Page 78 - InterloopAnnualReport2020

Conflict of Interest Among Board have, while also offering whistleblower protection from
Members victimization, harassment, or disciplinary proceedings.
It should be emphasized, that the policy is intended to assist
The Company stands fully committed to the transparent only those individuals who believe they have discovered
disclosures, management, and monitoring of actual malpractice or impropriety. It is not designed to question
potential or perceived conflicts of interest. All Directors financial or business decisions taken by the organization,
under the policy are obligated and have a duty to avoid nor should it be used to reconsider any matter which has
actual, potential, or perceived conflicts of interest. In order been investigated under the harassment, grievance, or
to avoid any known or perceived conflict of interest, formal disciplinary policies and procedures.
disclosure of vested interests is mandatory on all members.

A “conflict of interest” can occur when: Social and Environmental
• A Director’s personal interest is adverse to or may Responsibility Policy
appear to be adverse to the interests of the Company
as a whole The Social and Environmental Responsibility Policy
comprises an active commitment and participation from
• A Director, or a member of his or her immediate the Company in various social work initiatives, as part of its
family, receives improper personal benefits as a corporate social responsibility.
result of his or her position as a Director of the
Company Being a conscientious member of the corporate community,
the Company contributes generously to various social and
Policy for Disclosure of Conflict of charitable causes involving education, health, and sports
Interest sectors. In this regard, it is working with many reputable
organizations and NGOs in Pakistan.
Conflict of Interest Policy has been developed to provide
a framework for all Directors of the Company to disclose We believe that persistent success is ensured with the
actual potential or perceived conflicts of interest. development of connected communities and preserving the
environment.
The policy provides guidance on what constitutes a conflict
of interest and how it will be managed and monitored by the Statement of Unreserved
Company. Compliance of IFRS Issued by

The policy is applicable to all Directors, as the Company IASB
strongly believes that a Director owes certain fiduciary
duties. This includes the duties of loyalty, diligence, and Note 3.1 of the financial statements explains the basis
confidentially to the Company which requires that the of preparation/compliance of the financial statements in
Directors act in good faith on behalf of the Company and to accordance with the accounting and reporting standards
exercise their powers for stakeholders’ interests and not for applicable in Pakistan.
their own or other’s interests.
Note 4.2 of the financial statements specifies the standards
Whistleblowing Policy and interpretations which are yet to be effective in Pakistan.
The Company believes that the impact of these standards
The whistleblowing policy is fundamental to the and interpretations does not have any material impact on
organization’s professional integrity. In addition, it reinforces the financial statements.
the value the organization places on staff as honest
and respected members of their individual professions.
It provides a method of properly addressing bona fide
concerns that individuals within the organization might

76