Introduction
A conflict of interest arises when a Director’s, Manager’s, or Employee’s personal activities or relationships interfere with their objectivity in doing what is best for our Company (“APT”). Conflicts of interest, be it real, potential or perceived, can result in serious damages and consequences for the Directors, Managers, and Employees of the Company, and the Company itself. Conflicts of interest can occur in both direct and indirect situations, therefore Directors, Managers, and Employees are expected to diligently avoid such conflicts which can adversely affect their objectivity. Conflicts of interest can come in the form of:
- Real – the conflict of interest currently exists and can be evidently proven;
- Potential – the conflict of interest may arise, given the circumstances; or
- Perceived – stakeholders could reasonably form a view that a conflict exists or could arise, that may improperly influence the person’s performance of their official duties and responsibilities to the Company, now or in the future
We understand that during the course of doing business, certain circumstances may give rise to a conflict of interest. Conflicts of interest can also be applied to internal as well as external issues within an organisation.
Objectives of the Policy
This Policy shall apply to all Directors, Managers, and Employees, and is conjunction with other Policies implemented, including the Anti-bribery and Anti-corruption Policy which would give rise to other forms of conflict of interest.
Policy Guidelines and Responsibilities
In essence, all Directors, Managers, and Employees must consider circumstances where their personal interest conflicts with the best interest of the Company. Although the list of all potential conflicts of interest is non-exhaustive, all Directors, Managers, and Employees are advised to take note of the following examples where a conflict of interest could occur and should be avoided:
Gifts, Hospitalities and Entertainment – All Directors, Managers, and Employees must disclose whenever a conflict of interest has arisen, specifically in the event that gifts, hospitalities and entertainment may have been offered during the course of their business dealings with external parties. Cash and bribes given to Directors, Managers, and Employees are strictly prohibited.
For further information, please refer to our Gifts & Hospitality Policy.
Outside Employment, Directorships and Business Activities – All Directors, Managers, and Employees must disclose any outside activities, financial interest or relationship they may have with other public or private sector entities that may pose a real, potential or perceived conflict of interest with the Company, be it now or in the future. Employees and Managers must make such disclosures to their Head of Department or to the Managing Director. Approval must be obtained before accepting any position as a Manager, or director of an outside business. The Head of Department can consult with the Managing Director before granting approvals.
Such disclosures to be made by Employees, Managers and Executive Directors should include:
- Having any interest in another organisation having business dealings with the Company
- Having a second job where the other employer is a competitor, agent, supplier, or customer of APT
- Having a second job that will affect one’s ability to satisfactorily perform the duties and responsibilities assigned to them by APT
Serving as a director, consultant, or agent to a competitor of APT is strictly prohibited.
Confidential Information – Directors, Managers, and Employees must not use confidential information relating to APT or any of their Directors, Managers, and Employees as deemed appropriate during the course of APT’s business dealings, for personal gain or advantage, or for the gain or advantage of another.
Relationships – Directors, Managers, and Employees are encouraged not to mix personal relationships with business. This includes taking part in the business decision making process of procuring from or selling goods to businesses related to their respective spouse, relative, associate or friend on favourable terms.
Personal relationships (family, romantic or otherwise) with other APT Directors, Managers, and Employees must be disclosed to manage the inherent risks or conflict of interest which may arise. Such risks include:
- Collective risk of related individuals being in a situation that may affect the safety of those individuals
- The result in which one of the persons is able to give or receive an unfair advantage or preferential treatment because of the said relationship
- The result in which persons affected by the relationship may cause them to lose confidence in the judgement or objectivity of those persons in the relationship, as well as Directors, Managers, and Employees of the Company
- The result in which such relationships may cause wrongful access to sensitive and private information, which may further damage the persons in the relationship, as well as the reputation of the Company.
If there are such relationships, the parties involved need to be aware that the Management may, at their discretion, adopt necessary actions, including any change in their job scope and responsibilities.
Compliance and Monitoring of the Policy
Disclosure can be made using the Declaration of Interest Form accompanying this Policy.
APT’s Directors, Managers and Employees must periodically update their Head of Department, Managing Director, and Integrity Committee regarding any activity that has previously been disclosed.
Directors, Managers, and Employees are required to act at all times in a manner consistent with their being Directors, Managers and Employees of the Company. On occasion, the circumstance of a potential conflict of interest may be unclear and open to interpretation. Consultation is encouraged to decide on actions to be taken.
For Directors, disclosures must be made to the Chairman of APT and subsequently communicated to the Company Secretary for their recordkeeping.
Directors, Managers and Employees of APT should be aware that it is a continuing obligation to declare any conflict of interest. Should a Director, Manager or Employee realise that they have an interest which is connected with a matter that has been previously considered, they are to disclose the interest immediately.
Any Director, Manager and Employee who knows of a potential violation of applicable laws or to this Policy is required to report their suspicions promptly in accordance with the Whistle Blowing Policy.
Anyone who reports a possible violation of applicable laws or this Policy will be protected from retaliation in any form, as per the Whistle Blowing Policy.
Any Director who does not comply with any part of this Policy shall be subject to disciplinary action.