Code of conduct
The Code cannot address every situation. Nor does it serve as a substitute for an individual’s accountability for exercising good judgement and common sense.
Definitions.Director includes any person occupying the position of a Director by whatever named called and includes a Managing Director.
Board of Directors means all Directors of the Company who together constitute a Board of Directors of the Company.
Senior Management means those Personnel of the Company who are members of the Core Management Team excluding the Board of Directors and would normally comprise of all members of management one level below the Executive Directors of the Company including all Functional Heads.
Company means Castrol India Limited.
CodeAll Directors and Senior Management should adhere to the standards contained in this Code and should consult the Code for guidance when acting on behalf of the Company. The Code of Conduct for Directors & Senior Management includes but is not limited to the following :
- To act in accordance with the highest standard of personal and professional integrity, honesty and ethical conduct in the discharge of duties and promote professionalism in the Company.
- To exercise independent judgment on issues of strategy, performance, policy matters, etc.
- To avoid and disclose actual and apparent conflicts of personal interest with interest of the Company and to disclose all contractual interest, whether directly or indirectly, with the Company.
- To inform the Company immediately about emergence of any situation that may disqualify him / her from Directorship.
- To maintain confidentiality of the Company’s business.
- To observe the “Code of Conduct for dealing in Equity Shares and other securities of the Company” framed under the SEBI (Insider Trading) (Amendment) Regulation, 2001.
- Not to accept any offer, payment or anything of value from customers, vendors, consultants, etc. that is perceived as intended, directly or indirectly, to influence any business decision.
- Not to hold any office or place of profit in the Company by himself or by his / her relatives without full disclosure of information in connection therewith.
- Not to divert to his / her own advantage any business opportunity that the Company is in pursuit
- Not to compete, whether directly or indirectly, with the Company.
- Not to charge personal expenses to the Company.
- If the Director discloses his interest, direct or indirect, in other companies or entities (either as Director, Shareholder or Otherwise) under section 299 of Companies Act, 1956, that will be deemed to be sufficient compliance with this Code.
- To use reasonable care & skill in the discharge of duties and responsibilities and exercise of powers for the benefit & prosperity of the Company.
- Not to make investment in any customer, supplier or competitor of the Company such that it may compromise on his / her responsibilities to the Company and any such investment would be with prior and full disclosure of the Company.
- Promote compliance and ethics by example – in other words, show with their behaviour what it means to act with integrity;
- Make sure that those who report to them understand the Code’s requirements and have the resources to meet them;
- Monitor compliance and ethics of the people they supervise
- Use reasonable care to monitor third parties to ensure that they work in a manner consistent with the Code.
- Enforce the Code; and
- Support employees who, in good faith, raise questions or concerns.
It may seem easier to keep silent or look the other way. But the commitment to compliance and ethics means that one should never ignore a legal or ethical issue that needs to be addressed.