Welcome To Alltex-Industries Limited


Good Corporate Governance practices are an integral part of the culture of Alltex Industries Limited. Alltex believes that good corporate governance requires transparency, accountability and cooperation between all stakeholders involved in the Company, which includes the Board of Directors, Shareholders and the Executive Management authority. Accordingly, the entire corporate governance efforts are blended with “Good Governance Practice” to ensure a sustainable development of the Company.

Board’s structure & its operations:

The Board of Directors, top Management, consisting of the founder entrepreneurs, successors and the inclusion of Independent Directors, provides the policy and strategic support and direction for the entire range of the corporate activities. The Board of Directors consist of Eight (8) members including two Independent Directors ( as per guideline by Bangladesh Securities & Exchange Commission, BSEC) with varied educational qualification and diversified experience, provides a balancing character in the decision making process. As the Board is reconstituted every year before each Annual General Meeting when one-third of the members retires and seeks re-election. A director is liable to be removed if the conditions of the Articles of Association and if the provisions of the Companies Act 1994 are not fulfilled. The Managing Director & CEO acts to reasonably ensure that Alltex operates business as per the Articles of Association, decisions made by the Board and Shareholders, as well as according to Alltex Policies and Procedures and applicable regulatory legislations. The Audit committee constitutes by three members & headed by an Independent Director. Recently the BOD constitutes & framed Corporate Governance Committee headed by Deputy Managing Director, Company Secretary & Group head of HR, Admin & Compliance ensuring for Corporate Culture & manners in esteemed Company.

Roles and Responsibilities:

The main role of the Board of Directors, considered the highest authority in the Company, is to provide general superintendence, oversee the operations and control the affairs of the Company through appropriate delegation and accountability process via the chain of command. The Board of Directors however holds the ultimate responsibility and looks out for the highest Shareholders interest. They also look out for the best interest of the Stakeholders, the society at large including the country’s over all benefit in terms of economy. The Board of Directors in respect of fulfilling its full responsibilities holds periodic meetings, at least once a quarter and delivers appropriate decisions and gives directions to the Executive Management body. Such meetings usually are based on operational performances, financial results, and review of overall allocated and actual budget, capital expenditure, and proposals for BMRE or new project division, product

lines, collection of funds through issuance of shares or borrowing, procurement of raw materials, plant and machineries, pricing of product discounts, recruitment, training and promotion of officers, approval of audited accounts and distribution of dividends and other interest of the stakeholders including the employees and workers. The Board of Directors takes special care in designing and articulating productivity and compensation plans of the employees and workers. Thus reward them appropriately on the basis of quality and quantity of performance as an incentive and thus rewarding them appropriately on the basis of performance as an incentive. Board also remains responsible for removal of operational hazards towards their life and care regarding their well being of health, provided friendly and cordial work environment and favorable social relation as demanded by a good citizen operating as a separate business entity in a country like Bangladesh.

Relationship with Shareholders and Public:

The shareholders as owners of the company are to be provided with material information of the Company’s operation half-yearly and annually audited financial statements, towards the conclusion of the AGM. The Company Secretary in matters outlined below also provides them routine services: Transfer of Shares, issue the new share certificates, replacement in case of loss or damage of shares & payments of Dividend, etc. The Board is however responsible to the public for publication of any Price Sensitive Information as per BSEC Regulation. In order to better comply with all these responsibilities an efficient and qualified Secretary is in charge as the Company Secretary.

Relationship with Government:

In its role on accountability to the government, the Board of Directors has to ensure up to date payment of all dues of Governmental Fees in the form of Import Duty, Custom Duty and Port Charges, VAT, Corporate Taxes and other tariffs. In case these fees are pending, on the basis of actual operations, it is then vital to make sure that corruption is avoided with highest priority. These practices have enabled the Company to enhance its contribution to the National Exchequer on a progressive rate since its commencement and are committed to do so in future.

Relationship with Financiers, Bankers:

The Board oversees the financial transactions and ensures that those who are the lenders are being well taken care of and treated well, as per commitment, to meet Company’s obligation to the lenders without making anything default.

Relationship with Buyers & Suppliers:

As the Company has to import plant and machinery and almost all the raw materials from abroad, therefore the company makes sure that the international suppliers are well communicated and taken care of. Additionally the company maintains cordial and mutually beneficial interest with its local suppliers. This has enabled the company to attain reduced number of legal disputes in both the international and local courts and thus enhanced the Company’s illustration as a superior client.

Corporate Culture:

We have a culture where success is celebrated, no matter how big or small. We trust each other and value openness and honesty in our working relationships. Alltex provides opportunities for everyone to share their broader goals in life and supports them in exploring and harnessing their unique strengths at work. Maintaining this culture and developing it in a sustainable manner is extremely important to us.

CODES OF CONDUCT FOR THE BOARD MEMBERS:

 

ALLTEX has adopted Code of Conduct (Code) approved by the Board of Directors, which reflects Alltex’s core values, integrity, respect, trust and transparency. It provides clear direction on conducting business, interacting with the community, government, business partners and general workplace behavior. It also includes guidance on disclosure of conflict of interest situations, maintaining confidentiality and disclosure of information, good international practices and internal control and the duty to report where there is a breach against the Code. The Codes are properly communicated to all the employees including its Board Members and others acting on its behalf who are strictly required to abide by it. The following principles provide the foundation for assuring public trust in professional regulation:

* The Board is responsible for ensuring that the business activities are soundly administered and effectively controlled. .

* The Managing Director & CEO acts to reasonably ensure that Alltex operates business as per the Articles of Association, decisions made by the Board and Shareholders, as well as according to Alltex Policies and Procedures and applicable regulatory legislations.

* The Board recognizes that the decision-making process is highly dependent on the quality of information furnished.

* Alltex believes good Corporate Governance involves openness and cooperation between all stakeholders involved in the Company, including the owners of the Company and the Shareholders.

* Board members should observe the highest standards of ethical conduct and comply with all laws, rules and regulations applicable to them.

* When making public statements on Alltex related matters, Board members should make clear whether they are speaking on behalf of the Board or individually and inform or consult with the Chairman or Managing Director & CEO.

* In performing their duties, Board members will carry out their responsibilities to the exclusion of any personal advantage.

* Board members shall strive to avoid actions (including actions regarding their personal interests) which would have a negative impact on either their duties as Board members or the interests of Alltex.

* If a conflict of interest, or the appearance of a conflict of interest, with Alltex arises, the Board member should take action, as appropriate, to address the conflict. The Board member should inform the Chairman or Managing Director &CEO, who may, if appropriate, raise the matter with the Board as and when necessary.

 

Our Others Institution
BGC TRUST UNIVERSITY BANGLADESH
BGC TRUST MEDICAL COLLEGE LTD
IBRAHIM IQBAL MEMORIAL HOSPITAL LTD
Notics Board
Accreditations
CorpEXCEL Award