 5#5!5
5pee#!!5o# '!r!e%5e', +(5$( !(e? 4'! #e"er!(ee'' @4'!5f? #d e9p5# T(e #e9!'!ep +o4d /e !o /e%5# $op?5#% f4? +5!( !(e G45de&5#e' for 5pee#!!5o#, ' 'e! o4!
5# !(e Code, +(5$( repre'e#! # ppropr5!e '?#!(e'5' of 5#!er#!5o# #d 5#d5%e#o4' /e'!
pr$!5$e' !(! re +(o? pp5$/e !o !(e B#%de'(5 $o#!e9!
M#? of !(e /e'! or%#5'!5o#' 5# B#%de'( red? ("e pr$!5$e' #d pro$ed4re'
5# *eep5#% +5!( !(e pro"5'5o#' of !(e Code Ho+e"er, !(e Code 5' 'o
e$(#5' !o d5''e5#!e !(e'e /e'! pr$!5$e' !o or%#5'!5o#' #!5o#+5de
Moreo"er, !(e /e'! $orpor!e %o"er##$e pr$!5$e', ' e#'(r5#ed 5#
!(e Code, $# 5pro"e o"er&& $$o4#!/55!? #d perfor#$e
!(ro4%(o4! !(e pr5"!e 'e$!or ' +e ' !(e NGO #d SOE 'e$!or' F5#?, !(e
'p5r5! of !(e Code 'ee*' !o e#/e or%#5'!5o#' !o %ro+ #d !!r$! %re!er 5#"e'!e#!,r!(er !(# /e5#% (5#dr#$e !o %ro+!(
T(e 'e$o#d 4e'!5o# !o $o#'5der 5' (o+ !(e Code of Corpor!e Go"er##$e $# /e
5pee#!ed F4 5pee#!!5o# of !(e Code e#5#% f4 $op5#$e !(ro4%(o4!
!(e pr5"!e, NGO #d SOE 'e$!or' +5 4#do4/!ed? !*e #4/er of ?er' #d +5
re45re !(e $ooper!5o# of "'! #4/er of ree"#! '!*e(oder' Ho+e"er, #4/er of
!(e Code<' Pr5#$5pe', G45de5#e' #d pro"5'5o#' $# /e 5#$orpor!ed 5#!o !(e de$5'5o#-
*5#% pro$e'' of *e? 5#'!5!4!5o#' #d 5# fr5#% #e+ po5$5e' 5ed5!e&?
A "5! e9pe7 '5#$e /#*' re !(e pr5r? 'o4r$e of $p5! 5# B#%de'(, o'!
effe$!5"e +? !o /e%5# pp?5#% !(e Code 5' for /#*' !o '* $5e#! f5r' !o e9p5# !(e5r
8/12/2019 The Code of Corporate Governance for Bangladesh
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Code of Corpor!e Go"er##$e for B#%&de'( 6
$op5#$e +5!( !(e Code of Corpor!e Go"er##$e Cop#5e' !(! $#
deo#'!r!e 'o4#d $orpor!e %o"er##$e pr$!5$e', ' e#'(r5#ed 5# !(e Code,
'(o4d re$e5"e prefere#!5 /orro+5#% f$55!5e', o#% o!(er po''5/e /e#ef5!' A
f"o4r/e 5#!ere'! r!e 5' @4'!5f5ed for $op#5e' +5!( '!ro#% $orpor!e %o"er##$e '5#$e!(e'e or%#5'!5o#' re 5/e !o $rr? o+er &e"e&' of /4'5#e'' r5'* F4r!(erore,
$red5! r!5#% %e#$5e' '(o4&d 5#$4de $orpor!e %o"er##$e 5# !(e5r r!5#%' #d $o4d, 5#
f4!4re, prod4$e '!#d- o#e $orpor!e %o"er##$e r!5#%'
I#d5"5d4 or%#5'!5o#' $# $op? +5!( !(e Code /? +r5!5#% !(e pro"5'5o#' 5#!o
!(e5r Ar!5$e' of A''o$5!5o# #d 5#$orpor!5#% !(e Code 5#!o $op#? pro$ed4re'
#d repor!5#% pr$!5$e' M#%ee#! #d !(e Bord of D5re$!or'
'(o4d 4'e !(e Code of Corpor!e Go"er##$e ' %45de5#e !o de"eop
pro$ed4re' for e"4!5o# #d $$o4#!/55!? +5!(5# !(e or%#5'!5o# A&&
or%#5'!5o#' '(o4d de"eop Code of Co#d4$! for !(e5r epo?ee' A epo?ee'
'(o4d red, 4#der'!#d, #d '5%# !(e Code of Co#d4$! !(eref!er, "5o!5o#' of !(5' Code ofCo#d4$! '(o4d /e pe#&5'ed
T(e o'! effe$!5"e re%4!or? '!ep !o 5pee#! !(e Code of Corpor!e Go"er##$e $o4d
/e 5!' dop!5o# /? !(e Se$4r5!5e' #d E9$(#%e Co5''5o# S4$( '!ep $o4d /e%5#
+5!( $op? or e9p5#< p('e, +(5$( re45re' # or%#5'!5o# !o $op? +5!(
!(e Code<' pro"5'5o#', /4! 5f !(ere re 'pe$!' 5# +(5$( !(e or%#5'!5o# doe' #o! $op?
!(e re'o# for '4$( #o#-$op5#$e 4'! /e e9p&5#ed A' (' /ee# !(e $'e 5# #?
o!(er $o4#!r5e', !(e Code $o4d 'o /e 5#$orpor!ed 5#!o !(e 5'!5#% re45ree#!' of !(e
D(* #d !(e C(5!!%o#% S!o$* E9$(#%e' A
$op5e#!r? re45ree#! +o4d /e $op4'or? d5re$!or
!r5#5#% for !(e Bord of D5re$!or' of 5'!ed $op#5e' BEI<' Wor*5#% Gro4pfor !(e T'*for$e o# Corpor!e Go"er##$e (' '54!#eo4'? /ee# +or*5#% o# #
A%e#d for Refor of Corpor!e Go"er##$e, !r%e!5#% po5$5e', 5#'!5!4!5o# #d
e% refor' !(! $# e#/&e !(e %ro+!( of ore !r#'pre#! #d $$o4#!/e
$orpor!e 'e$!or Ho+e"er, !(e f5r'! '!ep $# #d '(o4d /e !(e 5#5!5!5"e of
$orpor!5o#' #d or%#5'!5o#' !(e'e"e', !(ro4%( !(e 5pee#!!5o# of !(5' Code
T(e f5# 4e'!5o# 5' o#e of re+rd #d /e#ef5! fro 5pee#!!5o# of !(e Code U'5#%
!(e Code !o '!re#%!(e# $orpor!e %o"er##$e pr$!5$e' $# #o! o#? /e#ef5! 5#d5"5d4
or%#5'!5o#', /4! 'o !(e 'pe$5f5$ 'e$!or' ddre''ed /? !(5' Code, ' +e ' !(e #!5o#
' +(o&e Cop#5e' !(! deo#'!r!e 5#!er#!5o# '!#drd $orpor!e %o"er##$e
pr$!5$e' re /e!!er /e !o !!r$! %re!er $p5! fro /#*' #d e45!? 5#"e'!or' S4$($op#5e' +5 'o !!r$! !(e /e'!-45f5ed profe''5o#' !o +or* 5# !(e5r or%#5'!5o#'
T(e'e 5p&5$5! re+rd' +5 ed 5# !4r# !o ore e9p5$5! /e#ef5!'7
'4$$e''f4 or%#5'!5o# +5!( (5%(er prof5!'
A' for !(e $o4#!r? $o#!e9!, !(ere re #4ero4' po!e#!5 /e#ef5!' #d re+rd' for
B#%de'( /? 5pro"5#% $orpor!e %o"er##$e pr$!5$e' T(e pr5r? #d o'!
5por!#! /e#ef5! fro 5pee#!5#% !(e Code of Corpor!e Go"er##$e,
(o+e"er, pro//? &5e' 5# !!5#5#% #d '4'!5#5#% de"eope#! %o' '!re#%!(e#5#%
$orpor!e %o"er##$e $o4d, ! !(e #!5o# e"e, ed !o pro$e'' of re"5!5'!5o#
of !(e B#%de'(5 e$o#o? If !(e Code $# /e
f4? 5pee#!ed, 5# p4/5$ $orpor!5o#', @o5#! '!o$* =pr5"!e> $op#5e', '!!e-o+#ede#!erpr5'e' =SOE'>, #d #o#-%o"er#e#!&
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Code of Corpor!e Go"er##$e for B#%&de'( 8
or%#5'!5o#' =NGO'>, !(e rep4!!5o# of B#%de'( ' de'!5#!5o# for 5#"e'!e#!
#d 5d +5 /e %re!? e#(#$ed Prod4$5#% #!5o# Code 'e#d' e''%e !o
5#"e'!or' #d o/'er"er' !(! B#%de'( (' re$o%#5'ed !(e 5por!#$e of $orpor!e
%o"er##$e #d 5' !*5#% def5#5!e '!ep' !o 5pro"e 5!' $orpor!e %o"er##$e perfor#$e
A' '4$(, 5pee#!!5o# of pro%re of
$orpor!e %o"er##$e $# *e '5%#5f5$#!
$o#!r5/4!5o#' !o e$o#o5$ %ro+!(
F5r'!, # e$o#o? +5!( 'o4#d '?'!e' of $orpor!e %o"er##$e +5 /e re+rded
+5!( ore 5#"e'!e#! #d (5%(er 45!? 5#"e'!or' 45!e '5p?, 5pro"5#%
$orpor!e %o"er##$e +5 5pro"e !(e o"er rep4!!5o# of B#%de'( ' p$e !o do
/4'5#e'' T(5' 5# !4r# +5 5pro"e !(e 5#"e'!e#! $5!e #d !(e pro'pe$!' for
e$o#o5$ %ro+!( Good $orpor!e %o"er##$e pr$!5$e', ' e#'(r5#ed 5# !(5' Code,
+5 ed !o +e- %o"er#ed, ore prof5!/&e $op#5e' !(! re $#d5d!e' for /o!(
fore5%# #d doe'!5$ 5#"e'!e#! I! 5' +e e'!/5'(ed !(!5#!er#!5o# 5#"e'!or', e'pe$5? por!fo5o 5#"e'!or', $o#'5der $orpor!e %o"er##$e
#e$e''r? prere45'5!e for 5#"e'!e#!
Se$o#d, $orpor!e %o"er##$e '?'!e' $# /e!!er e#/e !(e $p5! r*e!, pr5"!e
5#"e'!or', 5#!er#!5o# do#or' #d f5##$5 5#'!5!4!5o#' !o 5de#!5f? #d f4#d '4$$e''f4
e#!erpr5'e' T(ro4%( f4&& #d !r#'pre#! d5'$o'4re' '4$( e#!erpr5'e' $# /e!!er /e
5de#!5f5ed, #d /? pp?5#% !(e $o#$ep!' of $$o4#!/55!? !(e5r perfor#$e $# /e ore
$$4r!e? e'4red T(5' $# /4! re'4! 5# ore eff5$5e#! o$!5o# of $p5!
!o prof5!/e e#!erpr5'e'
T(5rd, /? 5de#!5f5$!5o# of /e!!er perfor5#% e#!erpr5'e', #d !(ere/? oreeff5$5e#! o$!5o# of $p5!, $orpor!e %o"er##$e $# ed !o %re!er e$o#o5$
%ro+!( /? e#/5#% !(e $o4#!r? !o 955'e !(e re'o4r$e' 5! (' Corpor!e
%o"er##$e $# !(erefore ed !o (5%(er e"e' of eff5$5e#$?, 45!?, #d
$ope!5!5"e#e'' !(ro4%(o4! !(e #!5o# e$o#o?, +(5$( 5# !4r# +5 e#/e B#%de'(
!o re$( 5!' %o' for po"er!? e"5!5o#
Fo4r!(, $4!4re of $orpor!e %o"er##$e +5 /e%5# !o ddre'' !(e per"'5"e $orr4p!5o#
!(! 5' $r5pp5#% !(e B#%de'(5 e$o#o? #d de"eope#! ' +(oe T(e Pr5#$5pe',
G45de5#e' #d pr$!5$e' pre'$r5/ed 5# !(e Code of Corpor!e Go"er##$e #d !(e NGO
Code of Go"er##$e re /'o4!e? 5#$op!5/e +5!( #? '?'!e!5$ pr$!5$e
of $orr4p!5o#, /r5/e' #d *5$*/$*' B? pp5$!5o# of !(e Code, /o!( !(e5#'!5%!or' #d re$5p5e#!' of $orr4p!5o# +5 /e !r%e!edT(5' 5' #o! !o '4%%e'! !(!
!(e Code of Corpor!e Go"er##$e $# '5p? e55#!e deep-roo!ed $4!4re of
$orr4p!5o# #? o!(er $opee#!r? refor' re #e$e''r?, of $o4r'e Ho+e"er,
$orpor!e %o"er##$e $# /e%5# !(e refor pro$e''
I# '(or!, $orpor!e %o"er##$e $# /e $!?'! for $(#%e, for (5%(er e$o#o5$ %ro+!(,
for ore eff5$5e#! 4'e of re'o4r$e', for pr5"!e 'e$!or !(! 5' $$o4#!/e !o 5#"e'!or'
#d 'o$5e!?, for red4$!5o# 5# $orr4p!5o#, #d for (e!(? 5#fo+ of f4#d' fro
doe'!5$ #d fore5%# 5#"e'!or'
8/12/2019 The Code of Corporate Governance for Bangladesh
http://slidepdf.com/reader/full/the-code-of-corporate-governance-for-bangladesh 7/101
Code of Corpor!e Go"er##$e for B#%&de'( :
A f5# #o!e %oe' !o !(e for #d '!r4$!4re of !(e Code of Corpor!e Go"er##$e T(e
Code +' de"eoped, ' (' /ee# e#!5o#ed, +5!( !(e $o#!r5/4!5o# of !(e T'*for$e o#
Corpor!e Go"er##$e, #d +5!( 5#!e#'5"e $o#'4!!5o# +5!( o!(er Code' of Corpor!e
Go"er##$e #d 5#!er#!5o# e9per!' o# $orpor!e %o"er##$e O!(er 5#!er#!5o# #d
#!5o# Code' #d Pr5#$5pe' of Corpor!e Go"er##$e +(5$( ("e /ee# $o#'4!ed
5#$4de7 !(e Co/5#ed Code =U>, !(e OECD Corpor!e Go"er##$e Pr5#$5pe', !(e
Coo#+e!( A''o$5!5o# for Corpor!e Go"er##$e G45de5#e', !(e 5#% Repor!
=So4!( Afr5$>, !(e Sr5 L#* Ce#!r B#* Code, !(e CII Code of De'5r/e Corpor!e
Go"er##$e =I#d5>, !(e P*5'!# Code of Corpor!e Go"er##$e, !(e M?#er' Repor!
=U>, !(e M?'5# Code of Corpor!e Go"er##$e, #d "r5e!? of 5#'!5!4!5o#
5#"e'!or $ode' fro !(e U#5!ed S!!e' T(e Code of Corpor!e Go"er##$e
for B#%de'( !!ep!' !o dr+ o# 5#!er#!5o# /e'! pr$!5$e', ' e#'(r5#ed 5# !(e
/o"e- e#!5o#ed do$4e#!', $o/5#ed (o+e"er +5!( !(e '5!4!5o# #d $o4#!r?
'pe$5f5$' of B#%de'( 5# order !o def5#e $orpor!e %o"er##$e ' fr ' po''5/e 5#
# 5#d5%e#o4' $o#!e9!
T(e Code 5' or%#5'ed 5#!o 'e$!5o#' o# 'pe$5f5$ !op5$' =Roe of S(re(oder',
Bord I''4e', e!$> W5!(5# e$( 'e$!5o#, !(e Code 'e!' o4! #4/er of
Pr5#$5pe' #d G45de5#e' E$( Pr5#$5p&e e9p5#' !(e 4#der?5#% "4e or
!e##! of $orpor!e %o"er##$e pr$!5$e' T(e'e Pr5#$5pe' of Corpor!e Go"er##$e
? /e pp5ed 5# d5ffere#! or%#5'!5o#' /? "r5o4' d5ffere#! e!(od' T(4', +(5e
!(e G45de5#e' '4%%e'! 'pe$5f5$ e!(od' for pp5$!5o#, !(e Code ' +(oe o+'
for e$( or%#5'!5o# !o pp? !(e Pr5#$5pe' 5# !(e5r o+# +? Or%#5'!5o#' 'oe?
5pee#!5#% !(e Corpor!e Go"er##$e Pr5#$5pe' /? !(e5r o+# e!(od, #e"er!(ee'',
'(o4d pro"5de e9p#!5o#' !o '(re(oder' #d !(e p4/5$ ' !o (o+ e9$!? !(e'e re
pp5ed 5# !(e5r pr$!5$e', po5$5e', re%4!5o#' #d pro$ed4re' To f4? $op?+5!( !(e Code, (o+e"er, or%#5'!5o#' '(o4d 5pee#! /o!( !(e Pr5#$5pe' #d G45de&5#e'
Corpor!e %o"er##$e 5' @o4r#e?, #o! de'!5#!5o# #d 5! 5' (oped !(! !(5' do$4e#!
+5 pro"5de %45d#$e for /e%5##5#% !(! @o4r#e? 5# B#%de'( Ho+e"er, ' !(e
$orpor!e e#"5ro#e#! de"eop' 5# B#%de'(, !(e Code of Corpor!e Go"er##$e +5
#eed !o /e dp!ed !o ddre'' #e+ de"eope#!' T(erefore, !(e Code of Corpor!e
Go"er##$e +5 /e re"5e+ed #d re"5'ed foo+5#% !(e f5r'! !+o !o !(ree ?er' of
5pee#!!5o# #d pp5$!5o#, #d !(eref!er ' !(e #eed r5'e'
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Code of Corpor!e Go"er##$e for B#%&de'( 1
MEMBERS OF THE TASKFORCE ON CORPORATE GOVERNANCE
Prof. Abu AhmedChairman
Bangladesh Shilpa Bank
Mr. Muzaffar Ahmed
President and CEOCredit Rating Information and Seri!es"imited
Mr. Shah Md. #urul AlamManaging $ire!tor
Prime Bank "imited
Mr. C. M. Alam
Managing $ire!tor Industrial Promotion and $eelopmentCompan% of Bangladesh "imited
Mr. &ali ur Rahman Bhui%anManaging $ire!tor
BOC
$r. 'oufi( Ahmed Choudhur%
Professor and $ire!tor Bangladesh Institute of Bank Management
Mr. A. )uadir Choudhur%
Managing $ire!tor Phoeni* "easing Compan%
Mr. Abdul Mu%eed Cho+dhur%E*e!utie $ire!tor
BRAC
Mr. Samson ,. Cho+dhur%
ChairmanS(uare -roup of Companies
Mr. Monzurul ,a(ueChairman
AIMS of Bangladesh
Mr. A. ,. M. Moazzem ,ossainEditor
inan!ial E*press
$r. Shamsul ,u(
/i!e Chan!ellor
Cit% 0niersit%
Mr. S%ed 1ousuf ,ussainormer Comptroller and Auditor -eneral
$r. Mirza Azizul Islam
ChairmanSe!urities and E*!hange Commission
Mr. Mahbubul 2arimSenior /i!e PresidentProshika
Mr. Anis A. 2hanCEO 3 Managing $ire!tor
Industrial $eelopment "easing Compan% of Bangladesh "imited
Mr. M. ,afiz 0ddin 2hanormer Comptroller and Auditor -eneral
Chair4 Publi! E*penditure Reie+
Commission
Mr. $hira5 Malakar6oint Se!retar%
Ministr% of Industries
Mr. M.A. Malikormer ,igh Commissioner
Mr. &ali7ul Maroof Matin
Chief E*e!utie Offi!erChittagong Sto!k E*!hange
Mr. A. S. M. Mainuddin Monem$ire!tor inan!e
Abdul Monem "td. 8Igloo and Milk 0nit9
Mr. Sira5 0llah
Controller Bangladesh Chemi!al IndustriesCorporation
Mr. A. 2. M. Muktadir
Senior /i!e PresidentInstitute of Chartered Se!retaries andManagers of Bangladesh
Mr. 'apan 2. Podder Managing $ire!tor Prime inan!e and Inestment "imited
Mr. Aminur Rahman Additional
$ire!tor -eneral $ire!torate of
Inspe!tion 8'a*es9
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Mr. Abdur RashidPresident
Institute of Cost and Management
A!!ount ants of Bangladesh
$r. ,aroon7ur Rashidormer SEC Chair
Mr. M. S%eduzzamanChairmanBank Asia "td.
$r. ,amid 0ddin Asso!iate Professor
Institute of Business Administration
Mr. Mohammad 1ousuf Additional
$ire!tor -eneral Monitoring Cell4
Ministr% of inan!e
$r. M. :ahir
Senior Ado!ateSupreme Court
Mr. Mohammad Abdul ,annan :oarder
E*e!utie $ire!tor Se!urities and E*!hange Commission
Mr. Mahbub 6amilPresidentoreign Inestors; Chamber of Commer!e
Mr. asih 0ddinirst Se!retar% 8In!ome 'a*9
#ational Board of Reenue
Mr. A. 2. -ulam 2ibria
2ibria 3 Co.8immediate past ICAB President9
MEMBERS OF THE WORKING GROUP
Mr. aroo( Sobhan 8Chair9President
Bangladesh Enterprise Institute
Ms. &end% &erner
Senior Resear!h Asso!iate 3Pro5e!t Coordinator Bangladesh Enterprise Institute
Ms. Rashida Ahmad
Resear!h Asso!iate 3 Assistant Pro5e!t Coordinator Bangladesh Enterprise Institute
Ms. #ihad 2abir Ado!ateSupreme Court of Bangladesh
Mr. Adeeb ,. 2han
Partner Rahman Rahman ,u(
Ms. 6osephine Oguta
Corporate -oernan!e Spe!ialistBoards; Consult
Ms. Sheela R. Rahman Ado!ateSupreme Court of Bangladesh
Mr. 1a+er Sa%eed
Managing $ire!tor 3 CEO
AIMS of Bangladesh
Advisors
Mr. Adnan &ahedCOO3
Mr. Abdullah Al7MamunManager4 Complian!e and Control
,ongkong and Shanghai Banking
Corporation 8,SBC9
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Code of Corpor!e Go"er##$e for B#%&de'( 23
THE
CODE OF CORPORATE GOVERNANCE
FOR
BANGLADESH
Mr$( )330
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Code of Corpor!e Go"er##$e for B#%&de'( 22
BOARD ISSUES
T(e Bord of D5re$!or' 5' !(e $e#!r e#!5!? 5# f4#$!5o#5#% $orpor!e %o"er##$e '?'!e,
'5#$e 5! 5' !(e %o"er#5#% /od? of #? or%#5'!5o# T(e /ord 5' $$o4#!/e !o !(e
'(re(oder' #dJor '!*e(oder' of !(e or%#5'!5o# To ee! 5!' or%#5'!5o#
o/@e$!5"e' !(e /ord 4'! pro"5de '!r!e%5$ po5$? #d d5re$!5o# !o !(e #%ee#!, /4!
'(o4d #o! /e 5#"o&"ed 5# d?-!o-d? oper!5o# de$5'5o#' M#%ee#! 5' $$o4#!/e
!o !(e /ord, #d !(erefore 5#for!5o# '?'!e' !(! pro"5de ree"#!, !r#'pre#!, #d
!er5 5#for!5o# !o !(e /ord re 5per!5"e
I#d5"5d4 /ord' 4'! f5#d !(e /e'! +? !o dp! !(e %45de5#e' #d re45ree#!' of !(e
Code !o !(e5r or%#5'!5o#' T(e pro"5'5o#' of !(e Code ? /e 5#$orpor!ed 5#!o
Bord C(r!er !(! def5#e' !(e o/@e$!5"e', roe', #d re'po#'5/55!5e' of !(e /ord To
e"4!e !(e /ord<' o+# pro%re'' !o+rd' 5!' %o', /ord ppr5' '?'!e $o4d /e5pee#!ed T(e pro"5'5o#' of !(e Code e#$o4r%e /ord' !o /e$oe ore pro$!5"e
#d effe$!5"e /? !r5#5#% d5re$!or' 5# $orpor!e %o"er##$e #d !(e5r re'po#'5/5&5!5e'
I. Mission of !" Bo#$% of Di$"&o$s
P$in&i'(")
T(e Bord of D5re$!or' '(o4d ed #d o"er'ee '!r!e%? #d po5$? of !(e $op#? #d
pro"5de d5re$!5o# !o !(e #%ee#! Bord $!5o#' '(o4d /e 5# !(e /e'! 5#!ere'!' of !(e$op#? #d '(re(o&der'
II. D*i"s of !" Bo#$%P$in&i'("s)
T(e Bord of D5re$!or' '(o4d def5#e 5!' roe #d @o/ re'po#'5/55!5e' T(e fo&&o+5#%5#$4de !(e @or re'po#'5/55!5e' of !(e /ord7
A Ser"e !(e e%5!5!e 5#!ere'!' of !(e '(re(oder' #dJor o+#er' #d $$o4#! !o
!(e f4&&? A d5re$!or' repre'e#! '(re(oder' d5"er'5!? '(o4d #o! /e
5'5#!erpre!ed ' repre'e#!5#% $o#'!5!4e#$5e' D5re$!or' '(o4d e#'4re !(! !(e
$op#? $o4#5$!e' effe$!5"e? +5!( '(re(oder', po!e#!5 '(re(oder', #d
o!(er '!*e(o&der'
2 A#? $o4#5$!5o# of !er5 5#for!5o# '(o4d /e de p4/5$
rp5d? or '54!#eo4'? !o '(re(oder' #d 5#"e'!or', 'o !(!
$4rre#! #d po!e#!5& 5#"e'!or' ("e # e4 oppor!4#5!? !o $!o# '4$( 5#for!5o#
B E#'4re !(! !(e $op#? $op5e' +5!( ree"#! +' #d re%4&!5o#',
5#$4d5#% !(e $4rre#! Code of Corpor!e Go"er##$e, #d o!(er $ode' of /e'! /4'5#e'' pr$!5$e
C De!er5#e, o#5!or, #d e"4!e '!r!e%5e', po5$5e', #%ee#! perfor#$e
$r5!er5, #d /4'5#e'' p&#'D Ide#!5f? #d o#5!or *e? r5'* re' #d perfor#$e 5#d5$!or' of !(e e#!erpr5'e
E E#'4re !(! !e$(#oo%? #d 5#for!5o# '?'!e' 4'ed 5# !(e or%#5'!5o# re
'4ff5$5e#! !o oper!e !(e or%#5'!5o# effe$!5"e? #d 5#!5# $ope!5!5"e#e''
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Code of Corpor!e Go"er##$e for B#%&de'( 2)
F Re"5e+ #d o#5!or r5'* #%ee#! '?'!e' #d 5#!er# $o#!ro e$(#5'' !o
e#/e de$5'5o# *5#% #d 5#!5# !(e $$4r$? of f5##$5 re'4&!'
G T(e Bord of D5re$!or' '(o4d ppo5#! !(e M#%5#% D5re$!orJ C(5ef E9e$4!5"e
Off5$er #d pr!5$5p!e 5# !(e ppo5#!e#! of 'e#5or #%ee#! T(e /ord
'(o4d e'!/5'( perfor#$e $r5!er5 #d e"4!e !(e perfor#$e of
!(e MDJCEO T(e /ord '(o4d 'o e#'4re !(! !(ere 5' '4$$e''5o# p# for
'e#5or #%ee#! #d !(e MDJCEO
III. Bo#$% M"+,"$s!i' C$i"$i#
P$in&i'("s)
A E$( d5re$!or '(o4d /e +e-45f5ed !o $rr? o4! !(e5r d4!5e' E$( d5re$!or
'(o4d /e /e #d prepred !o de"o!e '4ff5$5e#! !5e #d effor! !o (5' or(er d4!5e' ' d5re$!or
B D5re$!or' '(o4d e$( dd "4e !o !(e /ord #d /r5#% 5#depe#de#! @4d%ee#! !o /er o# !(e5r d4!5e'
G*i%"(in"s)
C To e#'4re d5re$!or (' '4ff5$5e#! !5e !o 4#der!*e (5' or (er d4!5e', #5#d5"5d4 d5re$!or '(o4d #o! (od d5re$!or'(5p' 5# ore !(# 8 /ord'
2
D D5re$!or' +(o ("e #o! !!e#ded ! e'! 63K of !(e /ord ee!5#%' =+5!(o4!
e"e of /'e#$e> d4r5#% !(e '! ?er '(o4d #o! /e e5%5/e for re-ee$!5o# !o !(e
/ord
IV. No+in#ion of N"- Bo#$% M"+,"$s
P$in&i'(")A W(e# #o5#!5#% #e+ d5re$!or', '(re(oder' #d !(e /ord '(o4d $o#'5der !(e
59 of d5re$!or $(r$!er5'!5$', e9per5e#$e', d5"er'e per'pe$!5"e' #d '*5' !(! 5'o'! ppropr5!e for !(e or%#5'!5o#
G*i%"(in"s)
B A No5#!5o# Co5!!ee of !(e Bord 5' #o! re45red !o $rr? o4! !(e #o5#!5o#
pro$e'', /4! ? /e o#e e!(od !o 'ee* o4! #d #o5#!e 45f5ed per'o#' for
d5re$!or'(5p' A #o5#!5o# $o5!!ee, (o+e"er, '(o4d #o! pre$&4de
'(re(oder' fro /e5#% $!5"e pr!5$5p#!' 5# !(e #o5#!5o# pro$e''C S(re(oder' '(o4d ("e # oppor!4#5!? !o #o5#!e /ord $#d5d!e' /efore !(e
No!5$e of !(e A##4 Mee!5#% S4ff5$5e#! !5e =! e'! )2 d?'> '(o4d /e pro"5ded 5# %e#er #o!5$e !o '(re(oder' !o o+ !(e !o or%#5'e !(e5r#o5#!5o# of d5re$!or'
2 T(e /ord or #o5#!5o# $o5!!ee '(o4d ree'e 5'! of re45red5#for!5o# !(! 4'! /e '4/5!!ed +5!( d5re$!or #o5#!5o# T(e
re45red 5#for!5o# '(o4d 5#$4de 45f5$!5o#', ed4$!5o#,
2A# 5#'!5!4!5o# or 5#'!5!4!5o# 5#"e'!or =%o"er#e#! , pro"5de#! f4#d, e!$> $# /e repre'e#!ed o#
#4ero4' /ord', fr 5# e9$e'' !o 8 Ho+e"er, '5#%e 5#d5"5d4 =' #o5#ee of !(e 5#'!5!4!5o#> '(o4d #o!
(od
ore !(# 8 d5re$!or'(5p', 'o !(! !(e? ("e '4ff5$5e#! !5e !o de"o!e !o !(e5r 5#d5"5d4 d4!5e' ' d5re$!or
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Code of Corpor!e Go"er##$e for B#%&de'( 2.
e9per5e#$e, $4rre#! d5re$!or'(5p', #d #? 5#!ere'!' 5# !(e $op#?
T(e re45red 5#for!5o# $# /e 4'ed !o $opre d5re$!or $#d5d!e'
) C#d5d!e' #o5#!ed /? /o!( !(e '(re(oder' #d !(e /ord, o#%
+5!( !(e re45red 5#for!5o# o# e$( $#d5d!e, '(o4d /e p4! /efore
!(e AGM for e&e$!5o#. B? e#/5#% '(re(oder #o5#!5o# of d5re$!or $#d5d!e', d5re$!or'
$# /e$oe ore d5re$!? !(e repre'e#!!5"e' of '(re(o&der'
V. T$#inin
P$in&i'(")
A Cop#5e' '(o4d re$o%#5'e !(! d5re$!or'(5p 5' profe''5o# ppo5#!e#! #d
!(erefore !(e? '(o4d pro"5de oppor!4#5!5e' #d f4#d' for !r5#5#% of 5#d5"5d4
d5re$!or' #d !(e de"eope#! of !(e /ord
G*i%"(in"s)
B Ne+ #d $o#!5#45#% d5re$!or' +o4d /e#ef5! fro d5re$!or !r5#5#% pro%re'
!(! 5#$re'e !(e5r '*5' #d *#o+ed%e o# d5re$!or'< 5/55!5e', /e'!
/ord pr$!5$e', #d '!r!e%5$ p##5#% Ne+ d5re$!or' '(o4d /e re45red !o
!!e#d $orpor!e %o"er##$e or5e#!!5o# or !r5#5#% offered /? rep4!ed
5#'!5!4!5o# or !r5#er
VI. S"'#$#ion of C!#i$+#n #n% CEO
P$in&i'(")
T(e po'5!5o#' of C(5r# of !(e Bord #d CEO '(o4d /e f5ed /? d5ffere#! 5#d5"5d4'
'5#$e !(e5r f4#$!5o#' re #e$e''r5? 'epr!e A '!ro#%, 5#depe#de#! $(5r# pro"5de'!(e ppropr5!e $o4#!er/#$e #d $(e$* !o !(e po+er of !(e M#%5#% D5re$!orJ CEO
VII. Bo#$% Co+'osiion
P$in&i'("s)
A To e#'4re +e-f4#$!5o#5#% #d 5#"o"ed /ord, !(e '5e of !(e /ord '(o4d /e
r%e e#o4%( !o 5#$4de d5re$!or' +5!( d5"er'e e9per!5'e #d e9per5e#$e, /4!'(o4d #o! /e !oo r%e !o e#/e 5#"o"ee#! /? d5re$!or' T(e /ord '(o4d
per5od5$? re"5e+ 5!' '5e #d $opo'5!5o#
B A# 5por!#! +? for !(e /ord !o pro"5de $!5"e, 4#/5'ed, #d d5"er'e d"5$e !o'e#5or #%ee#! 5' !o ("e d5"er'e %ro4p of d5re$!or', 5#$4d5#%
e9e$4!5"e d5re$!or', #o#-e9e$4!5"e d5re$!or', #d o4!'5deJ5#depe#de#! d5re$!or')
G*i%"(in"s)
C I#!er#!5o#?, '4$$e''f4 $orpor!e /ord' ("e e/er'(5p of : !o 26 d5re$!or'D Cop#5e' '(o4d r!5$4!e #d 5pee#! #o5#!5o# pro%re !o e#/e
@or5!? of /ord e/er' !o /e #o#-e9e$4!5"e #d 5#depe#de#!
d5re$!or'
)E9e$4!5"e d5re$!or' re !(o'e !(! $o#$4rre#!? (od 'e#5or #%ee#! po'5!5o# 5# !(e $op#? No#-
e9e$4!5"e d5re$!or' re '5p? d5re$!or' !(! do #o! $4rre#!? (od po'5!5o# +5!( !(e or%#5'!5o# for +(5$(
!(e? 'er"e o# !(e /ord I#depe#de#! or o4!'5de d5re$!or' re !(o'e +(o do #o! ("e epo?e#!, f55,
f5##$5, or o!(er !5e' !o !(e $op#?
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Code of Corpor!e Go"er##$e for B#%&de'( 20
E No#-e9e$4!5"e d5re$!or' '(o4d /e 5#$4ded 5# #? $o5!!ee' #d !'*ed +5!(
#? de$5'5o#' !(! 5%(! 5#"o"e $o#f5$! of 5#!ere'!
F For !(e Bord of D5re$!or' !o re$( 4or4, @or5!? of #o#-e9e$4!5"e
or 5#depe#de#! d5re$!or' 4'! /e pre'e#!
G T(ere '(o4d /e #d!or? re!5ree#! /? ro!!5o# of )3K of !(e /ord of p4/5$ $op#5e' !(e "$#$5e' !o /e f5ed ! !(e AGM
H T(e !er 55! for d5re$!or' of /#*' #d o!(er f5##$5 5#'!5!4!5o#' '(o4d /e
954 of 2) ?er' T(5' +o4d pp? e4? !o 'po#'or d5re$!or'.
VIII. Bo#$% Co+'"ns#ion
P$in&i'(")
Bord $ope#'!5o#0
'(o4d /e '4ff5$5e#! !o $ope#'!e d5re$!or' for !(e !5e #d effor!re45red !o $ope!e !(e5r d4!5e' +e T(5' 5' e'pe$5? 5por!#! !o #4r!4re
profe''5o# d5re$!or'
I/. Bo#$% A"n%#
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A T(e %e#d #d !er5' for e$( /ord ee!5#% '(o4d /e pro"5ded !o d5re$!or'
'4ff5$5e#!? 5# d"#$e of !(e /ord ee!5#% !o o+ !(e !o prepre #d pro"5ded '4/'!#!5 5#p4! #d $oe#!' o# %e#d 5!e'
B T(e Bord A%e#d '(o4d /e prepred /? !(e C(5r# of !(e Bord, +(o '(o4&d
'o de!er5#e !(e !er5' for !(e /ord ee!5#%', #d /ord pper' !o /e or%#5'ed #d $5r$4!ed /? !(e Cop#? Se$re!r?
G*i%"(in"s)C T(e foo+5#% 5#for!5o# '(o4d /e repor!ed !o, #d p$ed /efore, !(e /ord7
2 A##4 oper!5#% p#' #d /4d%e!', !o%e!(er +5!( 4pd!ed o#% !er
p#'
) Cp5! /4d%e!', #po+er, #d o"er(ed /4d%e!'. 4r!er? re'4!' for !(e $op#? ' +(oe #d 5!' oper!5#%
d5"5'5o#' or /4'5#e'' 'e%e#!'
