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Corporate Governance
Beltone is committed to maintaining the highest standards of corporate governance and ethical conduct to protect the interests of its shareholders, clients, employees, and other stakeholders. Beltone believes effective corporate governance is essential for achieving its strategic objectives, enhancing its performance, and ensuring its long-term sustainability.
Its corporate governance framework is based on the principles and requirements of the Egyptian Financial Regulatory Authority (FRA), the Egyptian Exchange (EGX), and international best practices. The framework defines the roles and responsibilities of the Board of Directors, the Executive Committee, and the various committees and functions that support them. The framework also sets out the policies and procedures that govern Beltone’s operations, risk management, internal control, compliance, disclosure, and reporting.
Board of Directors
The Board of Directors is the highest governing body of Beltone and is responsible for overseeing its overall direction, strategy, performance, and governance. The board acts in the best interests of Beltone and its shareholders, while considering the expectations and needs of its clients, employees, regulators, and other stakeholders. The board ensures Beltone complies with all applicable laws, regulations, and ethical standards, and that it maintains a sound system of risk management and internal control.
This board’s responsibilities entail strategic issues and planning, monitoring management performance, acquisition and disposal of assets, investment policies, capital expenditure, risk management policies, the appointment of auditors and the approval of financial statements, financing and borrowing activities, and the approving of the annual plan and budget. The board meets regularly, with a minimum of four meetings held during the reporting year.
The board also delegates certain responsibilities to committees in efforts to optimise decision-making and facilitate the conduct of business without unnecessary impediments. Beltone harmonizes speed and control, employing proactive governance to enhance our clients’ productivity to match their needs.
When a committee is formed, a specific charter of the committee is formed to establish its composition, purpose, and function. Beltone’s board consists of two committees on the board level (the Audit and Governance Committee as well as the Risk Committee).
Code of Conduct
Is a statement of core operating practices and has been compiled to establish clear guidelines for the daily business conduct and ethical behavior. The Code of Conduct is not exhaustive as the set of company policies and procedures provide the necessary framework, to meet compliance requirements. However, all policies and procedures are expected to comply with the Code of Conduct.It is essential for all Beltone employees to have a clear understanding of what the business conduct is expected to be as well as the consequences of any eventual noncompliance.
- All employees working at Beltone shall comply with the applicable laws and regulations of Egypt, as well as the policies set by the company.
- Beltone shall be committed to the compliance and promotion of guidelines including but not limited to the protection of human rights, elimination of discrimination, sustainability, and stakeholder engagement development.
- New hires shall undergo annual Anti-Money laundering training.
Any conflict of interests that arises shall be reported to the employee’s line manager or the relevant operational manager. If there is the slightest doubt, employees shall inform their line manager of any potential direct or indirect conflicts of interest so that the best way to proceed can be discussed.
Beltone employees are prohibited from offering, seeking, or accepting gifts, entertainment and hospitality offers in cash or any other form and any benefit related to the performance of our duties.
Beltone employees shall be required to abide by the Anti Money Laundering regulations and procedures issued by the Egyptian Money Laundering Combating Unit under the Central Bank of Egypt. The AML Specialists will be responsible for communicating the Money Laundering penalties of non-compliance, for both Beltone and its employees.
Beltone encourages its respective employees to express their concerns regarding any identified malpractices timely, easily, correctly and fearlessly. Concerns may be raised directly to the HR department or through the electronic anonymous whistleblowing form shared by the HR team or report directly to the compliance department.
The firm’s stringent due diligence processes, which apply to individual and corporate clients alike, ensure that investments are made in keeping with each client’s specific profile and that accounts are protected by strict access regulations and documentation standards.
Beltone does not tolerate discrimination on any grounds, whether race, sex, age, religion, sexual orientation, or political opinion. Non-discrimination is an integral part of the values and principles that unite all Beltone of employees, and which form the basis of its commercial and/or operational practices in a business context.
Beltone has developed a disaster recovery and business continuity plan that will protect the Firm’s data and IT infrastructure from fires, natural disasters and other unforeseeable events. All our regional offices have business continuity policies and procedures for notification and recovery.
All employees shall submit a statement of personal holdings when they enter the firm. Following that, an up-to-date list of holdings shall be submitted semi-annually
Insider Trading shall constitute an integral part of Beltone’s Code of Market Conduct. An insider shall include anyone who obtains information concerning an asset by means of capital holding, employment, providing supervision, management or professional services for that asset’s business, or through other criminal means.
Chinese walls are physical arrangements to maintain information confidentiality and security to the greatest extent possible, preventing material client and/or transaction information from being used by competing business units and preventing insider dealing.
Beltone has a zero tolerance approach to bribery and corruption; accordingly, all employees shall be committed to act professionally, fairly and with integrity. Beltone aims to conduct its business with honesty and integrity, and strives to promote an organizational culture that endorses ethical conduct, conforms to best practices and treats all employees, suppliers and the community with respect and takes into consideration their interests when doing business.
