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Coi Sop HR 0011

COI_SOP_HR_0011

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16 views3 pages

Coi Sop HR 0011

COI_SOP_HR_0011

Uploaded by

hr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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This document describes the COI process in Vaishnaoi Group and all the provisions should be strictly

followed. However, none of its provisions, or any omission therein, can replace or alter the terms of the
COI policy as outlined in Vaishnaoi Group.

CONFLICT OF INTEREST
STANDARD OPERATING
PROCEDURE

This standard operating procedure shall enter into force on 01st January 2025.

SOP-HR-0011 1
SOP-HR-008: Conflict of Interest Process

1. Purpose: The purpose of this policy is to define conflicts of interest, provide guidelines for
identifying and managing conflicts of interest, and ensure that the personal interests of
employees, directors, and officers do not interfere with their duties to the organization.

2. Scope: This policy applies to all employees, directors, officers, contractors, and consultants
of Vaishnaoi Group.

3. Definition of Conflict of Interest: A conflict of interest occurs when an individual's personal


interests could potentially or actually interfere with their professional obligations and
responsibilities to Vaishnaoi Group. This includes any situation where an individual’s decisions
could be influenced by personal gain, relationships, or outside interests.

4. Examples of Conflicts of Interest:

 Financial Interests: Holding a financial interest in a company that does business with
Vaishnaoi Group.
 Personal Relationships: Hiring or supervising a family member or close friend.
 Outside Employment: Engaging in employment or consultancy work that competes
with or impacts the duties to Vaishnaoi Group.
 Gifts and Hospitality: Accepting gifts, entertainment, or other benefits from suppliers,
clients, or competitors that could influence decision-making.
 Use of Company Resources: Using company resources for personal gain or for
activities unrelated to Vaishnaoi Group.

5. Disclosure of Conflicts of Interest:

 Disclosure Requirement: Employees, directors, and officers must disclose any actual,
potential, or perceived conflicts of interest in writing to their immediate supervisor or the
HR department.
 Disclosure Form: Use Form COI-001: Conflict of Interest Disclosure Form to
document and report conflicts.

6. Managing Conflicts of Interest:

 Evaluation: The HR department or relevant authority will evaluate the disclosed conflict
of interest to determine its potential impact.
 Mitigation: Appropriate actions will be taken to mitigate the conflict, which may include
reassignment of duties, divestment of the conflicting interest, or other measures as
deemed necessary.
 Documentation: All actions taken to address the conflict will be documented and
maintained in the individual’s personnel file.

SOP-HR-0011 2
7. Confidentiality: All disclosures and related documentation will be treated confidentially and
will only be shared with individuals who need to know in order to manage the conflict.

8. Non-Retaliation: No employee, director, or officer will be subject to retaliation for reporting a


conflict of interest in good faith.

9. Consequences of Non-Compliance: Failure to disclose a conflict of interest or failure to


comply with this policy may result in disciplinary action, up to and including termination of
employment or removal from the board of directors.

10. Policy Review: This policy will be reviewed annually by the HR department to ensure its
relevance and effectiveness. Any changes to the policy will be communicated to all employees,
directors, and officers.

Approved by: Doc. Version: Effective Date: Review/Revision Date:

SOP-HR-0011 3

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