0 I#!er# 4d5! repor!', 5#$4d5#% 'pe$5f5$, !er5 $'e' of !(ef! #d5'$o#d4$!
6 S(o+ $4'e, de#d, #d pro'e$4!5o# #o!5$e' re$e5"ed fro re"e#4e4!(or5!5e' +(5$( re !er5? 5por!#!
6
8 F! or 'er5o4' $$5de#!' #d #? eff4e#! or po4!5o# pro/&e': Def4! 5# p?e#! of 5#!ere'! or pr5#$5p o# #? p4/5$ depo'5!,
'e$4red $red5!or, or f5##$5 5#'!5!4!5o#
.D5re$!or' !(! pro"5de # e9!r ord5#r? 'er"5$e !o !(e $op#? ? /e %r#!ed # e9!e#ded !er /e?o#d
2) ?er', /4! # e9p#!5o# for #o#-$op5#$e +5!( !(e Code +o4d #eed !o /e pro"5ded0
Bord $ope#'!5o# 5' 4'ed !o refer !o #? #d fee' p5d !o d5re$!or' T(5' 5#$4de' '5!!5#% fee', profe''5o# fee', re5/4r'ee#!, #d #? o!(er /e#ef5!' pro"5ded !o d5re$!or' 5#d5"5d4? or !(e /ord '
+(oe6
Ge#er?, #? e9po'4re %re!er !(# 2K of #e! +or!( '(o4d /e $o#'5dered !er5
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Code of Corpor!e Go"er##$e for B#%&de'( 26
1 A#? po''5/e p4/5$ or prod4$! 5/55!? +(5$( 5' !er5 #d
e'!5/e
; De!5' of #? @o5#! "e#!4re or $o/or!5o# %reee#!23 Re$r45!e#! #d re4#er!5o# of 'e#5or off5$er' @4'! /eo+ !(e /ord
e"e, 5#$4d5#% ppo5#!e#! or reo" of !(e Cop#? Se$re!r? #do'! 'e#5or f5##$5 off5$er
22 A#? /o4r 5''4e' #d !(e5r propo'ed re'o&4!5o#
/. Co++i""s 0T1'" S$*&*$" R"s'onsi,i(ii"s3
P$in&i'("s)
A Co5!!ee' 5# +(5$( $o#f5$!' of 5#!ere'! re ore 5*e? !o o$$4r =5eA4d5!,
No5#!5o#, e!$> '(o4d /e de 4p of @or5!? of #o#-e9e$4!5"e d5re$!or', or
! &e'! '(o4d /e (eded /? #o#-e9e$4!5"e d5re$!orB Cop#5e' +5!( %re!er !(# T* .3 $rore =T* .33 55o#> !4r#o"er '(o4d ("e
# A4d5! Co5!!ee of !(e Bord
G*i%"(in"s)
C A4d5! Co5!!ee'7 T(o4%( 4d5! $o5!!ee rr#%ee#!' +5 "r? $$ord5#% !o
!(e '5e #d $ope95!? of !(e $op#?, !(e 4d5! $o5!!ee<' /'5$ '!r4$!4re #d
re'po#'5/55!5e' '(o4d 5#$&4de72 S!r4$!4reJMe/er'(5p T(e 4d5! $o5!!ee '(o4d /e $opo'ed of !
e'! !(ree e/er' ppo5#!ed /? !(e /ord T(e 4d5! $o5!!ee
$(5r# 4'! /e, #d !(e @or5!? of e/er' '(o4d /e, #o#-
e9e$4!5"e d5re$!or' !(e $(5r# of !(e 4d5! $o5!!ee '(o4d ("e profe''5o# 45f5$!5o# #d re$e#! #d ree"#! f5##$5 e9per5e#$e
T(e C(5r# of !(e Bord '( #o! /e e/er of !(e $o5!!ee
) Mee!5#%'JRepor!5#% Mee!5#%' 4'! /e (ed 4r!er?, !o o#5!or
5#!er# #d e9!er# 4d5!' T(e $o5!!ee 4'! prepre repor!' o#
ee!5#%' for !(e /ord, #d repor! ##4? !o '(re(oder' T(e
MD, CEO, or $(5r# of !(e /ord ? /e 5#"5!ed !o !!e#d
$o5!!ee ee!5#%' ' #d +(e# re45red
. T(e re'po#'5/55!5e' of !(e 4d5! $o5!!ee '(o4d /e e'!/5'(ed 5# !(eTer' of Refere#$e for !(e $o5!!ee T(e? '(o4d5#$&4de7
!o re"5e+ effe$!5"e#e'' of $op#?<' 5#!er# r5'* $o#!ro' #d r5'*
#%ee#! '?'!e' / !o o#5!or !(e 5#!e%r5!? of ##4 #d 5#!er5 f5##$5 '!!ee#!'
of !(e $op#?, !(e $r5!? of d5'$o'4re #d !(e $o#!e9! 5# +(5$('!!ee#!' re de
$ !o re"5e+ #d $(e#%e +(ere #e$e''r? !(e $o#'5'!e#$? of, #d
#? $(#%e' !o, $$o4#!5#% po&5$5e'd !o ppro"e !(e ppo5#!e#! #d reo" of !(e 5#!er# 4d5!or,
e#'4re de4!e re'o4r$e', ppropr5!e $$e'' !o 5#for!5o# #d
5#depe#de#$e 'o !(! 5#!er# 4d5!' $# /e effe$!5"e? perfored
!o (5%( '!#drd' re"5e+ 5#!er# 4d5! repor!' #d p#', #d
o#5!or #%ee#!<' re'po#'5"e#e'' ee! !(e
5#!er#& 4d5!orJ(ed of 5#!er# 4d5! ! e'!
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Code of Corpor!e Go"er##$e for B#%&de'( 28
o#$e ?er +5!(o4!
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Code of Corpor!e Go"er##$e for B#%&de'( 2:
#%ee#! /e5#% pre'e#! !o d5'$4'' #? 5''4e' r5'5#% fro
5#!er# 4d5!'
e !o ''e'' !(e 5#depe#de#$e #d o/@e$!5"5!? of e9!er# 4d5!or'
''e'' ##4? !(e5r 45f5$!5o#', e9per!5'e, re'o4r$e' #d !(e
effe$!5"e#e'' of !(e e9!er# 4d5! re"5e+ #d ppro"e !(e ##4
4d5! p# ee! re%4&r&? +5!( !(e e9!er# 4d5!or, 5#$4d5#%
! e'! o#$e ?er +5!(o4!#%ee#! /e5#% pre'e#! !o d5'$4''
#? 5''4e' r5'5#% fro !(e e9!er# 4d5!D O!(er Bord Co5!!ee'7 Cop#5e' $o4d 'o $o#'5der for5#% o!(er /ord
$o5!!ee' ' 5' deeed #e$e''r? O!(er $o5!!ee' 5%(!
5#$&4de72 A Re4#er!5o# Co5!!ee !(! de' +5!( !(e $ope#'!5o# !o !(e
Bord of D5re$!or'
) A No5#!5o# Co5!!ee !(! o"er'ee' !(e pro$e'' for #o5#!5o# !o
!(e /ord #d !o o!(er $o5!!ee'E A /ord $o5!!ee' '(o4d /e %5"e# $er Ter' of Refere#$e 5#$&4d5#%7
2 S!r4$!4re) Roe, re'po#'5/55!? #d 4!(or5!? dee%!ed !o 5! /? !(e /ord
. Fre4e#$?, e#%!( #d %e#d of $o5!!ee ee!5#%'0 T(e /o"e 5#for!5o# o# /ord $o5!!ee' '(o4d /e de "5&/&e
/? !(e $op#? o# re4e'! =#dJor p$ed o# !(e $op#?<' +e/'5!e>F T(e $o5!!ee '(o4d ("e $$e'' !o de4!e re'o4r$e', 5#$4d5#% !(e 'er"5$e'
of !(e Cop#? Se$re!r? +(o '(o4&d7
2 A$! ' 'e$re!r? !o, or ! e'! !!e#d, !(e $o5!!ee ee!5#%') Co-ord5#!e /e!+ee# !(e /ord #d 5!' $o5!!ee'
. E#'4re !(! !(e /ord #d 5!' $o5!!ee' re proper? $o#'!5!4!ed #dd"5'ed
/I. Di$"&o$s R"'o$
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A T(e ##4 D5re$!or'< Repor!, 4'4? 5#$4ded 5# !(e or%#5'!5o#<' A##4&
Repor!, 5' # 5por!#! do$4e#! for $o4#5$!5o# /e!+ee# '(re(oder' #d
!(e Bord of D5re$!or' I! '(o4d /e '!r!e%5$ do$4e#! !(! e9p5#' /o!( p'!re'4!', /ord de$5'5o#', #d !(e f4!4re d5re$!5o# of !(e or%#5'!5o# T(e
%45de5#e for 5#$4'5o# of 5!e' 5# !(e D5re$!or'< Repor! '(o4d /e !er55!?8
!o !(e $op#?<' oper!5o#' #d re'4&!'
G*i%"(in"s)B T(e D5re$!or'< Repor! '(o4d 5#$&4de
:7
2 E9p#!5o# of re'4&!') E9p5# $op5#$e #dJor #o#-$op5#$e +5!(
Corpor!e Go"er##$e!(e Code of
. E9p5# de"5!5o#' fro IAS
0 Se' #d r*e! '(re for doe'!5$ #d fore5%# r*e!'
8Ge#er?, #? e9po'4re %re!er !(# 2K o f #e! +or!( or 23K of prof5!' '(o4d /e $o#'5dered !er5
: D5'$o'4re' ? pper e'e+(ere 5# !(e A##4 Repor! ' deeed ppropr5!e
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Code of Corpor!e Go"er##$e for B#%&de'( 21
6 C4rre#! r*e! "4e of !(e $op#? =5f &5'!ed>8 S!r!e%? #d f4!4re pro'pe$!'
: M!er5 r5'* f$!or' #d 4#$er!5#!5e' +(5$( $o4d effe$! !(e 45!? ofer#5#%'
1 O+#er'(5p '!r4$!4re 5#$4d5#% d5'$o'4re of '(re(oder' o+#5#% ore!(# 6K of '(re'
; De!5' of o#' !o d5re$!or'
23 De!5' of #? 5#"e'!e#!', 5#$4d5#% '(re', %o"er#e#! /o#d',#d o!(er 'e$4r5!5e'
22 D5re$!or'< '(re(od5#% #d #? $(#%e' !(ere5#2) Repor! o# !(e re!5"e' of d5re$!or' ' epo?ee' or e/er' of
!(e /ord #d !(e5r '(re(o&d5#%'
2. De!5' of d5re$!or $ope#'!5o# #d re4#er!5o# =/o!( d5re$! #d5#d5re$!>
20 Per'o#' +(o ("e !!e#ded /ord ee!5#%' 5# !(e '! ?er, 5#$4d5#%!!e#d#$e of d5re$!or' #d #? '4/'!5!4!e d5re$!or'
26 e? re'4!' 5#for!5o# for d5"5'5o#' or /4'5#e'' 'e%e#!'
28 Repor! o# !(e e#d 4'e of f4#d' r5'ed fro !(e p4/5$ /? 5''45#%'(re' or de/e#!4re'
2: O#%o5#% or 5*e? e% $!5o#' %5#'! or /? !(e $op#? !(! $o4d
("e !er5 5p$!21 T(e !o! o4#! of po5!5$ do#!5o#' #d $(r5!? do#!5o#' de
!(ro4%(o4! !(e ?er =Re$5p5e#!' #eed #o! /e
5de#!5f5ed>2; De!5' of #e+ !er5 o#' #d $red5!or'
)3 Cr5!5$ $$o4#!5#% po5$5e' 4'ed 5# prepr!5o# of !(e f5##$5&'!!ee#!'
)2 D5'$o'4re of !(e /'5' of e'!5!e' 4'ed 5# f5##$5 repor!5#% T(e
pre'e#!!5o# of f5##$5 '!!ee#!' re45re' #%ee#! !o *e
e'!5!e' #d ''4p!5o#' !(! ffe$! !(e repor!ed o4#!' of ''e!'
#d 5/55!5e' #d repor!ed o4#! of re"e#4e #d e9pe#'e' d4r5#% !(e
repor!ed per5od For e9pe, o+#$e' for do4/!f4 $$o4#!',
5#"e#!or? o/'oe'$e#$e, 5#!#%5/&e ''e! "4!5o# #d 4'ef4 5fe,
epo?ee'< /e#ef5! p&#', $o#!5#%e#$5e', e!$ T(e /'5' of '4$(
e'!5!e' '(o4d /e d5'$o'ed for !(e5r proper e"4!5o# /? !(e 4'er'
of !(e f5##$5 '!!ee#!'
)) Cop5#$e Cer!5f5$!e ='ee F5##$5 Repor!5#% 'e$!5o# for de!5&'>). S!!ee#! of Go5#% Co#$er# ='ee F5##$5 Repor!5#% 'e$!5o# for
de!5&'>
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A Bord' '(o4d $re!e Code of Co#d4$! for D5re$!or' de!55#% d5re$!or'< ro&e',re'po#'5/5&5!5e', #d d4!5e'
G*i%"(in"s)
B E"er? ?er, d5re$!or' '(o4d re"5e+ #d %ree !o /5de /? !(5' Code of Co#d4$!
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Code of Corpor!e Go"er##$e for B#%&de'( 2;
C T(e Code of Co#d4$! '(o4d /e 5#$4ded 5# !(e or5e#!!5o# for #e+ d5re$!or'D T(e /ord '(o4d 'o $re!e Code' of Co#d4$! for M#%ee#! #d Ep&o?ee',
+(5$( '(o4d /e '5%#ed #d %reed ' $o#d5!5o# of !(e $o#!r$! of ep&o?e#!
/III. Co+'#n1 S"&$"#$15Co+'(i#n&" Offi&"$
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A Cop#5e' '(o4d epo? 45f5ed Cop#? Se$re!r? or o!(er 45f5ed
Cop5#$e Off5$er !o d"5'e 'e#5or #%ee#! #d !(e /ord o#
!(e5r re'po#'5/55!5e' #d &5/5&5!? +5!( re%rd !o e% #d re%4!or? re45ree#!'
#d$op5#$e +5!( !(e Code of Corpor!e Go"er##$e
1
G*i%"(in"s)
B T(e Cop#? Se$re!r? or Cop5#$e Off5$er '(o4d pro"5de d"5$e /o!( o#5''4e' of 5#!er# $o#!ro' ' +e ' re45ree#!' d4e !o e9!er# e#!5!5e'
C T(e Cop#? Se$re!r? or Cop5#$e Off5$er '(o4d *eep # ##4 re$ord of!(e $op#?<' $op5#$eJ#o#-$op5#$e +5!( !(e Code of Corpor!e
Go"er##$e, #d 5# !(e e"e#! of #o#-$op5#$e # e9p#!5o# '(o4d /e 'o4%(!for !(e re$ord fro !(e /ord
D I# !(e e"e#! !(! !(e /ord $##o! @4'!5f? !(e $o'! of f4 !5e 5#-(o4'e Cop#?
Se$re!r?, !(e f4#$!5o#' ? /e perfored /? e9!er# d"5'er' pro"5ded !(!
!(e'e d"5'er' re #o! &'o !(e 4d5!or, $op#? +?er, or o!(er d"5'er !o !(e
/ord
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A T(e /ord ? 'ee* o4! or 5#"5!e !(o'e 5# 'e#5or #%ee#!
po'5!5o#', epo?ee', o!(er #o#-d5re$!or' or o4!'5de profe''5o#' !o /ord
ee!5#%', ' re45red, for $$e'' !o #? 5#for!5o# deeed ppropr5!e or
#e$e''r? 5# order !o effe$!5"e? de5/er!e o# de$5'5o#' #d perfor 5!' d4!5e'
G*i%"(in"s)
B T(e /ord $# o/!5#, ! !(e $op#?<' e9pe#'e, o4!'5de e% oro!(er profe''5o# d"5$e o# #? !!er deeed #e$e''r? for 5! !o effe$!5"e?
perfor
5!' d4!5e'C T(e MDJCEO '( /e 5#fored of re4e'!' for 5#for!5o# p4! !o
#%ee#!
/V. E6#(*#ion of Bo#$% P"$fo$+#n&"
P$in&i'(")
A T(e /ord '(o4d e"4!e 5!' o+# perfor#$e, /o!( $oe$!5"e? #d
5#d5"5d4? 5#$4d5#% !(e perfor#$e of !(e $(5r#, ! e'! o#$e ?er, !o
1 45f5ed '(o4d /e !*e# !o e# o#e $er!5f5ed /? rep4!/e 5#'!5!4!e of C(r!ered Se$re!r5e' or
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Code of Corpor!e Go"er##$e for B#%&de'( )3
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Code of Corpor!e Go"er##$e for B#%&de'( )2
e#'4re 5! 5' oper!5#% effe$!5"e? #d d@4'! 5!' $o#'!5!4!5o# #d po&5$5e'
$$ord5#%?
G*i%"(in"s)
B Bord' ? 'o $o#'5der 4'5#% # 5#depe#de#! o4!'5der !o $o#d4$! #e9!er# e"4!5o# of !(e /ord #d 5!' perfor#$e, +(o '( *e
re$oe#d!5o#' /'ed o# 5!' e"&4!5o#
Co++"n#$1
T(e pro"5'5o#' of !(e Code of Corpor!e Go"er##$e o# Bord I''4e' $# /e%5# !o /e
5pee#!ed /? !(e5r 5#$orpor!5o# 5#!o $op#?<' Meor#d4 #d Ar!5$e' of
A''o$5!5o#, ' +e ' #? 5#!er# Bord C(r!er A Bord C(r!er $# /e 4'ef4&
do$4e#! !o 5#$orpor!e !(e d4!5e', r5%(!' #d re'po#'5/55!5e' of !(e /ord, ' +e ' !(eV5'5o# #d M5''5o# S!!ee#!' T(e /ord '(o4d ##4? $re!e +or* p# #d
'!r!e%? for 5!' roe 5# %45d5#% !(e or%#5'!5o# T(e p#, (o+e"er, '(o4d 5#$&4de
/e#$(r*' !o de"eop /ord $p$5!? ' +e ' 'pe$5f5$ %o' 5# !(e $o#!e9! of
!(e or%#5'!5o#<' $!5"5!5e'
4e'!5o#' ("e of!e# /ee# r5'ed /o4! (o+ !o $(#%e !(e $opo'5!5o# of !(e
/ord, '5#$e !(e /ord 5' ee$!ed /? '(re(oder' e? !o !r#'for5#% !(e $opo'5!5o#
of !(e /ord 5' !o pro"5de $(o5$e' !o '(re(oder' I# o'! or%#5'!5o#',
'!e of /ord $#d5d!e' 5' offered !o '(re(oder' +(5$( $orre'po#d' +5!( !(e 'e!'
4p for ee$!5o# T(5' !rd5!5o# e!(od of /ord ee$!5o# e"e' !(e '(re(oder' fe+ $(o5$e'
To /e%5# !o ep('5'e !(e 5por!#$e of !(e '(re(oder'< de$5'5o#' re%rd5#% !(e /ord,
'(re(oder' '(o4d /e pre'e#!ed +5!( 4!5pe #o5#ee' for e$( /ord 'e! #d
'(re(oder' !(e'e&"e' o+ed !o #o5#!e $#d5d!e' I# dd5!5o#, !(e /ord 4'!
5#$4de #o#-e9e$4!5"e' #d 5#depe#de#! $#d5d!e' ' #o5#ee' !o !(e /ord I# !(5'
+?, !(e /ord $# $(5e"e !(e %o of @or5!? of #o#-e9e$4!5"e d5re$!or'
I#!er#!5o# /e'! pr$!5$e #o+ fo$4'e' o# 5#depe#de#! d5re$!or' +(o re #o! $4rre#! or
forer epo?ee' #d +(o do #o! ("e '5%#5f5$#! f5##$5, $oer$5, f55,
or o!(er !5e' !o !(e $op#? T(e
Code (' #o! ep('5'ed 5#depe#de#! d5re$!or', /4! for !(e pre'e#! re$oe#d'
@or5!? of !(e /ord /e #o#-e9e$4!5"e d5re$!or' T(ere45ree#! fo$4'e' o# #o#-e9e$4!5"e d5re$!or' d4e !o !(e per$ep!5o# !(!
B#%de'( $4rre#!? &$*' '4ff5$5e#! #4/er of per'o#' +(o re 45f5ed #d +55#%
!o 'er"e ' 5#depe#de#! d5re$!or'
Ho+e"er, !(5' ? $(#%e 5# !(e f4!4re, #d !er "er'5o#' of !(e
Code ? refe$! '4$( $(#%e
A /ord e/er', +(e!(er e9e$4!5"e, #o#-e9e$4!5"e or 5#depe#de#!, ("e #
5#d5"5d4 e% re'po#'5/55!? !o $! 5# !(e /e'! 5#!ere'!' of !(e '(re(oder' #d !(e
$op#? To
e#'4re !(! d5re$!or' ("e '4ff5$5e#! 5#for!5o# !o $rr? o4! !(e5r d4!5e' proper?, 'e$!5o#
IV ''er!' !(e r5%(! of d5re$!or' !o $ o# #%ee#!, #o#-d5re$!or', #do4!'5de profe''5o#' !o d"5'e #d pro"5de 5#for!5o# deeed ree"#! !o !(e5r roe
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Code of Corpor!e Go"er##$e for B#%&de'( ))
o# !(e
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Code of Corpor!e Go"er##$e for B#%&de'( )3
/ord O!(er Code' of Corpor!e Go"er##$e 'o ep('5'e !(e r5%(! of epo?ee' !o
("e $$e'' !o !(e /ord !o repor! $op5#!' #d +ro#%do5#% !(5' $$e'' !o !(e /ord
$# /e f$55!!ed /? ''5%#5#% o#e d5re$!or, 4'4? !(e Cop#? Se$re!r?, ' !(e /ord
$o#!$! for #? ep&o?ee I#d5"5d4& /ord' ? $o#'5der '4$( pro"5'5o# !o 5pro"e
$$e'' /? $o#$er#ed ep&o?ee'
T(e Code p4!' !(e o#4' o# !(e /ord 5!'ef !o /e%5# !o def5#e 5!' roe' ore $er? #d
'er"e !(e 5#!ere'!' of !(e '(re(oder' S!ro#%er, ore pro$!5"e /ord' +5 ed !o
or%#5'!5o#' !(! ("e /e!!er o#% !er '!r!e%5$ #%ee#! #d re /e !o /e!!er f$e
!(e $(e#%e' of $ope!5!5"e r*e!'
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Code of Corpor!e Go"er##$e for B#%&de'( )2
R OLE OF SHAREHOLDERS
T(5' 'e$!5o# of !(e Code of Corpor!e Go"er##$e pp5e' pr5r5? !o p4/5$ $op#5e'
(o+e"er #? of !(e 'e pr5#$5pe' of !r#'pre#$? #d $$o4#!/55!? re ree"#! !o
pr5"!e $op#5e' !(! ("e 5#or5!? '(re(oder' P4/5$ 5'!ed $op#5e' '(o4d
$op? +5!( && e% #d re%4!or? re45ree#!' 'oe, /4! #o! , of
!(o'e re45ree#!' re (5%(&5%(!ed +5!(5# !(5' Code O!(er pro"5'5o#' of !(e Code
'4%%e'! !(! $op#5e' %o /e?o#d !(e e% re45ree#!' !o f4r!(er epo+er !(e5r
'(re(oder' E95'!5#% re%4!or? /od5e' 'o ("e #d!e !o 4p(od !(e r5%(!' of
'(re(oder', +(5e '(re(o&der' !(e'e"e', 5# !4r#, ("e re'po#'5/55!? !o d"o$!e
%ood $orpor!e %o"er##$e pr$!5$e' 5# $$ord#$e +5!( 5#!er#!5o# /e'! pr$!5$e
Le% pro"5'5o#' for '(re(oder' r5%(!' re, for !(e o'! pr!, de4!e 5# B#%de'(
Ho+e"er, o'! '(re(oder' re #o! +re of !(e5r r5%(!' or (o+ !o e9er$5'e !(e I#dd5!5o#, !(e? of!e# 5'4#der'!#d !(e5r f4#$!5o# ' '(re(oder', fo$4'5#% 5#'!ed o#
!(e $oror? /e#ef5!' of '(re o+#er'(5p ='4$( ' !!e#d5#% !(e AGM 5# #5$e
o$!5o#> r!(er !(# !(e '4/'!#$e of $op#? #%ee#! B? /e$o5#%
epo+ered #d 4#der'!#d5#% !(e5r r5%(!', '(re(oder' !(e'e"e' +5 for$e $op#?
/ord' !o /e$oe ore $$o4#!/e for !(e5r $!5o#' #d $op#? perfor#$e
A' !(e 5# re# for $o4#5$!5o# /e!+ee# '(re(oder', #%ee#! #d !(e Bord
of D5re$!or', !(e AGM 5' "er? 5por!#! eee#! of $orpor!e %o"er##$e AGM'
'(o4d pro"5de # oppor!4#5!? for 'oe d5'$4''5o# of '4/'!#$e #d o+ for !(e
'(re(oder' !o ''er! !(e5r r5%(!' re%rd5#% !(e %e#d 5!e' !(e? re '*ed !o ppro"e
T(ere re, of $o4r'e, 55!' !o !(e /55!? of r%e ee!5#% of d5"er'e '(re(oder'!o pro"5de 'pe$5f5$ feed/$* !o !(e /ord, /4! !(e for! of !(e ee!5#% '(o4d e'!/5'(
!(e f$! !(! !(e Bord of D5re$!or' 5' $$o4#!/e !o !(e '(re(oder' #d !(!
5por!#! 5!e' for '(re(oder $o#'5der!5o# '(o4d /e e9p5#ed $&er&?
A! !(e pre'e#! !5e, 5# B#%de'(, @or pro/e ffe$!5#% re!5o#' /e!+ee#
'(re(oder', /ord', #d #%ee#! 5' !(e d5'r4p!5o# #d $o#!ro of AGM' /? fe+,
or%#5'ed 5#d5"5d4&' A&& '(re(oder' ("e !(e r5%(! !o 4e'!5o# !(e Bord of D5re$!or'
re%rd5#% !(e /ord<' $!5o#' #d re'po#'5/55!5e', /4! !(e $4rre#! $5!e o+' fe+
'(re(oder' !o e9pre'' !(e5r op5#5o#' If, (o+e"er, !(e @or5!? of '(re(oder'
4#der'!#d !(e5r r5%(!' #d 4#der'!#d !(e *e? 'pe$!' of $op#? '!r!e%? #d
perfor#$e, !(e? $# d5'!5#%45'( e%5!5!e $op5#!' #d 4e'!5o#' fro !(o'e !(! rede'5%#ed !o d5'r4p! !(e? $# pr!5$5p!e ore f4? 5# !(e AGM #d $# 5#!5#
!(e fo$4' o# $op#? perfor#$e, !r#'pre#$? #d /ord $$o4#!/55!? More
ed4$!ed '(re(oder' +5, +5!( !5e, ed !o ore "5/e, $!5"e $p5! r*e!
Pro//? !(e o'! 5por!#! r5%(! of '(re(oder 5' !(e r5%(! !o "o!e for d5re$!or' #d o#
5!e' p4! /efore %e#er ee!5#%' Vo!5#% r5%(!' #d pro$ed4re' '(o4d /e $er?
e9p5#ed !o '(re(o&der' 'o !(e? ? f4? ''er! !(e5r r5%(!' 5# %e#er ee!5#%'
Vo!5#% pro$ed4re' !(! re d5ff5$4! !o foo+ or do #o! $$o4#! for 4&!5p&e
'(re(od5#%' re'4! 5# d5'e#fr#$(5'ee#! of '(re(oder' S(re(oder' '(o4d /e /&e
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Code of Corpor!e Go"er##$e for B#%&de'( ))
!o e9er$5'e !(e5r "o!5#% r5%(!' !(ro4%( pro9? 5f !(e? $##o! !!e#d %e#er
ee!5#% !(e'e"e'
I. S!#$"!o(%"$s H#n%,oo7
P$in&i'(")
A Ed4$!5#% #d 5#for5#% '(re(oder' '(o4d /e /'5$ re45ree#! for &5'!ed
$op#5e'
G*i%"(in"s)
B A pr5r? $o#$er# 5# B#%de'( 5' !(! '(re(oder' do #o! *#o+ or 4#der'!#d
!(e5r r5%(!' #d re'po#'5/55!5e' To ddre'' !(5' pro/e, 5'!ed $op#5e'
!o%e!(er +5!( !(e Se$4r5!5e' #d E9$(#%e Co5''5o# #dJor '!o$*
e9$(#%e' '(o4d de'$r5/e #d e9p5# !(o'e r5%(!' #d re'po#'5/55!5e' 5#
S(re(oder'< H#d/oo* !(! '(o4&d /e "5/e !o '(re(oder' +5!( !(e#o!5$e for !(e AGM
C T(e S(re(oder'< H#d/oo* '(o4d 'o /e $$e''5/e !o '(re(oder' /? *5#%
5! "5/e o# !(e +e/'5!e' of !(e SEC, '!o$* e9$(#%e', #d 5#d5"5d4$op#?<' +e/'5!e #d ! !(e $op#?<' off5$e'
D See ppe#d59 for 'pe o4!5#e of S(re(oder'< H#d/oo*
II. G"n"$#( M""ins;
P$in&i'("s)
A T(e %e#er ee!5#%', 5# pr!5$4r !(e AGM, re !(e pr5r? for for
$o4#5$!5o# /e!+ee# '(re(oder', #%ee#! #d !(e Bord of D5re$!or'
S(re(oder' '(o4d /e +e-5#fored re%rd5#% %e#er ee!5#%'#d !(e ee!5#% '(o4d /e or%#5'ed 5# ##er !(! o+'
for 954 '(re(oder pr!5$5p!5o#, '4/@e$! !o re'o#/e 55!!5o#',
#d e45!/e !re!e#! of '(re(oder'
B T(e o4!$oe #d pro$eed5#%' of %e#er ee!5#%' '(o4d /e re$orded #d /e "er5f5/e
C S(re(oder' ("e !(e r5%(! !o re$e5"e 5#for!5o# /o4! $op#? re'o&4!5o#',
de$5'5o#', #d oper!5o#' de'$r5/ed 5# ##er !(! $# /e 4#der'!ood /?
?per'o# Cop#5e' '(o4d e9p5# d5'$o'4re' 5# de!5 #d pro"5de
5#for!5o# /o4! !(e effe$! of '4$(
G*i%"(in"s)D A #o!5$e !o '(re(oder' re%rd5#% !(e d!e, !5e #d o$!5o# of !(e A##4
Ge#er Mee!5#% '(o4d /e %5"e# 5# '4ff5$5e#! !5e for 5! !o /e re$e5"ed /?
'(re(oder' !(ro4%( '!#drd #d re'o#/e e#' of $o4#5$!5o# ! &e'!)2 d?' /efore !(e ee!5#%
23 T(e #o!5$e of !(e AGM '(o4d 5#$4de 5#for!5o#
/o4! !(e %e#d 5!e' !o /e d5'$4''ed, 5#$4d5#% de'$r5p!5o# of 4d5!or
;A %e#er ee!5#%< $# refer !o e5!(er # ##4 %e#er ee!5#% =AGM> or # e9!rord5#r?
%e#er ee!5#% =EGM>23
No!e !(! !(e Code %oe' /e?o#d +(! 5' pro"5ded 5# !(e Cop#5e' A$!, !o %5"e '(re(o&d er' ore !5e
!o prepre for !(e AGM
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Code of Corpor!e Go"er##$e for B#%&de'( ).
$#d5d!e', d5re$!or $#d5d!e', #d !(e !e9! of propo'ed re'o4!5o#' T(e
5#for!5o# pro"5ded /o4! !(e %e#d 5!e' for #? %e#er ee!5#% '(o4d
/e de!5ed e#o4%( !o o+ '(re(oder' !o *e # 5#fored de$5'5o# T(e
%e#d '(o4d /e pre'e#!ed 5# !(e order 5!e' +5 /e ddre''ed 5# !(e ee!5#%
2 T(e AGM #o!5$e '(o4d 5#for '(re(oder' of !(e re%5'!er ofd5re$!or'< 5#!ere'!' 5# $o#!r$!' or rr#%ee#!' of !(e $op#? #d
!(e5r r5%(! !o 5#'pe$! '4$( re%5'!er
E A# AGM '(o4d /e '$(ed4ed 'o ' #o! !o $o#f5$! +5!( @or e"e#!' +(5$( ?
(5#der !(e pr!5$5p!5o# of o'! '(re(oder' #d '(o4d /e (ed 5# $o#"e#5e#!
o$!5o# 5# !(e "5$5#5!? of !(e $op#?<' re%5'!ered off5$eF A%e#d of # AGM
2 A# AGM '(o4d ord5#r5? d5'$4'' !(e foo+5#% %e#d 5!e'7
Appro" of M5#4!e' of !(e pre"5o4'ee!5#% / Adop!5o# of !(e D5re$!or'< Repor!
$ Adop!5o# of !(e A4d5!or'< Repor!d Appro" of D5"5de#d'e Appo5#!e#! of A4d5!or'
f Ee$!5o# of D5re$!or') S(re(oder' '(o4d ("e # oppor!4#5!? !o p$e dd5!5o# re&e"#!
5!e' o# !(e %e#d for !(e AGM pr5or !o !(e AGM ee!5#%
. D4r5#% !(e AGM, !(ere '(o4d /e # oppor!4#5!? for '(re(oder' !o4e'!5o# !(e Bord of D5re$!or', '4/@e$! !o re'o#/e 55!!5o#' T(e
Bord of D5re$!or' '(o4d re'po#d !o '(re(oder 4e'!5o#'0 A%e#d 5!e' '(o4d /e $ope!ed 5# !5e? ##er !o e#'4re !(!
4or4 of '(re(oder' 5' pre'e#! for !(e e#!5re ee!5#%
III. Voin Ri!s #n% D*i"s
P$in&i'("s)
A I# e'!/5'(5#% !(e "o!5#% pro$ed4re' #d r5%(!' for p4/5$ $op#5e', !(e
pr5#$5pe of o#e '(re, o#e "o!e '(o4d %45de e"er? p4/5$ $op#? W5!(5#
$'' of '(re', '(re(oder' '(o4d ("e !(e 'e "o!5#% r5%(!'
I#for!5o#
re%rd5#% !(e "o!5#% r5%(!' of $''e' of '(re' '(o4d /e "5/e !o po!e#!5
'(re(oder'B To e#fr#$(5'e #d f$55!!e "o!5#% /? '(re(oder', pro9? "o!5#% r4e' '(o4d /e
'5pe #d e'? !o foo+ Re'!r5$!5o#' o# ppo5#!5#% pro95e' '(o4d /e+5!(dr+# or red4$ed !o +5de# !(e pr!5$5p!5o# ! AGM'
C Re%rde'' of !(e e!(od of "o!5#% =pro9? or ! ee!5#%>, "o!e' '(o4d /e$o4#!ed #d !(e re'4!' de$&red
D S(re o+#er'(5p $rr5e' d4!5e' ' +e ' r5%(!', #d 5! 5' e9pe$!ed !(! &&
'(re(oder' '(o4d e9er$5'e !(e5r r5%(! !o "o!e T(e de$5'5o# #o! !o "o!e '(o4d
/e re$o%#5'ed ' # e#dor'ee#! of !(e $!5o#' of !(e /ord #d
#%ee#! S(re(oder' '(o4d 'o e9er$5'e !(e5r r5%(!' 5# $o#'5dered
#d ppropr5!e ##er
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Code of Corpor!e Go"er##$e for B#%&de'( )0
G*i%"(in"s)
E A /o! pro$ed4re r!(er !(# po =(#d $o4#!> ore $$4r!e? $$o4#!' for
4!5pe '(re(o&d5#%'F Cop#5e' ? +5'( !o $o#'5der !er#!5"e for' of "o!5#% !(! per5! #
or%#5'ed %ro4p of 5#or5!? '(re(oder' !o ee$! d5re$!or T(5' $o4d 5#$&4de$44!5"e "o!5#% ='ee Appe#d59 for # e9p#!5o# of $44!5"e "o!5#%>
Co++"n#$1
A!(o4%( pro!e$!5o# for 5#or5!? '(re(oder' re @4d%ed !o /e de4!e 5#
B#%de'(, ore $o4&d /e do#e !o o+ 5#or5!? '(re(oder' !o p$e d5re$!or o#
!(e /ord !o 'er"e ' # 5#depe#de#! "o5$e repre'e#!5#% 5#or5!? '(re(oder' For
!(5' re'o#, $44!5"e "o!5#% 5' e#!5o#ed ' po''5/e !er#!5"e "o!5#% e!(od
C44!5"e "o!5#%+o4d #o! %4r#!ee !(! 5#or5!? %ro4p $o4d ee$! d5re$!or, /4! 5! o+' for #
or%#5'ed %ro4p of '(re(oder' !o do 'o
Vo!5#% /? '(o+ of (#d' $o4d ffe$! !(e 5#depe#de#$e of "o!er' '
5#or5!? '(re(oder' ? fee 5#!55d!ed /?
po+erf4 #o5#ee'J'(re(oder' Bo!' ? e#'4re
free #d f5r "o!5#% ' +e ' $$4r!e? refe$! 4!5pe '(re(o&d5#%'
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Code of Corpor!e Go"er##$e for B#%&de'( )6
FINANCIAL R EPORTING AUDITING ANDNON8FINANCIAL DISCLOSURES
F5##$5 repor!5#% #d d5'$o'4re' pro"5de !(e !oo' /? +(5$( '!*e(oder' $#
o#5!or #d e"&4!e # or%#5'!5o#<' $orpor!e %o"er##$e pr$!5$e' I# B#%de'(,
!(e f5r'! (4rde !(! 4'! /e o"er$oe 5' !o 5pro"e !(e 45!? #d rep4!/55!? of
f5##$5 '!!ee#!' #d d5'$&o'4re' T(5' pro$e'' 4'! /e @o5#! 4#der!*5#% of !(e
re%4!or', 'ef-re%4!or? or%#5'!5o#' =pr5r5&? !(e I#'!5!4!e of
C(r!ered A$$o4#!#!' of B#%de'( ICAB>, #d or%#5'!5o#'
!(e'e"e' If $op#5e' /e%5# !o de#d ore fro !(e5r o+# $$o4#!5#% per'o##e
#d !(e5r 4d5!or', !(e 45!? of $$o4#!' #d 4d5!' +5 5pro"e
S54&!#eo4'&?, !(e $$o4#!5#% profe''5o# 4'! fo$4' o# e#'4r5#%
$op5#$e +5!( 4d5! '!#drd', e#for$5#% 'ef-re%4!5o#, #d 5#$re'5#% !(e #4/er of
45f5ed C(r!ered A$$o4#!#!' T(e'e !+o o"ee#!' $# /e f4r!(er $op5e#!ed /?
