Hira Group defines corporate governance as “the systems and processes an organization has in place to protect and enhance the interests of its diverse stakeholder groups.” Our framework links seven essential and interrelated components. Our scorecard helps company leaders see where their organization stands – from “compliant” to “developed” to “advanced” – in various areas to see where improvements will benefit the organization and its stakeholders.

Group’s corporate governance philosophy is based on the principles of equity, fairness, transparency, spirit of law and honest communication. The Company believes that sound corporate governance is necessary to retain stakeholders’ trust and ensures efficient working and proper conduct of the business of the company with integrity. Development of Corporate Governance guidelines is a continuous process, which evolves over a period of time and undergoes changes to suit the changing times and needs of the business, society and the nation.

The Board of Directors is at the core of corporate governance practice and oversees how the Management serves and protects the long-term interests of all stakeholders. The Board members are experienced, knowledgeable and professionally competent and represent various fields of business activities, such as, management, commerce, finance, banking, technical, legal etc.

Committees

The Board of Directors has formed various committees such as Audit Committee, Shareholder’s/investor’s Grievance Committee, Remuneration Committee and Risk Management Committee and necessary powers have been delegated to these committees for efficient management of  the affairs of the company.

According to our ethics of corporate governance, the Directors and Senior Management should:

• Use reasonable efforts to attend Board and Committee meetings / office work regularly.
• Dedicate sufficient time, energy and attention to the company to ensure diligent performance of his / her duties, including preparing for meetings and decision making.
• Seek to comply with all Corporate Policies.
• Act in the best interest of, and fulfill their fiduciary obligations / responsibilities to Company’s shareholders, stakeholders, customers etc.
• Comply with all applicable laws, rules, regulations and guidelines.
• Avoid any situation in which there is an actual or apparent conflict of interest that could interfere with the Director’s or member of senior management’s judgment in taking decisions in the company’s best interests.
• A Director who has a material personal interest in any matter should notify the board of his / their interest and must not vote on the matter. Any member of senior management who has a material personal interest in any contracts, arrangements or transactions should inform the Company Secretary.
• Make available to and share with fellow Directors and members of senior management information as may be appropriate to ensure proper conduct and sound operation of the company and its Board of Directors.
• Ensure the security of all confidential information such as technologies, processes, patents, know how, designs, drawings, marketing and financial strategies etc. available to them in the course of discharge of their services and not use such information for their personal advantage.
• Ensure that they use the company’s assets, properties and services for official purposes only or as per the terms of their appointment.
• Not receive directly or indirectly any benefits / favours from the company’s business associates / constituents which is intended or can be perceived as being given to gain favour for dealing with the company.
• Have a legal and a moral responsibility for the safety and the protection of the environment.
• Encourage and support the professional development of the employees of the company and provide them all necessary assistance and cooperation.