Appointment of Social and Ethics Committee
State-owned companies, listed public companies and private companies with the Public Interest Score (PIS) above 500 are required to have a Social and Ethics Committee. Companies may apply for exemption from having a Social and Ethics Committee to the Companies Tribunal. Subsidiaries of companies that have a Social and Ethics Committee are not required to have a committee.
Social and Ethics Committees are responsible to monitor a company’s activities with regard to its contribution to
- Social and economic development;
- Good corporate citizenship;
- Environment, health and public safety;
- Consumer relationships; and
- Labour and employment.