We have implemented robust corporate governance mechanisms paving way to “build trust and transparency for long-term success driving sustainable growth”
Corporate Governance at FIVE is overseen by the Board of Directors and its Committees, which are responsible for setting the company’s strategic direction, appointing and monitoring senior management, and ensuring that the company complies with legal and regulatory requirements including the leading principles of Corporate Governance
The Board’s primary objective is to ensure the long-term success of the Group. Key to this objective is the creation and maintenance of a strong governance structure to support the sustained progress of the business and to generate lasting value for all our stakeholders. At FIVE, we are committed to ensure that the Company’s actions are aligned with our culture, values, and strategic goals. This is achieved by understanding the critical role that strong corporate governance plays.
FIVE’s Corporate Governance principles promote the effective functioning of the Board and its committees, protect interests of shareholders, and defines a set of expectations from the Board, its various committees, Directors, and Management.
FIVE is committed to present its financial with utmost accuracy in compliances with applicable accounting standard to reflect true and fair view of its financial affairs.
FIVE restrict, refrain, prohibit, either directly or indirectly, to form any agreement or understanding between competitors; customers and suppliers which are likely to injure / prejudice competition in the State or other foreign nations. FIVE will not takes part in any activities which violates antitrust law or engage in ‘predatory hiring’ practices i.e. hiring employees for the purpose of denying those employees to the competitor. FIVE will not engage in any form of cartels to control price levels.
FIVE’s commitment to ethical business practices is not only a legal and regulatory requirement, but also a fundamental part of our corporate culture. As part of this commitment, we have implemented a strict policy against accepting or offering gifts or favors that could compromise our values or business practices. We believe that accepting gifts or favors can create conflicts of interest, compromise our professional integrity, and undermine the trust our customers and partners place in us. The maximum limit for accepting gifts is specified in the code of conduct. As such, we maintain a zero-tolerance policy towards any form of bribery or corruption, and are committed to ensuring that all of our employees and partners adhere to these principles.
FIVE is committed to treating suppliers fairly and with respect, and we prohibit any abuse of our market power. This includes not requiring payment for being listed as a supplier, not passing undue costs onto our suppliers, and ensuring timely payments. We believe in building strong relationships with our suppliers based on trust, transparency, and fairness.