Corporate governance

Corporate governance is about maximizing shareholder value legally, ethically and on a sustainable basis. We consider stakeholders as partners in our success, and we remain committed to maximising stakeholders' value, be it shareholders, employees, suppliers, customers, investors, communities or policy makers. This approach to value creation emanates from our belief that sound governance system, based on relationship and trust, is integral to creating enduring value for all. We have a defined policy framework for ethical conduct of businesses. We believe that any business conduct can be ethical only when it rests on the six core values of Customer Value, Ownership Mindset, Respect, Integrity, One Team and Excellence.

Corporate governance philosophy

Our corporate governance philosophy is based on the following principles:

• Having a simple and transparent corporate structure driven solely by business needs
• Satisfying the spirit of the law and not just the letter of the law
• Going beyond the law in upholding corporate governance standards
• Maintaining transparency and a high degree of disclosure levels
• Making a clear distinction between personal convenience and corporate resources
• Communicating externally in a truthful manner about how the company is run internally
• Conforming with the laws of all the countries in which the company does the business
• Embracing a Deputy model in which the management is the deputy of the shareholders' capital and not the owner