'4ppor!5#% $!5o#' o# !(e pr! of re%4&!or' S4$( $o/5#!5o# of refor' +5 $re!e "5r!4o4' $5r$e of 45!? d5'$o'4re' #d 5#$re'e de#d fro 5#"e'!or' for ore
!r#'pre#! f5##$5 '!!ee#!' A$$o4#!5#% #d 4d5!5#% '$#d&' ro4#d !(e +ord 5#
re$e#! ?er' ("e '(o+# (o+ 5por!#! !(5' profe''5o# 5' !o 'fe%4rd 5#"e'!or f4#d' #d
e#'4re !r#'pre#$? W5!(o4! refor, !(e $orpor!e 'e$!or 5# B#%de'( ? /e (ed5#%
!o+rd' '4$( d5''!er' ' +e<"e 'ee# 5# o!(er re%5o#' ! !(e "er? e'!, !(e $$o4#!5#%
#d 4d5!5#% profe''5o# +5 o'e $red5/55!? #d pre'!5%e
I. A&&o*nin S#n%#$%s
P$in&i'(")
A Cop#5e' '(o4d e#'4re !(! !(e5r $$o4#!' $o#for +5!( B#%&de'(
A$$o4#!5#% S!#drd' =BAS> ' dop!ed /? !(e I#'!5!4!e of C(r!ered A$$o4#!#!'of B#%de'( =ICAB> #d !(e 5pee#!!5o# !5e fre %5"e# /? ICAB
G*i%"(in"s)
B Cop#5e' !(! re '!r5"5#% !o $o#for !o 5#!er#!5o# '!#drd' '(o4d prepre
#d ("e !(e5r $$o4#!' 4d5!ed !o $o#for +5!( f4 I#!er#!5o# A$$o4#!5#%
S!#drd' =IAS> A $op#? !(! 5' +or*5#% !o $op? +5!( IAS '(o4d e'!/5'( !5e5#e /? +(5$( !5e $op5#$e +5 /e $(5e"ed
C Ao#% !(e IAS' !(! ("e /ee# dop!ed /? ICAB, !(o'e 5'!ed /eo+ re
pr!5$4r? 5por!#! !o e#'4re $$4r!e #d re5/e f5##$5 repor!5#%, /4! !(e
e"e of $op&5#$e +5!( !(e 5' o+ Cop#5e' '(o4d $op? +5!( !(e
foo+5#% '!#drd'72 IAS 2) Deferred T9, e!$
) IAS 21 Re"e#4e. IAS )2 Effe$!' of $(#%e' 5# fore5%# e9$(#%e r!e'
0 IAS ). Borro+5#% Co'!'6 IAS )6 A$$o4#!5#% for I#"e'!e#!
8 IAS ): Co#'o5d!ed F5##$5 S!!ee#!'
: IAS .3 D5'$o'4re' 5# f5##$5 '!!ee#!' of /#*'1 IAS .0 I#!er5 F5##$5 Repor!5#%
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Code of Corpor!e Go"er##$e for B#%&de'( )8
II. P$"'#$#ion of A&&o*ns
P$in&i'(")
A Cop#5e' 4'! epo? 45f5ed per'o##e +5!( profe''5o# $$o4#!5#%45f5$!5o#' !o prepre f5##$5 '!!ee#!' #d $$o4#!'
G*i%"(in"s)
B L5'!ed $op#5e' +5!( !4r#o"er of ! e'! T* )3 $rore =T* )33 55o#> 4'!
epo? 45f5ed per'o##e +5!( profe''5o# $$o4#!5#% 45f5$!5o#' +5!(
! e'! f5"e ?er' of e9per5e#$e 5# prepr!5o# of $$o4#!' #dJor
C(r!ered A$$o4#!#!, Co'! #d M#%ee#! A$$o4#!#!, or o#e ("5#% ! e'!
'!er' de%ree or MBA 5# Coer$e or F5##$e
C T(e B#$e S(ee! #d Prof5! #d Lo'' S!!ee#! '(o4d /e re"5e+ed #d '5%#edoff /? !(e C(5r# of !(e Bord, MDJCEO
22#d C(5ef F5##$5 Off5$er
=CFO>
2)
#d !(e C(5r# of !(e A4d5! Co5!!ee =5f o#e e95'!'> !o $er!5f? !(!72 T(e $$o4#!' refe$! !r4e #d f5r p5$!4re of !(e $op#?,) T(e $$o4#!' $o#for +5!( BAS or, 5f !(e? do #o!, d5'$o'4re ('
/ee# de of !er5 d5ffere#$e', #d
. T(ere re #o po'! /#$e '(ee! e"e#!' or off-/#$e '(ee! 5!e',
#o#- d5'$o'4re of +(5$( $# ffe$! !(e /55!? of !(e 4'er' of !(e
f5##$5 '!!ee#!' !o e"4!e !(e $op#? or *e de$5'5o#'0 A''e!' re 'fe%4rded %5#'! 4#4!(or5'ed 4'e /? !(e ep&o?ee'
#dJor #%ee#! #dJor !(5rd pr!5e'
6 E9pe#'e' 5#$4rred re for !(e p4rpo'e' of !(e $op#?<' /4'5#e''8 No !er5 5#for!5o# (' /ee# o5!!ed
D T(e C(5r# of !(e Bord, CEO #d CFO '(o4d '4pp? !+odd5!5o# '!!ee#!'7
2 T(! !(e? re '!5'f5ed !(e $op#? 5' %o5#% $o#$er#
) O# !(e effe$!5"e#e'' of !(e $op#?<' 5#!er# $o#!ro '?'!e #d
5#!er# 4d5! depr!e#! T(5' '(o4d 5#$4de #? 5rre%4&r5!5e'
5#"o"5#% #%ee#! or epo?ee' +(o ("e '5%#5f5$#! roe' 5#
!(e '?'!e of 5#!er# $o#!ro T(5' '!!ee#! '(o4d 'o /e '5%#ed /?
!(e C(5r# of !(e A4d5! Co5!!ee =5f o#e e95'!'>
III. E9"$n#( A*%io$s
P$in&i'("s)
A E9!er# 4d5!or' '(o4d /e 5#depe#de#!, +e-45f5ed !o $rr? o4! !(e5rd4!5e', #d free of $o#f5$!' of 5#!ere'!
B A4d5!or' '(o4d /e ppo5#!ed /? !(e '(re(oder' S(re(oder' '(o4d /e pro"5ded # oppor!4#5!? !o #o5#!e 4d5! f5r' pr5or !o !(e No!5$e for !(e AGM
22Se$!5o# 21; of T(e Cop#5e' A$!, 2;;0 $er? '!!e' !(! !(e f5##$5 '!!ee#!' ("e !o /e
4!(e#!5$!ed /? #o! e'' !(# !+o d5re$!or' o#e of +(o '( /e !(e #%5#% d5re$!or +(ere !(ere 5' o#e2)
CFO 5' 4'ed !o refer !o !(e 'e#5or o'! f5##$5 off5$er of !(e $op#?, re%rde'' of !(e !5!e
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Code of Corpor!e Go"er##$e for B#%&de'( ):
G*i%"(in"s)
C A '(re(oder #o5#!5#% # 4d5! f5r '(o4d /e re45red !o pro"5de
'!#drd5'ed 5#for!5o# /o4! !(e f5r, 'o !(! #o5#!ed f5r' $# /e
$opred T(e 5#for!5o# '(o4d 5#$4de7 pr!#er', '!ff 45f5$!5o#' #d
e9per5e#$e #d !(e #4/er, !?pe, #d 5de#!5!? of $&5e#!'D A4d5! f5r' or pr!#er' re !o /e ro!!ed ! e'! e"er? !(ree ?er'
E A4d5! f5r' '(o4d #o! /e e#%%ed 5# $$o4#!5#% or #o#-4d5! $o#'4!5#% 5#
e#!erpr5'e' 5# +(5$( !(e? ("e /ee# ppo5#!ed ' !(e '!!4!or? 4d5!or' T(e
e9$ep!5o# 5' !9 +or*, +(5$( ? /e 4#der!*e# /? !(e '!!4!or? 4d5!or' of
f5r If, (o+e"er, #? #o#-4d5! +or* 5' perfored /? !(e '!!4!or? 4d5!or, /o!(
4d5! #d #o#-4d5! fee' p5d !o !(e 4d5! f5r '(o4d /e d5'$o'ed !o '(re(o&der'F A4d5!or' '(o4d #o! (od '(re' 5# $op#5e' !(e? 4d5! If 4d5!or' do (o&d
'(re' 5# $op#? for +(5$( !(e? re ppo5#!ed ' !(e '!!4!or? 4d5!or,
!(e '(re(od5#% o4#! '(o4d /e d5'$o'ed A '!!4!or? 4d5!or 4'! #o! (od
ore !(# 2K of !(e '(re' of $op#?
IV. In"$n#( A*%i
P$in&i'("s)
A A 5'!ed $op#5e' 4'! ("e # 5#!er# 4d5! f4#$!5o# +5!(5# !(e or%#5'!5o#
Pr5"!e $op#5e' '(o4d $o#'5der e'!/5'(5#% '?'!e of 5#!er# $o#!ro' 5f!(e? do #o! ("e # 5#!er# 4d5! depr!e#!
B T(e 5#!er# 4d5! depr!e#! '(o4d ("e /rod '$ope of +or* !o 5#"e'!5%!e &&
e"e' of !(e or%#5'!5o# #d /e 5#depe#de#! fro #%ee#!, +5!( d5re$!$$e'' !o !(e Bord of D5re$!or' #d !(e A4d5! Co5!!ee
C D5re$!or' 4'! !*e de4!e $!5o# !o pro!e$! !(e $op#? #d '(re(oder' /'ed o# 5#!er# 4d5! repor!'
G*i%"(in"s)
D T(e 5#!er# 4d5! depr!e#! '(o4d ("e e!!er fro !(e /ord or $(5r# of
!(e 4d5! $o5!!ee %5"5#% 5! !(e 4!(or5!? !o $$e'' #? re$ord' 5# #? o$!5o# !
#? !5eE T(e 5#!er# 4d5! f4#$!5o# '(o4d ("e !(e 4!(or5!? !o propo'e 5#5!5!5"e' #d
$(#%e' d5re$!? !o !(e /ord
V. Dis&(os*$"s
P$in&i'("s)A T(e Bord of D5re$!or' '(o4d pre'e#! /#$ed ''e''e#! of !(e $op#?<'
po'5!5o# #d pro'pe$!' !(! ? /e 4#der'!ood /? '(re(o&der'B A d5'$o'4re' 5'!ed 5# !(5' 'e$!5o# '(o4d /e d5'$o'ed 5# p4/5$ ##o4#$ee#!
#d de "5/e !o !(e p4/5$ #d !o
'(re(o&der'
G*i%"(in"s)
C 4r!er? 4#4d5!ed re'4!' W5!(5# .3 d?' f!er !(e e#d of !(e 4r!er,
$op#5e' '(o4d pro"5de 4#4d5!ed 4r!er? re'4!' !o
5#$&4de7
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Code of Corpor!e Go"er##$e for B#%&de'( )1
2 Se' #d 'e' %ro+!(
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2.Ge#er?, #? e9po'4re %re!er !(# 2K of #e! +or!( or 23K of prof5!' '(o4d /e $o#'5dered
Code of Corpor!e Go"er##$e for B#%&de'( )1
) Prof5! #d prof5! %ro+!(. Re'er"e'
D I#!er5 ##o4#$ee#!' '(o4d /e de "5/e !o '(re(oder' +(e#
!er5 e"e#! o$$4r' I# dd5!5o# !o !(e !er5 e"e#!' re45red !o /e d5'$o'ed
/? !(e Cop#5e' A$!, D(* S!o$* E9$(#%e, C(5!!%o#% S!o$* E9$(#%e,
#d SEC #o!5f5$!5o#', !(e fo&&o+5#% !er5 e"e#!' '(o4d /e d5'$&o'ed72 S5%#5#% or !er5#!5o# of !er5 $o#!r$!
2.
) Lo'' of !er5? 5por!#! $4'!oer . I#!er#!5o# or doe'!5$ re%4!or? ppro" or de#5&
E Hf-?er? B#$e S(ee! #d Prof5! #d Lo'' S!!ee#!F A4d5!ed A##4 B#$e S(ee! #d Prof5! #d Lo'' S!!ee#!
G A##4 D5re$!or'< Repor! '(o4d 5#$4de !(e foo+5#% 5!e' pre'e#!ed 5#
#rr!5"e for!72 Ge#er Cop#?
Corpor!e Go"er##$e S!!ee#!, +(5$( e9p5#' $op5#$e#dJor #o#-$op5#$e +5!( !(e Code of Corpor!e Go"er##$e
/ S!!ee#! of !(e $op#?<' po5$? #d pr$!5$e o# Corpor!e
So$5 Re'po#'5/55!?, Corpor!e E#"5ro#e#! Re'po#'5/55!?,#d $op5#$e +5!( B#%de'( e#"5ro#e#! '!#drd'
$ 4#!5!!5"e d5'$o'4re of 'e' #d r*e! '(re, o$ #d fore5%#=5f pp&5$/&e>
d F4!4re /4'5#e'' '!r!e%?
e M!er5 r5'* f$!or' #d 4#$er!5#!5e'f E9p#!5o# of re'4!', 5#$4d5#% *e? re'4!' for d5"5'5o#' or
/4'5#e'' 'e%e#!'
% Cop5#$e Cer!5f5$!e, pro"5ded #d '5%#ed off /? !(e Cop#?Se$re!r? or o!(er $op5#$e off5$er or e9!er# 4d5!or, #d &'o
'5%#ed off /? !(e CEO, C(5r# of !(e Bord, #d !(e
$(5r# of e$( /ord $o5!!ee de5#% +5!( $op5#$e
!!er', !!e'!5#% !(!75 !(e $op#? (' d4? f5ed '!!4!or? re!4r#' d4r5#% !(e ?er 55 !(e $op#? (' 5#!5#ed '!!4!or? /oo*' #d re%5'!er',
#d 5# '4$( order, ' re45red /? !(e Cop#5e' A$!555 !(e $op#? (' d4? p5d pp5$/e d4!5e', e"5e' #d
!9e' !o !(e e9$(e4er d4r5#% !(e ?er 5" !(e $op#? (' #o! p5d or offered #? %r!5f5$!5o# !o
#? 4r!er " !(e $op#? (' pr$!5$ed $orpor!e #or', r4e' #d
re%4!5o#', #d '!#drd' of %ood $o#d4$!, e'pe$5? 5#
re!5o# !o o#e?-4#der5#%, 5#'5der-de5#%, re'!r5$!5"e
!rde pr$!5$e', 45!? #d repre'e#!!5o# of %ood' #d 'er"5$e', #d#!5-$ope!5!5"e /e("5o4r, ' re45red /? o!(er re%4&!or?
4!(or5!5e' d4r5#% !(e ?er 4#der repor!
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20Ge#er?, #? e9po'4re %re!er !(# 2K of #e! +or!( or 23K of prof5!' '(o4d /e $o#'5dered
Code of Corpor!e Go"er##$e for B#%&de'( );
) O+#er'(5p
O+#er'(5p '!r4$!4re 5#$4d5#% d5'$o'4re of '(re(oder'o+#5#% ore !(# 23K of '(re'
. Bord of D5re$!or' D5re$!or'< '(re(od5#% #d #? $(#%e' !(ere5#
/ Repor! o# !(e re!5"e' of d5re$!or' ' epo?ee' or e/er' of
!(e /ord #d !(e5r '(re(od5#%'$ De!5' of d5re$!or'< re4#er!5o#
d Per'o#' +(o ("e !!e#ded /ord ee!5#%' 5# !(e '! ?er,5#$&4ded !!e#d#$e of d5re$!or' #d #? '4/'!5!4!e d5re$!or'
e De!5' of o#' !o d5re$!or' #d re!ed pr!5e'
f I#for!5o# o# re!ed pr!? !r#'$!5o#', '4$( ' !(e p4r$('e or'e of '(re' 5# ''o$5!ed $op#5e' +(ere !(e $op#? 5!'e&f
(' '(re(od5#%, or +(ere !(e o!(er $op#? (' '(re(od5#%5# !(e $op#?, or +(ere e/er' of !(e /ord @o5#!? or'e"er? ("e '5%#5f5$#! '(re(od5#% e45"e#! !o 6K or oreof !(e
!o! '(re, #d 'o o# oper!5o# 5#*' #d !rd5#%!r#'$!5o#' +5!( re!ed pr!5e'
0 A$$o4#!5#% #d F5##$5&
Repor! o# !(e e#d 4'e of f4#d' r5'ed fro !(e p4/5$ +(e#5''45#% '(re' or de/e#!4re'
/ Co#!r$!4 %reee#!', 5f #?, !(! +o4d ("e !er5 effe$!20
o# !(e $$o4#!' 5# !(e e"e#! of #o#-
$op&5#$e$ Co#!5#%e#! 5/55!5e' #d o#%o5#%, pe#d5#%, or 5*e? e%
$!5o#' %5#'! or /? !(e $op#? +(5$( ? re'4! 5#'5%#5f5$#! %5# or o'' !o !(e $op#?
d Ne+ $red5!or' #d de!5' of !er5 o#'e Cred5! r!5#%, 5f #?
f De!5' of 5#"e'!e#!', 5#$4d5#% r*e! "4!5o#, 5#
e45!5e', %o"er#e#! /o#d', #d o!(er 'e$4r5!5e'% Cr5!5$ $$o4#!5#% po5$5e', #e? !(o'e $$o4#!5#% po5$5e' !o
+(5$( !(e f5##$5 re'4!' re pr!5$4r? 'e#'5!5"e
=e% depre$5!5o# #d !9 po&5$?>
( B'5' of e'!5!e' 4'ed 5# f5##$5 repor!5#% =e% o+#$e'for do4/!f4 $$o4#!', 5#"e#!or? o/'oe'$e#$e, 5#!#%5/e ''e!"4!5o# #d 4'ef4 &5fe, epo?ee'< /e#ef5! p#', e!$>
5 Depre$5!5o# #d !9 po&5$?
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Code of Corpor!e Go"er##$e for B#%&de'( .3
SECTOR 8SPECIFIC PROVISIONS) FINANCIALINSTITUTIONS AND SOES
T(e foo+5#% !+o 'e$!5o#' de!5 $orpor!e %o"er##$e pro"5'5o#' !(! '(o4d
/e foo+ed /? 'pe$5f5$ !?pe' of or%#5'!5o#', #e?, f5##$5 5#'!5!4!5o#' =FI'> #d
'!!e- o+#ed e#!erpr5'e' =SOE'> T(e'e 'e$!5o#' ddre'' 5''4e' !(! re 4#54e !o e$(
'e$!or, /4! re !o /e $o#'5dered in addition !o !(e pro"5'5o#' o4!5#ed 5# !(e pre"5o4'
'e$!5o#' of !(e Code of Corpor!e Go"er##$e To $(5e"e f4&& $op5#$e +5!(
!(e Code of Corpor!e Go"er##$e, FI' #d SOE' '(o4d foo+ !(e pro"5'5o#' of !(e
%e#er Code ' +e ' !(e 'e$!or 'pe$5f5$ pro"5'5o#' !(! fo&&o+
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Code of Corpor!e Go"er##$e for B#%&de'( .2
FINANCIALINSTITUTIONS
T(5' 'e$!5o# of !(e Code $# /e pp5ed !o /#*', 5#$4d5#% N!5o#5'ed Coer$5
B#*' =NCB'>, #d #o#-/#* f5##$5 5#'!5!4!5o#',26
F5##$5 I#'!5!4!5o#' =FI'> '(o4&dfoo+ !(e pro"5'5o#' 5d o4! 5# !(e pre"5o4' 'e$!5o#' of !(e Code o# Corpor!eGo"er##$e /4! !(5' 'e$!5o# pro"5de' %45de5#e' pr!5$4r? ree"#! !o$orpor!e %o"er##$e 5# F5##$5& I#'!5!4!5o#'
F5##$5 I#'!5!4!5o#' re 'pe$5f5$? ddre''ed (ere d4e !o !(e5r 4#54e po'5!5o# '
!(e 5fe/ood of #? e$o#o? T(e (e!( of /#*' #d
p4/5$ $o#f5de#$e 5# !(e re #e$e''r? !o '4'!5# #d e9p#d e$o#o5$ $!5"5!?, '
f5##$5 5#'!5!4!5o#' for # e''e#!5 5#* 5# !(e $(5# of #!5o# e$o#o5$
de"eope#! T(e B#%de'( B#* (' !(e '!!4!or? po+er !o re%4!e
$oer$5 /#*' !o red4$e '?'!e5$ r5'* #d !(e or '4'5o# !o e#$o4r%e (5%('!#drd' of pro/5!? #d $ope!5!5"e#e'' o#% !(e, +(5e $oer$5 /#*' 5# !4r#
$# re45re !(e5r $orpor!e $4'!oer' !o foo+ %ood r5'* #%ee#! '?'!e' #d
e#$o4r%e !(e !o $(5e"e (5%( '!#drd' of $orpor!e %o"er##$e, 5# pr!5$4r
!(ro4%( !(e pp5$!5o# of d5ffere#!5 /#*5#% f$55!5e' FI' re pr!5$4r?
po+erf4 5# # e$o#o? 5*e B#%&de'( +(ere !(e $p5! r*e! 5' ' #d FI'
re !(e 5# 'o4r$e of $p5! for /o!( p4/5$ #d pr5"!e $op#5e' E"5de#$e of !(e
5por!#$e of FI' 5' deo#'!r!ed /? !(e f$! !(! !(e f5##$5 'e$!or 5' re%4!ed /? !(e
%o"er#e#!, !(ro4%( !(e B#%de'( B#*, #d !(erefore (' $$e'' !o !(e
%o"er#e#! 'fe!? #e! FI' re /e#ef5$5r5e', f5d4$5r5e', #d #%er' of o!(er peope<'
o#e? 5# #4/er of +?' #d ' '4$( ("e 4#54e re'po#'5/55!? !o 4p(od
!(e (5%(e'! '!#drd' of $orpor!e %o"er##$e
I. D*i"s o D"'osio$s #n% C*so+"$s
P$in&i'("s)
A A' !(e 5#'!5!4!5o#' !(! 'fe%4rd depo'5!or'< f4#d' #d 5#"e'! 5! +5!( /orro+er',
FI' ("e # o/5%!5o# !o o/'er"e !(e (5%(e'! '!#drd' of $re #d d4e d55%e#$e
5# ''e''5#% #d o#5!or5#% r5'*, 5#$4d5#% $red5! r5'*, 5#!ere'! r!e r5'*,
oper!5o# r5'*, po5!5$ r5'*, e!$B A' !(e 5#'!5!4!5o#' !(! pro"5de e''e#!5 f5##$5 'er"5$e' !o f55e', p4/&5$
5#'!5!4!5o#', #d /4'5#e'' $op#5e', FI' ("e # e''e#!5 'o$5 ' +e '
e$o#o5$ f4#$!5o# 5# #!5o# 5fe He#$e !(e? ("e # o/5%!5o# !o o/'er"e !(e
(5%(e'! '!#drd' of $4'!oer $re #d eff5$5e#$? +(5e e#'4r5#% !(e5r
o+# $oer$5 $ope!5!5"e#e''
G*i%"(in"s)
C I#for!5o# '(o4d /e pro"5ded !o depo'5!or', $4'!oer', #d !(e p4/5$ !o e#/&e
!(e !o de4!e? @4d%e !(e '!re#%!( #d (e!( of !(e /#* #d +(e!(er
5!'
26 T(5' 'e$!5o# o# F5##$5 I#'!5!4!5o#' doe' #o! pp? !o M5$rof5##$e I#'!5!4!5o#' =MFI'> +(5$(
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Code of Corpor!e Go"er##$e for B#%&de'( .)
re $o"ered 5# !(e 'e$!5o# o# NGO'
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Code of Corpor!e Go"er##$e for B#%&de'( ..
d5re$!or' #d #%er' re de4!e? 'fe%4rd5#% depo'5!or'< f4#d' ='eeD5'$o'4re' /e&o+>
D F5##$5 5#'!5!4!5o#' '(o4d p4/5'( Code of Be'! Pr$!5$e for C4'!oer' ='
de'$r5/ed /eo+ 5# IIC:> #d Code of Corpor!e So$5 #d E#"5ro#e#!
Re'po#'5/55!?E T(e '?'!e for (#d5#% $op5#!' '(o4d /e d5'$o'ed !o $4'!oer' #d
po!e#!5 $4'!oer'
II. Dis&(os*$"s
P$in&i'(")
A F5##$5 5#'!5!4!5o#' 4'! pro"5de !r#'pre#!, $opre(e#'5"e d5'$o'4re' !o !(e
p4/5$, depo'5!or', #d '(re(o&der'
G*i%"(in"s)B D5'$o'4re 5#for!5o# '(o4d /e de "5/e !o '(re(oder', depo'5!or', #d
!(e p4/5$ 5# '!#drd5'ed for!7
2 O# !(e $op#?<' +e/'5!e) D5'p?ed ! /r#$(e' #d !(e (ed off5$e
. A"5/e !o !(o'e +(o re4e'! 4po# p?e#! of fee for po'!5#%
C T(e foo+5#% d5'$o'4re' '(o4d /e pro"5ded /? f5##$5 5#'!5!4!5o#'72 T?pe of $p5! #d per$e#! of $p5! re!5"e !o $red5! e9po'4re', '
per B'e Cp5! A$$ord or %45de5#e' fro B#%de'(
B#*) I#'!5!4!5o#'< $red5! r!5#%, 5f #? If !(ere 5' #o $red5! r!5#%, #
e9p#!5o# ' !o +(? !(e r!5#% (' #o! /ee# $ope!ed '(o4d /e
pro"5ded. E9po'4re $o#$e#!r!5o# re!5"e !o 5#'!5!4!5o#<' $p5!, 5#$&4d5#%
e9po'4re !o 5#d5"5d4 $o4#!erpr!5e', %ro4p' of ''o$5!ed
$o4#!erpr!5e', pr!5$4r e$o#o5$ 'e$!or', or 5#d4'!r5e'0 M!4r5!? %ro4p5#% of ''e!' #d 5/55!5e' /'ed o# !(e re5#5#%
per5od, ! !(e /#$e '(ee! d!e !o !(e !4r5!?
d!e6 I#for!5o# o# r*e! r5'* =5#!ere'! r!e r5'*, e9$(#%e r!e r5'*,
e45!? r5'*> 4'5#% !(e B'e Co5!!ee<' r*e! r5'* e!(odoo%? or
'55r &!er#!5"e8 N!4re #d e9!e#! of e9po'4re' !o #d !r#'$!5o#' +5!( re!ed pr!5e'
#d ff5&5!e': P4/5$!5o# of Code of Be'! Pr$!5$e for C4'!oer', de'$r5/5#% !(e
'er"5$e' #d $o#'5der!5o# $4'!oer' '(o4d e9pe$! fro !(e5#'!5!4!5o#, ' +e ' !(e re'po#'5/55!5e' of !(e $4'!oer T(5' $ode'(o4d 5#$4de e#d5#% %45de5#e' #d 5#!er# $orpor!e po&5$5e'
1 P4/5$!5o# of Code of Corpor!e So$5 #d E#"5ro#e#!&Re'po#'5/5&5!?
; D5'$o'4re of !(e '?'!e' for (#d5#% $op5#!', fro /o!( 5#!er#
#d e9!er#& pr!5e'23 N!4re of #? $o#f5$!' of 5#!ere'! +5!( d5re$!or' or 'e#5or #%er'
#d !(e r4e' for (#d5#% '4$(
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Code of Corpor!e Go"er##$e for B#%&de'( .0
$o#f&5$!'22 Bord '!r4$!4re ='5e, e/er'(5p, 45f5$!5o#' #d $o5!!ee'>
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Code of Corpor!e Go"er##$e for B#%&de'( .6
2) Se#5or #%ee#! '!r4$!4re =re'po#'5/55!5e', repor!5#% &5#e',
45f5$!5o#' #d e9per5e#$e>
2. B'5$ or%#5'!5o# '!r4$!4re =5#e' of /4'5#e'', e% e#!5!? '!r4$!4re',
e!$>
20 I#for!5o# /o4! !(e 5#$e#!5"e '!r4$!4re of !(e /#* =re4#er!5o# po5$5e', e9e$4!5"e $ope#'!5o#, /o#4'e', '!o$* op!5o#'>
III. Bo#$% of Di$"&o$s
P$in&i'("s)
A T(e f4#$!5o# of !(e Bord of D5re$!or' 5' !o 'e! po5$? #d '!r!e%5$ d5re$!5o# for!(e f5##$5& 5#'!5!4!5o# Co5!!ee' #d 'e#5or #%ee#! '(o4d !(e# $rr?o4! !(e'e po5$5e' #d o#5!or !(e5r 5p&ee#!!5o#
B D5re$!or' 4'! /e f5!, proper, #d $ope!e#! !o $rr? o4! !(e5r d4!5e'
C Bord' of FI' 4'! ("e # A4d5! Co5!!ee, +(5$( o"er'ee' !(e 5#!er# #de9!er# 4d5! pro$e''
G*i%"(in"s)
D A /#* d5re$!or' '(o4d ("e e''e#!5 f5##$5 $ope!e#$? #d re$o%#5'ed
profe''5o# or #%ee#! e9per5e#$e 5# /#*5#%, f5##$e, +, r*e!5#%,
oper!5o#', (4# re'o4r$e' #%ee#!, or %e#er #%ee#!E A#? d5re$!or' ppo5#!ed !o !(e /ord for !(e5r #o#-f5##$5 'pe$55'! *#o+&ed%e
'(o4d 4#der%o 5#!e#'5"e !r5#5#% 5# f5##$5 #?'5' for #o#-f5##$5 d5re$!or'
F FI' 4'! ("e # A4d5! Co5!!ee of !(e Bord, +(5$( o"er'ee' !(e 5#!er# #d
e9!er# 4d5! pro$e'' T(e 4d5! $o5!!ee 4'! 5#$4de e/er' +5!( de4!e
f5##$5 #d /#*5#% e9per!5'e !o $rr? o4! !(e5r d4!5e' proper? T(e 4d5!$o5!!ee +5 'o repor! !o !(e Bord of D5re$!or' o# r5'* #%ee#!
4#e'' !(ere 5' #o!(er $o5!!ee !(! doe' 'o T(e
$(5r# of !(e 4d5! $o5!!ee 4'! /e f5##$5 'pe$55'! #d #o#-e9e$4!5"e
d5re$!orG Bord' of FI' '(o4d ("e # A''e!-L5/55!? Co5!!ee =ALCO> +(5$( e95#e'
!(e o"er po'5!5o# #d r5'* e"e of !(e ''e! #d 5/55!5e' (ed /? !(e FIH E5!(er !(e ALCO or # E9e$4!5"e Co5!!ee, 5#$4d5#% C(5r# of !(e
Bord, CEO #d ! e'! o#e #o#-e9e$4!5"e d5re$!or '(o4d ee! ! e'!
o#!(? !o
re"5e+72 M@or o# ppro"&'
) De/! re'!r4$!4r5#%. R5'* #%ee#!
I A /ord' '(o4d ("e Cop#? Se$re!r? or Cop5#$e Off5$er ' !(e
d"5'er !o !(e /ord #d re'po#'5/e !o !(e /ord ' +(o&e
Bord ee!5#%' 4'! /e f4? #d proper? re$orded 5# 5#4!e' 'o !(! de$5'5o#'
!*e# $# /e de4!e? $rr5ed o4!28
28 T(e B#%de'( B#* (' 5''4ed '!#drd for! !(! 4'! /e foo+ed 5# re$ord5#% !(e 5#4!e'
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Code of Corpor!e Go"er##$e for B#%&de'( .8
of /ord ee!5#%'
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Code of Corpor!e Go"er##$e for B#%&de'( .:
IV. C$"%i Ass"ss+"n #n% Ass" Monio$in
P$in&i'("s)A Good /4'5#e'' pr$!5$e' +5!( re%rd !o $red5! ''e''e#! #d ''e! o#5!or5#%
'(o4d /e o/'er"ed /? FI'2 Borro+er' '(o4d /e re45red !o ("e /4'5#e'' p# #d '!r!e%? for
4'e of f4#d' /orro+ed
) T(e $red5! ''e''e#! #d o# ppro" pro$e'' '(o4d /e 5'o!edfro per'o# $o#f5$!' of 5#!ere'! #d po5!5$ 5#f&4e#$e
. R5'* ''e''e#! for %ro4p' of $op#5e' '(o4d 4'e !o! r5'*
''e''e#! of !(e +(oe $op#?B FI' '(o4d 4'e !(e5r po'5!5o# #d 5#f4e#$e ' '4pp5er' of f5##$5#% !o $!5"e&?
e#$o4r%e !(e5r $4'!oer' !o $o#for !o !(e Code of Corpor!e Go"er##$e /?
4'5#% !(e Code 5# $red5! de$5'5o#', '5#$e /e!!er $orpor!e %o"er##$e 5# /orro+5#%$4'!oer'< or%#5'!5o#' +5 5pro"e perfor#$e #d $$o4#!/55!?, ' +e '
red4$e r5'*C FI' '(o4d $o#'5der !(e pp5$!5o# of d"#!%eo4' /#*5#% f$55!5e' !o !(e5r
$orpor!e $4'!oer' +(o 5#!5# (5%( '!#drd' of $orpor!e %o"er##$e,
r5'* #%ee#!, #d /4'5#e'' '!r!e%? #d #%ee#!
G*i%"(in"s)
D Per'o##e ''5%#ed !o Cred5! R5'* M#%ee#! f4#$!5o#' '(o4d ("e !r5#5#%
prere45'5!e' #d o#%o5#% re45ree#!'E To "o5d per'o# $o#f5$!' of 5#!ere'! #d po5!5$ 5#f&4e#$e7
2 Epo?ee' #d /ord e/er' '(o4d #o! /e 5#"o"ed 5# !!er' 5#+(5$( !(e? ("e per'o# 5#!ere'!) Me!(od' of o# 4!(or5'!5o# #d e#d5#% 55!' '(o4d /e $&er&?
'peed o4! #d $op5ed +5!(F Lr%e /orro+er'
2:'(o4d /e re45red !o '(o+ $op5#$e +5!( !(e Code or
pro%re'' !o+rd' !(! e#d A#? $red5! r!5#% %e#$5e' 4'ed /? !(e FI for ''e''5#%$red5!+or!(5#e'' +5 /e re45red !o 4'e $orpor!e %o"er##$e ' @or f$!or 5#''e''5#% r5'*
G FI' '(o4d re45re f5##$5 '!!ee#!' !(! $op? f4? +5!( B#%&de'(A$$o4#!5#% S!#drd'
V. D", R"&o6"$1
P$in&i'(")
T(ere '(o4d /e 'epr!5o# of per'o##e #d repor!5#% re'po#'5/55!? /e!+ee# o#or5%5#!5o#J r*e!5#%, $red5! ppro", !r#'$!5o# pro$e''5#%, #d o# re$o"er?
2:A' per B#%de'( B#*<' def5#5!5o# r%e /orro+er $opr5'e' ! e'! 26K of !o! $p5!
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Code of Corpor!e Go"er##$e for B#%&de'( .1
VI. Ris7 M#n#"+"n
P$in&i'(")A Corpor!e Go"er##$e rr#%ee#!' 5# FI' '(o4d 5#$4de '?'!e' #d
pro$ed4re' !(! 5de#!5f?, o#5!or, #d #%e /4'5#e'' r5'*'21
G*i%"(in"s)
B S!ff '(o4d /e ''5%#ed re'po#'5/55!? for r5'* #%ee#! '?'!e', #d !r5#5#%'(o4d /e pro"5ded !o e#/e !(e !o 4#der'!#d #d #%e r5'*'
C R5'* #%ee#! '(o4d /e pr! of !(e re'po#'5/55!5e' of 'e#5or #%ee#!#d d5re$!or' Tr5#5#% '(o4d /e pro"5ded !(! +5 %5"e 'e#5or #%ee#! #dd5re$!or' !(e /$*%ro4#d #d *#o+ed%e !o $rr? o4! !(5' re'po#'5/5&5!?
D M#%ee#! '?'!e' +(5$( re45re re%4r repor!5#% !o 'e#5or #%ee#!
o# !(e #!4re #d %#5!4de of r5'*' !o +(5$( !(e FI 5' e9po'ed, ' +e '!(e pro"5'5o#' !o 5!5%!e #d $o#!ro !(o'e r5'*' T(5' '(o4d
5#$4de proof !(! r5'* #%ee#! '?'!e' re /e5#% proper? #d ro/4'!?
pp5ed Repor!5#% !o !(e /ord '(o4d
5#$4de repor! of !(e e'!5!e' of o+#$e' for do4/!f4 $$o4#!'
E CEO'JMD' '(o4d '5%# # !!e'!!5o# !(! !(e? re f4? '!5'f5ed !o !(e /e'!
of !(e5r /5&5!? !(! !(e FI' !er5 r5'*'2;
re /e5#% effe$!5"e? 5de#!5f5ed, o#5!ored, #d #%ed !(ro4%( oper!5#%
'?'!e' of r5'* #%ee#! T(e !!e'!!5o#' '(o4d pper 5# !(e D5re$!or'<Repor! Re%4!or' '(o4d (o&d
CEO'JMD' re'po#'5/e 5f !(e !!e'!!5o#' re fo4#d !o /e 5'ed5#% or
f&'e
VII. Co$'o$#" Go6"$n#n&" Co+'(i#n&"
P$in&i'(")
FI' '(o4d ("e # off5$er ''5%#ed !o o#5!or #d repor! o# $orpor!e %o"er##$e
$op5#$e T(e Cop5#$e off5$er '(o4d *e re%4r repor!' !o !(e /ord o# !(ede4$? of $orpor!e %o"er##$e rr#%ee#!'
21B4'5#e'' r5'* 5#$4de' r*e! r5'*, fore5%# e9$(#%e r5'*, 5#!ere'! r!e r5'*, d4r!5o# r5'*, $red5!
r5'*, def4! r5'*, po5!5$ r5'*, rep4!!5o# r5'*, oper!5o# r5'*, e"e#! r5'*, e!$2;
Ge#er?, #? e9po'4re %re!er !(# 2K of #e! +or!( or 23K of prof5!' '(o4d /e $o#'5dered !er5
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Code of Corpor!e Go"er##$e for B#%&de'( .8
STATE8OWNEDENTERPRISES
S!!e-o+#ed e#!erpr5'e' =SOE'>)3
("e # 5por!#! roe 5# !(e e$o#o? of B#%de'(
For !(e o"er e$o#o? !o 5pro"e #d /e$oe ore $ope!5!5"e, SOE' 4'!
r!5o#5'e #d $ope!e o# # e"e# p?5#% f5ed +5!( !(e pr5"!e 'e$!or Corpor!e
%o"er##$e 5' #e$e''r? for !(e %o"er#e#! !o e9er$5'e 5!' o+#er'(5p of SOE' 5#
!r#'pre#! #d $$o4#!/e ##er Tr#'pre#$?, d5'$o'4re, #d $$o4#!/55!? re of
pr5r? 5por!#$e 5# !(e p4/5$ 'e$!or ' !(e %o"er#e#!, +(5$( 'er"e' ' !r4'!ee,
repre'e#!' #d 5' $$o4#!/e !o 55o#' of !9p?er' #d $5!5e#' for !(e ppropr5!e #d
eff5$5e#! 4'e of p4/5$ ''e!' I# 'e#'e, SOE' ("e !(e +5de'! po''5/e '(re(oder /'e
of #? $orpor!5o# 5# B#%de'( T(e %o"er#e#!, ' !(e repre'e#!!5"e of !(e'e
'(re(oder', (' !(e re'po#'5/55!? !o 955'e !(e "&4e #d 4'e of re'o4r$e',
+(5e e#'4r5#% !(e (5%(e'! e"e' of $orpor!e 'o$5 #d e#"5ro#e#! re'po#'5/5&5!?
