Strong and effective corporate governance helps to cultivate a company culture of integrity, leading to positive performance and a sustainable business overall. Essentially, it exists to increase the accountability of all individuals and teams within our company and we are working to avoid mistakes before they can even occur.
Corporate governance lies at the heart of the way businesses are run. It is defined as the ‘way businesses are directed and controlled’. Our corporations will operate within society; to that end. We maintain the values and norms of the society in which they operate.
Our Corporate governance is multi-faceted with many layers of complexity and an important part of our corporate governance deals with accountability, fiduciary duty and mechanisms of auditing and control.
Our Governance covers both the social and institutional aspects of our business.
Corporate governance lies at the heart of the way businesses are run. It is defined as the ‘way businesses are directed and controlled’. Our corporations will operate within society; to that end. We maintain the values and norms of the society in which they operate.
Our Corporate governance is multi-faceted with many layers of complexity and an important part of our corporate governance deals with accountability, fiduciary duty and mechanisms of auditing and control.
Our Governance covers both the social and institutional aspects of our business.
Our general directives of corporate governance can be outlined as such:
Our importance of corporate governance is made apparent by the positive impacts that occur when risks are controlled, and organizational procedures are streamlined and consistent. Our Organizations can see many direct benefits with good corporate governance, including:
Efficient Processes
Due to the repeatability and consistency of tasks performed.
Visibility of Errors
This repeatability and consistently helps to quickly identify the non - conformities in processes.
Reduced Costs
When tasks are streamlined, our companies will eliminate the waste from scrap, rework, and any other costly inefficiencies.
Smoother-Running Operations
Regular disruptions from inconsistent processes are eliminated, as operation specifics become either ‘confirm’ or ‘non-confirm’.
Compliance
A culture that supports corporate governance allows for its product to reach the market while meeting its intended specifications and working correctly.
Business Ethics
Our Business ethics are the values our company upholds throughout its operations. Common ethical considerations include human rights, the environment, anti-corruption, and labor rights. Within each of these overarching areas, we typically make commitments to specific ethical standards and moral practices and we operate in and the corporate culture that we want to promote.
Importance of Business Ethics
Business ethics refers to moral principles and social values that a business should adopt in its code of conduct. These are rules that businesses must accept and follow in their day to day operations for the welfare of society and all its stakeholders.
When considering the ethical issues GLTC will represent and we also consider the following moral pillars in our company ethics
When considering the ethical issues GLTC will represent and we also consider the following moral pillars in our company ethics
Trust
Encouraging transparency across the company from all levels; trust takes us a long time to build and only a moment to break.
Respect
All our Employees will respect each other and the customers wework with.
Fairness
In all organizations, it’s important to treat people equally and ensure no groups are benefiting from special treatment.
Caring
Encouraging our workforce to show each other empathy and lead by example by deeply understanding our employees’.
Our Functions of Business EthicsProtect consumer rights
Our Business ethics ensures that customers are treated fairly and provided with their full rights. We implement ethics, operate economically and provide better quality goods at lower cost. We serve our customers at a reasonable profit without exploiting them. Our customers are fully satisfied with services that make them loyal services for a long term.
Enhance relations with society
Relationship with society is a must for the survival of every business organization. Ethics directs business to consider the interest of society and work for their welfare. It should not focus only on its growth at the cost of exploitation of society. Business should actively participate in corporate social responsibility and should contribute towards infrastructural development programmes for its society.
Safeguarding the interest of industry
It provides the companies full rights to operate efficiently and establish our position in the market.
Improve business goodwill
Ethics play a key role in enhancing the overall image of business in the market. It monitors all operations of business and avoids any unethical activities. Practicing ethics maintains the legality of business thereby providing better service to customers. All unfair trade activities are controlled and quality goods are delivered. Customers will be happy with the services which leads to creating a positive image of the company.
Assist in decision making
Supporting in decision making of organization is an important function played by business ethics. Ethics provides rules and guidelines that will be followed by our company and in our functioning. All decisions are taken in light of moral and social values mentioned in these ethics. It guides in deciding what is right or wrong for our business organization.