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or indirect interest in the contract and businesses entered into for the benefit of the
Company in which he/she desires to be nominated to the Board; and engaging in a
business that may compete with the Company or any of its activities.
13) Monitoring the Implementation and Violations of the Policy
The Audit Committee shall supervise the implementation of this policy, through a review
of cases, transactions and contracts that are made with stakeholders or that are likely to
result in conflicts of interest and shall submit the recommendations it deems necessary to
the Board. Moreover, any violations regarding this policy may be reported using the
procedures outlined in the whistle blowing policy, regulating relationship with
stakeholders’ policy and complaint policy.
14)
Review and Amendments of this Policy
This policy shall be effective once approved by the Board. The Board shall review this
policy from time to time as required, any amendments shall only be made upon the
Board’s approval.
15)
Publishing
This policy is published on Savola’s website to enable the stakeholders to access it or on
any other publication as deemed appropriate by the Board.
Seventh.
Internal Control
1)
Internal Control System
The Board shall approve an internal control system for the Company in order to assess the
policies and procedures relating to risk management, implementation of the provisions of
the Company's governance rules approved by the Company and compliance with the
relevant laws and regulations. Such system shall ensure compliance with clear
accountability standards at all executive levels in the Company, and that Related Party
transactions are implemented in accordance with the relevant provisions and controls.
2)
Establishing Independent Units or Departments within the Company for
Internal Audit, CG, and RM
2-1)
For purposes of implementing the approved internal control system, the Company
shall establish units or departments for the assessment and management of risks,
internal auditing and governance and compliance.
2-2)
The Company may utilize external entities to perform the duties and competencies of
the units or departments of risks assessments and management and internal control
without prejudice to the Company's responsibility for those duties and competencies.
2-3)
Segregation of duties of departments of risk management and internal audit shall be
made to ensure independence.
a)
Internal Audit Department