T(e proper ''5%#e#! of roe' #d re'po#'5/55!5e', for '(re(oder',%o"er#e#!, /ord', #d #%ee#!, 5' !(e f5r'! '!ep 5# e'!/5'(5#% %ood
$orpor!e %o"er##$e '?'!e 5# SOE' 5# B#%de'( I# 'oe $'e' !(e
$oer$5 5#!ere'!' of # SOE ? /e d5ffere#! #d 'epr!e fro !(e 5#!ere'! of !(e
%o"er#e#! I! 5' for !(5' re'o# !(! !(e Code re$oe#d' 55!!5o# o# !(e
/55!? of !(e '(re(oder =%o"er#e#!> !o pr!5$5p!e 5# d?-!o-d? #%ee#!
de$5'5o#' #d # %reed S!!ee#! of Corpor!e I#!e#! !(! +5 /e 4'ed !o e'4re !(e
perfor#$e of SOE' M*5#% SOE' $$o4#!/e !o $(5e"e perfor#$e !r%e!' /?
5pee#!5#% %ood $orpor!e %o"er##$e pr$!5$e', +5 '!r! !(e pro$e'' of 5pro"5#%
prof5!' #d %ro+!( 5# !(e '!!e-o+#ed 'e$!or
To e#/e e"e p?5#% f5ed /e!+ee# !(e '!!e-o+#ed 'e$!or #d !(e pr5"!e'e$!or, +' #d re%4!5o#' 4'! pp? !o /o!( e4? T(e 'e 5' !r4e of
$orpor!e %o"er##$e re45ree#!' SOE' '(o4d foo+
!(e re$oe#d!5o#' #d re45ree#!' 5d do+# 5#
o!(er 'e$!5o#' of !(e Code of Corpor!e Go"er##$e Ho+e"er, !(5' 'e$!5o#
(5%(5%(!' 'oe 'pe$5f5$, dd5!5o# pro"5'5o#' for SOE', %5"e# !(e $4rre#! '!!e of
$orpor!e %o"er##$e
I. A''(i&#ion of !" Co%" of Co$'o$#" Go6"$n#n&"
P$in&i'(")
A !(e pro"5'5o#' 5#$4ded 5# pre"5o4' 'e$!5o#' of !(e Code of Corpor!e Go"er##$e
4'! /e e4? pp5ed !o SOE' T(e pro"5'5o#' for F5##$5 I#'!5!4!5o#' '(o4d 'o
/e pp5ed !o N!5o#5'ed Coer$5 B#*'
II. L"#( +#n%#" #n% Monio$in
P$in&i'(")
T(e ree"#! +' #d '4per"5'5o# pp?5#% !o $oer$5 e#!erpr5'e' o+#ed or4#der!*e# /? !(e %o"er#e#! #d !(e5r d5re$!or' '(o4d /e $er? '!!ed Prefer/?, &&
%o"er#e#! e#!5!5e' e#%%ed 5# $oer$5 $!5"5!5e' '(o4d /e %o"er#ed /? !(e
)3For p4rpo'e' of !(e Code, # SOE refer' !o #? e#!5!? o+#ed +(o? or pr!? /? ! (e %o"er#e#!
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Code of Corpor!e Go"er##$e for B#%&de'( .8
e#%%ed 5# $oer$5 $!5"5!5e' =5e !(e !rde of 'er"5$e' or prod4$!' for p?e#!> +(e!(er 4#der 'e$!or
$orpor!5o#, re%4!or? %e#$?, or o!(er /r#$( of %o"er#e#!
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Code of Corpor!e Go"er##$e for B#%&de'( .:
Cop#5e' A$! I! '(o4d /e $er? '!!ed +(5$( %e#$? or 5#5'!r? 5' !(e '(re(oder
of !(e SOE #d, 5f d5ffere#!, +(5$( 5' re'po#'5/e for o#5!or5#%, '4per"5'5o#, #d
e"4!5o# of !(e SOE I! 5' ep('5'ed !(! !(e !r4e o+#er' of SOE' re !(e $5!5e#' of
B#%de'(, +(o'e '(re' re (ed #d #%ed /? !(e %o"er#e#! o# !(e5r /e(&f
III. S#"+"n of Co$'o$#" In"n
P$in&i'("s)
A A S!!ee#! of Corpor!e I#!e#! =SCI> '(o4d /e #e%o!5!ed ##4? #d %reed
4po# /? !(e d5re$!or', ree"#! %o"er#e#! e#!5!?, #d '(re(oder' T(e
S!!ee#! '(o4d e'!/5'( 'pe$5f5$ oper!5o# %o' #d perfor#$e !r%e!'
A#? 'o$5&, po5$?, or #o#-e$o#o5$ rr#%ee#!' '(o4d /e de!5ed 5# !(e
S!!ee#! A M5''5o# S!!ee#! '(o4d /e pr! of !(e SCI
B T(e /ord 4'! !*e re'po#'5/55!? #d /e e"4!ed o# !(e pro%re'' de
!o+rd' $(5e"5#% !(e 5''5o# of !(e or%#5'!5o#
G*i%"(in"s)
C T(e M5''5o# S!!ee#! or SCI '(o4d $o"er o#%-!er %o' #d pro"5de !(e
fre+or* for '4/ord5#!e perfor#$e $o#!r$!' /e!+ee# !(e Bord of D5re$!or'
#d !(e Bord #d !(e CEOJMD T(e '!!ee#! '(o4d /e 'e! for pr!5$4r
per5od, ! e'! !(ree ?er' /4! #o! !o e9$eed f5"e ?er', #d 4'! /e e"4!ed
##4?D Spe$5f5$ oper!5o# %o' of # SOE '(o4d e#$op'' 5''5o# !o oper!e7
2 ' prof5!/? #d eff5$5e#!? ' $opr/e /4'5#e'' !(! !(eGo"er#e#! doe' #o! o+#
) !o !(e (5%(e'! '!#drd' ' %ood epo?er of 5!' o+# '!ff ' %ood
$4'!oer for e9!er# prod4$!' #d 'er"5$e' #d ' %ood '4pp5er !o
5!' $4'!oer'
. ' # or%#5'!5o# +(5$( deo#'!r!e' !(e (5%(e'! '!#drd' of Corpor!e So$5 A#d E#"5ro#e#! Re'po#'5/5&5!?
E T(e S!!ee#! of Corpor!e I#!e#! $o4d /e '55r !o or dp!ed fro !(e S?'!e
for A4!o#oo4' Bod5e', Repor!5#% #d E"4!5o# =SABRE> '?'!e 5# effe$! 5# p4/5$ e#!erpr5'e' ! pre'e#!
IV. Bo#$% of Di$"&o$s
P$in&i'("s)
A T(e pr5r? roe of !(e /ord 5' !(e %o"er##$e of !(e $op#?Je#!erpr5'e T(e /ord e9er$5'e' '!e+rd'(5p o# /e(f of !(e '(re(oder !o e#'4re !(e o#%o5#%
(e!( #d f5##$5 "5/55!? of !(e
$op#?B T(e SOE 4'! '!!e +(ere !(e d5re$!or<' pr5e d4!? 5e' 5# o'! $'e' !(! +5&&
/e !o !(e '(re(oder' of !(e e#!erpr5'e' Me/er' of !(e /ord 4'! *eep$o#f5de#!5 $o#f5de#!5 !!er' of !(e SOE
C D4e !o !(e $ope9 #!4re of !(e re!5o#'(5p /e!+ee# SOE' #d !(e %o"er#e#!,
'(re(oder'< /55!? !o pr!5$5p!e 5# de$5'5o#' #d 5''4e d5re$!5o#' !o !(e /ord
#d #%ee#! '(o4d /e $o#f5#ed !o po5$? !!er' $er? def5#ed 5# !(e
Corpor!e Perfor#$e Co#!r$! #d '(o4d /e e9$4ded fro oper!5o# !!er'
#d d?-!o-d? #%ee#! Ho+e"er, !(e /ord '(o4d re%4r? #d f4&&?
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Code of Corpor!e Go"er##$e for B#%&de'( .1
repor! !o !(e '(re(oder' o# re'4!', '!r!e%5$ p#', #d !er5 5#for!5o#
' per # %reed 4po# '$(ed4&e
D A pro"5'5o#' of !(e Code of Corpor!e Go"er##$e o# Bord I''4e'
e4? pp? !o !(e /ord' of SOE' I# pr!5$4r, !(e /ord '(o4d
e"4!e 5!' o+# perfor#$e, /o!( $oe$!5"e? #d 5#d5"5d4? 5#$4d5#% !(e
perfor#$e of !(e $(5r#, !o e#'4re 5!' oper!5#% effe$!5"e&?E T(e 4!(or5!? !(! ppo5#!' d5re$!or' of SOE', +(e!(er 5! /e !(e %o"er#e#! or !(e
$4rre#! /ord, 4'! ppo5#! d5re$!or' +5!( '4ff5$5e#! e9per5e#$e, 5#!e%r5!? #d
5#depe#de#$e !o $rr? o4! !(e5r d4!5e' T(e ppo5#!e#! pro$e'' '(o4d /e
!r#'pre#! #d ppo5#!e#!' '(o4d /e de o# er5!, #o! d4e !o po&5!5$&
$o#'5der!5o#'
G*i%"(in"s)
F A SOE d5re$!or' '(o4d ("e '5%#5f5$#! profe''5o# or #%ee#! e9per5e#$e
re 5# /#*5#%, f5##$e, +, r*e!5#%, oper!5o#', (4# re'o4r$e'#%ee#!, or %e#er #%ee#! S4$( e9per5e#$e '(o4d ("e /ee# %5#ed
fro # or%#5'!5o# +5!( $oer$5 fo$4' D5re$!or' ? 'o /e
$(o'e# /'ed o# !(e5r e9per!5'e #d e9per5e#$e 5# o!(er re!ed f5ed' 5#$4d5#%7
'$5e#$e, !e$(#oo%?, (e!(, %r5$4&!4re, 'o$5 po5$? or $o4#5!? or%#5'!5o#'
G I# dd5!5o# !o !(e d4!5e' e#4er!ed for d5re$!or' 5# o!(er pr!' of !(5' Code,
SOE d5re$!or' 'o ("e !(e d4!? !o #e%o!5!e !(e SCI +5!( !(e '(re(oder',
de"eop5#% !(e /4'5#e'' p&# 'o !(! 5! +5 re$e5"e '(re(oder '4ppor! #d (od
#%ee#! re'po#'5/e for ee!5#% !(e perfor#$e e'4re'J5e'!o#e' 5# !(e
SCI #d /4'5#e'' p&#
V. Bo#$% #n% M#n#"+"n
P$in&i'("s)
A T(e /ord '(o4d 'e! !(e roe, d4!5e', #d re'po#'5/55!? of !(e M#%5#% D5re$!orJCEO #d !(e MDJCEO '(o4d /e $$o4#!/e !o !(e Bord of D5re$!or' o#?, #o!
!o po5!5$5#' or o!(er %o"er#e#! off5$5' T(e ppo5#!e#! of !(e CEO '(o4d'o /e do#e /? !(e /ord
B A oper!5o# de$5'5o#')2
'(o4d /e !(e #d!e of !(e #%ee#! #d Bordof D5re$!or'
VI. R"'o$in
P$in&i'(")A SOE' '(o4d $op? +5!( !(e 5#!er# $o#!ro, 4d5!5#%, f5##$5 #d
#o#- f5##$5 repor!5#% #d d5'$o'4re re$oe#d!5o#' 5# !(e Code T(e
/ord '(o4d '4/5! 4d5!ed f5##$5 '!!ee#!' #d 4d5!or<' repor! #d
$oe#!r? o# perfor#$e %5#'! SCI !r%e!'
G*i%"(in"s)
)2Oper!5#% de$5'5o#' 5#$4de prod4$! #4f$!4re, prod4$! pr5$5#%, ' 4pp5er', #d o!(er $o#!r$!or'
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Code of Corpor!e Go"er##$e for B#%&de'( .;
B A##4 repor!', 5#$4d5#% A4d5! Repor! #d D5re$!or'< Repor!, '(o4d /e de
p4/5$? "5/e o# !5e? /'5'
C T(e /ord '(o4d '4/5! !(e foo+5#% 5#for!5o# !o !(e '(re(oder' for
d5'$4''5o# /efore p$5#% !(e 'e 5# pr5e#! T(5' '(o4d /e do#e /efore !(e
/e%5##5#% of !(e f5##$5& ?er72 T(e S!!ee#! of Corpor!e I#!e#! =p4/5$ do$4e#!>) A B4'5#e'' P# =#o! p4/5$ do$4e#!>
. See'!er pre'e#!!5o# /? !(e '(re(od5#% e#!5!? !o pr5e#! o# !(e pro%re'' %5#'! SCI
0 T(e /o"e 5''4e' '(o4d 'o /e ddre''ed d4r5#% !(e AGM of !(eSOE
VII. R"+*n"$#ion
P$in&i'("s)A Re4#er!5o# for d5re$!or' '(o4d /e 5# $$ord#$e +5!( !(e $o#'!5!4!5o# of !(e
SOE #d '4/@e$! !o ppro" /? !(e '(re(o&der'
B T(e p? '!r4$!4re of SOE' '(o4d /e 5#depe#de#! of !(e %o"er#e#! p?'!r4$!4re', 'o ' !o /e!!er $ope!e for '*5ed +or*er' +5!( !(e pr5"!e 'e$!or
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Code of Corpor!e Go"er##$e for B#%&de'( 03
E/HORTATIONS TO OTHER ENTITIES
I. R"s'onsi,i(ii"s of S!#$"!o(%"$s
S(re(oder' p? # 5por!#! roe 5# !(e %o"er#5#% of #? $orpor!5o# S(re(oder'
'(o4d !*e 'er5o4'? !(e5r re'po#'5/55!5e' S(re(oder' '(o4d er# #d e9er$5'e !(e5r
'(re(od5#% #d "o!5#% r5%(!' 5# # ppropr5!e #d ree"#! ##er T(5' 5#$4de' !(e
/e("5o4r of '(re(oder' #d '(re(oder repre'e#!!5"e' ! A##4 Ge#er Mee!5#%'
S(re(oder' '(o4d 'o /e 5#df4 of !(e e% r5%(!' #d d4!5e' of d5re$!or' #d
#%5#% d5re$!or'
II. R"s'onsi,i(ii"s of Insi*ion#( S!#$"!o(%"$s
I#'!5!4!5o# '(re(oder' re pr!5e' !(! $o#!ro '(re' for !(e /e#ef5! of
o!(er', 5#$4d5#% 4!4 f4#d', pe#'5o# f4#d', o!(er $op#5e', #d "r5o4' %o"er#e#!e#!5!5e' I#'!5!4!5o# '(re(o&der' ("e 4#54e #d 5por!#! roe !o p? 5#
e#'4r5#% %ood $orpor!e %o"er##$e #d ("e # 5por!#! re'po#'5/55!? !o f5d4$5r5e',
!(e $op#?, #d o!(er '(re(o&der'
I#'!5!4!5o# '(re(oder' $# /e po+erf4 for$e for refor 5# $op#? pr$!5$e' I#
#? de"eoped #d eer%5#% r*e!' !(e? p? # 5por!#! roe 5# 5pro"5#%
$orpor!e %o"er##$e I#'!5!4!5o# 5#"e'!or' ("e !(e *e? 5#%red5e#!' !o o!5"!e
$op#5e' !o $(#%e pr$!5$e'7 !(e? '(o4d ("e '!ff 45f5ed !o e"4!e f5##$5
'!!ee#!', /4'5#e'' '!r!e%?, #d $op#? perfor#$e !(e? $o#!ro r%e o4#!' of
$p5! !(! 4'! /e 5#"e'!ed !(e? 'er"e ' ed5#% 5#d5$!or !o o!(er 5#"e'!or' #d !(e?
$o#!ro /o$*' of '(re' +(5$( for$e $op#5e' !o !*e #o!5$e of !(e5r $o#$er#'
Ho+e"er, for 5#'!5!4!5o# 5#"e'!or' !o /e$oe po+erf4 o!5"!5#% for$e for
$(#%e, !(e? 4'! !*e 'er5o4'? !(e5r re'po#'5/55!? !o $(5e"e re'4!' for !(e5r
/e#ef5$5r5e' #d 4'! e9er$5'e !(e5r '(re(oder r5%(!' 5# re'po#'5/e ##er For !(5'
re'o#, !(e Code ep('5'e' !(e roe of 5#'!5!4!5o#& '(re(o&der'
I#'!5!4!5o# '(re(oder' '(o4d "o!e !(e5r pro95e' 5# *eep5#% +5!( !(e5r f5d4$5r? d4!?,
*5#% "o!5#% de$5'5o#' /'ed o# !(e /e'! 5#!ere'!' of !(e5r /e#ef5$5r5e' Repor!' '(o4d
/e pro"5ded !o '(re(oder', 5#"e'!or', #d e/er' ' !o !(e "o!e' e9er$5'ed o# !(e5r
/e(f Re$ord' of "o!e' #d !(e #?'5' $ope!ed !o de!er5#e !(e "o!5#% po'5!5o#
'(o4d /e 5#!5#ed
I#'!5!4!5o# '(re(oder' '(o4&d7
2 De#d (5%( '!#drd' of $orpor!e %o"er##$e fro $op#5e' 5#+(5$( !(e? 5#"e'!
) T*e # $!5"e roe 5# e"4!5#% #d 5pro"5#% d5re$!or de$5'5o#',
$op#? perfor#$e, r5'* #%ee#!, /4'5#e'' '!r!e%?, #d
$orpor!e %o"er##$e pro$ed4re' For e9pe, !(e? ? re45re
$op#5e' 5# +(5$( !(e? 5#"e'! !o 5#!rod4$e 5#depe#de#! /ord #d
d5re$!or ppr5'& '?'!e'
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Code of Corpor!e Go"er##$e for B#%&de'( 02
. E#'4re !(! $op#5e' 5# +(5$( !(e? 5#"e'! re $o5!!ed !o
Corpor!e So$5 Re'po#'5/55!? 'e#'5!5"e !o /o4r r5%(!' do #o!
"5o!e !(e pr5#$5pe' of e!(5$ /4'5#e'' #d prod4$e, '4pp? #d
e9!e#d 45!? prod4$!' #d 'er"5$e'
0 Re$o%#5'e !(e 5por!#$e of o#% !er $o5!e#! !o !(e$op#5e' 5# +(5$( !(e? 5#"e'!, #d !(e $o#'e4e#$e' of +5!(dr+5#%
5#"e'!e#!'
To /e%5# !o 'e! !(e5r o+# '!#drd for 5#"e'!e#! po5$? #d $orpor!e %o"er##$e,
5#'!5!4!5o# '(re(oder' '(o4d p4/5'( !(e $orpor!e %o"er##$e pr5#$5pe' #d
pr$!5$e', +(5$( !(e? e9pe$! fro !(e $op#5e' 5# +(5$( !(e? 5#"e'!, #d 'o !(e5r o+#5#"e'!e#! pr5#$5pe' #d pr$!5$e' +(5$( !(e? 5#!e#d !ofo&&o+
))
III. R"s'onsi,i(ii"s of E9"$n#( A*%io$s
E9!er# 4d5!or' '(o4d e9er$5'e !(e5r d4!5e' +5!( 5#depe#de#$e #d d4e !!e#!5o# !o
!(e5r profe''5o#& #d '!!4!or? re45ree#!' T(e I#'!5!4!e of C(r!ered A$$o4#!#!'
of B#%de'( '(o4d '!r5"e !o f4? d5'$(r%e 5!' d4!? !o ed4$!e 4d5!or' #d 4p(od
'!!4!or? #d profe''5o# '!#drd'
))For ore %45de5#e' o# !(e re'po#'5/55!5e' of 5#'!5!4!5o# '(re(oder', pe'e refer !o !(e M?#er'
Repor! !o !(e U Tre'4r? +(5$( 'pe$5f5$? ddre''e' !?pe' of 5#'!5!4!5o# '(re(o&der' #d e'!/5'(e'
5#"e'!e#! pr5#$5pe' I! $# /e $$e''ed ! +++( - !re'4r?%o"4* =F5##$5 Ser"5$e', !(e#
Se$4r5!5e' #d I#"e'!e#!'>
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Code of Corpor!e Go"er##$e for B#%&de'( 0)
BASIC CHECKLIST FOR IMPLEMENTATION OF THE CODE OF CORPORATEGOVERNANCE
Beo+ 5' '5p5f5ed '4r? of 'pe$5f5$ re$oe#d!5o#' for 5pee#!!5o# of !(e
Code of Corpor!e Go"er##$e T(e /'5$ $(e$*5'! /eo+ 5' dr+# fro !(e Code /4! 5'
#o! # e9(4'!5"e 5'! of '!ep' !(! $o4d /e !*e# !o 5pro"e $orpor!e %o"er##$e
I. Bo#$% of Di$"&o$s
2 De"eop D5re$!or o/ De'$r5p!5o# 5#$4d5#% roe', r5%(!', re'po#'5/55!5e', #dre45red 4&5f5$!5o#'
) De"eop #d %ree !o Bord Code of Co#d4$!. Cre!e Co5!!ee' of !(e Bord of D5re$!or' ' ppropr5!e0 I#5!5!e /ord perfor#$e re"5e+ pro$e'' If re"5e+ (' #o! pre"5o4'&?
e"4!ed !(e '5e of !(e /ord, d5re$!or re-ee$!5o# po5$? #d !er 55!',
'4$( 5!e' '(o4&d /e 5#$4ded 5# !(e re"5e+6 Cre!e #d ff5r S!!ee#! of Go5#% Co#$er# #d Cop5#$e Cer!5f5$!e8 De"eop Bord C(r!er, +(5$( e'!/5'(e' !(e roe', re'po#'5/55!5e', #d
'pe$5f5$ ##4& o/@e$!5"e' of !(e /ord Fro !(e Bord C(r!er, /ord+or*
p# $# /e de"e&oped: De"eop pro%re of !r5#5#% of 5#d5"5d4 d5re$!or' #d !(e /ord ' +(o&e
Pr!5$4r fo$4' '(o4d /e %5"e# !o #e+ d5re$!or'1 B'ed o# !(e /o"e, *e ppropr5!e $(#%e' !o !(e Meor#d4 #d Ar!5$e'
of A''o$5!5o#
II. E+'(o1""s2 De"eop # Epo?ee Code of Co#d4$!
) T(e Code of Co#d4$! '(o4d /e 5#$orpor!ed 5#!o epo?e#! $o#!r$!' #d /e re45ree#! of ep&o?e#!
. A# e#for$ee#! pro%re '(o4d 5de#!5f? #d p4#5'( "5o!5o#' of !(e Code of Co#d4$!
III. S!#$"!o(%"$s
2 Cre!e #d d5'!r5/4!e S(re(oder'< H#d/oo*
) E95#e pro$ed4re' for AGM #o!5$e, 'e!!5#% !(e AGM %e#d, "o!5#% pr$!5$e',#d re$ord5#% !(e re'4!' of !(e AGM
. Re"5e+ pro$ed4re' for #o5#!5o# of d5re$!or' #d #o5#!5o# of !(ee9!er# 4d5!or' !o e#'4re de4!e #d ppropr5!e oppor!4#5!5e' for'(re(oder pr!5$5p!5o#
IV. Dis&(os*$"s #n% R"'o$in
2 M*e ppropr5!e $(#%e' 5# 4d5!or ppo5#!e#! %45de5#e' !o 5#'!5!4!e ro!!5o#
of 4d5! f5r' or pr!#er') E9p#d !(e ##4 repor! !o 5#$4de d5'$o'4re' ' pro"5ded 5# !(e Sp&e
Co#!e#!' of # A##4 Repor! =Appe#d59>
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Code of Corpor!e Go"er##$e for B#%&de'( 0.
V. Fin#n&i#( Insi*ions
2 De"eop #d p4/5'( Code of Be'! Pr$!5$e for C4'!oer'
) De"eop #d p4/5'( Code of Corpor!e So$5 #d E#"5ro#e#!&Re'po#'5/5&5!?
. E9p#d d5'$o'4re' 5# !(e A##4 Repor! #d o!(er p4/5$ do$4e#!' !o$op? +5!( !(e Code of Corpor!e Go"er##$e
0 I#5!5!e r5'* #%ee#! re"5e+, 5f '4$( re"5e+ 5' #o! red? pr$!5$ed
6 Re"5e+ $red5! ''e''e#! pro$e'' !o 5#$orpor!e $orpor!e %o"er##$e 5#!o $red5!de$5'5o#'
8 De"eop #d ff5r # !!e'!!5o# fro !(e CEOJMD !(! !er5 r5'*' re /e5#% effe$!5"e? 5de#!5f5ed, o#5!ored, #d #%ed
: De"eop #d ''5%# per'o##e !o Corpor!e Go"er##$e Cop&5#$e
pro%re
VI. S#" O-n"% En"$'$is"s
2 Def5#e '(re(oder='> #d o#5!or5#% %e#$?) De"eop S!!ee#! of Corpor!e I#!e#! #d #e%o!5!e #d %ree '4$( '!!ee#!
+5!( !(e re'po#'5/e o#5!or5#% %e#$? De"eop pro$e'' for repor!5#%#d perfor#$e ppr5' /'ed o# !(e S!!ee#! of Corpor!e I#!e#!
. De"eop '!!ee#! of d5re$!or<' d4!5e' #d re'po#'5/5&5!5e'0 Re"5e+ 5#!er# $o#!ro '?'!e', 4d5!5#%, #d repor!5#% #d d5'$o'4re pr$!5$e'
for $op5#$e +5!( !(e Code of Corpor!e Go"er##$e
VII. Insi*ion#( In6"so$s
2 De"eop #d p4/5'( 5#"e'!e#! pr5#$5pe' #d pr$!5$e') De"eop "o!5#% %45de5#e' #d pro$ed4re' E'!/5'( re$ord-*eep5#% '?'!e for
pro9? "o!5#% perfor#$e o#5!or5#%
. De"eop %45de5#e' for !*5#% # $!5"e roe 5# $orpor!e %o"er##$e
of $op#5e' 5# +(5$( 5#"e'!e#!' re de
0 P4/5'( $orpor!e %o"er##$e pr5#$5pe' #d pr$!5$e' +(5$( re e9pe$!ed fro$op#5e' 5# +(5$( 5#"e'!e#!' re de
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Code of Corpor!e Go"er##$e for B#%&de'( 00
NGO GOVERNANCE PRINCIPLES
P$"#+,("
W!1 NGO Go6"$n#n&" P$in&i'("s:
S5#$e 2183 !(e '!!e (' !!ep!ed !o re%4!e NGO' +5!( !(e o'! '5%#5f5$#!
'!ep
re'4!5#% 5# !(e $re!5o# of !(e NGO Aff5r' B4re4 #d !(e ppo5#!e#! of !(e Ad"5'or
for NGO Aff5r' +5!( M5#5'!er5 '!!4' T(e S!!e #d 5!' "r5o4' %e#$5e' ("e fro
!5e !o !5e 5#!rod4$ed r4e' #d re%4!5o#' !(! ("e r%e? /ee# 5%#ored /?
NGO' d4e !o !(e5r $op&e95!? #d $* of $p$5!? !o e#for$e Ho+e"er, 5#
!(e +*e of $orpor!e '$#d&' #!5o#&&? #d 5#!er#!5o#? e9per!' ("e /ee# 45$* !o
po5#! o4! !(!
re'po#'5/e %o"er##$e 5' 4#"o5d/&e 5# !(e (e&!( of #? or%#5'!5o# B? /e5#%5#"o"ed 5# '?'!e of $(e$*' #d /#$e' +5!( #%ee#!, /ord' $# pro!e$!
'!*e(oder'< 5#"e'!e#!' #d 5#!ere'!' /? e#'4r5#% !(! 'o4#d de$5'5o#' re de!(!
d"#$e !(e pr5r? o/@e$!5"e' of !(e or%#5'!5o# 5# # $$o4#!/e #de%? re'po#'5/e ##er
Cer?, 5# /o!( !(e p4/5$ #d !(e pr5"!e 'e$!or', %ood %o"er##$e 5' $o#'5dered #or
for re'po#'5/e #d $$o4#!/e or%#5'!5o# U#for!4#!e? ep('5' (' #o! /ee#
de o# !(e %o"er##$e of NGO' !o e#'4re "5/r#! #d $$o4#!/e 'e$!or A!(o4%(
!(e Bord' of NGO' re /? + "e'!ed +5!( !(e 'e re'po#'5/55!? of o"er'ee5#% !(e
or%#5'!5o#<' perfor#$e ' !(e /ord' of #? $orpor!e or%#5'!5o#, o'! NGO
/ord' f '(or! of !(5' d4!? 5# 'e"er& +?' Moreo"er, !(ere 5' $* of '4ff5$5e#!
$*#o+ed%ee#! !(! !(e pr5#$5pe' of %ood %o"er##$e pp? !o NGO' #d !(!
!(e 'e$!or '(o4&d per(p' /e '4/@e$!ed !o (5%(er '!#drd' of %o"er##$e 5f !(e5r
$5 !o /e5#% !(e /edro$* of !r#'pre#! #d $$o4#!/e $5"5 'o$5e!? 5' !o /e 4p(e&d
T(e NGO 'e$!or 5# B#%de'( 5#? e"o"ed ' 'o$5e!5e' or %ro4p' of
p(5#!(rop5$ 5#d5"5d4' +(o +ere red? !o +or* o# pro@e$!' !o ee! 'pe$5f5$ p4/5$
#eed', +5!(5# 'pe$5f5$ !5e fre, !o /r5d%e !(e %p o# p4/5$ 'er"5$e' #d 5# d4e
$o4r'e (#do"er !o !(e %o"er#e#! Ho+e"er, d4e !o &$* of $p$5!? +5!(5# !(e p4/5$
'e$!or !o dop! #d rep5$!e !(e'e pro%re', !(e NGO' ("e e#ded 4p r4##5#% !(e
'e for 'e"er ?er', ed5#% !o $o#!5#4!5o# of o'! 'er"5$e' #d e"e#!4? !o !(e
5#'!5!4!5o#5'!5o# of !(5' 'e$!or Co#'e4e#!?, !(5' r5'e' !(e #eed for
'!re#%!(e#5#% !(e Go"er##$e of !(e'e 5#'!5!4!5o#'
T(ere 5' #o do4/! !(! pre"e#!5o# #d pro$!5"e ppro$(e' !o or%#5'!5o# pro/5!? 5'
ore f"o4r/e !(# de5#% +5!( $op'e of NGO' d4e !o !(e /'e#$e of %ood
%o"er##$e '?'!e' Pro"5d5#% Go"er##$e pr5#$5pe' for !(5' 'e$!or 5' !(erefore
e''e#!5 ' e#' of red4$5#% !(e po!e#!5 r5'* of poor %o"er##$e +5!(5# !(e NGO
'e$!or !(! 5#$4de' 5#eff5$5e#!, 5#ppropr5!e or 5proper 4'e of f4#d' T(e de"eope#!
of NGO Go"er##$e pr5#$5pe' +5 #o! o#? (ep r5'e !(e perfor#$e '!#drd' of !(e
NGO 'e$!or /4! 'o 5#$re'e $$o4#!/55!? #d $! ' !oo for de!e$!5#% #d pre"e#!5#%
oop(oe' #d f+' 5# !(e $4rre#! re%4!5o#' T(5' 5# !4r# +5&& proo!e !(e e"o4!5o# of
5#'!5!4!5o#' $p/e of '4'!5#5#% perfor#$e +(5'! 5#!5#5#% %re!er $$o4#!/55!?
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Code of Corpor!e Go"er##$e for B#%&de'( 06
#d !r#'pre#$? /'ed o# '!ro#%er e!(5$ fo4#d!5o#'
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Code of Corpor!e Go"er##$e for B#%&de'( 08
In$o%*&ion
Good %o"er##$e 5' e''e#!5 for '4$$e''f4 or%#5'!5o#' T(e pr5#$5pe' of %ood
%o"er##$e - '!e+rd'(5p, !r#'pre#$?, $$o4#!/55!? #d 5#!er# $o#!ro' - re #o! @4'!
op!5o# e9!r' T(e? re !(e f4#de#! fo4#d!5o#' o# +(5$( effe$!5"e or%#5'!5o#'
re /45! I# !(e p4/&5$ 'e$!or, %o"er##$e 5' ' 5por!#!, or e"e# ore 5por!#!, !(#
5# !(e pr5"!e 'e$!or NGO' ' $5"5& 'o$5e!? or%#5'!5o#' '(o4d !(erefore repre'e#! !(e
"5e+' of !(e $5"5 'o$5e!? 5# !(e5r 'er"5$e' #d pro"5de p4/5$ d5'$o'4re' of !(e5r
or%#5!5o# 5''5o#, #%ee#!, f5##$5#%, pro%r' #d 5p$! Go"er##$e
pro$e''e' #d rr#%ee#!' re !(erefore e''e#!5 !o e#'4re !(! NGO' 5"e 4p !o !(e5r #e
).T(e !er Go"er##$e fro !(e NGO per'pe$!5"e ''4e' !(! NGO' pr!5$5p!e
5# !(e def5#5!5o#, pro!e$!5o# #d proo!5o# of p4/5$5#!ere'!
T(e Core o/@e$!5"e of !(e'e Go"er##$e Pr5#$5pe' 5' !o pro"5de '!r4$!4re !(ro4%(+(5$( !(e 5''5o# #d o/@e$!5"e' of !(e or%#5'!5o# re 'e! #d perfor#$e o#5!or5#%
5' $rr5ed o4! T(e'e Go"er##$e Pr5#$5pe' 'o 5 !o pro"5de 5#$e#!5"e' for !(e Bord
#d M#%ee#! of # NGO !o p4r'4e !(e 5''5o# of !(e or%#5'!5o# 5# !(e 5#!ere'!' of
!(e or%#5'!5o# #d 5!' '!*e(oder' +(5&e f$55!!5#% effe$!5"e o#5!or5#% #d eff5$5e#!
4'e of re'o4r$e', !(ere/? proo!5#% 5#'!5!4!5o#' !(! re +e-%o"er#ed #d $p/e of
'4'!5#ed perfor#$e
T(e Pr5#$5pe' $o#!5#ed 5# !(5' do$4e#! /45d 4po# e9per5e#$e' fro #!5o#&
5#5!5!5"e', re%4!5o#' #d 5#!er#!5o# /e'! pr$!5$e' e/od5ed 5# !(e OECD Pr5#$5pe'
#d Coo#+e!( G45de5#e' T(e prepr!5o# of !(5' +or* +' $o#'5dered 4#der
!(e d5re$!5o# #d $o#'4!!5o# +5!( profe''5o# +or*5#% %ro4p e/er', !(e T'*for$eo# Corpor!e Go"er##$e, INGO', NGO', do#or', #d o!(er re%4!or? 4!(or5!5e'
#d pr$!5!5o#er' +5!(5# !(e 'e$!or T(e'e %o"er##$e pr5#$5pe' 'o
/e#ef5!ed fro /rod e9po'4re #d 5#p4! fro !(e "r5o4' 'e$!or' repre'e#!ed 5# !(e
T'*for$e
I! 5' !(e e9pe$!!5o# !(! !(e'e Go"er##$e Pr5#$5pe' +5 %45de NGO pr$!5!5o#er', !(e
do#or' #d o!(er '!*e(oder' 5# !(e 'e$!or !o+rd' 5pro"ed %o"er##$e '!r4$!4re #d
'er"e ' ode of proper $orpor!e %o"er##$e '!r4$!4re T(e T'*for$e, !(erefore, ('
e#de"o4red fo$4' o# !(e pr$!5$ 4'e of !(e pr5#$5pe' W(5e 5#!er#!5o# %o"er#5#%
pr5#$5pe' #d '!#drd' 'er"ed ' %45de5#e', !(e 4#54e #%er5 $5r$4'!#$e' f$ed
/? B#%de'(5 NGO' (' /ee# !*e# 5#!o $$o4#! T(e Go"er##$e Pr5#$5pe' re'pe$!!(e de#d' of !(e pre'e#! +' #d ord5##$e' +(5&e '54&!#eo4'&? pro"5d5#%
d5re$!5o# for e9epr? $orpor!e %o"er##$e '?'!e' !o proo!e or%#5'!5o#
$$o4#!/55!? #d effe$!5"e#e'' fro f4!4re-or5e#!ed per'pe$!5"e T(e fo$4' of !(e
Go"er##$e Pr5#$5pe' 5' o# !(e NGO 'e$!or ' +(oe, /4! 'e$!5o# of !(e Go"er##$e
Pr5#$5p&e' (' /ee# ded5$!ed !o 'pe$5f5$? ddre'' !(e dd5!5o# 5''4e' !(! '(o4d /e
$o#'5dered /? NGO-MFI' !o $(5e"e %ood %o"er##$e
T(e e9!e#! !o +(5$( # NGO 5#!e%r!e' !(e pr5#$5pe' of %ood %o"er##$e 5' 5#$re'5#%? /e$o5#% # 5por!#! f$!or for '!*e(oder' #d f4#der'< de$5'5o#' B#%de'( ('
).Re+orded fro7 Go"er##$e 5# !(e P4/5$ Se$!orA# ECSAFA Per'pe$!5"e, ECSAFA, 4#e
)33)
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Code of Corpor!e Go"er##$e for B#%&de'( 0:
!(e r%e'! #4/er of 5#!er#!5o# NGO' =INGO'> #d do#or %e#$5e' +ord+5de #d
(e#$e !(e 5#!er#!5o# fo+ of f4#d5#% #d (4# re'o4r$e' 5# !(e 'e$!or T(e de#d
for $orpor!e %o"er##$e +ord+5de /o!( 5# !(e pr5"!e #d 5# !(e p4/5$ 'e$!or 5'
!(erefore /e$o5#% # e''e#!5 f$!or !o e#/e $o4#!r5e' !o f4? /e#ef5! 5# !(e%o/ e$o#o5$ '?'!e I#'!5!4!5o#'
!(! d(ere#$e !o !(e'e 'e! of pr5#$5pe' +5 re5#for$e !(e $o#f5de#$e of 5#"e'!or' #d
do#or' 5# !(e 'e$!or #d 955'e '!*e(oderJ/e#ef5$5r? "4e
O,;"&i6"
T(e 5# p4rpo'e of !(e NGO Go"er##$e Pr5#$5pe' 5' !o 955e $orpor!e "4e /?
e#(#$5#% !(e !r#'pre#$? #d eff5$5e#$? !o proo!e '4'!5#/e 5#'!5!4!5o#' for !(e
f4!4re T(e Go"er##$e Pr5#$5pe' 'o 5 ! proo!5#% #d %5#5#% '!*e(oder !r4'! 5#
!(e 'e$!or /? proo!5#% !r#'pre#$? 5# !(e o"er oper!5o#' #d #%ee#! of
NGO' B'ed o# '4$( !r#'pre#$? #d re&5/&e #%ee#!, !(e Pr5#$5pe' (5%(5%(! !(e
e'!/5'(e#! of #%er5 '?'!e' !(! proo!e' $re!5"e #d pro%re''5"e e#!erpr5'e' 5#!(e NGO 'e$!or
T(e'e Go"er##$e Pr5#$5pe' re$o%#5e !(e d5"er'e '!*e(oder' +5!(5# !(e NGO 'e$!or
#d (o+ !(e NGO' $# ed5!e !(e5r 5#!ere'! !(ro4%( r!5o# #d f5r e#' !o $(5e"e
'!*e(oder #d 'o$5& repre'e#!!5o# !o '!re#%!(e# !(e5r "5/5&5!?
T(e Pr5#$5pe' 5 !o proo!e 5#'!5!4!5o#' !(! e9(5/5! 'e#'e of 'o$5 re'po#'5/55!?
+5!( '!r5$! 'e#'e of or5!? S4'!5#/e $5"5 'o$5e!? or%#5!5o#' $# e"o"e fro
fo4#der- dr5"e# or%#5!5o#' /? def5#5#% !(e roe of !(e /ord, profe''5o#
#%er' #d '!ff #d e#'4r5#% f5##$5 '4'!5#/55!? #d 4!o#o?
I# effe$!, !(e NGO Go"er##$e Pr5#$5pe' 'ee* !o proo!e !(e
fo&&o+5#%7
2 De"eope#! of "5/e 5#!er# %o"er##$e for or%#5!5o# effe$!5"e#e'', /e?o#d f5##$5 #d #%er5 $$o4#!/5&5!?
) S!r4$!4re' #d pro$e''e' !o def5#e or%#5!5o# 5''5o#J%o&'
. S!r4$!4re #d effe$!5"e#e'' of or%#5!5o# #%ee#! #d pro%r'0 E#'4r5#% f5##$5 '4'!5#/55!? #d ppropr5!e 4'e of
f4#d'
6 Cop5#$e +5!( e% #d d5#5'!r!5"e re%4&!5o#'
8 P4/5$ d5'$o'4re of or%#5!5o# 5''5o# #%ee#!, f5##$5#%, pro%r',
#d 5p$!
T(e $o#!e#! of !(e'e Go"er##$e Pr5#$5pe' re e"o4!5o#r? 5# #!4re #d '(o4d /e
re"5e+ed 5# 5%(! +5!( '5%#5f5$#! $(#%e' 5# $5r$4'!#$e' To re5# $ope!5!5"e 5#
$(#%5#% +ord, NGO' 4'! 5##o"!e #d dp! !(e5r %o"er##$e pr$!5$e 'o !(! !(e?
$# ee! #e+ de#d' #d %r'p #e+ oppor!4#5!5e' S55r?, !(e Go"er##$e
Pr5#$5pe' +5 !*e 5#!o $o#'5der!5o# #? re"5e+ 5# !(e %o"er#e#! re%4!5o#' 5#
!(e 'e$!or +(5&e pro"5d5#% '4ff5$5e#! fe95/55!? !o o+ 5#'!5!4!5o#' !o f4#$!5o# effe$!5"e&?
Con"ns #n% S$*&*$" of !" Go6"$n#n&" P$in&i'("s
T(e foo+5#% do$4e#! 5' d5"5ded 5#!o !(ree 'e$!5o#' T(e Pr5#$5pe' pre'e#!ed 5# !(e
Se$!5o# O#e of !(e do$4e#! $o"er 'e"e# re'7 =2> M5''5o# #d V5'5o# =)> T(e Bord
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Code of Corpor!e Go"er##$e for B#%&de'( 01
=.> T(e Roe of S!*e(oder', =0> H4# Re'o4r$e' =6> Co#f5$! of I#!ere'! =8> F5##$5
#d No#-F5##$5 D5'$o'4re' =:> F4#dr5'5#% Po5$? E$( of !(e 'e$!5o#' 5' (eded /?
'5#%e Pr5#$5p&e #d 5' foo+ed /? #4/er of '4ppor!5#% %45de5#e' Se$!5o# T+o of
!(5' do$4e#! $o#!5#' !(e 'pe$5f5$ dd5!5o# MFI-NGO %45de5#e' #d $o"er' !(e
foo+5#% re'7 =A> Bord, =B> Co4#5$!5o#, =C> F5##$5 D5'$o'4re, #d =D>
A4d5!or' Se$!5o# T(ree of !(5' do$4e#! $o#!5#', 'pe Ter' of Refere#$e', $o#f5$!
of 5#!ere'! po5$? #d $oe#!r? #d ##o!!5o#' o# !(e Pr5#$5pe' #d 5' 5#!e#ded
!o (ep reder' 4#der'!#d !(e r!5o#e !o pp? !(e Pr5#$5p&e'
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Code of Corpor!e Go"er##$e for B#%&de'( 0;
NGO Go6"$n#n&" P$in&i'("s
U#der?5#% !(e Go"er##$e pr5#$5pe 5' 'e! of "4e', +(5$( ("e /ee# 5de#!5f5ed' /e5#% of $ore 5por!#$e !o #? NGO 'er"5#% !(e
$o4#5!? T(e'e 5#$&4de profe''5o#5', $$o4#!/55!?, 5#!e%r5!? #d
re'po#'5/5&5!?
SECTIONONE
I. Mission #n% Vision
P$in&i'(")
A NGO' re e'!/5'(ed for 'o$5 5''5o#, +(5$( 5' !o /e $(5e"ed !(ro4%(
'pe$5f5$ pro%re' #d 'er"5$e' T(e 5''5o# '!!ee#! !(erefore $!' '
%45de5#e for $(5e"5#% !(5' 'o$5 5''5o# T(e NGO '( $er? r!5$4!e !(e5r5''5o#, pro%re' #d 'er"5$e' 5# ##er !(! e#/e' !(e !o oper!e
eff5$5e#!? #d effe$!5"e&? !o+rd' $(5e"5#% !(! 'o$5 5''5o#
G*i%"(in"s)
B T(e Bord '( def5#e #d ppro"e !(e 5''5o# of !(e NGO #d ("e 5! $er?do$4e#!ed #d $o4#5$!ed
C T(e 5''5o# '!!ee#! '( /e re"5e+ed per5od5$? !o e#'4re ree"#$e !o$(#%5#% e#"5ro#e#! #d #eed'
D T(e Bord '( prepre S!!ee#! of V4e' !o %45de !(e oper!5o#' #d $4!4reof !(e NGO
E T(e Bord '( ppro"e '!r!e%5$ p# for !(e NGO ='4$( ' ##4 +or* p&#,. or 6 ?er p# e!$> !o e#'4re !(! 5!' oper!5o#' #d pro%re' re d5re$!ed
!o+rd' $(5e"5#% !(e '!!ed 5''5o#
F T(e Bord '( e#'4re !(! re'o4r$e' of !(e NGO re 4!55'ed for !(e oper!5o#'
#d pro%re' $$ord5#% !o !(e '!!ed 5''5o#, #d !(! '4$( re'o4r$e'
re effe$!5"e? #d eff5$5e#!? #%ed !(e Bord +5 f4r!(er 'ee* !o e#'4re !(!
!(e NGO (' '4ff5$5e#! re'o4r$e' !o f4f5 5!' 5''5o# !o '!5'f$!or? de%reeG T(e Bord '( e#'4re !(e NGO (' # e"4!5o# '?'!e !(! $# e'4re !(e
effe$!5"e#e'' #d eff5$5e#$? of pro%re' #d !(e5r o4!$oe' 5# 5#e +5!(
!(e NGO<' 5''5o# #d o/@e$!5"e', #d e#'4re !(! !(e NGO<' 5''5o# #d
o/@e$!5"e' re ppropr5!e for !(e $4rre#! pr5or5!? #eed' of 'o$5e!? #d !(e NGO<'
5#!e#ded /e#ef5$5r5e'
II. Bo#$%)0
Co+'osiion #n% S$*&*$"
P$in&i'("s)
A A# effe$!5"e /ord of d5re$!or', proper? $o#'!5!4!ed, +5!( 59 of prof5$5e#!
d5re$!or' pro"5d5#% f4 r#%e of ppropr5!e *#o+ed%e #d '*5' 5' !(e 5#$(p5#
of %ood %o"er##$e Bord' re re'po#'5/e for '4per"5'5#% #%er5&
perfor#$e 5# ee!5#% !(e '!!ed M5''5o# #d V5'5o# of !(e NGO', $op&5#$e
)0T(e !er /ord ' 4'ed 5# !(5' do$4e#! doe' #o! e'po4'e #? pr!5$4r /ord '!r4$!4re #d 5' e#!
!o e/r$e !(e d5ffere#! ode' of /ord '!r4$!4re' fo4#d 5# !(e NGO 'e$!or
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Code of Corpor!e Go"er##$e for B#%&de'( 63
+5!( pp5$/e +' #d re%4!5o#', #d pro!e$!5o# of '!*e(oder r5%(!' 5#
pr!5$4r !(e #eed' of 'o$5e!? #d !(e /e#ef5$5r5e'
B Bord '( ("e !er 55!' for 'er"5$e !o o+ for per5od5$ /ord
re@4"e#!5o# #d '4$$e''5o# Ter 55! 5' # effe$!5"e e$(#5' !o e#'4re
re%4r re#e+ +5!( #e+ Bord e/er' @o5#5#%C Bord e/er' +5 'er"e for ' o#% ' !(e? re of 'o4#d 5#d #d /e !o
$o#!r5/4!e !o !(e 5''5o# of !(e NGO
D O"err%e /ord' $# /e 4#+5ed? #d 5#effe$!4, /ord' !(! re !oo ' r4#
!(e r5'* of e9$4'5"5!? #d '!%#!5o# T(e /ord '(o4d !(erefore 5 for !(e
*5#d of e/er d5"er'5!? !(! feed' 5"e? de/!e #d re'po#'5/e de$5'5o#-
*5#%, ?e! '5e !(! o+' e/er' !o pr!5$5p!e f4? 5# d5'$4''5o#' #d
re$( !r4e $o#'e#'4'
G*i%"(in"s)
E Bord S!r4$!4re2 T(e /ord '(o4d /e $opo'ed of 59 of 45f5ed 5#d5"5d4' of
5#!e%r5!? +(o +5 !o%e!(er pro"5de d5"er'5!? of e9per5e#$e
*#o+ed%e #d '*5' for !(e d"#!%e of !(e NGO A! 5#54,
45f5ed e#' %ood +or*5#% *#o+ed%e 5# !(e
re' of de"e&ope#! $!5"5!5e' of !(e NGO, or
'pe$55'ed profe''5o# '4/@e$!' '4$( ' f5##$e, or of
!(e'e) T(e Bord of D5re$!or' of e$( NGO +5 prepre Bord C(r!er
$o"er5#% !(e '!r4$!4re, !er #d %e 55!' of d5re$!or', /ord'5e, oper!5o#', ppo5#!e#!', $o5!!ee', roe' #d 5''4e' of !(e /ord
. E$( /ord e/er '(o4d /e /e !o de"o!e '4ff5$5e#! !5e !o (5'J(erd4!5e' #d re'po#'5/5&5!5e'
0 Bord' '(o4d /e $opo'ed of '4/'!#!5 #4/er of 5#depe#de#!
d5re$!or' I#depe#de#! (ere e#5#%, e/er' +(o re #o! $o'e?
re!ed #or d5re$!? epo?ed /? !(e NGO or !o !(e e/er' of !(e
e9e$4!5"e #%ee#!, or forer '!ff of !(e NGO, or pre'e#! or
forer '!ff of or%#5'!5o#' +(5$( re $o'e? f4#$!5o#? 5#*ed
!o !(e NGO ' '4pp&5er', f5##$5er' or /e#ef5$5r5e'
6 T(e Bord of # NGO 5' 5/e !o d5'$o'e !o '!*e(oder', (o+ #?
f5? e/er' re '5!!5#% o# !(e Bord, *e? po'5!5o#' (ed #d
#? o!(er '4$( po!e#!5& $o#f5$!5#% 5#!ere'!' 5# !(e or%#5'!5o#
8 T(e C(5r #d CEO =or /? #? o!(er #e !(e (ed of #%ee#! 5'*#o+#> po'!' '(o4d /e 'epr!ed !o e#'4re !(! #o o#e per'o# or
/o$* of per'o#' (' 4#fe!!ered po+er #d !(! !(ere 5' # ppropr5!e
/#$e of po+er #d 4!(or5!? o# !(e /ord #d +5!(5# !(e
or%#5'!5o#F Ter &55!'
2 T(e Bord e/er' '(o4d re!5re 5# ro!!5o# =5e o#e-!(5rd of !(e
Bord re!5re ! e"er? AGM> Me/er' '(o4d ("e !er 55! of #o!
ore !(# ) =!+o> $o#'e$4!5"e !er'
) T(e C(5r of !(e Bord $# /e ppo5#!ed for !+o $o#'e$4!5"e !er' !oe#/e '!r!e%5$ $o#!5#45!?
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Code of Corpor!e Go"er##$e for B#%&de'( 63
. Re!5red e/er' re '4/@e$! !o re-ee$!5o# f!er /re!(5#% per5od< of
#o! &e'' !(# . =!(ree> ?er' /efore '!#d5#% for re-ee$!5o# !o !(e
Bord
G T(e Bord '(o4d $o#'5'! of #o! e'' !(# : e/er' #d #o! ore !(#
22 e/er')6
III. Bo#$% O'"$#ions
P$in&i'("s)
A T(e Bord '(o4d e#'4re !(oro4%( #d effe$!5"e pro$e'' 5# /ord ppo5#!e#!
!(! pro"5de' 59 of prof5$5e#! d5re$!or', e$( of +(o 5' /e !o dd "4e #d!o /r5#% 5#depe#de#! @4d%ee#! !o /er o# !(e de$5'5o#-*5#% pro$e''
B T(e #eed !o $! o# f4? 5#fored /'5' de#d' /'e e"e of e9per5e#$e
#d $ope!e#$e o# !(e Bord e/er'< pr! 5# order !o $rr? o4! !(e d4!? of '*5
#d $re T(e Bord e/er' #eed !o /e *#o+ed%e/e 5# !(e ree"#! re' of!(e NGO'< 'er"5$e' !o e#/e 5#fored #d de5/er!5"e de$5'5o#-*5#% #d
# /55!? !o 4#der'!#d #d e9e$4!e !(e 'pe$5f5$ re'po#'5/55!5e' 5po'ed o#
!(e /ord To /e f4? 5#fored, !(e Bord 4'! /e +re of +(! 5! #eed' !o
*#o+ #d 4'! e5!(er ("e, or /e /e !o $45re, !(5' *#o+&ed%e !(ro4%(
ppropr5!e or5e#!!5o# #d !r5#5#% of !(e Bord e/er'
C T(e Bord '(o4d e#'4re !(e or%#5'!5o#<' effe$!5"e oper!5o# #d 4'e
of re'o4r$e' /? o#5!or5#% #d e"4!5#% !(e perfor#$e' of !(e CEOJMD #d
!(e or%#5'!5o# ' +(o&e %5#'! 'e! !r%e!' Be'5de' o#5!or5#% !(e
M#%ee#! #d or%#5'!5o#& perfor#$e', !(e /ord
'(o4d pro"5de %45de5#e' for e'4r5#% 5!' o+#
effe$!5"e#e'' %5#'! 5!' or%#5'!5o#Q' 5''5o# #d '!r!e%?
D A Bord off5$5' '( ("e $er +r5!!e# @o/ de'$r5p!5o#' #d $o#!r$!' of
ppo5#!e#!' +(5$( '(o4d /e re"5e+ed e"er? ?er !o e#'4re !(e? '!5 r!5$4!e
!(e #eed of !(e NGO #d 5!' /e#ef5$5r5e' #d !(e roe' e/er' re p?5#% '
Bord e/er' =Spe @o/ de'$r5p!5o# ##e9ed 5# Se$!5o# !(ree>
G*i%"(in"s)
E See$!5o# #d Appo5#!e#!2 T(e Ge#er Bod? of !(e NGO +5 ppo5#! e/er' /? ee$!5o# or '
per !(e $o#'!5!4!5o#J/?+' T(e $opo'5!5o# of !(e /ord '(o4d /e
p##ed /? !(e +(oe Bord +5!( '!r!e%5$ $o#'5der!5o# #d
o/@e$!5"e' of !(e NGO 5# 5#d
) Bord 'ee$!5o# #d ppo5#!e#! '(o4d /e do#e !(ro4%( !r#'pre#! pro$e'' prefer/? !(ro4%( /ord #o5#!5o# '4/-$o5!!ee, #d
ppo5#!e#!' /? ee$!5o# ! proper? $o#'!5!4!ed AGM or EGM. T(e /ord '( dr+ 4p re!5ree#! ro!!5o# 5# order !o "o5d, ' fr
' po''5/e, '5!4!5o# 5# +(5$( #? reppo5#!e#!'
o$$4r '54!#eo4'? T(e re!5ree#! ro!!5o#
'( /e de %e#er&&? "5/e #d '(, 5# #?
e"e#!, /e p4! o# !(e NGO<' +e/'5!e #d p4/5$ do$4e#!'
)6
So$5e!5e' Re%5'!r!5o# A$! No I of 2183 re45re' 5#54 of : per'o#'
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Code of Corpor!e Go"er##$e for B#%&de'( 62
F Or5e#!!5o# #d Tr5#5#%2 A e/er' o# !*5#% off5$e '( re$e5"e or5e#!!5o# o# !(e oper!5o#
of !(e or%#5'!5o# #d !r5#5#% o# !(e5r f5d4$5r? roe',re'po#'5/55!5e' #d &5/5&5!5e' ' /ord e/er'
) T(e Bord '(o4d po''e'' !(e $ore $ope!e#$5e' #e$e''r? foreffe$!5"e %o"er##$e Bord e/er' '(o4d +or* !o $(5e"e !(e'e
$ope!e#$5e' !(ro4%( ree"#! Bord !r5#5#% #d de"e&ope#!
. Bord de"eope#! 'e''5o#' '(o4d /e $o#d4$!ed ! e'! o#$e ?er+5!( $er!5f5$!e +rded !o '(o+ pr!5$5p!5o#
G Mee!5#%'2 T(e Bord '( ee! ! e'! o#$e 5# e"er? . o#!(' T(e NGO<'
$o#'!5!4!5o# or r4e' '( '!!e !(e 4or4 re45red for ee!5#%,
+(5$( '( /e ! e'! 63K of !(e Bord, #d '(o4d
5#$&4de propor!5o# repre'e#!!5o# of !(e !o!
#4/er of e/er' =5f pp5$/e>) T(e C(5r 5' re'po#'5/e for $o#"e#5#% ee!5#%' ! !5e #d p&$e,
+(5$( f$55!!e' !(e pr!5$5p!5o# of /ord e/er', +5!(
rr#%ee#!' /? !(e Se$re!r?. Bord pper' '( /e $5r$4!ed 'o !(! /ord e/er' re$e5"e
!(e ! e'! o#e +ee* /efore !(e ee!5#% Bord ee!5#%'<
pro$eed5#%' #d de$5'5o#' '( /e 5#4!ed #d $5r$4!ed !o !(e +(oe
Bord ' 'oo# ' pr$!5$/e, #d #o! ore !(# o#e o#!( f!er !(e
ee!5#% I! 5' !(e re'po#'5/55!? of !(e C(5r !o 'e! !(e %e#d #d
rr#%e !(e prepr!5o#' #d d5'!r5/4!5o# of !(e /ord pper' +5!( !(e
Bord 'e$re!r?
0 Bord e/er' '( *e e"er? effor! !o !!e#d /ord ee!5#%'+5!( 5#54 !!e#d#$e r!e of #o! e'' !(# :6K d4r5#%
!(e5r
!e#4re #d '( #o! /'e#! !(e'e"e' +5!(o4! %ood re'o#' T(e
!!e#d#$e r!e' of 5#d5"5d4 /ord e/er' '( /e p4/5'(ed 5#
!(e ##4& repor!H A##4 E"&4!5o#
2 To 955'e eff5$5e#$? #d effe$!5"e#e'' of !(e /ord<' +or*', e$(
5#d5"5d4 d5re$!or<' perfor#$e '(o4d /e o#5!ored #d ppr5'ed
o# # ##4 /'5' #d !r5#5#% oppor!4#5!5e' #d ppropr5!e
de"eope#! 4#der!*e#
) T(e /ord '(o4d e"4!e !(e perfor#$e of !(e CEOJMD, o# ###4 /'5' I# pr$!5$e !(5' $# /e do#e /? !(e /ord ' +(oe or /?
$o5!!ee fored !o 'pe$5f5$? $o#d4$! CEOJMD e"4!5o# +5!(
!(e Bord C(5r !*5#% ed roe 5# !(e pro$e''
I T(e Bord '( ("e !(e foo+5#% $o5!!ee' for ore de!5ed $o#'5der!5o#
#d fro +(5$( 5! +5 re$e5"e re$oe#d!5o#' !o d5'$(r%e 5!' d4!5e' T(eBord (o+e"er $##o! dee%!e 5!' re'po#'5/55!? !o '4/-$o5!!ee'7
2 A F5##$e #d A4d5! Co5!!ee 4'! /e #d!or? A 'pe Ter'of refere#$e 5' 5#$4ded 5# Se$!5o# T(ree
) A Pro%re Co5!!ee 5' re$oe#ded
. A No5#!5o# #d H4# Re'o4r$e' Co5!!ee 5' re$oe#ded
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Code of Corpor!e Go"er##$e for B#%&de'( 6)
IV. Ro("s of !" Bo#$%
P$in&i'(")A T(e Bord<' roe 5' !o pro"5de e#!repre#e4r5 eder'(5p !o !(e NGO +5!(5#
fre+or* of pr4de#! #d effe$!5"e $o#!ro' !(! e#/e' r5'* !o /e ''e''ed #d
#%ed T(e /ord '(o4d 'e! !(e NGO<' '!r!e%5$ 5', e#'4re !(! !(e
#e$e''r? f5##$5 #d (4# re'o4r$e' re 5# p$e for !(e NGO !o ee!
5!' o/@e$!5"e' #d re"5e+ #%ee#! perfor#$e T(e /ord '(o4d 'e! !(e
NGO<' "4e' #d '!#drd' #d e#'4re !(! 5!' o/5%!5o#' !o '!*e(oder' #d
/e#ef5$5r5e' re 4#der'!ood #d e! T(e Bord '(&& d5'$4'', 5# #? e"e#! !
e'! o#$e ?er, !(e $orpor!e '!r!e%? !(e r5'*' #d !(e 5p$! of !(e NGO'
pro%re, #d !(e re'4! of !(e ''e''e#! /? !(e /ord of !(e '!r4$!4re #d
oper!5o# of !(e 5#!er# r5'* #%ee#! #d $o#!ro '?'!e', ' +e '
#? '5%#5f5$#! $(#%e' ffe$!5#% !(e 'e T(e'e d5'$4''5o#' '( /e referred 5#!(e A##4 Bord Repor!'
G*i%"(in"s)
B I! 5' !(e re'po#'5/55!? of !(e Bord !o de!er5#e #d %4rd !(e p4rpo'e of!(e or%#5!5o# /?7
2 Se!!5#% %45de5#e' for #%ee#! #d re"5e+ !(e '!r!e%? of !(eor%#5!5o#, prepred /? #%ee#!
) M5#!5#5#% +re#e'' of %o"er#e#!, do#or po5$5e' #d o!(er
e9!er# f$!or' ffe$!5#% !(e +or* of !(e NGO. Ide#!5f?5#% e% o/5%!5o#' ree"#! !o !(e NGO #d e#'4r5#%
$op&5#$e0 De"eop5#% pro!o$o' 5# 5#e +5!( !(e 5''5o# #d "5'5o# of !(e NGO
6 E#'4r5#% !(e NGO 5' de5#% +5!( !(e $4rre#! pr5or5!? #eed' of 'o$5e!?
#d !(e 5#!e#ded /e#ef5$5r5e'8 E'!/5'(5#% $ode' of $o#d4$! for !(e /ord #d '!ff
: E'!/5'(5#% pr5#$5pe' #d po5$5e' for r4##5#% !(e or%#5'!5o#effe$!5"e?
1 De5#% +5!( $o#f5$! #d e#'4re # effe$!5"e $o#f5$! of 5#!ere'! po&5$?
; Pro!e$!5#% %5#'! /d p4/5$5!? /? $!5#% ' %ood /''dor' for !(e$4'e of !(e NGO
C I! 5' !(e re'po#'5/55!? of !(e Bord !o e#'4re !(e /55!? of !(e or%#5'!5o#!o oper!e
2 Re$r45! /ord #d CEOJMD #d re"5e+ ppo5#!e#!, reo" #d
re4#er!5o# of Se#5or M#%ee#!) B45d re!5o#'(5p'J$o5!e#! +5!( do#or' #d o!(er '!*e(o&der'
. I#d4$! #e+ /ord e/er'0 E#'4re !(e 5#!e%r5!? of f5##$5 5#for!5o#, f5##$5 $o#!ro #d
!(! !(e '?'!e' of r5'* #%ee#! re ro/4'! #d defe#'5/&e
6 Pro"5de Leder'(5p for !(e or%#5'!5o#8 F$55!!e $!5"5!5e' 5# 5#e +5!( !(e M5''5o#
: E#'4re "5/55!? #d proper #%ee#! of re'o4r$e'
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Code of Corpor!e Go"er##$e for B#%&de'( 6.
D I! 5' !(e re'po#'5/55!? of !(e Bord !o o#5!or !(e $!5"5!? of !(e or%#5!5o#2 Se! !r%e!' #d o#5!or pro%re'' %5#'! !r%e!'
) Ide#!5f? o#% !er %o' 5# !er' of de"eope#! o4!$oe' #de"4!e effe$!5"e#e'' of NGO 5# $(5e"5#% !(e'e %o&'
. Appr5'e /4d%e!'0 Re"5e+ #d e"4!e CEOJMD $!5"5!?
6 Re"5e+ #%ee#!
8 Appr5'e '*5&&': Re"5e+ #d e"4!e 5!'e&f
1 E#'4re #%ee#! #d Bord '4$$e''5o# p&##5#%
V. O!"$ Bo#$% Iss*"s
P$in&i'("s)
A T(e !(ree 4#5"er' re45ree#!' for %ood NGO /ord e/er re$o5!e#!, 4#der'!#d5#% #d !5e A#? !+o +5!(o4! !(e !(5rd 5'
5#'4ff5$5e#!B Bord e/er' of !(e NGO' re "o4#!eer' #d !(erefore #o! e#!5!ed !o #? for
of $ope#'!5o# /e'5de' re5/4r'ee#!' !o $o"er re'o#/e !r#'por! $o'! #d
o!(er o4!-of- po$*e! $o'!' $!4? 5#$4rred 5# !(e5r 'er"5$e ' /ord e/er' o# /e(f of !(e NGO
G*i%"(in"s)
C Bord e/er' '(o4d #o! '5! o# !(e /ord' of ore !(# . NGO' ! !(e 'e
!5e
D Bord e/er' +(o re !o!? $o5!!ed !o 'er"5#% o# !(e Bord of NGO' =f4&&!5e profe''5o# Bord e/er'> #d re #o! 5#"o"ed 5# #? o!(er forof epo?e#! ? '5! o# !(e Bord of #o! ore !(# 6 o!(er NGO'
VI. G"n"$#( Bo%1
P$in&i'(")
A T(e f4#$!5o# of !(e Ge#er Bod? =GB> 5' !o '4per"5'e !(e /ord #d !(e
%e#er ff5r' of !(e NGO #d 5!' /4'5#e'' I# d5'$(r%5#% 5!' f4#$!5o#, !(e GB
'( /e %45ded /? !(e M5''5o# #d 5#!ere'!' of !(e NGO #d 5!' /4'5#e'', #d
'( !*e 5#!o $$o4#! !(e ree"#! 5#!ere'!' of !(e NGOQ' '!*e(oder' T(e
GB 5' re'po#'5/e for !(e 45!? of !(e o"er or%#5'!5o#& perfor#$e
G*i%"(in"s)
B T(e d5"5'5o# of d4!5e' +5!(5# !(e Ge#er Bod? #d !(e pro$ed4re of !(e Ge#er&
Bod? #d 5!' $(5r '( /e 5d do+# 5# !(e or%#5'!5o#<' $o#'!5!4!5o# T(e
Ge#er Bod? '( 5#$4de 5# !(e $o#'!5!4!5o# p''%e de5#% +5!( 5!' re!5o#'
+5!( !(e /ord, #d !(e %e#er ee!5#% of e/er' T(e NGO<'
$o#'!5!4!5o# '(, 5# #? e"e#!, /e p4! o# !(e NGO<' +e/'5!e =5f #?> o#% +5!(
o!(er p4/5$ do$4e#!'
C T(e foo+5#% 5#for!5o# /o4! e$( Ge#er Bod? #d Bord e/er '(,5# #? e"e#!, /e p4/5'(ed o# !(e NGOQ' +e/'5!e #d A##4 Repor!7
2 %e#der
) %e
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Code of Corpor!e Go"er##$e for B#%&de'( 60
. profe''5o#0 pr5#$5p po'5!5o#
6 #!5o#&5!?8 o!(er 5por!#! po'5!5o#', 5# 'o fr ' !(5' 5#for!5o# 5' ree"#! !o !(e
perfor#$e of !(e d4!5e' of !(e Ge#er Bod?J Bord e/er : d!e of 5#5!5 ppo5#!e#!
1 !(e $4rre#! !er of off5$e
D T(e Ge#er Bod? '( rr#%e for !(e re$e5p!, re$ord5#% #d (#d5#%
of $op5#!' re$e5"ed /? !(e NGO 5# re'pe$! of !(e f5##$5 repor!5#%, !(e
5#!er# r5'* #%ee#! #d $o#!ro '?'!e', #d !(e 4d5! I#!er#
Q+(5'!e/o+er'Q '( ("e !(e oppor!4#5!?, +5!(o4! @eoprd5'5#% !(e5r e%
po'5!5o#, !o repor! o# 5rre%4r5!5e' 5# !(e /o"e-e#!5o#ed !!er' #d !o
repor! $op5#!' /o4! e/er' of !(e /ord !o !(e $(5r# of !(e Ge#er Bod?E T(e Ge#er Bod? '( ee! 5# $$ord#$e +5!( f59ed '$(ed4e #d e/er'
+(o re fre4e#!? /'e#! '( /e '*ed !o e9p5# !(e5r#o#!!e#d#$e
F T(e %e#er d4!5e' of !(e Ge#er Bod? ? /e deeed !o 5#$4de '4per"5'5o# of!(e fo&&o+5#%7
2 $(5e"ee#! of !(e NGO<' o/@e$!5"e') $orpor!e '!r!e%? #d !(e r5'*' 5#(ere#! !o !(e /4'5#e'' $!5"5!5e' of
!(e NGO
. !(e '!r4$!4re #d oper!5o# of !(e 5#!er# r5'* #%ee#! #d $o#!ro'?'!e'
0 !(e f5##$5 repor!5#% pro$e''6 o/'er"#$e of !(e e%5'!5o# #d re%4&!5o#'
G T(e Ge#er Bod? '( d5'$4'', ! e'! o#$e ?er, /o!( 5!' o+# f4#$!5o#5#% #d!(! of !(e 5#d5"5d4 e/er', #d !(e de'5red prof5e, $opo'5!5o##d $ope!e#$e of !(e Bord
H T(e Ge#er Bod? '( 'o d5'$4'', ! e'! o#$e ?er, /o!( !(e f4#$!5o#5#% of
!(e /ord ' # or%# of !(e NGO #d !(e perfor#$e of !(e 5#d5"5d4
e/er', #d !(e $o#$4'5o#' of !(e'e e"4!5o#' T(e'e d5'$4''5o#'
#d e"4!5o#' '( /e referred 5# !(e ##4 repor!I T(e Ge#er Bod? '( /e ! 5/er!? !o dee%!e +5!( 4!(or5!? !o !(e Bord #?
of !(e /o"e f4#$!5o#' e9$ep! !(o'e 'pe$5f5$ !o 5!' '4per"5'or? roe #d
o#5!or !(e 'e ! e'! o#$e ?er A '4$( d4!5e' 'o dee%!ed '(o4d /e
referred !o 5# !(e GB<' repor!
VII. S#7"!o(%"$ R"'$"s"n#ion
P$in&i'(")
A NGO' re fored +5!( !(e 5''5o# !o pro"5de 5por!#! 'er"5$e' !o !(e5r $&5e#!'
#d !o !(e $o4#5!? T(e? '( /e /e !o $o4#5$!e o# !!er' re!5#% !o
5!' 5''5o#, pro%re' or $!5"5!5e' !o !(e p4/5$ #d '!*e(oder' #d re'po#d
red5? !o re4e'!' for '4$( 5#for!5o# NGO' '( e#'4re e#' of
'!*e(oder repre'e#!!5o# !o e#'4re !(! !(e or%#5'!5o#<' po5$5e' ddre'' !(e
#eed of !(e'e '!*e(oder' #d of !(e $o4#5!? !(e? re fored !o 'er"e
Be#ef5$5r? repre'e#!!5o# '(o4d /e dop!ed 5# ##er !(! +o4d #o! red4$e
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Code of Corpor!e Go"er##$e for B#%&de'( 66
!(e pro$e'' !o !o*e#5' or ed !o !(e r5'* of r4##5#% !(e or%#5'!5o# /?
/e#ef5$5r? refere#d4
G*i%"(in"s)
B Be#ef5$5r? repre'e#!!5o#2 T(e or%#5'!5o# '( ("e fre4e#! $o4#5$!5o#' +5!( $5e#!'
##4? !(ro4%( e$(#5'' '4$( ' $5e#! %ro4p +or*'(op' !o
e#'4re $5e#! "5e+' re repre'e#!ed 5# !(e '!r!e%?) Co4#5$!5o#' fro #? '4$( $5e#! %ro4p '( /e pr5#!ed #d
5#$orpor!ed 5#!o !(e pro%re !o e#'4re !(e pro%re' offered re#eed-/'ed
. T(e NGO '( d5'$o'e !(e foo+5#% 5# 5!' A##4 repor! !o e#'4re
!(! !(e or%#5'!5o# 5' +e 5#fored /o4! 5!' $(5e"ee#!', !(eree"#$e of 5!' pro%re' #d o4!re$( !o !(e $o4#5!?7
T(e #4/er of $5e#!' !(e or%#5'!5o# 5' re$(5#% 5#$4d5#% !(e5#d5re$! $5e#!' '4$( ' e/er' #d #4/er' of f55e' $o"ered
/ T(e #4/er' of epo?ee' +5!(5# !(e or%#5'!5o#
$ Ho+ /e#ef5$5r? "5e+' re repre'e#!ed 5# !(e pro%re #d!(e e!(od' 4'ed /? !(e NGO !o e#'4re repre'e#!!5o#
C Do#or repre'e#!!5o#
2 A' o#e of !(e *e? '!*e(oder', !(e NGO' '( 5#!e%r!e do#or po5$5e' 5#!o !(e5r pro%re' 5# order !o ee! !(e re45red '!#drd'
%reed 4po# for f4#d5#%) NGO' +5 e#de"o4r !o *eep !(e do#or' 5#fored of !(e pro%re'' #d
$(#%e' 5# !(e pro%re /? 5#"5!5#% !(e !o !!e#d *e?
ee!5#%' '4$( ' !(e AGM #d +or*'(op'
D T(e NGO, ' repre'e#!!5"e of 'o$5e!?<' "5e+' #d #eed', '(o4d e#'4re !(!72 T(e? re $$e''5/e !o !(e %e#er p4/5$ #d $rr? o4! !(e5r 'er"5$e' 5#
!r#'pre#! ##er) T(e? '(o4d $5r$4!e !(e5r A##4 Repor!' 5# B#% #d E#%5'(
!o ree"#! f$55!5e', '4$( ' p4/5$ 5/rr5e', e!$
. T(e? fre4e#!? re"5e+ !(e5r 5''5o# '!!ee#! #d !(e5r 'er"5$e' !o
e#'4re !(! !(e? re '!5 $o#'5'!e#! +5!( !(e #eed' of !(e $o4#5!5e'
!(e? repre'e#!
VIII. H*+#n R"so*$&"s
P$in&i'(")
A H4# re'o4r$e' re o#e of !(e o'! 5por!#! re'o4r$e' of NGO' NGO' ("e
poo of /o!( p5d '!ff #d "o4#!eer' !o r4# 5!' oper!5o#' #d pro%re' NGO' '(&& ("e (4# re'o4r$e po5$5e' !o ddre'' /o!( !(e'e %ro4p'
G*i%"(in"s)
B T(ere '( /e $er +r5!!e# (4# re'o4r$e po5$5e' ppro"ed /? !(e Bord for
/o!( p5d '!ff #d "o4#!eer' S4$( po5$5e' '( $o"er re' 5#$4d5#%re$r45!e#!, re4#er!5o#, /e#ef5!', !r5#5#%, de"eope#!, perfor#$e
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Code of Corpor!e Go"er##$e for B#%&de'( 68
ppr5', d5'$5p5#r? $!5o#' e!$ 5# $$ord#$e +5!( !(e Epo?e#! + #d
pp5$/e +' of B#%&de'(
C T(e (4# re'o4r$e po5$5e' '( 5 !o !!r$! !(e r5%(! '!ff #d "o4#!eer' +5!(
!(e ppropr5!e !?pe #d e"e of 45f5$!5o# #d e9per5e#$e
D T(e Bord '( e#'4re f5r #d !r#'pre#! perfor#$e re"5e+ #d ppr5''?'!e for '!ff #d "o4#!eer' +(ere ppropr5!e
E T(e Bord '( e#'4re '?'!e #d pro$e'' !o 5de#!5f? !r5#5#% #eed' of '!ff #d
"o4#!eer' !o e45p !(e +5!( !(e #e$e''r? '*5' !o perfor !(e5r
@o/' effe$!5"e?
