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Conflict of Interest

Introduction & Purpose

International Textile expects all its employees to comply with the law, behave ethically, and have the highest level of integrity. An employee’s interest conflicts with that of the company when the employee profits or places himself or herself in a position to profit, directly or indirectly, through misuse of the employee’s position, influences and/or use of company’s information.  

The purpose of this policy is to provide you with clear guidelines to help you avoid these situations. Not all potential conflict of interest situations are in direct violation of this policy, but all such situations must be declared and disclosed to the company within 48 hours. On a case-by-case basis, certain conflict of interest situations may be allowed and these will be specifically pre-approved and documented.  However, failure to declare or disclose such situations within 48 hours will be considered a violation of this policy. Any violation of this policy is considered to be gross misconduct and is subject to disciplinary actions up to and including dismissal, criminal prosecution, and/or legal action to recover losses or damages resulting from such violation.

If you are ever unsure about any elements of this policy or if you believe someone may be doing something that violates this policy, please contact either your direct line manager, corporate services, human resources and COO. At all times, confidentiality will be maintained to the extent consistent with the best interest of the employees involved, our company and our company’s obligations under the law.

The company has a strict policy of non-retaliation. This means anyone who in good faith, lodges a concern, makes a complaint, or reports a possible violation, will not be intimidated or disciplined for doing so. An employee (including supervisors and all levels of management) responsible for reprisals against individuals who report suspected violations of this policy, will be subject to disciplinary action, including dismissal.

Employees who file complaint or provide evidence which they know to be false or without a reasonable belief in the truth, the company reserves the right to take disciplinary action in these cases. This can include dismissal from service.

Scope

This policy will cover the following:

 

-          acceptance of cash, gifts, entertainment and trips

-          discounts and special privileges from suppliers and vendors

-          company confidential information

-          relatives and immediate family

 

Definitions

Conflicts of Interest - An employee’s interest conflicts with that of the company when the employee profits or places himself or herself in a position to profit, directly or indirectly profit, through misuse of the employee’s position, influences and company’s information.  

 

Immediate Family – your parents, spouse(s), children, brothers, sisters, grandparents

Relatives – your cousins, in-laws, uncles and aunties and other relatives to the best to your knowledge.

Declare – To disclose and provide as much relevant information as possible pertaining to any conflict of interest situations within 48 hours as described in this policy and submit to either HR or your direct manager.

Positions – any official position as an employee, director, company secretary, authorized signer, power of attorney, or any position with authority.

Vendors – supplier, contractor, agents, service providers, consultants, etc.

 

Policy and Procedures

 

1   Acceptance of gifts, cash, entertainment, and trips

 

In line with International Textile’s guidelines, the company prohibits its employees from accepting anything of value from its suppliers and vendors. Acceptance of cash of any amount is strictly prohibited. However,  in certain situations, due to acceptable common business practices, when you believe it is appropriate to accept token gifts and/or souvenirs, they must be of minimal and nominal value. These items must be associated with the vendor’s normal corporate promotional gifts and souvenirs programs, i.e., pens, pencils, caps, t-shirts, calendars, dairies, mugs, letter openers, umbrellas, etc. These items will usually bear the vendor’s name and/or logo.

 

Entertainment such as business lunches and dinners are not acceptable.  You may participate in a supplier or vendor’s social event if it is part of their regular customer events, e.g., golf competition, sporting events, theatre and cultural occasions, charity functions, etc. where they also involve their other customers and clients. Expensive and overly lavish gifts and entertainment that only involve International Textile employees are not allowed. Please use your best judgment when accepting token gifts or participating in supplier’s or vendor’s corporate events. When in doubt, please seek clarification from your direct manager, human resource, corporate services, general managers or the COO.

 

2    Discounts from suppliers or vendors

 

The company strongly discourages its employees to purchase personal items or services from its vendors. However, any discount given must be reasonable and comparable to what the vendor would have given to its other customers. Employees are strictly prohibited from using their position or influences in International Textile to pressure vendors to giving those free items, services or discount       beyond what the vendor would normally provide to other customers Employees are not permitted to accept gift vouchers, loyalty points, or any other special privileges by hotels, travel agents or other company vendors. All such vouchers or loyalty points should go to the company and the company will use these for the benefit of all employees.

 

3       Company Confidential Information

 

All employees are expected to treat confidential company information with the highest degree of care. Employees are not allowed to share company related information that may be deemed sensitive, confidential, and not readily available to the public with any third parties, without valid business reason and appropriate prior approval.

 

4    Relatives & immediate family members

 

Employees, their relatives and immediate family members should not unfairly profit directly or indirectly as a result of an employee’s position in the company. As such, if you have any relatives or family members employed by our vendors or any company related to International Textile, you are required to declare to the company.

 

The above listing and description of situations are all examples of conflict of interest. However, the listing is not completely exhaustive. If you believe you have a situation where conflict of issue may apply, you will need to declare it within 48 hours. Not all conflict of interest situations can be avoided and certain situations may be acceptable to the company but they need to be declared and pre-approved. Failure to declare will be considered to be in violation of this policy and will result in disciplinary actions up to and including dismissal. When in doubt, the policy will require you to seek clarification and declare. 

 

 

 

   The company policy does not allow recruitment of relatives and immediate family members, as defined in the policy.

Events and Activities

Vsmart Extensions