Seafront Resources Corporation believes that good corporate governance is a reflection of the Company’s professionalism and discipline in the conduct of its business. Its Board of Directors and management substantially adhere to and comply with the principles and best practices contained in the Company’s Manual on Code of Corporate Governance.
The Company adopts the Corporate Governance Self-Rating Form (CG-SRF) to assess or determine the level of compliance of the Board of Directors and top management with its Manual of Corporate Governance.
Manual on Corporate Governance
Conflict of Interest
1. Directors, officers, and employees must avoid any actual or apparent conflict of interest between private interests, including private interest of family members and close personal associates and friends, and the interests of the Company unless prior approval has been obtained from the appropriate approving authorities as prescribed by Company policies. Any actual or apparent conflict of interest and any material transaction that could reasonably be expected to give rise to a conflict of interest must be immediately disclosed to the Head of Corporate and Legal Affairs.
2. Any contribution of corporate funds or other corporate assets, directly or indirectly to, or in support of, any political party, candidate for public office, or any organization directly involved in partisan political activities is prohibited. The employees’ right to support political candidates of their choice is allowed provided no partisan political activity will be done while performing official duties or while acting on behalf of the Company in any capacity. Any employee who may wish to pursue public office may be allowed to do so for as long as there would be no actual or apparent conflict of interest and all political activities related to this are done on personal time.
3. Employees must avoid any relationship, influence, or activity that might impair – or even appear to impair – their ability to make objective and fair decisions while performing their jobs. These situations may include employment with a competitor or potential competitor while employed by the Company; acceptance of gifts, payment or services from those seeking to do business with the Company; placement of business with a firm owned or controlled by the employee and his/her family or in which the employee has a financial interest; ownership of, or substantial interest in, a company that is a competitor or a supplier; and acting as a consultant to a customer or supplier.
4. All business decisions and actions shall be for the Company’s best interest and shall not be motivated by any personal consideration or be based on personal relationships that may interfere with the exercise of prudent and independent judgment.
5. Anyone in the Company shall not offer, pay, promise, or authorize payment directly or indirectly or give items of value to any other employee, officer, or director of the Company to obtain advantage or business for any company or person who may be related to the person who gave the favor.
6. Taking advantage of company property, information, or position, or opportunities arising from these for personal gain specifically acquiring an interest in any entity or activity contrary to Company interests shall constitute conflict of interest. Directors, officers, and employees who may intend to use company assets for purposes not solely for the benefit of the Company must obtain prior approval from approving authorities duly designated by appropriate Company policies.
Conduct of Business and Fair Dealings
1. Seafront Resources Corporation shall not participate in, or be associated with, any agreements or transactions with competitors that illegally limit or restrict competition, misrepresent competitors or their products, or improperly obtain confidential information and/or trade secrets of competitors.
2. There shall be no manipulation, abuse of privileged information, concealment or misrepresentation of facts to gain undue advantage over customers, competitors, suppliers, or service providers.
3. Professionalism, reasonable judgment, and prudence shall characterize all dealings with customers, competitors, business associates, consultants, suppliers and service providers.
Receipt of Gifts from Third Parties
Seafront Resources Corporation employees must avoid any relationship, influence, or activity that might impair – or even appear to impair – their ability to make objective and fair decisions while performing their jobs. These situations may include employment with a competitor or potential competitor while employed by the Company; acceptance of gifts, payment or services from those seeking to do business with the Company; placement of business with a firm owned or controlled by the employee and his/her family or in which the employee has a financial interest; ownership of, or substantial interest in, a company that is a competitor or a supplier; and acting as a consultant to a customer or supplier.
Compliance with Laws & Regulations
1. Compliance with the law is the minimum essential condition to the conduct of our business. All transactions and personal behaviors must conform to all applicable laws, rules, and regulations including prohibitions on insider trading.
2. Under no circumstances shall full compliance with all legal requirements be compromised. Business demands or market pressures shall not be used as reasons for circumventing the law or for outright violation of rules and regulations.
3. No officer or employee of the company shall accept or give any form of bribe, facilitation payment, kickback, or any other type of improper payment to any party for any reason.
Respect for Trade Secrets/Use of Non-public Information
Seafront’s employees, officers, and directors must maintain the confidentiality of confidential information entrusted to them by the Company or other companies, including suppliers and customers, except when disclosure is authorized by contract or legally mandated. Confidential information refers to any non-public information, which, if disclosed to its customers, business associates, any other parties with whom the Company relates, or the general public, may erode the company’s competitive advantage. Unauthorized disclosure of any confidential information is prohibited.
Use of Company Funds, Assets and Information
1. Seafront’s intellectual property such as trademarks, patents, copyrights, brand names, software, trade secrets, and any other proprietary materials are valuable company assets and shall be protected at all times.
2. All Company resources including company time, supplies, software, and hardware shall be used judiciously and only for legitimate business purposes.
3. Company assets shall be protected from theft, damage, neglect, carelessness, misuse, and loss.
4. Violations of these rules shall be subject to appropriate administrative penalties and any employee, officer, or director found culpable may be further subjected to legal action to the full extent of the law.
Employment & Labor Laws & Policies
All Seafront Resources Corporation’s personnel policies are updated and always in accordance with all Employment and Labor Laws of the proper jurisdiction.
Disciplinary actions include “warnings” to “termination of employment”, depending on the incidents and after observance of due process in each case under the Company’s Policies.
The Management of Seafront Resources Corporation shall protect the whistleblowers or those who report any violation of the provisions of the Code of Ethics from any form of retaliation from those who are accused or other parties, provided the reported violation is properly substantiated by facts or verifiable evidence.
The Company Grievance Committee or Human Resource Department is responsible for the amicable resolution or settlement of conflicts between the Company, stockholders, and employees.