F T(e Bord '( e#'4re '?'!e !o ddre'' %r5e"#$e' #d re'o"e $o#f5$!' for'!ff #d "o&4#!eer'
G T(e Bord '( e#'4re # ppropr5!e #d effe$!5"e $(##e of $o4#5$!5o#
for '!ff #d "o4#!eer' for feed/$* #d e9$(#%e of
5#for!5o#
H For NGO' !(! e#%%e "o4#!eer' #d '!ff for +or* 5#"o"5#% $(5dre# #d o!(er "4#er/e %ro4p' =e% !(e 5#!ee$!4? d5'/ed, /4'e "5$!5', fr5 eder?#d de'!5!4!e>, !(ere '( /e po5$5e' #d pro$ed4re' for !(e '$ree#5#% of"o4#!eer' #d '!ff #d !(ere '(&& /e proper '4per"5'5o# #d !r5#5#% for !(e
I/. Conf(i& of In"$"s
P$in&i'(")
A T(e NGO Bord, '!ff #d "o4#!eer' 'er"5#% !(e NGO '( $! 5# !(e /e'! 5#!ere'!
of !(e NGO #d 5!' Be#ef5$5r5e' +5!( f4 d4e re%rd !o !(e o"err5d5#% 5#!ere'!' of
!(e 'o$5e!? ' +(oe T(ere '(o4d /e #o "e'!ed or per'o# 5#!ere'! or 5#!ere'!
of !(5rd pr!5e' Cer po5$5e' #d pro$ed4re' '( /e 'e! #d e'4re' !*e# !o pre"e#! $!4&, po!e#!5& or per$e5"ed $o#f5$! of 5#!ere'! !(! $o4d ffe$! !(e
5#!e%r5!?, f5r#e'' #d $$o4#!/55!? of !(e NGO =Spe $o#f5$! of 5#!ere'!
po5$? 5# Se$!5o# T(ree>
G*i%"(in"s)
B T(e Bord '( e'!/5'( $er +r5!!e# po5$5e' o# e'4re' !o "o5d $o#f5$!
of 5#!ere'! 5# re' +(ere '4$( $o#f5$! ? r5'eC To 4p(od !(e Bord<' 5#depe#de#$e, 5#!e%r5!? #d o/@e$!5"5!?, !(e Bord '(o4&d
#o! /e $opr5'ed of 5ed5!e f5? e/er' of !(e e9e$4!5"e !e,
fo4#der', do#or' or 5# /e#ef5$5r5e'
D I# #? e"e#!, #o Bord e/er' (od5#% *e? po'5!5o#' +5!(5# !(e Bord #d !(eor%#5'!5o# '( /e f5? e/er' re!ed /? /oodJ rr5%e or dop!5o#
E E9pe' of re' +(ere $o#f5$! 4'! /e d5'$o'ed re, /4! re #o! 55!ed !o7
2 C4rre#!, p'! or po!e#!5 $o#!r$!' +5!( "e#dor') Ve'!ed 5#!ere'! 5# o!(er or%#5'!5o#' !(! ("e de5#%' or re&!5o#'(5p
+5!( !(e NGO. o5#! Ve#!4re'
0 Re$r45!e#! of '!ff or /ord e/er +5!( $o'e re&!5o#'(5p
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Code of Corpor!e Go"er##$e for B#%&de'( 6:
/. Fin#n&i#( #n% Non Fin#n&i#( Dis&(os*$"s
P$in&i'(")
A NGO' /e5#% "o4#!r? or%#5'!5o#', pro"5d5#% 'er"5$e' for !(e %ood of !(e p4/5$#d ("5#% do#!ed f4#d' ' !(e5r @or 'o4r$e of 5#$oe for !(e5r
oper!5o#', '( ("e 'o4#d f5##$5& #%ee#! #d $op5#$e +5!(
pp5$/e +' !o e#'4re $$o4#!/e, !r#'pre#! #d e%5!5!e 4'e of !(e5r
re'o4r$e' T(e NGO'
'( deo#'!r!e !(e5r ope##e'' !o !(e p4/5$ /? pro"5d5#% !(e5r *e? '!*e(oder'
#d !(e p4/&5$ +5!( 5#for!5o# /o4! !(e5r 5''5o#, pro%re, $!5"5!5e'
#d f5##$e'
G*i%"(in"s)
T(e Bord +5 e#'4re (5%( '!#drd' of f5##$5 #d #o#-f5##$5 d5'$o'4re' $o"er5#%
!(e fo&&o+5#%7B A4d5! of F5##$5 A$$o4#!' #d oper!5o#' $o#d5!5o#' of !(e NGO
2 NGO' +5!( /4d%e! e9$eed5#% T* 2,333,333 '( ppo5#! # I#!er#&A4d5!or
) T(e Bord '( e#'4re # ##4 4d5! of f5##$5 $$o4#!' /? #
ppro"ed E9!er# A4d5!or. T(e Bord '( e#'4re 5#!er# $o#!ro '?'!e' +5!( do$4e#!ed
pro$ed4re'
C O"er per$e#!%e of Ad5#5'!r!5"e $o'! %5#'! $!4or%#5'!5o#<' f4#d'J/4d%e!
2 T(e o"er d5#5'!r!5"e $o'! $opred !o !(e or%#5'!5o#' !o!
f4#d '(o4&d #o! e9$eed 26K of !o! f4#d'J/4d%e! 5de#!5f?5#% /o!(%e#er or%#5'!5o#& o"er(ed #d d5#5'!r!5o# #d pro%re
#%ee#! $o'!') I# !(e e"e#! !(! # or%#5'!5o#<' d5#5'!r!5"e $o'! e9$eed' !(5'
55!, !(e Bord +5 /e re45red !o 5#$4de '!!ee#! e9p5#5#% !(ere'o#' for !(5' de"5!5o# 5# !(e A##4 Repor!
D I#"e'!e#! p# #d $p5! 5#"e'!e#!' =5f #?>2 T(e NGO '( 5#!5# F59ed A''e!' Re%5'!er !o $$o4#! for !(e
f59ed ''e!' #d !(e5r 4pd!ed $!4 "4e %5#'! /oo* "&4e
) T(e Bord '( p4! 5# p$e po5$? !o e#'4re !(! !(e f$55!5e' #d
f59ed ''e!' of !(e NGO re eff5$5e#!? 4!55'ed for 954 "4e
of !(e or%#5'!5o#E Pro$4ree#! pro$ed4re' #d $o#!ro&
2 T(e NGO, +5!( !(e 4!(or5!? of !(e Bord '( $ for 4o!!5o#' or
!e#der +(ere !(e p4r$('e of %ood' or 'er"5$e' e9$eed' !(e "4e of T* 633,333 or #? o!(er o4#! ' per !(e or%#5'!5o#<' $o#'!5!4!5o#
) C(e4e' #d o!(er ode for p?e#!' or +5!(dr+' fro !(e NGO<' /#* $$o4#! '( /e '5%#ed /? ! e'! ) =!+o> 4!(or5'ed '5%#!or5e'
F A$$o4#!5#% S!#drd'
2 F5##$5 '!!ee#!' +5!( $opr!5"e /4d%e! f5%4re' '( /e
pre'e#!ed ! !(e Bord ee!5#%, +5!( #?'5' #d e9p#!5o#' for
@or "r5#$e', 5f #?, for Bord d5'$4''5o# #d dop!5o#
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Code of Corpor!e Go"er##$e for B#%&de'( 61
) T(e Bord of NGO' +5!( # or%#5'!5o# /4d%e! e9$eed5#% T*2333,333 '( e#'4re per5od5$ 5#!er# 4d5! o# $o#!ro&',
pro$e''e'. A##4 $$o4#!' '( /e 5# $$ord#$e +5!( I#!er#!5o#&
A$$o4#!5#% S!#drd' ' dop!ed /? B#%de'(G Appo5#!e#! #d Ter' of A4d5!or'
2 A4d5!or' '( /e ppo5#!ed #d ppro"ed ! !(e AGM /? !(e
Ge#er Bod? of e/er') A4d5!or' +5 /e ppo5#!ed for !er of . =!(ree> ?er' #d
954 !er of 6 =f5"e> ?er' T(5' 5' !o e#'4re !r#'pre#$? #d4!(e#!5$5!? of !(e A4d5!or'< repor! #d 'o e#'4re '!r!e%5$$o#!5#45!?
/I. F*n%$#isin Po(i&i"s
P$in&i'(")
A C(r5!/e do#!5o#' re # 5por!#! 'o4r$e of f5##$5 '4ppor! for NGO'
NGO' '( dop! proper pro$ed4re' !o e#'4re (o#e'! #d e!(5$ f4#dr5'5#%
po5$5e' de'!5#ed 'oe? for !(e $4'e' of !(e
NGO'
G*i%"(in"s)
T(e Bord '(o4d !(erefore e#'4re ' fo&&o+'7
B T(e NGO '( !*e $re !o e#'4re !(! 'o5$5!!5o# !er5' $o#'5'!' of
$$4r!e 5#for!5o# #d refe$! !(e NGO<' 5''5o# #d 5#!e#ded 4'e of !(e
'o5$5!ed f4#d'C T(e f4#dr5'5#% 'o5$5!!5o# !er5 '( re'pe$! !(e d5%#5!? of !(e $5e#!'
#d $o#f5de#!5&5!? of !(e5r per'o# 5#for!5o#D T(e NGO '( "o5d r5'5#% e9$e''5"e f4#d' !(! re *ep! 5# re'er"e' 5#'!ed of
/e5#% 4!55'ed 5# !(e pro%re' #d '( 5# #? $'e e9er$5'e d4e pr4de#$e
5# #%5#% !(e'e re'er"e'
E T(e NGO' '( e#'4re !(! !(e do#!5o#' #d f4#d' re proper? #%ed
#d $$o4#!ed for T(ere '( /e !5e? re$e5p!5#% #d prop! /#*5#% of
f4#d', prop! 5''4#$e of !9-ded4$!5/e re$e5p! =5f pp5$/e> #d prop!
prod4$!5o# of 4d5!ed '!!ee#!' of I#$oe #d E9pe#d5!4re' ! !(e e#d of e$(
f5##$5 ?erF T(e NGO '( ("e # e9p5$5! po5$? 5# 5!' $o#'!5!4!5o# $o"er5#% !(e d5'!r5/4!5o#
of #? 4#4'ed f4#d' !o do#or' or !o e45"e#! NGO' +5!( '55r "5'5o# 5# !(ee"e#! of d5'$o#!5#4!5o# of oper!5o#' of !(e NGO
G NGO' +5!( ore !(# o#e /#* $$o4#! 4'! d5'$o'e $$o4#!' #d $$o4#!
de!5' !o !(e5r I#!er# #d E9!er#
A4d5!or'H T(e NGO' '( e#'4re !(! !(e f4#d #d do#!5o#' re 4'ed 5# $$ord#$e +5!(
do#or'< NGO !er' of %reee#! T(e NGO +(e#e"er pp5$/e #d pr$!5$/e, +5 ("e !o o/!5# !(e e9pre'' $o#'e#! of !(e do#or /efore !er5#%!(e $o#d5!5o#' of !(e f4#d or do#!5o#'
I NGO' '( #o! p?, 'ee* or $$ep! #? do#!5o#' re!ed !o #? po5!5$ pr!? !#? !5e
NGO' '( #o! r5'e f4#d' o# $o5''5o# /'5'
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Code of Corpor!e Go"er##$e for B#%&de'( 6;
SECTIONTWO
MFI GUIDELINES
I#$4d5#% !(e pr5#$5pe' #d %45de5#e' e#!5o#ed /o"e, !(e foo+5#% dd5!5o#&%45de5#e' pp? !o NGO-MFI'
I. Bo#$% <*#(ifi&#ions
A T(e Bord of MFI' '( ("e 5#54 of ) =!+o> Bord e/er' +5!(
f5##$5 /$*%ro4#d #d ! e'! 2 =o#e> e/er +5!( MFI /$*%ro4#dB I# !(e e"e#! !(! !(e NGO 5' 5#"o"ed 5# o!(er de"eope#! $!5"5!? /e'5de' M5$ro
F5##$e =MF>, !(e? '( ("e 'pe$5 MF pro%re $o5!!ee !(! +5 de&
+5!( !(e MF 5''4e' #d e#'4re' !(! !(e pro%re ee!' !(e re45ree#!'
pp5$/e !o !(e 'e$!or
II. Co++*ni&#ions
A For !(e Bord of # MFI !o oper!e effe$!5"e? !(e? '( re$e5"e !(e
fo&&o+5#% $o4#5$!5o#' fro #%ee#! o# o#!(? /'5'72 De!5' of Lo# Por!fo&5o
) Copre(e#'5"e f5##$5 repor!. Lo# rep?e#! d4e #d #o! re$e5"ed0 Prof5!/55!? of 5#d5"5d4 o# prod4$!'
6 C'eod of Cred5! off5$er'8 Vr5#$e 5# /4d%e! fore$'!, o# por!fo5o, 545d5!?, 5#$oe #d
e9pe#'e #d $!4 re'4&!': R!e' of I#!ere'!
1 Lo# o'' pro"5'5o#
B T(e Bord '( /e +e "er'ed +5!( !(e 5#!erpre!!5o#' of !(e /o"e 5#for!5o##d !(e5r ree"#$e !o !(e or%#5'!5o#<' '!r!e%?
C T(e or%#5'!5o# '( ("e fre4e#! $o4#5$!5o#' +5!( $5e#!' !(ro4%( ##4+or*'(op' '4$( ' C(5ef e#dr =C5e#! %ro4p> +or*'(op' !o e#'4re $5e#! "5e+'re repre'e#!ed 5# !(e '!r!e%?
D Co4#5$!5o#' fro e#dr =C5e#! %ro4p> +or*'(op' '( /e pr5#!ed #d
5#$orpor!ed 5#!o !(e pro%re !o e#'4re !(e pro%re' offered re #eed-
/'ed
E T(e or%#5'!5o# '( pr5#! 5!' A##4 Repor! 5# /o!( E#%5'( #d B#%#d
e#'4re !(! 5! 5' +5de? d5'!r5/4!ed #d $$e''5/e !o '!*e(o&der'
III. Fin#n&i#( %is&(os*$"s
A I#$4d5#% !(e /o"e f5##$5 d5'$o'4re' MFI' '( 'o d5'$o'e !(efoo+5#% f5##$5 5#for!5o# 5# !(e5r A##4 Repor!7
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Code of Corpor!e Go"er##$e for B#%&de'( 83
2 Por!fo5o '5e) Lo# '5e
. S"5#%' '5e0 Re5#"e'!ed per$e#!%e'
6 Rep?e#! r!e'8 Def4! r!e' +5!( r#%e #d "er%e '5e of def4&!
: A#?'5' of def4! $5e#!' #d $5r$4'!#$e'
1 T?pe' of 5#"e'!e#!' #d per$e#!%e of $p5! $!4? 5#"e'!ed; M5#54 of !(ree ?er' f5##$5 !re#d
IV. A*%io$s
A A MFI' '(o4d ("e e9!er# 5#depe#de#! #d rep4!ed 4d5!or' !o $o#d4$! !(e
##4 4d5! of $$o4#!' of !(e or%#5'!5o#
B I! 5' (5%(? re$oe#ded !(! MFI' +5!( o# por!fo5o of T 2,333,333o4#! '( ("e I#!er# A4d5!or'
C A##4 $$o4#!' '( /e 5# $$ord#$e +5!( I#!er#!5o# A$$o4#!5#% S!#drd'' dop!ed /? B#%&de'(
D A '!!ee#!' of 4d5!ed repor!' '( /e pr5#!ed 5# !(e A##4 Repor! of!(e or%#5'!5o#
E T(e A4d5!or'< repor! '(o4d #o! o#? %5"e f5##$5 '!!4' of !(e or%#5'!5o# /4! 'o $&r5f? I#!er# Co#!ro '?'!e' dop!ed /? !(e or%#5'!5o# !o pro!e$!
5!' re'o4r$e'
F Do#or' '(o4d re"5e+ !(e 4d5!or'< repor!' !o e#'4re !(! !(e? offer !r4e #d f5rrepor! o# !(e or%#5'!5o#<' oper!5o#' #d f5##$e'
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Code of Corpor!e Go"er##$e for B#%&de'( 82
SECTION THREE
ANNE/ =) COMMENTAR> AND
ANNOTATIONS)8
I. Ro(" An% R"s'onsi,i(ii"s of Bo#$%s of Di$"&o$s
Mo'! of !(e 5!er!4re o# %o"er##$e fo$4'e' 5!' #?'5' +5!(5# !(e fre+or* of %5"e#
$orpor!e '!r4$!4re7 for-prof5! $orpor!5o#, #o#-prof5! e#!5!?, or p4/5$ %e#$? S4$(
ppro$(e' 5p&5$5!&? ''4e !(! !(e /ord of d5re$!or'< /e("5o4r 5' def5#ed /?
!(e $orpor!e '!r4$!4re 5! %o"er#' W(5&e $*#o+ed%5#% !(!
$orpor!e '!r4$!4re ffe$!' !(e $(5e"ee#! of effe$!5"e %o"er##$e, 5! doe' #o! def5#e
5! T(e foo+5#% 5' /rod def5#5!5o# of effe$!5"e
%o"er##$e !(! $# /e pp5ed re%rde'' of !(e $orpor!e '!r4$!4re of # 5#'!5!4!5o#
A /ord of d5re$!or' 5' e#!r4'!ed +5!( !(e f5d4$5r? ff5r' of !(e $orpor!5o# T(e !er
f5d4$5r? refer' !o per'o# or per'o#' !o +(o proper!? or po+er 5' e#!r4'!ed for !(e
/e#ef5! of #o!(er Tre!5#% d5re$!or' #d #%er' ' f5d4$5r5e' pro"5de' e$(#5'
for 5po'5#% '#$!5o#' 5f !(e? f5 !o e9er$5'e !(e5r re'po#'5/55!5e' !o !(e
$orpor!5o#, +5!(o4! #e$e''r5? re45r5#% !(! of !(o'e re'po#'5/55!5e' /e de!5ed 5#
d"#$e A' e9p5#ed /? e% '$(or' !(e f5d4$5r? pr5#$5pe 5' # !er#!5"e !o
e/or!e pro5'e' #d e9!r o#5!or5#% I! rep$e' pr5or '4per"5'5o# +5!( de!erre#$e,
4$( ' $r55# + 4'e' pe#!5e' for /#* ro//er? r!(er !(# p!-do+# 'er$(e'
of e"er?o#e e#!er5#% /#*'
):
II. D*i"s of # Bo#$% Di$"&o$
T(e '!#drd' of $o#d4$! pp5$/e !o 5#d5"5d4 /ord d5re$!or' f 5#!o
!(ree $!e%or5e'7 D4!? of Cre, D4!? of Lo?!?, #d D4!? of O/ed5e#$e T(e'e
$o#$ep!' pro"5de $ode of /e("5or !(! 'er"e' !o fre !(e +? /ord e/er' $rr?
o4! !(e5r re'pe$!5"e roe' #d re'po#'5/5&5!5e'
A D4!? of CreT(e D4!? of Cre $' o# d5re$!or !o pr!5$5p!e 5# !(e de$5'5o#' of !(e /ord #d !o /e5#fored o# !(e d! ree"#! !o '4$( de$5'5o#' A $oo# '!!ee#! of !(e D4!? ofCre
'*' d5re$!or =2> !o /e re'o#/? 5#fored, =)> !o pr!5$5p!e 5# de$5'5o#', #d =.> !o do'o 5# %ood f5!( #d +5!( !(e $re of # ord5#r5? pr4de#! per'o# 5#
'55r $5r$4'!#$e' To d5'$(r%e !(e D4!? of Cre eff5$5e#!? #d effe$!5"e?,
d5re$!or' 4'! !!e#d ee!5#%', e9er$5'e 5#depe#de#! @4d%e#!, #d e#'4re !(! !(e? ("e
# ppropr5!e e"e of 4#der'!#d5#% of !(e 5''4e' $r5!5$ !o !(e 5#'!5!4!5o#
B D4!? of Lo?&!?
T(e D4!? of Lo?!? re45re' d5re$!or' !o e9er$5'e !(e5r po+er' 5# !(e 5#!ere'! of!(e $orpor!5o# #d #o! 5# !(e5r o+# 5#!ere'! or 5# !(e 5#!ere'! of #o!(er e#!5!? or per'o#B? ''45#% /ord po'5!5o#, d5re$!or' $*#o+ed%e !(! for #? $orpor!e $!5"5!?, !(e
/e'!
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Code of Corpor!e Go"er##$e for B#%&de'( 8)
)8MFI Go"er##$e Re"5e+, o'ep(5#e O%4! #d SM R(#, 'po#'ored /? DFID-
B#%de'(J B#%de'( MFI Lo$ Co#'4!!5"e Gro4p):
Fr#* H E'!er/roo* #d D#5e R
F5'$(e
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Code of Corpor!e Go"er##$e for B#%&de'( 8.
5#!ere'!' of !(e $orpor!5o# 4'! pre"5 o"er !(e5r 5#d5"5d4 5#!ere'!' or !(e
pr!5$4r 5#!ere'!' of !(e $o#'!5!4e#$? !(! 'ee$!ed !(e
T(e D4!? of Lo?!? pr5r5? re!e' !o $o#f5$!' of 5#!ere'!, $orpor!e oppor!4#5!?, #d
$o#f5de#!55!? D5re$!or' ? ("e 5#!ere'!' 5# $o#f5$! +5!( !(o'e of !(e $orpor!5o# T(e
D4!? of Lo?!? re45re' !(! d5re$!or /e $o#'$5o4' of !(e po!e#!5 for '4$( $o#f5$!'
#d $! +5!( $#dor #d $re 5# de5#% +5!( '4$( '5!4!5o#'
Co#f5$!' of 5#!ere'! re #e5!(er 5#(ere#!? 5e% #or re !(e? !o /e re%rded '
refe$!5o# o# !(e 5#!e%r5!? of !(e /ord or of !(e d5re$!or O#$e d5re$!or d5'$o'e'
po!e#!5 $o#f5$! of 5#!ere'! 5''4e, 5! 5' !(e /ord<' 5#!erpre!!5o# of !(e 5''4e !(!
+5 de!er5#e 5f 5! 5' proper or 5proper !r#'$!5o# Corpor!e oppor!4#5!? 5' #o!(er
re re!ed !o D4!? of Lo?!? I! re45re' !(! d5re$!or, /efore e#%%5#% 5# !r#'$!5o#
!(! (e or '(e *#o+' ? /e of 5#!ere'! !o !(e $orpor!5o#, 5#for !(e /ord of
d5re$!or' 5# '4ff5$5e#! de!5 #d de4!e !5e !o o+ 5! !o $! or de$5#e !o $! !o d5re$!or<' po''5/e 5#"o"ee#! 5# !(! !r#'$!5o#
C D4!? of O/ed5e#$eT(e D4!? of O/ed5e#$e re45re' /ord e/er' !o /e f5!(f4 !o !(e 5#'!5!4!5o#<' 5''5o#
A!(o4%( /ord e/er' ("e !(e 4!(or5!? !o de!er5#e (o+ !(e 5#'!5!4!5o# 5' !o
/e'! ee! 5!' 5''5o#, !(e? re pro(5/5!ed fro /e("5#% 5# ##er 5#$o#'5'!e#!
+5!( !(e /'5$ 5#'!5!4!5o#& o/@e$!5"e' T(e D4!? of O/ed5e#$e %ro+', 5# pr!, o4! of
#o#prof5! or%#5!5o#'< (e"? re5#$e o# !(e p4/5$<' !r4'! +(e# 'o5$5!5#% do#!5o#'
#d %r#!' I# !4r#, !(e p4/5$ (' !(e r5%(! !o /e ''4red !(! '4$( f4#d' +5 /e 4'ed for
!(e p4rpo'e for +(5$( !(e? re %5"e# I# for-prof5! or%#5!5o#', !(e re'po#'5/55!? 5'
!o+rd !(e 5#"e'!or' =/o!( e45!? #d de/!>, e'pe$5? 5f !(e f4#d' re fro p4/&5$'o4r$e' I# !(5' $o#!e9!, /e5#% f5!(f4 !o !(e 5#'!5!4!5o# 5''5o# !r#'!e' 5#!o
9555#% '!*e(o&der "4e =#d 5# 'oe $'e', 5*e 5$rof5##$e, /#$5#%
prof5!/55!? +5!( 'o$5 5p$!>, 5# ##er $o#'5'!e#! +5!( e!(5$ pr$!5$e'
III. L"#( O,(i#ions of !" Bo#$%
A' f5d4$5r?, !(e /ord of d5re$!or' (' 'e"er e% o/5%!5o#' F5r'!, !(e /ord 4'!
e#'4re !(! !(e 5#'!5!4!5o# $op5e' +5!( 5!' r!5$e' of 5#$orpor!5o#, /?+', #d 5#!er#
po5$5e' #d pro$ed4re' F4r!(er, !(e /ord 4'! e#'4re !(! !(e 5#'!5!4!5o# 5#!5#' 5!'
e% '!!4' T(e /ord 4'! &'o e#'4re !(! !(e 5#'!5!4!5o# $op5e' +5!(
%o"er#e#! r4e' #d re%4!5o#', +(5$( +5 "r? +5!( !(e 5#'!5!4!5o#<' $orpor!e
'!r4$!4re For e9pe, ' 5$rof5##$e 5#'!5!4!5o# /e$oe' re%4!ed, 5! +5 /e '4/@e$!
!o #e+ 'e! of re%4!or? re45ree#!' !(! !(e /ord 4'! 4#der'!#d A f5# e&ee#!
of !(e /ord<' e% o/5%!5o#' 5' !(e e"e of per'o# 5/55!? of 5#d5"5d4
d5re$!or' for !(e 5#'!5!4!5o#<' $!5"5!5e' S4$( 5/55!? "r5e' /? $o4#!r?, ?e! /ord
e/er' 4'! /e *ee#? +re of !(e de%ree of re'po#'5/55!? #d 54#5!? pro"5ded
for !(e /? o$ + U#der #? /#*5#% +', !(e 5/55!5e' ? /e $r55#&
I# repre'e#!5#% !(e 5#!ere'!' of !(5rd pr!? #d f4f55#% !(e5r e% o/5%!5o#',
/ord' dee%!e re'po#'5/55!? !o #%ee#! #d (od #%ee#! 5#!er#?
$$o4#!/e !o 'e! of o/@e$!5"e' #d perfor#$e '!#drd' !(! !(e /ord ('
def5#ed Ho+e"er,
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Code of Corpor!e Go"er##$e for B#%&de'( 80
$(5e"5#% !(e'e '!#drd' #d o/@e$!5"e' $# /e 5p5red #d effe$!5"e %o"er##$e
d55#5'(ed +(e# /ord e/er' re 4#$er /o4! !(e5r roe For e9pe, d5re$!or
? ''4e !(! $!5"5!5e' re!ed !o oper!5o#' re pr! of (5' or (er re'po#'5/55!5e' #d
? (5#der #%ee#!<' /55!? !o perfor effe$!5"e? or #%ee#!<' $$o4#!/55!?
S55r?, CEOJMD ? depe#d !oo 4$( o# /ord #d re4e'! 5!' 5#p4! o# de$5'5o#'
o4!'5de of !(e /ord<' do5#
IV. R"(#ions!i' B"-""n Bo#$% #n% E9"&*i6"
A!(o4%( !(e re!5o#'(5p /e!+ee# /ord #d !(e e9e$4!5"e d5re$!or or CEOJMD 5'
d?#5$, 5! 4'! /e %ro4#ded 5# $er 4#der'!#d5#% of !(e roe' e$( 'er"e' Effe$!5"e
%o"er##$e '!r5*e' !(e ppropr5!e /#$e 5# !(e re!5o#'(5p /e!+ee# /ord of
d5re$!or' #d #%ee#! 5# !(e5r $o/5#ed effor!' !o o"e !(e 5#'!5!4!5o# for+rd E$(
/r5#%' 4#54e '*5' !o !(5' @o5#! effor! #d "5e+' !(e 5#'!5!4!5o# fro d5ffere#!
e#' To%e!(er !(e? dd "4e pre$5'e? /e$4'e !(e? re $opee#!r? I! 5' '4%%e'!ed!(! !(5' $opee#!r? #!4re e95'!' /e$4'e /ord #d e9e$4!5"e' 4'e d5ffere#!
fre' of refere#$e !o 4#der'!#d !(e 5#'!5!4!5o# #d !o depo? !(e5r re'po#'5/5&5!5e'
U#5*e !(e e9e$4!5"e J#%ee#! roe +(5$( ? /e "e'!ed 5# o#e per'o#, !(e roe of
!(e /ord 5' "e'!ed 5# !e
Effe$!5"e /ord' $rr? o4! !(e5r re'po#'5/55!5e' /? =2> 5#!5#5#% oper!5o# d5'!#$e
fro !(e 5#'!5!4!5o# !o e#/e # er5 per'pe$!5"e, =)> dr+5#% o# !(e 5#'!5!4!5o#
eor? of !(e d5re$!or', #d =.> *5#% /5#d5#% de$5'5o#' ' %ro4p Bord de$5'5o#'
re /'ed o# !(e "o5$e of !(e @or5!? Arr5"5#% ! $o#'e#'4' ? /e !5e-$o#'45#%
#d de$re'e !(e /ord<' oper!5#% e9ped5e#$?, /4! !(e pro$e'' 5' e''e#!5 !o +e-
f4#$!5o#5#% /ord T(e'e !(ree f$!or' epo+er !(e /ord #d dd '5%#5f5$#! "4e !o !(e
#%ee#! of !(e 5#'!5!4!5o#
M#%ee#!, 5# $o#!r'!, 5' 5#!5!e? 5#"o"ed 5# d5? oper!5o#', (' # 4p-!o-d!e #d
5#-dep!( 4#der'!#d5#% of !(e 5ed5!e $(e#%e' #d oppor!4#5!5e' f$5#% !(e
5#'!5!4!5o#, #d !(e fe95/55!? !o re$! 45$*? A# 5#'!5!4!5o#<' e9e$4!5"e +5 $o#'4!
+5!( 'e#5or #%ee#! o# *e? 5''4e' /4! 5' 5#d5"5d4? $$o4#!/e W(! !(e# 5'
!(e op!5 /&#$e /e!+ee# !(e'e !+o 'e!' of $5r$4'!#$e' #d per'pe$!5"e' #d (o+
do !(e? ed !o $re!e effe$!5"e %o"er##$e
Effe$!5"e %o"er##$e re45re' /ord' !o fo$4' o# !(ree @or re' of re'po#'5/55!?7 =2>
#%ee#! $$o4#!/55!?, =)> '!r!e%5$ p##5#% #d po5$?-*5#%, #d =.>
'ef- re%4!5o# T(e'e !(ree re' o+ !(e /ord !o f4f5 5!' f5d4$5r? o/5%!5o#', #d
e$( re45re' /ord e/er' !o perfor 'pe$5f5$ !'*', ' o4!5#ed /e&o+
V. M#;o$ A$"# of R"s'onsi,i(i1 #n% Bo#$% T#s7s
A M#%ee#! A$$o4#!/5&5!?To e#'4re !(! #%ee#! 5' (ed $$o4#!/e for !(e $!5"5!5e' of !(e or%#5!5o#,
/ord 4'! f5r'! fo$4' o# !(e pro$e'' #d e$(#5'' 5! 4'e' !o 5de#!5f? $ope!e#!
e9e$4!5"e Se$o#d, 5! 4'! 'e! $er #d e'4r/e %o' T(5rd, /ord 4'! o#5!or
!(e perfor#$e of !(e e9e$4!5"e F5#?, 5! 4'! /e /e !o 5de#!5f?
#%er5&
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Code of Corpor!e Go"er##$e for B#%&de'( 86
+e*#e''e' #d $o#fro#! !(e +(e# !(e'e d"er'e? ffe$! !(e 5#'!5!4!5o# If
#e$e''r?, !(e /ord 4'! /e prepred !o reo"e !(e CEOJMD
B I#'! M#%ee#! Cp$5!?
H5r5#% '!ro#%, $ope!e#! CEOJMD 5' o#e of !(e pr5r? f4#$!5o#' of /ord of
d5re$!or' T(5' 5#d5"5d4, ' !(e oper!5o# eder for !(e 5#'!5!4!5o# #d !(e
repre'e#!!5"e of !(e e#!5re '!ff !o !(e /ord, p?' *e? roe 5# !(e o#%-!er '4$$e'' of
!(e 5#'!5!4!5o# #d 5# !(e re5!5o# of effe$!5"e %o"er##$e A /ord $# o#? /e
' effe$!5"e ' !(e CEOJMD 5! ppo5#!', #d !(erefore 5! 4'! $o#'5der !(5'
$ore re'po#'5/55!?
C Se! Go&'
O#$e # e9e$4!5"e 5' 5# p$e, !(e /ord<' roe 5' !o o#5!or !(e perfor#$e #d pro%re''
of !(e 5#'!5!4!5o# !(ro4%( 5!' o"er'5%(! of !(e CEOJMD We-f4#$!5o#5#% /ord'
'pe#d !(e re45red !5e +or*5#% +5!( #%ee#! !o def5#e %o' #d 'e! !r%e!'for !(e 5#'!5!4!5o# T(e? !(e# o#5!or !(e 5#'!5!4!5o#<' !!5#e#! of !(e'e %o' #d
!r%e!' /? ''e''5#% !(e e9e$4!5"e<' perfor#$e Bord' 5de#!5f? !(e *e? re' 5#
+(5$( # e9e$4!5"e '(o4d perfor effe$!5"e&?
V5'5o# refer' !o #%ee#!<' $p$5!? !o def5#e o#%-!er "5e+ of !(e
5#'!5!4!5o#<' f4!4re, +(5$( 5' $r5!5$ for 5!' '4'!5#/55!? o"er !5e M#%ee#!<'
"5'5o# '(o4d /e $er? def5#ed #d !(e '!ep' !o 5!' $(5e"ee#! +e $o#$e5"ed T(e
"5'5o# 5' r!5$4!ed 5# '!r!e%5$ p#, +(5$( 'o o4!5#e' !(e 5# pro%r re' of
!(e 5#'!5!4!5o# #d !(e re'4!' !(! re e9pe$!ed For e9pe, *e? /e#$(r*' for
#o#prof5! 5$rof5##$e 5#'!5!4!5o# %5#'! +(5$( #%ee#! perfor#$e 5' e'4red
+5 &5*e&? 5#$4de !r%e!' for '$e of oper!5o#, r*e! pe#e!r!5o#, e"e of 'ef-'4ff5$5e#$? of !(e 5#'!5!4!5o#, &e%& '!r4$!4re re45red !o re$( !r%e!', e"e of eff5$5e#$? of
!(e oper!5o#', #d 45!? of !(e ''e!'
D A''e'' M#%ee#!
A /ord ''e''e' CEOJMD<' /55!? !o #%e !(e 5#'!5!4!5o#<' (4# re'o4r$e' T(5're ddre''e' 5''4e' of prod4$!5"5!?, perfor#$e, #d de"eope#! of '!ff
Add5!5o#?, /ord re"5e+' !(e or%#5!5o# '!r4$!4re of !(e 5#'!5!4!5o# !o e#'4re5!' de4$? for !(e effe$!5"e depo?e#! of 5!' oper!5o#'
T(e CEOJMD 5' re'po#'5/e for 5#!5#5#% # 5#'!5!4!5o#<' f5##$5 'o"e#$? I#
!(e for-prof5! $o#!e9!, !(5' 5#$4de' %e#er!5#% re!4r# !o 5#"e'!or' I# !(e #o#prof5!$o#!e9!, /#$ed /4d%e! or '4rp4' 5' e9pe$!ed A!(o4%( o''e' or def5$5!' ? /e
$$ep!/e 5# !(e '(or! !er for +e-def5#ed $5r$4'!#$e', /ord '(o4d #o! o+
repe!ed poor f5##$5 perfor#$e A''e! 45!? #d !(e /55!? !o o/55e f5##$5
re'o4r$e' re 'o *e? 5# o/!5#5#% %ood f5##$5 re'4&!'
T(e CEOJMD 5' re'po#'5/e for e#'4r5#% # effe$!5"e /ord-'!ff re!5o#'(5p T(5'
re!5o#'(5p 5' prod4$! of !(e off5$5, for /ord ee!5#%' #d !(e #4ero4' 5#for
5#!er$(#%e' !(! o$$4r /e!+ee# 5#d5"5d4 /ord d5re$!or', !(e CEOJMD, #d 5#d5"5d4
'!ff e/er' Ao#% !(e f$!or' !(! $o#!r5/4!e !o !(5' re!5o#'(5p re !(e e9!e#!
!o
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Code of Corpor!e Go"er##$e for B#%&de'( 88
+(5$( !(e /ord 5' +e 5#fored #d prepred for ee!5#%', !(e '!re#%!( of !(e +or*5#%
re!5o#'(5p' /e!+ee# /ord d5re$!or' #d '!ff, #d !(e de%ree !o +(5$( 5#d5"5d4
d5re$!or' re *#o+&ed%e/&e of !(e 5#'!5!4!5o# 5''5o# I! 5' %e#er? 4#der'!ood
!(! /ord e/er' ("e $$e'' !o # 5#'!5!4!5o#<' '!ff /4! +5 4'e @4d%e#! 5#
!(e5r 5#!er$!5o#' 'o ' #o! !o d5'!r$! !(e /4'5#e'' oper!5o# of !(e 5#'!5!4!5o# or 4#der5#e
!(e CEOJMD Add5!5o#?, /ord' of!e# 5#"5!e 'e#5or '!ff e/er' o!(er !(# !(e
CEOJMD !o !!e#d /ord ee!5#%' T(5' pro"5de' !(e /ord +5!( dd5!5o#& 5#'5%(! 5#!o
re' 4#der d5'$4''5o# #d o+' /ord e/er' !o ("e e9po'4re !o '!ff +5!( f4!4re
po!e#!5 for 'e#5or #%ee#! po'5!5o#'
Ho+ $# !(e /ord of NGO o'! effe$!5"e? e#'4re !(! #%ee#! !!5#' !(e
e'!/5'(ed %o' #d o/@e$!5"e' T(e effe$!5"e o#5!or5#% of e9e$4!5"e perfor#$e
re45re' !(e fo&&o+5#% e&ee#!'7
2 A"5/55!? of 5#for!5o#T(e /ord 4'! ("e !5e? $$e'' !o !(e ppropr5!e
5#for!5o#
) Cr5!? of o/@e$!5"e'S!r!e%5$ %o' #d o/@e$!5"e' %5#'! +(5$( !(e perfor#$e of pr!5$4r per5od
5'
e'4red 4'! /e $er? r!5$4!ed T(5' 5' prere45'5!e !o re$e5"5#% !(er5%(! 5#for!5o#
. C#dor
T(e e9e$4!5"e 4'! repor! !o !(e /ord +5!( $#dor #d !(e e"e of de!5 #d #&?'5'#e$e''r? for effe$!5"e /ord de5/er!5o#' For e9pe, # e9e$4!5"e $##o! +5!((od5#for!5o# fro !(e /ord /o4! '5!4!5o# or $r5'5' !(! ? 'er5o4'? ffe$! !(e5#'!5!4!5o#, e"e# 5f !(! e/er !(5#*' 5! +5 /e re'o"ed 'oo#
0 A#?!5$ r5%or
Bord e/er' 4'! ("e !(e #?!5$ '*5' !o po'e !(e r5%(! 4e'!5o#' #d !o /e 5#$5'5"e 5# !(e5r d5'$4''5o# of 5#'!5!4!5o# perfor#$e
6 I#$e#!5"e'O#e ppro$( !o o!5"!e #%ee#!<' perfor#$e 5# !!5#5#% !(e 4!4?
%reed4po# %o' 5' !o $re!e 5#$e#!5"e e$(#5'' T(e !!er '(o4d 5%# !(e +e-/e5#% #d
5#!ere'! of !(e 5#d5"5d4 #%er +5!( +(! 5' %ood for !(e 5#'!5!4!5o# #d /? e9!e#'5o#,
5# !(e $'e of for-prof5! $orpor!5o#', !(e '(re(oder' T(e #eed for '4$( 5#$e#!5"e p#'
r5'e' /e$4'e 5# o'! or%#5!5o#& '!r4$!4re' 5# !(e pr5"!e 'e$!or, 4!5!e o+#er'(5p
of !(e ''e!' ? re'5de 5# !(e '(re(oder' /4! d?-!o-d? $o#!ro of !(o'e ''e!' re'!' 5#
!(e (#d' of #%ee#! I# !(e #o#prof5! 'e!!5#%, !(e !e#'5o# $o4d 'o e95'! /e!+ee#
5#d5"5d4 #d 5#'!5!4!5o# pr5or5!5e' E9p&e' 5#$4de 5#d5"5d4 @o/ 'e$4r5!? #d
$ofor!/e '!/55!? "er'4' rp5d 5#'!5!4!5o# $(#%e, #d per'o# fr5e#d'(5p' "er'4'
@o/ perfor#$e I# de'5%#5#% # 5#$e#!5"e '$(ee for !(e e9e$4!5"e of # 5#'!5!4!5o#, 5! 5'
5por!#! !o $o#'5der fo$4', $o#!ro, o%5$, #d !r%e!'
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Code of Corpor!e Go"er##$e for B#%&de'( 8:
8 Fo$4'e? 5#d5$!or' 5# !(e 5#$e#!5"e '$(ee 4'! /e 55!ed !o !(o'e fe+ f$!or' !(!
!r4&?
!!er I# 5$rof5##$e, !(o4%( por!fo5o '5e #d 45!? re o/"5o4' 5#d5$!or'
re!ed !o effe$!5"e #%ee#!, f5##$5 perfor#$e #d !(e #4/er #d
$(r$!er5'!5$' of $5e#!' re e9pe' of dd5!5o# 5#d5$!or' !(! $o4d /e 4!5&5ed
: Co#!ro&
I#$e#!5"e' '(o4d re+rd peope for 5''4e' !(! re +5!(5# !(e5r $o#!ro #d for /e("5or
!(! !(e? $# d5re$!? ffe$! I#$e#!5"e '$(ee' '(o4d /e '5pe No ore !(# f5"e, #d
prefer/? fe+er, "r5/&e' '(o4d /e 'ee$!ed S!ff '(o4d red5? 4#der'!#d !(e
e$(#5$' of !(e p&#
1 Lo%5$
T(e r!5o#e for !(e 'ee$!ed 5#d5$!or' '(o4d /e $er for !(e !o ("e&e%5!5$?
; Tr%e!'T(e !r%e!' 'e! 4'! /e e'4r/e #d $(5e"/e I! 5' #o 4'e !o 'ee$! "r5/e !(!
e"er?o#e %ree' 5' "er? 5por!#!, 5*e $4'!oer 'er"5$e, /4! #o o#e *#o+' (o+!o e'4re re5/?, or !o 'e! !r%e!' !(! re 4#!!5#/&e
23 Co#fro#! We*#e''e'I# ''e''5#% !(e perfor#$e of !(e e9e$4!5"e, !(e /ord 4'! 'o /e +55#% !o $o#fro#!
5#'!5!4!5o# #d #%ee#! +e*#e''e' #d $! !o ddre'' !(e Co4#!e'' e9pe'
("e '(o+# !(! effe$!5"e #%ee#! $ope!e#$? #d $o#d4$! $##o! /e !*e# for%r#!ed I! 5' 5#$4/e#! 4po# !(e /ord !o 5de#!5f? !(o'e re' 5# +(5$( !(e
5#'!5!4!5o# d5'p?' poor perfor#$e /e$4'e of +e* #%ee#! pr$!5$e'
E9pe' 5%(! 5#$4de poor f5##$5 $o#!ro', o+ '!ff ore, or +e* 5#for!5o#
'?'!e' A /ord<' re'po#'5/55!? 5' !o de#d #d '4ppor! #%ee#! 5# '!re#%!(e#5#%
!(e'e re' #d !o o#5!or !(e pro$e'' of 5pro"ee#! T(e '!re#%!( of !r4'!
/e!+ee# !(e /ord #d #%ee#! #d !(e e"e of !(e /ord<' e9po'4re !o
o!(er e/er' of 'e#5or #%ee#! f$55!!e' !(5' pro$e'' I#'!5!4!5o# #d
#%ee#! +e*#e''e' f o# 'pe$!r4 of 'e"er5!? O# o#e e#d re
pro$ed4r !!er' !(! ? re'4! fro #%ee#! 5#e9per5e#$e #d re45re
pr$!5$ 'o4!5o# O# !(e o!(er e#d re $!5o#' !(! ? 5#$4de fr4d I# e5!(er $'e
5#$ope!e#! perfor#$e or fr4d4e#! $!5o#' /ord' 4'! /e +55#% !o $o#fro#! #d,5# !(e +or'! $'e, f5re !(e CEOJMD
Co#fro#!5#% #%ee#!, (o+e"er, $# /e d5ff5$4! #d 4#$ofor!/e !'* for /ord
T(e p5!f&&' of %ro4p !(5#* of!e# re p?ed o4!, +5!( #o '5#%e 5#d5"5d4 +55#%
!o '!ep o4! 5# fro#! of !(e o!(er' #d $(e#%e CEOJMD T(5' ? /e d4e !o 'e#'e
of per'o# o?!? !o !(e CEOJMD or !o !(e $(5r of !(e /ord I#d5"5d4 d5re$!or'
? 'o (e'5!!e !o $! /e$4'e !(e? re 4#'4re !(! !(e? ("e 'ee# !(e f4 p5$!4re
5# 'o do5#%, !(e? ? %5"e !(e /e#ef5! of do4/! !o # 5#$ope!e#! or 5-5#!e#!5o#ed
CEOJMD A /ord<' /55!? #d +55#%#e'' !o *e !(e (rd de$5'5o#' #d $o#fro#!
+e*#e'' 5# !(e e9e$4!5"e, #d !(erefore !(e 5#'!5!4!5o#, 5' f4#$!5o# of !(e fo&&o+5#%7
o De%ree of /ord e/er 5#depe#de#$e fro #%ee#!
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Code of Corpor!e Go"er##$e for B#%&de'( 81
o Leder'(5p '*5' of 5#d5"5d4 d5re$!or'
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Code of Corpor!e Go"er##$e for B#%&de'( 8;
o C5!e !(! o+' for d5''e#'5o#o Me$(#5'' or oppor!4#5!5e' for !(e /ord ' %ro4p or 5#d5"5d4? !o "o5$e
!(e5r $o#$er#' #do Effe$!5"e o+#er'(5p '!*e 5# !(e 5#'!5!4!5o# or '!ro#% 5de#!5f5$!5o# +5!( !(e
o/@e$!5"e' of !(e or%#5!5o#
M#? !5e', +5!( !(e /e'! of 5#!e#!5o#', /ord' re !ep!ed !o ''5'! # 4#der-perfor5#%
CEOJMD /? ''45#% !(e #%ee#! of $er!5# !'*' or pro@e$!' T(5' ppro$( 5'
e9!ree? d%5#% /e$4'e 5! /o!( o/'$4re' !(e $$o4#!/55!? of !(e CEOJMD
#d de?' ddre''5#% !(! 5#d5"5d4&<' 4#der?5#% 5#$ope!e#$e Add5!5o#?, 5!
d5'p$e' de$5'5o# *5#% fro !(o'e !(! re $o'e !o oper!5o#' =#%ee#!> !o o!(er'
+(o re reo!e =/ord> A$$ord5#%?, /ord ''4p!5o# of #%ee#! d4!5e' '(o4d /e
''4ed o#? f!er !(e /ord (' de$5ded o# per#e#! 'o4!5o# !o !(e def5$5e#$? #d
o#? ' !eporr? 'o4!5o# 5# !(e /'e#$e of #? o!(er &!er#!5"e
E S!r!e%5$ P##5#% #d Po5$?
Se!!5#%T(e 'e$o#d @or re of /ord re'po#'5/55!? 5' '!r!e%5$ p##5#% #d po5$?
*5#%
Ho+e"er, !(o4%( effe$!5"e %o"er##$e ''4e' !(! !(e '!r!e%5$ p##5#% pro$e''
5#"o"e' !(e /ord 5# '5%#5f5$#! +?, !(e /ord '(o4d 5#$4de #d e9pe$!
'!r!e%5$ !(5#*5#% !o /e pr! of !(e eder'(5p 45!5e' !(! !(e !op e9e$4!5"e /r5#%'
!o !(e 5#'!5!4!5o# T(e d5'!#$e #d d5"er'5!? of e9per5e#$e' of /ord d5re$!or' e#/e'
!(e !o /r5#% per'pe$!5"e !o !(e 5#'!5!4!5o# 4#54e fro !(! of #%ee#! If !(e
/ord doe' #o! dd '5%#5f5$#! "4e !o !(e 5#'!5!4!5o#<' '!r!e%5$ p#, 5! 5' #o!
perfor5#% 5!' d4!? T(e /ord '(o4d pro"5de %45d#$e #d 5#p4! 5# !(ree d5'!5#$!re'7 $(r!5#% !(e 5#'!5!4!5o#<' '!r!e%5$ $o4r'e, 'e!!5#% /rod oper!5o# po5$5e' for
!(e 5#'!5!4!5o#, #d re'o"5#% '!r!e%5$ 5''4e' ' !(e? r5'e
2 Pro"5d5#% D5re$!5o#I! 5' #o! 4#$oo# for d5? oper!5o# pr5or5!5e' !o o"er!*e !(e ore !(o4%(!f4&
pro$e'' of '!r!e%5$ p##5#% Effe$!5"e %o"er##$e re45re' !(! !(e /ord r5'e '!r!e%5$
5''4e' !(! ? #o! o!(er+5'e /e ddre''ed #d, !(4', '5%#5f5$#!? $o#!r5/4!e
!o 5de#!5f?5#% #d 'e!!5#% o#%-!er' %o' for !(e 5#'!5!4!5o# E9$ep!5o#', !(e /ord<' roe
5# 'e!!5#% po5$? '(o4d d5ffer fro !(! of #%ee#! #o! /? !op5$ /4! /? e"e'
+5!(5# !op5$' For e9pe, 5! 5' !?p5$ for #%ee#! !o /r5#% !o !(e /ord %e#er
po5$5e' o# $ope#'!5o# I# !(5' !!er, !(e /ord 5%(! de$5de !(! !(e5#'!5!4!5o# '(o4d $ope#'!e 5!' '!ff +5!( p$*%e' !(! re $ope!5!5"e +5!( o!(er
5#'!5!4!5o#' of !(e 'e '5e #d '$ope T(e $!4 +%e #d 'r? d5#5'!r!5o#
p# 5' !(e# ef! 4p !o #%ee#! Or /ord 5%(! /e 5#"o"ed 5# 'e!!5#%
po5$? o# !(e $(r$!er5'!5$' of !(e #e5%(/or(ood' 5# +(5$( 5! +#!' !o e'!/5'(
dd5!5o# /r#$( off5$e', #d #%ee#! 5' &ef! !o de!er5#e !(e 'pe$5f5$
o$!5o#' A po5$?-$e#!ered ppro$( o+' /ord !o effe$! !(e o'! $(#%e #d !o
p$e oper!5o# #d d5#5'!r!5"e $!5"5!5e' of !(e 5#'!5!4!5o# +5!(5# !(e fre+or*
of def5#ed po5$5e' T(5' ppro$( 'o e#$o4r%e' !(e re$r45!e#! of 5#d5"5d4
d5re$!or' +5!( %e#er '!r!e%5$ #%ee#! '*5' +(o re ore 5*e? !o *eep !(e /ord
fo$4'ed o# 5!' %o"er#5#% #d!e
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Code of Corpor!e Go"er##$e for B#%&de'( :3
I# $!45!?, e"er?o#e 5# !(e or%#5!5o# 4#*#o+5#%? 'e!' po5$? or 5p$!'
'!r!e%5$ d5re$!5o# 5# !(e5r d5? $!5"5!5e' A /ord $# /e o'! "4/e 5#
e'!/5'(5#% $er, $$e''5/e 'e! of o"err$(5#% po5$5e' !(! '?#$(ro#5e' !(e'e "r5o4'
&e"e&'
) De"eop5#% #d Mo/555#% So&4!5o#'Bord' !(! %o /e?o#d !(e /o"e-e#!5o#ed eee#!'pro"5d5#% *e? 5#p4! 5# $(r!5#% '!r!e%5$ d5re$!5o# #d 5# def5#5#% %e#er po5$5e'''5'! !(e 5#'!5!4!5o# 5# 5de#!5f?5#%
!$!5$' #d 'o4!5o#' for re$(5#% 5!' %o' I# !(5' 'e#'e, !(e /ord pro"5de' %o"er##$e
plus guidance Add5!5o#?, /ord !(! 5#$4de' 5#d5"5d4' +5!( 'pe$5f5$ !e$(#5$
'*5' 5%(! ''5'! !(e 5#'!5!4!5o# 5# ddre''5#% e% 5''4e', p4/5$ re!5o#',
#d f4#dr5'5#% $o#$er#' or !op5$' re&!ed !o !e$(#oo%? or pr5$5#%
F Bord Se&f-A''e''e#!
A f5# re of effe$!5"e %o"er##$e 5#"o"e' !(e /ord<' ''e''e#! of 5!'ef ' /od? of 5#d5"5d4' #d ' per#e#! e#!5!? T(ree re' $o#'!5!4!e !(e $ore of #? ''e''e#!!(! !(e /ord $o#d4$!' o# 5!'ef7 $o#!5#45!?, re#e+, #d e"&4!5o#
2 Co#!5#45!?Of %re! "4e !o #%ee#! 5' !(! !(e /ord #d 5!' 5#d5"5d4 d5re$!or' po''e''#
5#'!5!4!5o# per'pe$!5"e I# $'e' of #%ee#! !4r#o"er, !(5' per'pe$!5"e of !(e /ord
5' 4#54e E"e# +(e# !(ere (' /ee# $o#!5#45!? ! !(e e9e$4!5"e e"e, !(e /ord
per'pe$!5"e dd' %re!&? %5"e# 5!' $oe$!5"e e9per5e#$e T(e /ord 4'! !(erefore /e
re'po#'5/e for 5#!5#5#% !(5' $o#!5#45!? /? e#'4r5#% !(! e"e# +5!( #!4r !!r5!5o#,
!(e /ord<' 5#'!5!4!5o# eor? 5' pre'er"ed T(e de'5%# of /ord !er'#d '4$$e''5o# po5$5e', ' +e ' $orpor!e /5#der, re !(e e$(#5'' 4'ed !o
e#'4re $o#!5#45!?
) Re#e+&H"5#% '!!ed !(e #eed for $o#!5#45!?, 'o !oo 5' !(ere #eed for # 5#f4'5o# of#e+
d5re$!or' +(o /r5#% fre'( per'pe$!5"e', !e#!', #d e9per!5'e Wor*5#% +5!( #%ee#!,
/ord e/er' $# f4#de#!? '(pe effe$!5"e %o"er##$e /? 5de#!5f?5#% #e+
d5re$!or' +(o $o4&d e#(#$e !(e /ord oper!5o# Ide?, /ord $opo'5!5o# 5' /#$e
of !(e od #d #e+
. E"&4!5o#A' d5'$4''ed er5er, %5"e# !(e $o#!rd5$!or? fre' of refere#$e of /ord' #d
#%ee#!, /? def5#5!5o# /ord perfor#$e 5' "4#er/e !o /e5#% 4#der5#ed /? 'e!
of $ope9 d?#5$' A# effe$!5"e /ord re$o%#5e' 5!' o+# +e*#e''e' #d (' 5# p$e
e$(#5'' for 'ef-e"4!5o# Bord perfor#$e $# /e ''e''ed 4#der !(ree
$!e%or5e'7 !(e roe, !(e +or*5#% '!?e, #d !(e d5re$!or' !(e'e"e' T(o4%( '!5 #
5#fre4e#! pr! of /ord pro$e''e', 'ef-e"4!5o# 5' /e5#% e/r$ed /? 5#$re'5#%
#4/er' of e#!5!5e'
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Code of Corpor!e Go"er##$e for B#%&de'( :2
ANNE/ 2) SAMPLE BOARD MEMBER ?OB
DESCRIPTION
T(e '!!4!or? d4!5e' of Bord Me/er re7
R To e#'4re !(! !(e or%#5'!5o# $op5e' +5!( 5!' %o"er#5#% do$4e#!,+,#d #? o!(er ree"#! e%5'!5o# or re%4&!5o#'
R To e#'4re !(! !(e or%#5'!5o# p4r'4e' 5!' o/@e$!"e' ' def5#ed 5# 5!'%o"er#5#% do$4e#!
R To e#'4re !(e or%#5'!5o# 4'e' 5!' re'o4r$e' e9$4'5"e? 5# p4r'4#$e of 5!'
o/@e$!5"e'7 !(e or%#5'!5o# 4'! #o! 'pe#d o#e? o# $!5"5!5e' +(5$( re
#o! 5#$4ded 5# 5!' o+# o/@e$!5"e', #o !!er (o+ +or!(+(5e or $(r5!/e
!(o'e $!5"5!5e' re
R To $o#!r5/4!e $!5"e? !o !(e /ordQ' roe 5# %5"5#% f5r '!r!e%5$ d5re$!5o# !o
!(e or%#5'!5o#, 'e!!5#% o"er po5$?, def5#5#% %o' #d 'e!!5#% !r%e!' #d
e"4!5#% perfor#$e %5#'! %reed !r%e!'
R To 'fe%4rd !(e %ood #e #d "4e' of !(e or%#5'!5o#
R To e#'4re !(e effe$!5"e #d eff5$5e#! d5#5'!r!5o# of !(e or%#5'!5o#
R To e#'4re !(e f5##$5 '!/55!? of !(e or%#5'!5o#
R To pro!e$! #d #%e !(e proper!? of !(e NGO #d !o e#'4re !(e
proper 5#"e'!e#! of !(e f4#d'
R To ppo5#! !(e $(5ef e9e$4!5"e off5$er #d o#5!or (5'J(er perfor#$e
I# dd5!5o# !o !(e /o"e '!!4!or? d4!5e', e$( Bord Me/er '(o4d 4'e #? 'pe$5f5$
'*5', *#o+ed%e or e9per5e#$e !(e? ("e !o (ep !(e Bord Me/er' re$( 'o4#dde$5'5o#' T(5' ? 5#"o&"e7
R S$r4!5#5'5#% /ord pper'
R Led5#% d5'$4''5o#'
R Fo$4'5#% o# *e? 5''4e'
R Pro"5d5#% %45d#$e o# #e+ 5#5!5!5"e'
R O!(er 5''4e' 5# +(5$( !(e Bord Me/er (' 'pe$5 e9per!5'e
A Bord Me/er '(o4d ("e !(e foo+5#%
4&5!5e'7
R Co5!e#! !o !(e or%#5'!5o#R W55#%#e'' !o de"o!e !(e #e$e''r? !5e #d effor!
R S!r!e%5$ "5'5o#
R Good, 5#depe#de#! @4d%ee#!
R A/55!? !o !(5#* $re!5"e&?
R W55#%#e'' !o 'pe* !(e5r 5#d
R U#der'!#d5#% #d $$ep!#$e of !(e e% d4!5e', re'po#'5/55!5e' #d 5/55!5e'
of !(e Bord
R A/55!? !o +or* effe$!5"e? ' e/er of !e
R Co5!e#! !o !(e 'e"e# pr5#$5pe' of p4/5$ 5fe7 'efe''#e'',5#!e%r5!?, o/@e$!5"5!?, $$o4#!/55!?, ope##e'', (o#e'!? #d &eder'(5p
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Code of Corpor!e Go"er##$e for B#%&de'( :3
ANNE/ @) SAMPLE CONFLICT OF INTEREST
POLIC>
Po!e#!5 $o#f5$!' of 5#!ere'! #eed !o /e $ref4? $o#'5dered #d $orre$!&?
#%ed Me/er' '(o4d !(5#* /o4! po!e#!5 or per$e5"ed $o#f5$!' ' +e '
$!4 $o#f5$!' - !(e? $# /e @4'! ' d%5#% I! 5' %ood pr$!5$e !o ("e # %reed
po5$? #d pr$!5$e !(! Bord e/er' foo+ +(e# $o#'5der5#% $o#f5$!' of 5#!ere'!
T(e '!r!5#% po5#! '(o4d +?' /e !(e or%#5'!5o#Q' %o"er#5#% do$4e#!' e%
Co#'!5!4!5o#, B?- +', Meor#d4 #d Ar!5$e', e!$
A po5$? o# $o#f5$!' of 5#!ere'! $# 5#$&4de72 A Code of Co#d4$! for /ord e/er'
) Re%5'!er of per'o# 5#!ere'!'
. A pro$ed4re for 5de#!5f?5#% $o#f&5$!'
0 A pro$ed4re for +5!(dr+5#% fro d5'$4''5o# #d de$5'5o#6 A pro$ed4re for 5#4!5#% of !(5' pro$e''8 Spe po5$? o# $o#f5$!' of 5#!ere'!
: A#? Bord e/er +(o (' f5##$5 5#!ere'! 5# !!er 4#der d5'$4''5o#,
'(o4d de$re !(e #!4re of !(e5r 5#!ere'! #d +5!(dr+ fro !(e roo,4#e'' !(e? ("e d5'pe#'!5o# !o 'pe*
1 If Bord e/er (' #? 5#!ere'! 5# !(e !!er 4#der d5'$4''5o#, +(5$(
$re!e' re d#%er of /5', !(! 5', !(e 5#!ere'! ffe$!' !(e5r, or e/er
of !(e5r (o4'e(o&d, ore !(# !(e %e#er5!? ffe$!ed /? !(e de$5'5o#7
!(e? '(o4d de$re !(e #!4re of !(e 5#!ere'! #d +5!(dr+ fro !(e
roo, 4#e'' !(e? ("e d5'pe#'!5o# !o 'pe*
; If Bord e/er (' #? o!(er 5#!ere'! +(5$( doe' #o! $re!e re d#%erof /5', /4! +(5$( 5%(! re'o#/? $4'e o!(er' !o !(5#* 5! $o4d
5#f4e#$e !(e5r de$5'5o#, !(e? '(o4&d de$re !(e #!4re of !(e 5#!ere'!, /4! ?
re5# 5# !(e roo, pr!5$5p!e 5# !(e d5'$4''5o#, #d "o!e 5f !(e? +5'(23 If 5# #? do4/! /o4! !(e pp5$!5o# of !(e'e r4e' !(e? '(o4d $o#'4! +5!(
!(e $(5r22 I! 5' re$oe#ded !(! Bord e/erQ' 5#!ere'!' re 5'!ed 5# re%5'!er
E9#+'("s of oo% '$#&i&"
2 W(e# Bord e/er' /e$oe +re of #e+, $!4 or po!e#!5 $o#f5$! of
5#!ere'!, !(e? '(o4d %5"e #o!5$e of 5! !o !(e Se$re!r? !o e#/e (5J(er
!o 4pd!e !(e Co#f5$!' Re%5'!er) T(e Se$re!r? '(o4d 5#$4de 5# !(e5r repor! for e$( Bord ee!5#% de!5' of
#? $o#!r$!'J%reee#!' !o /e e#!ered 5#!o pr5or !o !(e #e9! ee!5#% of
!(e Bord e/er' #d #? po!e#!5 $o#f5$!' 5de#!5f5ed fro $(e$* of
!(e Re%5'!er. Cope!5!5"e !e#der5#% for $o#!r$!' or +or* for +(5$( Bord e/er 5%(!
/e '45!ed =#d !*5#% 4p refere#$e' fro o!(er $5e#!' or
$4'!oer'>
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Code of Corpor!e Go"er##$e for B#%&de'( :2
ANNE/ 4) SAMPLE TERMS OF R EFERENCE FOR A FINANCE AND AUDIT
COMMITTEE
T(e '4re /r$*e!' $o#!5# re$oe#d!5o#' +(5$( re 5# 5#e +5!( /e'! pr$!5$e /4! +(5$( ? #eed !o /e $(#%ed !o '45! !(e $5r$4'!#$e' of !(e pr!5$4r or%#5'!5o#
T(e Bord '(o4d e'!/5'( for #d !r#'pre#! rr#%ee#!' for $o#'5der5#% (o+
!(e? '(o4&d pp? !(e f5##$5 repor!5#% #d 5#!er# $o#!ro pr5#$5pe' #d
for 5#!5#5#% # ppropr5!e re!5o#'(5p +5!( !(e 4d5!or'
T(e 5# roe #d re'po#'5/55!5e' of !(e A4d5! Co5!!ee '(o4d /e 'e! o4! 5#
+r5!!e# !er' of refere#$e +(5$( e9pre'' $er #eed for F5##$5 #d A4d5!
Co5!!ee =!(e Co5!!ee>
T(e F5##$5 #d A4d5! $o5!!ee rr#%ee#!' #eed !o /e propor!5o#!e !o !(e !'*,#d +5 "r? $$ord5#% !o !(e '5e, $ope95!? #d r5'* prof5e of !(e or%#5'!5o#
A' +5!( o'! 'pe$!' of $orpor!e %o"er##$e, !(e /o"e pr5#$5pe' *e 5! $er !(!, #o!
o#? '(o4&d or%#5'!5o#' %o !(ro4%( for pro$e'' of $o#'5der5#% !(e5r 5#!er#
4d5! #d $o#!ro pro$ed4re' #d e"4!5#% !(e5r re!5o#'(5p +5!( !(e5r e9!er#
4d5!or, /4! !(e? 4'! /e 'ee# !o /e do5#% 'o 5# f5r #d !(oro4%( ##er I! 5',
!(erefore, e''e#!5 !(! !(e Co5!!ee 5' proper? $o#'!5!4!ed +5!( $&er re5! #d 5de#!5f5ed
4!(or5!?
A' re%rd' !(e *e 4p of !(e Co5!!ee, !(e Bord '(o4d '!5'f? 5!'ef !(! ! e'! o#e
e/er of !(e Co5!!ee (' re$e#! #d ree"#! f5##$5 e9per5e#$e O!(er' e/er'of !(e or%#5'!5o# ? /e re45red !o ''5'! !(e Co5!!ee fro !5e !o !5e, $$ord5#%
!o !(e pr!5$4r 5!e' /e5#% $o#'5dered #d d5'$4''ed
T(e F5##$5 #d A4d5! Co5!!ee '(o4d ppo5#! C(5r #d Se$re!r? +(o 4'!!!e#d && ee!5#%' #d e#'4re !(! !(e ee!5#%' re proper? $o#'!5!4!ed #d pro$eed5#%'
proper? 5#4!ed
T(e fre4e#$? +5!( +(5$( !(e Co5!!ee #eed' !o ee! +5 "r? fro or%#5'!5o#
!o or%#5'!5o# #d ? $(#%e fro !5e !o !5e A' %e#er r4e, o'!
F5##$e #d A4d5! Co5!!ee' +o4d /e e9pe$!ed !o ee! ! e'! 4r!er&?
T(e 5'!' of d4!5e' propo'ed /eo+ re !(o'e, +(5$( +e /e5e"e F5##$e #d
A4d5! Co5!!ee' '(o4d $o#'5der Soe or%#5'!5o#' ? +5'( !o dd !o !(5' 5'! #d
'oe 'er or%#5'!5o#' ? #eed !o od5f? 5! 5# o!(er +?'A de'$r5p!5o# of !(e 5# $!5"5!5e' of !(e ?er!o7> Mo#5!or !(e 5#!e%r5!? of !(e f5##$5'!!ee#!'
/> Re"5e+ !(e 5#!e%r5!? of !(e 5#!er# f5##$5 $o#!ro #d r5'* #%ee#!
'?'!e'$> Re"5e+ !(e 5#depe#de#$e of !(e e9!er# 4d5!or', #d !(e pro"5'5o# of #o#-4d5!
'er"5$e'
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Code of Corpor!e Go"er##$e for B#%&de'( :)
d> De'$r5/e !(e o"er'5%(! of !(e e9!er# 4d5! pro$e'', #d (o+ 5!' effe$!5"e#e'' +'
''e''ed
e> E9p5# !(e re$oe#d!5o# !o !(e Bord o# !(e ppo5#!e#! of
4d5!or'
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Code of Corpor!e Go"er##$e for B#%&de'( :.
T(e C(5r# of !(e Co5!!ee '(o4d !!e#d !(e AGM prepred !o re'po#d !o
#? 4e'!5o#' !(! ? /e r5'ed o# !!er' +5!(5# !(e Co5!!ee<' re of re'po#'5/5&5!?
M"+,"$s!i'
T(e Bord '( ppo5#! e/er' of !(e Co5!!ee T(e Co5!!ee '( /e de 4p of
! e'! [3] e/er' A e/er' of !(e Co5!!ee '( ("e re$e#! #d
ree"#! f5##$5 e9per5e#$e T(e C(5r# of !(e Bord '( #o! /e e/er
of !(e Co5!!ee
O#? e/er' of !(e Co5!!ee ("e !(e r5%(! !o !!e#d Co5!!ee ee!5#%' Ho+e"er,
o!(er 5#d5"5d4' '4$( ' !(e C(5r# of !(e Bord, C(5ef E9e$4!5"e, F5##$e D5re$!or,
o!(er Bord e/er', 5#!er# 4d5! #d repre'e#!!5"e' fro !(e f5##$e f4#$!5o#
? /e 5#"5!ed !o !!e#d or pr! of #? ee!5#% ' #d +(e# ppropr5!e T(e
e9!er#& 4d5!or' +5 /e 5#"5!ed !o !!e#d ee!5#%' of !(e Co5!!ee o# re%4r /'5'
Appo5#!e#!' !o !(e Co5!!ee '( /e for per5od of 4p !o o#e Bord !er, +(5$( ?
/e e9!e#ded $$ord5#% !o !(e or%#5'!5o# re45ree#!' /4! for 954 of f4r!(er
!er T(e Bord '(&& ppo5#! !(e Co5!!ee C(5r# +(o '( #o! /e e/er of
'!ff I# !(e /'e#$e of !(e Co5!!ee C(5r# #dJor # ppo5#!ed dep4!?, !(e
re5#5#% e/er' pre'e#! '( ee$! o#e of !(e'e"e' !o $(5r !(e ee!5#%
<*o$*+
T(e 4or4 #e$e''r? for !(e !r#'$!5o# of /4'5#e'' '( /e 3 e/er' A d4&?
$o#"e#ed ee!5#% of !(e Co5!!ee ! +(5$( 4or4 5' pre'e#! '( /e $ope!e#! !o
e9er$5'e or #? of !(e 4!(or5!5e', po+er' #d d5'$re!5o#' "e'!ed 5# or e9er$5'/e /?
!(e Co5!!ee
F$"*"n&1 of M""ins
T(e Co5!!ee '( ee! at least three times a year at appropriate times in the
reporting and audit cycle #d o!(er+5'e ' re45red)1
Noi&" of M""ins
Mee!5#%' of !(e Co5!!ee '( /e '4o#ed /? !(e Se$re!r? of !(e Co5!!ee ! !(e
re4e'! of #? of 5!' e/er' or ! !(e re4e'! of e9!er# or 5#!er# 4d5!or' 5f
!(e? $o#'5der 5! #e$e''r?
U#e'' o!(er+5'e %reed, #o!5$e of e$( ee!5#% $o#f5r5#% !(e "e#4e, !5e #dd!e !o%e!(er +5!( # %e#d of 5!e' !o /e d5'$4''ed, '( /e for+rded !o e$(
e/er of !(e Co5!!ee, #? o!(er per'o# re45red !o !!e#d #o !er !(# 5 +or*5#%
d?' /efore !(e d!e of !(e ee!5#% S4ppor!5#% pper' '( /e 'e#! !o Co5!!ee
e/er' #d !o o!(er !!e#dee' ' ppropr5!e, ! !(e 'e !5e
)1T(e fre4e#$? #d !55#% of ee!5#%' +5 d5ffer $$ord5#% !o !(e #eed' of !(e or%#5'!5o#Mee!5#%' '(o4d /e
or%#5'ed 'o !(! !!e#d#$e 5' 955'ed =for e9pe /? !5e!/5#% !(e !o $o5#$5de +5!( Bord ee!5#%'>
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Code of Corpor!e Go"er##$e for B#%&de'( :0
Min*"s of M""ins
T(e Co5!!ee Se$re!r? '( 5#4!e !(e pro$eed5#%' #d re'o4!5o#' of ee!5#%'
of
!(e Co5!!ee, 5#$4d5#% re$ord5#% !(e #e' of !(o'e pre'e#! #d 5# !!e#d#$e T(e
Se$re!r? '( '$er!5#, ! !(e /e%5##5#% of e$( ee!5#%, !(e e95'!e#$e of #? $o#f5$!'
of 5#!ere'! #d 5#4!e !(e $$ord5#%? M5#4!e' of Co5!!ee ee!5#%' '( /e
$5r$4!ed prop!? !o e/er' of !(e Co5!!ee #d, o#$e %reed, !o e/er' of
!(e Bord
Ann*#( G"n"$#( M""in
T(e C(5r# of !(e Co5!!ee '( !!e#d !(e A##4 Ge#er Mee!5#% prepred
!o re'po#d !o #? 4e'!5o#' o# !(e Co5!!ee<' $!5"5!5e'
T(e Co5!!ee '(o4d $rr? o4! !(e foo+5#% d4!5e' ' e9p5#ed
/e&o+7o F5##$5 Repor!5#%
o I#!er# Co#!ro' #d R5'* M#%ee#! S?'!e'o I#!er# A4d5!
o E9!er# A4d5!
Fin#n&i#( R"'o$in
T(e Co5!!ee '( o#5!or !(e 5#!e%r5!? of !(e f5##$5 '!!ee#!' of !(e
or%#5'!5o#, 5#$4d5#% 5!' ##4 #d 5#!er5 repor!', #d #? o!(er for
##o4#$ee#! re!5#% !o 5!' f5##$5 perfor#$e, re"5e+5#% '5%#5f5$#! f5##$5
repor!5#% 5''4e' #d @4d%ee#!' +(5$( !(e? $o#!5#
T(e Co5!!ee '( 'o re"5e+ '4r? f5##$5 '!!ee#!' '5%#5f5$#!f5##$5 re!4r#' !o re%4!or' #d #? f5##$5 5#for!5o# $o#!5#ed 5# $er!5# o!(erdo$4e#!'T(e Co5!!ee '( re"5e+ #d $(e#%e +(ere#e$e''r?7
2 T(e $o#'5'!e#$? of, #d #? $(#%e' !o, $$o4#!5#% po5$5e' /o!( o# ?er
o# ?er /'5' #d $ro'' !(e or%#5'!5o#J%ro4p
) T(e e!(od' 4'ed !o $$o4#! for '5%#5f5$#! or 4#4'4 !r#'$!5o#' +(ere
d5ffere#! ppro$(e' re po''5/&e. W(e!(er !(e or%#5'!5o# (' foo+ed ppropr5!e $$o4#!5#% '!#drd' #d
de ppropr5!e e'!5!e' #d @4d%ee#!', !*5#% 5#!o $$o4#! !(e "5e+' of !(ee9!er# 4d5!or
0 T(e $r5!? of d5'$o'4re 5# !(e or%#5'!5o#<' f5##$5 repor!' #d !(e $o#!e9!5# +(5$( '!!ee#!' re de #d !er5 5#for!5o# pre'e#!ed +5!(
!(e f5##$5 '!!ee#!', '4$( ' !(e oper!5#% #d f5##$5 re"5e+
6 T(e Co5!!ee '( re"5e+ !(e ##4 f5##$5 '!!ee#!' +(ere #o! re"5e+ed /? !(e Bord ' +(o&e
In"$n#( Con$o(s #n% Ris7 M#n#"+"n S1s"+s
T(e Co5!!ee '(&&7
2 eep 4#der re"5e+ !(e effe$!5"e#e'' of !(e or%#5'!5o#<' 5#!er# $o#!ro' #d
r5'* #%ee#! '?'!e' #d
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Code of Corpor!e Go"er##$e for B#%&de'( :6
) Re"5e+ #d ppro"e !(e '!!ee#!' !o /e 5#$4ded 5# !(e A##4 Repor!
$o#$er#5#% 5#!er# $o#!ro' #d r5'* #%ee#!);
In"$n#( A*%i
T(e Co5!!ee '(&&72 Mo#5!or #d re"5e+ !(e effe$!5"e#e'' of !(e or%#5'!5o#<' 5#!er# 4d5! f4#$!5o#
5# !(e $o#!e9! of !(e or%#5'!5o#<' o"er r5'* #%ee#! '?'!e.3
) Appro"e !(e ppo5#!e#! #d reo" of !(e (ed of !(e 5#!er# 4d5! f4#$!5o#. Co#'5der #d ppro"e !(e re5! of !(e 5#!er# 4d5! f4#$!5o# #d e#'4re 5! ('
de4!e re'o4r$e' #d ppropr5!e $$e'' !o 5#for!5o# !o e#/e 5! !o perfor
5!' f4#$!5o# effe$!5"e? #d 5# $$ord#$e +5!( !(e ree"#! profe''5o# '!#drd'
T(e Co5!!ee '(&& &'o e#'4re !(e f4#$!5o# (' de4!e '!#d5#% #d 5'
free fro #%ee#! or o!(er re'!r5$!5o#'0 Re"5e+ #d ''e'' !(e ##4 5#!er# 4d5! p&#
6 Re"5e+ prop!? repor!' o# !(e or%#5'!5o# fro !(e 5#!er# 4d5!or'8 Re"5e+ #d o#5!or #%ee#!<' re'po#'5"e#e'' !o !(e f5#d5#%' #d
re$oe#d!5o#' of !(e 5#!er# 4d5!or #d ee! !(e (ed of 5#!er# 4d5!!
e'! o#$e ?er, +5!(o4! #%ee#! /e5#% pre'e#!, !o d5'$4'' !(e5r re5!
