Introduction

The Company's policy is to conduct business with honesty and integrity and be ethical in all its affairs, showing respect for the interest of those with whom it has relationships.

Employees

1. This Code of Ethics is established on the basis that unless a limitation is specifically stated the objectives and fundamental principles are equally valid for all employees, whether they are at mills or at head office.


2. An employee is distinguished by certain characteristics including :


• 2.1 Master of particular intellectual skill, acquired by training and education.
• 2.2 Acceptance of duty to society as a whole in addition to duties to organization and employer.
• 2.3 Rendering personal services to a high standard of conduct and performance.


3. The specialized knowledge, skills, training and experience required to be a proficient employee.


4. The efforts of the services of superiors to train those working directly and indirectly under them would be appreciated.




The public interest



5. A distinguishing mark of a profession is acceptance of its responsibility to the organization. The organization is responsible towards customer, credit grantors, employees, investors, the business and financial community and others who rely on it's objectivity and industry. This reliance imposes a public interest responsibility on the organization. The public interest is defined as the collective well being of the community of people and institutions served by the organization.


6. An organization's responsibility is not exclusively to satisfy the needs of an individual customers or director. The standards of service are heavily determined by the public interest example:


• 6.1 Transparent dealings help to maintain the integrity and efficiency of the Organization presented to the shareholders, financial institutions, customers, employees, government regulations and tax authorities. The transparent dealings would help to secure loans and to obtain capital from shareholders.
• 6.2 Financial planning ensures efficient and effective use of the organization's resources.
• 6.3 Internal auditors provide assurance about a sound internal control system, which enhances the reliability of the external financial information of the organization.
• 6.4 Directors help to establish confidence and efficiency for fair resolution of the Organization's affairs.
• 6.5 Management has responsibility towards the organization in advocating sound management decision making.


7. The Organization has an important role towards society, shareholders, creditors, employees and other sector s of the business community, as well as government and the public at large for sound financial accounting, reporting effective financial management and variety of business and taxation matters. Sound business practices of organization have an impact on the economic well being of the country.


8. It is in the best interest of the organization that services are provided at the highest level of performance and in accordance with ethical standards to ensure continued good performance.


9. In formulating this code of ethics, the Board of Directors has considered the public service and employees expectations of the ethical standards of the organization.




Objective of the Organization



10. The code recognizes that the objectives of the organization are to work to highest standards of professionalism, to attain the highest levels of performance and generally to meet the interested groups requirements set out above. The objectives require four basics needs to be met.


• 10.1 Credibility
  In the whole of society there is need for credibility in information systems.


• 10.2 Professionalism
  The customers, employees and other interested parties can rely on the professionalism of the organization.


• 10.3 Quality of Services
  There is a need for assurance that all services provided are carried out to the highest standards of performance.


• 10.4 Confidence
  Interested groups should be able to feel confident that there exists a framework of professional ethics, which governs the provision of services provided by the organization to the community and the country.




Fundamental Principles



11. In order to achieve the objectives of the organization, employer and employees have to observe a number of prerequisites or fundamental principles.

The fundamental principles are:

• 11.1 Integrity
  An interested group connected with the organization should be straight forward and honest in performing professional services.


• 11.2 Objectivity
  The organization should be fair and should not allow prejudice or base or influence of other to override objectivity.


• 11.3 Professional Competence, Due Care and Timeliness
  An organization should perform and provide goods and services with due care, competence and diligence and has a continuing duty to maintain a level required to ensure that a customer or employee receives goods and service based on up to date product line. Further all industrial obligations should be adhered to for timely compliance.


• 11.4 Confidentiality
  The organization should respect the confidentiality of information acquired during the course of providing goods and services and should not use or disclose any such information without proper and specific authority or unless there is a legal or professional right or duty to disclose.


• 11.5 Organizational Behavior
  The organization should act in a manner consistent with the good reputation of the industry and refrain from any conduct, which might bring discredit to the company.


• 11.6 Technical Standards
  The organization should provide goods and services in according with the relevant technical and professional standards. The organization has a duty to follow with care and skill, the instructions of the customers insofar as they are compatible with the requirements of commercial trade practices. In addition they should conform with the technical and professional standards promulgated by:


• - PCSIR (Pakistan Council for Scientific & Industrial Research)
• - International Standards
• - Relevant Legislation


12. In addition to observing the fundamental principles listed above, the organization should be and appear to be free of any interest, which might be, regarded, whatever its actual effect, as being incompatible with integrity, objectivity and independence.


13. The objectives as well as the fundamental principles are of a general nature and are not indented to be used to solve the organization's ethical problems in a specific case. However, the code provided some guidance as to the application in practice of the objectives and the fundamental principles with regards to a number of typical situations occurring in the industrial process and company procedure.