A well-established culture of professional conduct and ethical values within an entity will enhance the shareholders, investors, and stakeholders’ trust in the entity’s integrity and financial soundness.
Module 15 of the Executive Regulations of Law No. 7 of 2010 sets out the requirement to develop a code of conduct, which defines the standards and criteria of professional conduct and ethical values.
|Article 7-2||It is the Board of Directors’ role to develop standards and criteria that establish the company’s ethical concepts and values, while the executive management shall be responsible for implementing the company’s goals in accordance with such standards and criteria. Therefore, developing a code of conduct for the company shall contribute to helping the Board of Directors and all employees properly perform their roles.|
Further, Article 7-3 of Module 15, Corporate Governance, sets forth nine sub-clauses including the minimum criteria and standards that a code of conduct should contain.
Module 8, Business Ethics, also sets forth the rules of business ethics, which should be included in the code of professional conduct and ethics that contains standards and criteria of professional conduct and ethical values.
Added value to business entities from the Code of Professional Conduct and Ethics Services
- Firmly establish ethical concepts and values within a business entity.
- Enhance corporate transparency.
- Ensure compliance with laws and regulatory requirements.
Services provided by Baker Tilly Kuwait
Development of Code of Professional Conduct and Ethics.
- Organizational Structure
- Job Structure
- BOD & its Committees Charters
- BOD & Executive Management Performance Appraisal Systems
- Corporate Performance Appraisal Systems
- Delegation of Authority Matrix
- Processes, Policies and Procedures Manuals
- Job Descriptions
- Salary Survey
- Compensation and Benefits Structure
- HR Planning System
- Employee Performance Appraisal Systems