#d #? 5''4e' r5'5#% fro !(e 5#!er# 4d5!' $rr5ed o4! I# dd5!5o#, !(e (ed
of 5#!er# 4d5! '( /e %5"e# !(e r5%(! of d5re$! $$e'' !o !(e C(5r of !(e
Bord #d !o !(e Co5!!ee
E9"$n#( A*%i
T(e Co5!!ee '(&&7
2 Co#'5der #d *e re$oe#d!5o#' !o !(e Bord, !o /e p4! !o !(e Ge#erBod? for ppro" ! !(e AGM, 5# re!5o# !o !(e ppo5#!e#!, re-ppo5#!e#!
#d reo" of !(e or%#5'!5o#<' e9!er# 4d5!or T(e Co5!!ee '(&&
o"er'ee !(e 'ee$!5o# pro$e'' for #e+ 4d5!or') O"er'ee !(e re!5o#'(5p +5!( !(e e9!er# 4d5!or 5#$4d5#% =/4! #o! &55!ed
!o>7 Appro" of !(e5r re4#er!5o#, +(e!(er fee' for 4d5! or #o#
4d5! 'er"5$e' #d !(! !(e e"e of fee' 5' ppropr5!e !o e#/e #de4!e
4d5! !o /e $o#d4$!ed / Appro" of !(e5r !er' of e#%%ee#!, 5#$4d5#% #? e#%%ee#!
e!!er 5''4ed ! !(e '!r! of e$( 4d5! #d !(e '$ope of !(e 4d5!$ S!5'f?5#% 5!'ef !(! !(ere re #o re!5o#'(5p' ='4$( '
f5&?, ep&o?e#!, 5#"e'!e#!, f5##$5 or /4'5#e''> /e!+ee# !(e4d5!or
#d !(e or%#5'!5o# =o!(er !(# 5# !(e ord5#r? $o4r'e of /4'5#e''>d A%ree5#% +5!( !(e Bord po5$? o# !(e epo?e#! of forer
epo?ee' of !(e or%#5'!5o#<' 4d5!or, !(e# o#5!or5#% !(e5pee#!!5o# of !(5' po&5$?
);
U#e'' !(5' 5' do#e /? !(e Bord ' +(o&e.3If !(e or%#5'!5o# doe' #o! ("e # 5#!er# 4d5! f4#$!5o#, !(e Co5!!ee '(o4d $o#'5der ##4? +(e!(er !(ere
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Code of Corpor!e Go"er##$e for B#%&de'( :8
'(o4d /e o#e #d *e re$oe#d!5o# !o !(e Bord $$ord5# %? T(e /'e#$e of '4$( f4#$!5o# '(o4d /e
e9p5#ed 5# !(e A##4 Repor!
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Code of Corpor!e Go"er##$e for B#%&de'( ::
e Mo#5!or5#% !(e 4d5!or<' $op5#$e +5!( ree"#! e!(5$ #d
profe''5o# %45d#$e o# !(e ro!!5o# of 4d5! pr!#er', !(e e"e of fee'
p5d /? !(e or%#5'!5o# $opred !o !(e o"er fee 5#$oe of
!(e f5r, off5$e #d pr!#er #d o!(er re!ed re45ree#!'
f A''e''5#% ##4? !(e5r 45f5$!5o#', e9per!5'e #d re'o4r$e' #d !(eeffe$!5"e#e'' of !(e 4d5! pro$e'' +(5$( '( 5#$4de repor! fro !(e
e9!er# 4d5!or o# !(e5r o+# 5#!er# 45!? pro$ed4re'
% Mee! re%4r? +5!( !(e e9!er# 4d5!or, 5#$4d5#% o#$e !
!(e p##5#% '!%e /efore !(e 4d5! #d o#$e f!er !(e 4d5! ! !(e
repor!5#% '!%e T(e Co5!!ee '( ee! !(e e9!er# 4d5!or !
e'! o#$e ?er, +5!(o4! #%ee#! /e5#% pre'e#!, !o d5'$4'' !(e5r
re5! #d #? 5''4e' r5'5#% fro !(e 4d5!
( Re"5e+ #d ppro"e !(e ##4 4d5! p# #d e#'4re !(! 5! 5'$o#'5'!e#! +5!( !(e '$ope of !(e 4d5! e#%%ee#!
5 Re"5e+ !(e f5#d5#%' of !(e 4d5! +5!( !(e e9!er# 4d5!or T(5' '(&&5#$4de /4! #o! /e 55!ed !o, !(e fo&&o+5#%
5 d5'$4''5o# of #? @or 5''4e' +(5$( ro'e d4r5#% !(e 4d5!,
55 #? $$o4#!5#% #d 4d5! @4d%ee#!',
#d 555 e"e' of error' 5de#!5f5ed d4r5#% !(e4d5!
. T(e Co5!!ee '( 'o re"5e+ !(e effe$!5"e#e'' of !(e
4d5!0 Re"5e+ #? repre'e#!!5o# e!!er='> re4e'!ed /? !(e e9!er# 4d5!or /efore
!(e? re '5%#ed /? #%ee#!
6 Re"5e+ !(e #%ee#! e!!er #d #%ee#!<' re'po#'e !o !(e 4d5!or<'
f5#d5#%' #d re$oe#d!5o#' #d8 De"eop #d 5pee#! po5$? o# !(e '4pp? of #o#-4d5! 'er"5$e' /? !(e
e9!er# 4d5!or, !*5#% 5#!o $$o4#! #? ree"#! e!(5$ %45d#$e o# !(e
!!er
R"'o$in R"s'onsi,i(ii"s
T(e Co5!!ee C(5r# '( repor! for? !o !(e Bord o# 5!' pro$eed5#%' f!er e$(ee!5#% o# && !!er' +5!(5# 5!' d4!5e' #d re'po#'5/5&5!5e'
T(e Co5!!ee '( *e +(!e"er re$oe#d!5o#' !o !(e Bord 5! dee' ppropr5!eo# #? re +5!(5# 5!' re5! +(ere $!5o# or 5pro"ee#! 5' #eeded
T(e Co5!!ee '( $op5e repor! !o '(re(oder' o# 5!' $!5"5!5e' !o /e 5#$4ded 5#!(e or%#5'!5o#<' A##4 Repor!
O!"$ M#"$s
T(e Co5!!ee '(&&7
2 H"e $$e'' !o '4ff5$5e#! re'o4r$e' 5# order !o $rr? o4! 5!' d4!5e', 5#$4d5#%$$e'' !o !(e or%#5'!5o# 'e$re!r5! for ''5'!#$e ' re45red
) Be pro"5ded +5!( ppropr5!e #d !5e? !r5#5#%, /o!( 5# !(e for of # 5#d4$!5o#
pro%re for #e+ e/er' #d o# # o#%o5#% /'5' for e/er'
. Be re'po#'5/e for $o-ord5#!5o# of !(e 5#!er# #d e9!er# 4d5!or'
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Code of Corpor!e Go"er##$e for B#%&de'( :1
0 O"er'ee #? 5#"e'!5%!5o# of $!5"5!5e' +(5$( re +5!(5# 5!' !er' of refere#$e #d
$! ' $o4r! of !(e '! re'or! #d
6 A! e'! o#$e ?er, re"5e+ 5!' o+# perfor#$e, $o#'!5!4!5o# #d !er' of
refere#$e !o e#'4re 5! 5' oper!5#% ! 954 effe$!5"e#e'' #d re$oe#d #?
$(#%e' 5! $o#'5der' #e$e''r? !o !(e Bord for ppro"&
A*!o$i1
T(e Co5!!ee 5' 4!(or5'ed72 To 'ee* #? 5#for!5o# 5! re45re' fro #? epo?ee of !(e or%#5'!5o# 5#
order !o perfor 5!' d4!5e') To o/!5#, ! !(e or%#5'!5o#<' e9pe#'e, o4!'5de e% or o!(er profe''5o# d"5$e
o# #? !!er +5!(5# 5!' !er' of refere#$e #d
. To $ #? epo?ee !o /e 4e'!5o#ed ! ee!5#% of !(e Co5!!ee '#d +(e# re45red
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Code of Corpor!e Go"er##$e for B#%&de'( :;
R ESOURCES
OECD Pr5#$5pe' of Corpor!e Go"er##$e
Coo#+e!( Pr5#$5p&e'
Pr5#$5pe' #d Pr$!5$e' of M5$rof5##$e Go"er##$e, /? R Ro$*, M O!ero, S S&!#,
ACCION I#!er#!5o#, A4%4'! 2;;1
M5$rof5##$e Ne+'e!!er, Corpor!e Go"er##$e of M5$rof5##$e 5# B#%de'(, /?Cred5! De"eope#! For4
CCH Corpor!e Go"er##$e, A D5re$!orQ' H#d/oo*, 2;;;
T(e : H/5!' of H5%(? Effe$!5"e peope, B? S!ep(e# Co"e?, - T(e B4'5#e'' 5/rr?, 2;1;
B4'5#e'' E!(5$ Re'er$( Co#fere#$e Pper Corpor!e Go"er##$e #d A4d5!
5#depe#de#$e7 A Tr5o%? B? Ire#e Tepo#e #d A#!o5#e!!e R5$(rd'o# S$(oo
of B4'5#e'', S+5#/4r#e U#5"er'5!? of Te$(#o&o%?,
C4rre#! Go"er##$e Pr$!5$e' of MFI', B? A#5! Cp5o#, 2;;1
Hr"rd B4'5#e'' S$(oo Repor!, )33)
R5'5#% E9pe$!!5o#' of Corpor!e Go"er##$e, /? Pr5$e+!er(o4'eCooper', A4%< )33)
Po+er re!5o#' /e!+ee# /ord' #d 'e#5or #%er' 5# !(e %o"er##$e of p4/5$
#d #o#-prof5! or%#5'!5o#', /? C(r5' Cor#fo!(, Apr5 )332CGAP We/'5!e =+++$%por % >
I#$re'5#% !(e Effe$!5"e#e'' of C(r5!? Tr4'!ee' #d M#%ee#! Co5!!ee', Lo#do#,C(r5!? Co5''5o#, 2;;)
Cop#? Se$re!r5 Pr$!5$e, Corpor!e Go"er##$e, ICSA Te9!
So$5e!5e' Re%5'!r!5o# A$! No I of 2183, B#%&de'(
NGO Go"er##$e, A# o"er"5e+ o# F5##$5 S?'!e, /? S(5"r*4r
=I#d5> G45de5#e' for See$!5o# of Pr!#er Or%#5!5o# =PO> of PSF
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Code of Corpor!e Go"er##$e for B#%&de'( 13
APPENDICES
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Code of Corpor!e Go"er##$e for B#%&de'( 12
CUMULATIVE VOTING) A BRIEF DESCRIPTION
C44!5"e "o!5#% 5' "o!5#% pro$ed4re !(! o+' '(re(oder' !o $$44!e !(e5r
"o!e' for o#e or ore $#d5d!e', !(ere/? o+5#% 5#or5!? '(re(oder' !o
or%#5'e !(e5r "o!e' !o '4ppor! d5re$!or $#d5d!e A# e9pe 5' !(e /e'!
+? !o 5&&4'!r!e $44!5"e "o!5#%
E9#+'(") A &o+'#n1 !#s s"#s on !" Bo#$% of Di$"&o$s %*" fo$ "("&ion.
Standard Voting: One Share = One Vote per Director Seat
I# !(e '!#drd "o!5#% '5!4!5o#, '(re(oder (od5#% o#e '(re $o4d $'! f5"e
"o!e', o#e for e$( Bord 'e! 4p for ee$!5o# !(e '(re(oder $# "o!e ?e' or #o
for e$( $#d5d!e
Vo!e'= 2 @ 4
D5re$!or
Se!' 4p for
Ee$!5o#= 2 @ 4
Cumulative Voting: Numer o! Votes = Numer o! Director Seats up !or "lection
I# $44!5"e "o!5#% '5!4!5o#, '(re(oder (od5#% o#e '(re $o4d $'! f5"e
"o!e' !o! T(e "o!e' $o4d /e $'! for o#e d5re$!or $#d5d!e, o#e for e$( d5re$!or
'e!, or !(e5r f5"e "o!e' $o4d /e d5'!r5/4!ed !o #? $o/5#!5o# of !(e d5re$!or
$#d5d!e' =T(e !+o
d5%r' /eo+ '(o+ !+o po''5/e !er#!5"e "o!5#% po'5!5o#'> T(e f5"e d5re$!or
$#d5d!e' +5!( !(e o'! "o!e' +5 /e ee$!ed !o !(e ope# /ord 'e!' Effe$!5"e
$44!5"e "o!5#% re45re' !(! !(e #4/er of $#d5d!e' e9$eed' !(e #4/er of 'e!' 4p
for ee$!5o# !(e $op#? 4'! p4! for+rd 4!5pe $#d5d!e' for e$( 'e!
or '(re(oder' '(o4d #o5#!e d5re$!or $#d5d!e'
C44!5"e "o!5#% o+' 5#or5!? '(re(oder' !o @o5# $oe$!5"e? !o ee$! d5re$!orof !(e5r $(o5$e T(e #4/er of "o!e' re45red !o ee$! d5re$!or depe#d' o# !(e #4/er
of 'e!' 4p for ee$!5o# 5# !(5' e9pe, +5!( f5"e 'e!' 4p for ee$!5o#, )3K p4' o#e
"o!e +5 %4r#!ee ee$!5o#, /4! d5re$!or $o4&d /e ee$!ed +5!( e'' 5f !(ere re
#? $#d5d!e' #d "o!e' re d5'!r5/4!ed +5de&?
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Code of Corpor!e Go"er##$e for B#%&de'( 13
Cumulative Voting #lternative $: #ll !ive votes are cast !or one director candidate%Vo!e'
'e!' 4p fore&e$!5o#
6 "o!e' 6 "o!e' for C#d5d!e B
D5re$!or
C#d5d!e' A B C D E F G
Cumulative Voting #lternative &: 'ive votes split et(een t(o candidates%Vo!e'
'e!' 4p for
e&e$!5o#
6 "o!e' ) "o!e' for C#d5d!e C . "o!e' for C#d5d!e G
D5re$!or C#d5d!e' A B C D E F G
T(e ADB-SEC Corpor!e Go"er##$e re$oe#d!5o#' '4ppor!ed #d!or?
$44!5"e "o!5#% for p4/5$ 5'!ed $op#5e' T(e OECD A'5# Ro4#d!/e W(5!e
Pper o# Corpor!e Go"er##$e 'o re$oe#ded #d!or? $44!5"e "o!5#% !o
pro!e$! !(e 5#!ere'!' of 5#or5!? '(re(o&der'
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SAMPLE SHAREHOLDERS4 HANDBOOK
T(5' pro"5de' %e#er o4!5#e of S(re(oder'< H#d/oo* A' per !(e re45ree#!' of
!(e Code of Corpor!e Go"er##$e o# !(e Roe of S(re(oder', e$( $op#? '(o4d
pro"5de S(re(o&der'< H#d/oo* !o !(e5r '(re(oder' !o /e!!er e#/e '(re(oder' !o
p? !(e5r roe 5# effe$!5"e $orpor!e %o"er##$e E$( $op#? +5 ("e 4#54e #d
'pe$5f5$ pro$ed4re' #d re45ree#!' ' per !(e5r Ar!5$e' of A''o$5!5o# T(e
S(re(oder'< H#d/oo* '(o4d 5#$4de 'pe$5f5$ refere#$e' !o !(e $op#?<' Ar!5$e' of
A''o$5!5o# !(! pro"5de for !(e r5%(!' e9p&5#ed
I. C(#ss"s of S!#$"s) T(e H#d/oo* '(o4d e9p5# !(e "r5o4' !?pe' #d $''e' of'(re', 5#$4d5#% !(e r5%(!' ''o$5!ed +5!( e$(
II. G"n"$#( +""ins
A W(! 5' %e#er ee!5#% AGM EGMB W(e# '(o4d # AGM /e (e&dC W(! '(o4d /e d5'$4''ed
D W(! 5' ? roe ! # AGME W(! 5#for!5o# $# I e9pe$! fro $op#? pr5or !o !(e AGM
F W(! 5' !(e d5ffere#$e /e!+ee# # AGM #dEGM G W(o $# $ %e#er ee!5#%
III. Mino$i1 S!#$"!o(%"$s Ri!s
A W(! 5' 5#or5!? '(re(o&der
B W(! r5%(!' do I ("e ' 5#or5!? '(re(o&der
C Ho+ $# I e9er$5'e ? 5#or5!? '(re(oder r5%(!'
IV. Ri! o Di6i%"n%s
A W(! 5' d5"5de#d
2 D5"5de#d' re p?e#! !o '(re(oder' fro !(e e9$e'' prof5!' of !(e
$op#? D5"5de#d' ? o#? /e p5d o4! of !(e #e! prof5!' of
!(e $op#? or pre"5o4'&? 4#d5'!r5/4!ed prof5!' If !(ere re
#o '4$( prof5!', d5"5de#d' ? #o! /e p5dB Do '(re(oder' re$e5"e d5"5de#d' e"er? ?er
2 S(re(oder' ? #o! re$e5"e d5"5de#d e"er? ?er T(ere $# /e#? re'o#' for #o! p?5#% d5"5de#d' For 5#'!#$e, +(e# !(e
$op#? *e' o'', 5! $##o! p? d5"5de#d') M#%ee#! #d d5re$!or' ? 'o re$oe#d #o! p?5#% d5"5de#d
+(e# !(e $op#? (' 5#"e'!e#! pro@e$!' !(! +5 er# (5%( r!e of
re!4r# for !(e '(re(o&der'C Ho+ 5' d5"5de#d de$5ded
2 D5"5de#d' re re$oe#ded /? !(e /ord #d ppro"ed /? !(e
'(re(oder' S(re(oder' ? #o! ppro"e d5"5de#d 5# e9$e'' of!(! re$oe#ded /? !(e /ord
D W(e# !(e '(re(oder' ppro"e d5"5de#d, '(re(oder' ("e !(e r5%(! !o /e p5d pro-r! por!5o# of !(! d5"5de#d
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E O#$e !(e d5"5de#d 5' de$red, '(re(oder' '(o4d re$e5"e !(e5r d5"5de#d
p?e#!' +5!(5# !+o o#!('
F W(! 5' Bo#4' S(re2 Bo#4' S(re 5' #o!(er !er for '!o$* d5"5de#d I#'!ed of $'( p5d
for d5"5de#d', #e+ '(re or pr!5 '(re 5' 5''4ed !o e$( '(re(oder' d5"5de#d p?e#!
) W(e# '!o$* d5"5de#d 5' propo'ed, $op#5e' '(o4d e9p5# !o
'(re(oder' !(e po!e#!5 d54!5o# of !(e5r '(re(od5#% #d !(e
5p5$!5o#' of '4$( d54!5o# C'(fo+ 5p5$!5o#' of
/o#4' '(re 5''4e '(o4d 'o /e e9p5#ed /o#4' '(re' +5 #o!
prod4$e $'( 5#fo+ /4! +5&& 5#$re'e $'( o4!fo+ 5f !(e d5"5de#d r!e 5'
4#$(#%edG Ho+ $# ? '(re' /e !r#'ferred !o #e+ o+#er
V. Di$"&o$s. T(e S(re(oder'< H#d/oo* '(o4d 5#$&4de7A T(e '(re(oder'< r5%(! !o #o5#!e #d ee$! d5re$!or', o#% +5!( !(e pro$ed4re'
/? +(5$( d5re$!or =or MD> $# /e reo"edB A '!!ee#! !o !(e effe$! !(! d5re$!or' repre'e#! '(re(o&der'
C Roe', re'!r5$!5o#', re'po#'5/55!5e', #d 5/55!5e' of e9e$4!5"e #d #o#-e9e$4!5"e
d5re$!or' '(o4&d /e d5'$o'ed !o '(re(oder' T(e d5'!5#$!5o# #d re&!5o#'(5p
/e!+ee# #%ee#! #d !(e /ord of $op#? '(o4d /e e9p&5#edD D5re$!or'< re4#er!5o#, 5#$4d5#% e9e$4!5"e d5re$!or'E T(e r!5o of e9e$4!5"e !o #o#-e9e$4!5"e d5re$!or'
F S(re(oder' '(o4d *#o+ !(e pro$ed4re' for d5re$!or' !o e9$4'e !(e'e"e' fro
"o!5#% o# 5!e' #d $o#!r$!' 5# +(5$( !(e? ("e # 5#!ere'!
G S(re(oder' '(o4d /e 5#fored of re%5'!er of d5re$!or'< 5#!ere'!' 5# $o#!r$!' orrr#%ee#!' of !(e $op#? #d !(e5r r5%(! !o 5#'pe$! '4$( re%5'!er
VI. Voin Ri!s
A R5%(! !o re4e'! po or /o! ! %e#er ee!5#%
B R5%(! !o pro9?2 A#? '(re(oder ? ee$! pro9? !o !!e#d !(e AGM #d "o!e !(e5r
'(re' T(e '(re(oder 4'! 5#for !(e $op#? 5# +r5!5#% of!(e5r
$(o'e# pro9? ! e'! 01 (o4r' pr5or !o !(e AGM T(e per'o# ee$!ed' pro9? #eed #o! /e '(re(oder of !(e $op#?
VII. R"'o$in #n% Dis&(os*$"s
A S(re(oder' ("e !(e r5%(! !o re$e5"e 5#for!5o# /o4! $op#? re'o&4!5o#',
de$5'5o#', #d oper!5o#' '4$( !(! 5! $# /e 4#der'!ood /? &?per'o#B D5'!r5/4!5o# of A##4 Repor! A##4 repor!' #d 5#4!e' of !(e AGM '(o4&d
/e de e'5? "5/e !o '(re(o&der'
2 If '(re(oder' re #o! pro"5ded +5!( $op? of !(e A##4 Repor! #d5#4!e' of !(e AGM, !(e? '(o4d /e 5#fored +(ere #d (o+!(e?
$# o/!5# $op?) S(re(oder' $# 'o 4!55'e !(e 5/rr5e' of !(e SEC, DSE, #d CSE !o
o/!5# 5#for!5o# /o4! p4/5$ 5'!ed
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$op#5e'
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C A##4 repor!' '(o4d 5#$&4de72 A4d5!ed f5##$5 '!!ee#!', +(5$( 5#$4de B#$e S(ee! #d Prof5!
#d Lo'' A$$o4#!' T(e H#d/oo* '(o4d e9p5# +(! '(o4d /e 5#
!(e f5##$5& '!!ee#!' #d /'5$ e9p#!5o# of (o+ !o 5#!erpre! !(e
f5##$5 '!!ee#!') A4d5!or'< Repor!
. D5re$!or'< Repor!
0 E9p#!5o# of !(e $op#?<' perfor#$e #d pro'pe$!' for !(e
f4!4re, 5#$4de !(e /4'5#e'' '!r!e%? #d # #?'5' of !(e
'!re#%!(', +e*#e'', oppor!4#5!5e' #d !(re!'6 Cer 5de#!5f5$!5o# of !(e $op#?<' r5'* f$!or' #d $o#'e4e#$e'8 Cp5! '!r4$!4re' #d rr#%ee#!' !(! e#/e $er!5# '(re(oder' !o
o/!5# de%ree of $o#!ro d5'propor!5o#!e !o !(e5r e45!? o+#er'(5p'(o4d /e d5'$&o'ed
: To! '(re' 4!(or5'ed #d o!!ed, ' +e ' #4/er of '(re(oder'5# "r5o4' !5er' of '(re(od5#% =e% #4/er of '(re(oder' +5!(233,333 or ore '(re'>
D Cop#5e' '(o4d pro"5de 4#4d5!ed 4r!er? re'4!' !o '(re(oder', ' +e
!5e? 5#for!5o# /o4! e"e#!' or re'4!' !(! +5 !er5? ffe$! !(e $op#?
E S(re(oder' ("e !(e r5%(! !o re"5e+ p4/5$ do$4e#!', 5#$4d5#% Ar!5$e' of A''o$5!5o# of $op#?, ! !(e $op#?<' re%5'!eredoff5$e'
F Cop#5e' '(o4d d5'$o'e +(e!(er #d (o+ !(e? re 4p(od5#%7 'o$5 $orpor!e
re'po#'5/55!5e' =CSR> e#"5ro#e#! re'po#'5/55!5e' +or*er'< r5%(!' %e#der
r5%(!' o!(er '!#drd'J$ode' ppropr5!e !o !(e 5#d4'!r? =e% $o#'4er r5%(!',
p''5#% 45!? $o#!roJ'fe!? '!#drd'>
VIII. R"*i$"% S!#$"!o(%"$ A''$o6#(
A S(re(oder' 4'! ppro"e ord5#r? re'o4!5o#' of !(e $op#? p4! /efore !(eAGM, +(5$( 5#$4de
re'o&4!5o#'7
2 !o 5#$re'e, de$re'e, $o#'o5d!e or d5"5de or #? of 5!' '(re') !o $o#"er! p5d-4p '(re' 5#!o '!o$* #d re$o#"er! '!o$* 5#!o p5d-4p
'(re', ' +e ' '4/d5"5de '(re' #d
. !o $#$e '(re' +(5$( ("e #o! /ee# !*e# or %reed !o /e !*e# /?#? per'o#
B S(re(oder ppro" =!(ree-fo4r!('> 5' re45red for @or $op#? de$5'5o#',5#$4d5#%7
2 To $(#%e !(e Meor#d4 or Ar!5$e' of A''o$5!5o# of !(e
$op#?) To red4$e '(re $p5!&
. To re'er"e $p5!&0 To reo"e d5re$!or fro off5$e6 To reo"e # 4d5!or /efore !(e e9p5r? of (5' !er
8 O# +5#d5#% 4p !(ro4%( !(e Co4r!: For "o4#!r? +5#d5#% 4p /e$4'e of e9$e'' &5/5&5!?
1 To '#$!5o# rr#%ee#!' /e!+ee# $op#? #d $red5!or
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I/. Ri!s Iss*"s
A R5%(!' I''4e refer' !o # 5#$re'e 5# '(re $p5! /? $op#? T(e pro$ed4re
for R5%(!' I''4e 5' def5#ed 5# Se$!5o# 266 of !(e Cop#5e' A$!, 2;;0, F4r!(er I''4e of Cp5!&
B S(re(oder' '(o4d /e de +re of !(e $r5!er5 for !(e 5''4e of R5%(!' S(re',
#d !(e 55!!5o#' of !(e 5''4e of R5%(!' S(re'C W(e# R5%(!' I''4e 5' p4! for+rd !o !(e '(re(oder', !(ree-fo4r!(' @or5!?
'(o4d /e re45red for ppro"&2 D5re$!or' '(o4d e9p5# !(e re'o# for !(e R5%(!' I''4e #d !(e
'4%%e'!ed 4'e='> of !(e f4#d' !(! +5 /e r5'ed
) S(re(oder' '(o4d re$e5"e $er e9p#!5o# of !(e po!e#!5
po'5!5"e #d #e%!5"e o4!$oe' of !(e R5%(!' I''4e, 'pe$5f5$?
!(e d54!5o# effe$! '(o4&d /e $er? e9p&5#edD Af!er R5%(!' I''4e, d5re$!or' '(o4d repor! /$* !o '(re(oder' /o4! !(e 4'e' of
!(e f4#d' #d !(e re!4r#' fro '5d pro@e$!' D5re$!or' '(o4d pro"5de # 4d5!ed
4r!er? $$o4#! of !(e Pre54 S(re A$$o4#!, +(5$( $o#!5#' !(e pro$eed'fro !(e R5%(!' I''4e
/. R"*(#o$1 Bo%i"s
A S(re(oder' '(o4d /e de +re ' !o !(e roe of !(e re%4!or? /od5e'
B S(re(oder' '(o4d *#o+ #d 4#der'!#d !(e pro$ed4re' for 4p(od5#% !(e5r
r5%(!', re%5'!er5#% $op5#!'J$!5o#' %5#'! p4/5$ $op#?, 5!' /ord, or #?
o!(er e#!5!?, 5f !(o'e r5%(!' re /4'ed
C Re%4!or? /od5e' '(o4d d5''e5#!e !(e R5%(!' #d Re'po#'5/55!5e' of S(re(oder'< 5# !(e p4/5$ 'p(ere, or e#'4re !(! $op#5e' 5#$4de
S(re(oder'< H#d/oo* 5# !(e pro'pe$!4' for # IPO, 'o !(! po!e#!5&
'(re(o&der' ? !*e # 5#fored de$5'5o# !o '4/'$r5/e
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SAMPLE CONTENTS OF AN ANNUAL R EPORT
T(5' ppe#d59 pro"5de' 'pe of !(e $o#!e#!' of # A##4 Repor!, dr+5#% o# !(e
d5'$o'4re' #d re45ree#!' ' e9p5#ed 5# !(e Code of Corpor!e Go"er##$e T(5'
'pe $o#!e#!' $# 'er"e ' $(e$*5'! of d5'$o'4re' I# prepr5#% # A##4 Repor!,
!(e pr5#$5p&e' of !r#'pre#$? #d $$o4#!/55!? '(o4d /e *ep! 5# 5#d !(e 5por!#$e
of e9p5#5#% re'4!' #d p#' 5# ##er !(! 5' 4#der'!#d/e !o !(e "er%e
'(re(oder '(o4d /e pr5r? $o#$er#
I. A*%i"% Fin#n&i#( S#"+"ns in&(*%in)
A B#$e S(ee!
B Prof5! #d Lo'' A$$o4#!' =I#$oe S!!ee#!>
C C'(fo+ S!!ee#!
II. A*%io$s R"'o$ in&(*%in f""s '#i% o !" #*%i fi$+ fo$ #*%i #n% non8#*%i
-o$7.
III. Ann*#( Di$"&o$s R"'o$ s!o*(% in&(*%" !" fo((o-in i"+s '$"s"n"% in
# n#$$#i6" fo$+#)
A D5re$!or'< 5#for!5o#2 D5re$!or'< re4#er!5o#, 5#$4d5#% e9e$4!5"e d5re$!or'
) T(e r!5o of e9e$4!5"e !o #o#-e9e$4!5"e d5re$!or'. T(e pro$ed4re' for d5re$!or' !o e9$4'e !(e'e"e' fro "o!5#% o#
5!e' #d $o#!r$!' 5# +(5$( !(e? ("e # 5#!ere'!
0 S(re(oder' '(o4d /e 5#fored of re%5'!er of d5re$!or'< 5#!ere'!' 5#$o#!r$!' or rr#%ee#!' of !(e $op#? #d !(e5r r5%(! !o5#'pe$!
'4$( re%5'!er6 D5re$!or'< '(re(od5#% #d #? $(#%e' !(ere5#
8 Repor! o# !(e re!5"e' of d5re$!or' ' epo?ee' or e/er' of!(e /ord #d !(e5r '(re(o&d5#%'
: De!5' of d5re$!or'< re4#er!5o#
1 Per'o#' +(o ("e !!e#ded Bord ee!5#%' 5# !(e '! ?er, 5#$4ded!!e#d#$e of d5re$!or' #d #? '4/'!5!4!e d5re$!or'
; De!5' of o#' !o d5re$!or'
23 I#for!5o# o# re!ed pr!? !r#'$!5o#', '4$( ' !(e p4r$('e or 'eof '(re' 5# ''o$5!ed $op#5e' +(ere !(e $op#? 5!'ef ('
'(re(od5#%, or +(ere !(e o!(er $op#? (' '(re(od5#% 5# !(e
$op#?, or +(ere e/er' of !(e /ord @o5#!? or 'e"er? ("e
'5%#5f5$#! '(re(od5#% e45"e#! !o 6K or ore of !(e !o!
'(re, #d 'o o# oper!5o# 5#*' #d !rd5#% !r#'$!5o#' +5!(
re!ed pr!5e'
B O+#er'(5p I#for!5o#2 Cp5! '!r4$!4re' #d rr#%ee#!' !(! e#/e $er!5# '(re(oder' !o
o/!5# de%ree of $o#!ro d5'propor!5o#!e !o !(e5r e45!? o+#er'(5p'(o4d /e d5'$&o'ed
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) To! '(re' 4!(or5'ed #d o!!ed, ' +e ' #4/er of '(re(oder'
5# "r5o4' !5er' of '(re(od5#% =e% #4/er of '(re(oder' +5!(
233,333 or ore '(re'> or p!!er#' of e45!? (od5#% /?
=5> '(re(od5#% $!e%or? #d =55> per$e#!%e of '(re(od5#% 5#
!(e $op#?C Cop#? I#for!5o#
2 Cer 5de#!5f5$!5o# of !(e $op#?<' r5'* f$!or' #d $o#'e4e#$e'
) E9p#!5o# of !(e $op#?<' perfor#$e #d pro'pe$!' for !(e
f4!4re, 5#$4de !(e /4'5#e'' '!r!e%? #d # #?'5' of !(e
'!re#%!(', +e*#e'', oppor!4#5!5e' #d !(re!'. S!!ee#! of !(e $op#?<' po5$? #d pr$!5$e o# Corpor!e So$5&
Re'po#'5/55!?, Corpor!e E#"5ro#e#! Re'po#'5/55!?, #d
$op5#$e +5!( B#%de'( e#"5ro#e#! '!#drd'0 4#!5!!5"e d5'$o'4re of 'e' #d r*e! '(re, o$ #d fore5%# =5f
pp&5$/&e>6 M!er5 r5'* f$!or' #d 4#$er!5#!5e'8 E9p#!5o# of re'4!', 5#$4d5#% *e? re'4!' for d5"5'5o#' or /4'5#e''
'e%e#!'D Cop&5#$e
2 Cop5#$e Cer!5f5$!e, pro"5ded /? !(e Cop#? Se$re!r? or o!(er$op5#$e off5$er, !!e'!5#% !(!7
!(e $op#? (' d4? f5ed '!!4!or? re!4r#' d4r5#% !(e ?er
/ !(e $op#? (' 5#!5#ed '!!4!or? /oo*' #d re%5'!er',#d 5# '4$( order, ' re45red /? !(e Cop#5e' A$!
$ !(e $op#? (' d4? p5d pp5$/e d4!5e', e"5e' #d !9e'
!o !(e e9$(e4er d4r5#% !(e ?er d !(e $op#? (' #o! p5d or offered #? %r!5f5$!5o# !o #?
4r!er e !(e $op#? (' pr$!5$ed $orpor!e #or', r4e' #d
re%4!5o#' ' re45red /? o!(er re%4!or? 4!(or5!5e' d4r5#%!(e ?er 4#der repor!
) T(e C(5r# of !(e Bord, CEO #d CFO '(o4d '4pp? !+o
dd5!5o# '!!ee#!'7 T(! !(e? re '!5'f5ed !(e $op#? 5' %o5#% $o#$er# #d +5 /e
for ! e'! ?er fro !(e d!e of !(e B#$e S(ee! / O# !(e effe$!5"e#e'' of !(e Cop#?<' 5#!er# $o#!ro '?'!e #d
5#!er# 4d5! depr!e#! T(5' '(o4d 5#$4de #? 5rre%4&r5!5e'5#"o"5#% #%ee#! or epo?ee' +(o ("e '5%#5f5$#! roe'
5# !(e '?'!e of 5#!er# $o#!ro T(5' '!!ee#! '(o4d 'o /e
'5%#ed /? !(e C(5r# of !(e A4d5! Co5!!eeE F5##$5 #d A$$o4#!5#%
2 T(e B#$e S(ee! #d Prof5! #d Lo'' S!!ee#! '(o4d /e re"5e+ed
#d '5%#ed off /? !(e C(5r# of !(e Bord, MDJCEO #d Hed
of A$$o4#!5#% or F5##$e =or CFO> !o $er!5f? !(!, !o !(e /e'! of
!(e5r *#o+ed%e, $$o4#!'7
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$o#for +5!( BAS or 5f !(e? do #o! d5'$o'4re (' /ee# de
of !er5 d5ffere#$e',
/ refe$! !r4e #d f5r p5$!4re of !(e $op#?, #d$ !(ere re #o po'! /#$e '(ee! e"e#!' or off /#$e '(ee! 5!e',
#o#-d5'$o'4re of +(5$( $# ffe$! !(e /55!? of !(e 4'er' of !(ef5##$5 '!!ee#!' !o e"4!e !(e $op#? or *e
de$5'5o#'d A''e!' re 'fe%4rded %5#'! 4#4!(or5'ed 4'e /? !(e ep&o?ee'
#dJor #%ee#! #dJor !(5rd pr!5e'
e e9pe#'e' 5#$4rred re for !(e p4rpo'e' of !(e Cop#?<' /4'5#e''
f #o !er5 5#for!5o# (' /ee# o5!!ed.2
) Repor! o# !(e e#d 4'e of f4#d' r5'ed fro !(e p4/5$ /? 5''45#%'(re' or de/e#!4re'
. Co#!r$!4 %reee#!', 5f #?, !(! +o4d ("e !er5 effe$!
o# !(e $$o4#!' 5# !(e e"e#! of #o#-$op&5#$e0 Co#!5#%e#! 5/55!5e' #d o#%o5#%, pe#d5#%, or 5*e? e% $!5o#'
%5#'! or /? !(e $op#? +(5$( ? re'4! 5# '5%#5f5$#! %5# oro'' !o !(e $op#?
6 Cred5!or' #d de!5' of !er5 &o#'8 De!5' of 5#"e'!e#!', 5#$4d5#% r*e! "4!5o#, 5# e45!5e',
%o"er#e#! /o#d', #d o!(er 'e$4r5!5e': Cr5!5$ $$o4#!5#% po5$5e', #e? !(o'e $$o4#!5#% po5$5e' !o
+(5$( !(e f5##$5 re'4!' re pr!5$4r? 'e#'5!5"e =e%
depre$5!5o#
#d !9 po&5$?>
1 B'5' of e'!5!e' 4'ed 5# f5##$5 repor!5#% =e% o+#$e' for do4/!f4 $$o4#!', 5#"e#!or? o/'oe'$e#$e, 5#!#%5/e ''e! "4!5o##d 4'ef4& 5fe, epo?ee'< /e#ef5! p#', e!$>
; Depre$5!5o# #d !9 po&5$?
F Corpor!e Go"er##$e2 Corpor!e Go"er##$e S!!ee#! +(5$( e9p5#' $op5#$e #dJor
#o#-$op5#$e +5!( !(e Code of Corpor!e Go"er##$e
) D5'$o'4re ' !o (o+ '(re(oder ? re$e5"e S(re(oder'<H#d/oo* or o!(er 'o4r$e of 5#for!5o# e9p5#5#% !(e r5%(!' of
'(re(oder' #d (o+ !o e9er$5'e !(o'e r5%(!'