At Avanceon, the corporate governance is a system of structures and processes for the direction and control of the organisation. It is a process through which balance of duties and responsibilities between shareholders management and the board are defined, enabling an organization to maintain the right balance of power and accountability whilst striving to achieve its objective of enhancing shareholder value.
Composition of the Board and Directors Independence
In line with good governance practice, the Chairman of the Board is a non-executive director representing minority interest. The Board comprises of 7 directors out of which 5 are non-executive directors, including 3 representing minority interests. The roles of the Chairman and CEO have been clearly defined and segregated. The CEO is responsible for operations of the Company whereas the board under the Chairman performs oversight responsibilities.
Performance Evaluation of the Board
In order to orient the key management personnel of the corporate governance concepts and best practices, the Company conducted two workshops where different moderators covered varied topics on corporate governance: the role, importance and structure of the Board, strategic planning through various models and matrices analysis, succession planning, risk management and internal controls.
Management Initiative on Corporate Governance
The board has set the following broad criteria for evaluation of its performance, being the trustee of the shareholders.
Ethics are an integral part of the culture at Avanceon and guide the behavior and conduct of all employees enabling them to meet objectives efficiently, transparently and fairly. There is a comprehensive well-structured ethics program, based on a code of conduct, which has been approved by the Board and its applicable to all employees.
The ethics program includes:
Business conduct for Avanceon is defined by five key commitments: Ethics, Ownership, Customer Delight, Continuous Improvement and Community care, which need to be translated across all its communications.
The company believes in being ethically unyielding and honest in the way we carry out business in a pro-active and sustainable way. Ownership is acting with stewardship to build a better, stronger and more dynamic anticipated visionary organization. Believing in customer delight is translated in Avanceon’s effort to always anticipating customer needs, and being responsive to deliver the best value internally and externally with innovation.
Function Specific Codes
The code of ethics is supplemented by various function specific codes, which include: