COI may appear in countless and innumerable form. It can occur when an employee or member/s of his family has direct or indirect financial interest in or may get benefits by way of compensation, favors or material advantage from customer, suppliers or contractor. As a guide, the following dealings and relationship of a firm or an individual with the company maybe defined as potential cause of COI and relationship of employees and contractors must be disclosed every year:
Supplies material, services and equipment to the company
Has a business dealing with the company through leases, purchases, subcontracts, tolling and the like
Competes with or engages in a similar business as the company. d. Utilize or use company equipment, facility and other company resources for personal advantage and gain.
Transparency shall always be the basis of business conduct and dealings thus employees and contractors must disclose his and his immediate family’s relationship with competitors, suppliers and companies with relationship with the company.
As a guideline, employees are discouraged to engage in the following activities:
Employees must not borrow money or acquire loan from company customers or individuals and firms that does business with the company .
Favors, Gifts and Gratuities
Employees should not accept favors, gifts and gratuities, services or similar gestures of generosity or acts of hospitality that may appear to influence the employee’s behavior and judgment. This includes small or minor token of appreciation and gratitude that are given or exchanged at a level beyond accepted, customary and common courtesies.
Employees must never pass information that will benefit him/her and places the company’s position in a disadvantage. This may include but is not limited to reports, memoranda, emails, financial, technical and operating data.
Employees are not to make questionable or unauthorized payments either in money or in kind.
Employees must not render service or perform any work in firms that the company competes with or does business with.