FINEX – CODE OF CONDUCT
FINEX has adopted a Code of Ethics that serves as a framework to guide its member’s actions so that they may exercise their function with integrity, dignity and professionalism and serve as role models in the business community. This Code is based on the fundamental guiding principle that financial executives hold a position of trust and confidence. This fiduciary role should be of paramount consideration in their dealings both within and outside their company or organization. They must act with utmost fairness and according to the highest moral principles, consciously and consistently pursued.
Rules of proper conduct apply in general to the following areas:
1. loyalty to the organization
2. keeping of books and records
3. resource management
4. avoiding conflicts of interest
5. relationships with employees
6. compliance with laws
7. contractual obligations
8. relationship with third parties
9. moral uprightness and professional development
10. social and civic involvement
The FINEX Code of Ethics and Rules of Conduct pertain primarily to the behavior of FINEX members in the conduct of their profession. In their workaday life, FINEX members are also involved in manifold and varied activities that involve interaction with professional colleagues and other members of the community. This includes interpersonal relationships among members of FINEX as they discharge their roles in the Institute. Relatedly, observance of civility will go a long way toward fostering wholesome fellowship and enhancing camaraderie and espirit de corps among FINEX members.
Civility is defined as a virtue or trait of not doing anything to intentionally harm or cause harm to a fellow human being – especially in word and in deed. Simply put, civility refers to the act of manifesting respect for a fellow human being. Each FINEX member must acknowledge that every human being is endowed with dignity and nobility. Hence, interpersonal transactions will be carried out in manner that accords full respect to such dignity and nobility.
Lack or absence of civility need not involve unethical behavior or improper conduct on the part of FINEX members. But observance of civility strengthens the foundations of ethical behavior. Lack or absence of civility undermines the cultivation of team spirit or the spirit of solidarity within an organization.
Basis for Ethics Committee to Take Cognizance of Members’ Concerns or Complaints
Any bona fide member of FINEX may bring to the attention of the Ethics Committee any concern involving violation of the FINEX Code of Ethics, Rules of Proper Conduct as well as non-observance of civility by a member or member of FINEX.
The Ethics Committee shall take cognizance of a concern or complaint brought to its attention when the behavior or action or inaction of a FINEX member (or members):
1) Is deemed to be a serious breach of Ethical Conduct such that it compromises the good reputation of finex, or
2) Is brazenly offensive to fellow finex members, or
3) Otherwise constitutes an act of grievous impunity
Taking cognizance means that, after conducting a prima facie determination of basic facts pertaining to a written concern or complaint of a FINEX member and resolving that such relevant facts give rise to any of the foregoing findings, the Ethics Committee shall act to enforce the FINEX Code of Ethics in accordance with the guidelines and procedures described in the subsequent section.
If not one of the foregoing findings is sufficiently established, the Ethics Committee shall duly inform the concerned member that it is not taking cognizance of the member’s concern or complaint. The member may appeal such decision of the Ethics Committee to the Board of Directors.
Procedures for Handling Concerns Involving Ethics and Civility
A. Taking Cognizance of a Concern or Complaint
The Ethics Committee, acting en banc or through its Chair, shall appoint a member to conduct an initial inquiry. Within a week, such member must submit a report on the essential findings from the inquiry and shall make either of two recommendations: a) that the Committee take cognizance; or 2) that the Committee should not take cognizance as not one of the three foregoing grounds has been established sufficiently.
B. Procedure for Handling Duly Recognized Concerns or Complaints Submitted by an Aggrieved FINEX Member
The following procedure shall be observed after the Ethics Committee has decided to take cognizance of a written complaint: after the Ethics Committee has decided to take cognizance of a written complaint:
1. If the essential finding is that the matter can be resolved through mediation or arbitration, a mediation process shall be set into motion. This process shall include: a) cooling off period among parties involved; and b) exercise of friendly persuasion in an effort to bridge the differences among the parties involved. The mediation process shall take approximately two to four weeks. The mediator(s) shall be designated by the Ethics Committee from among its members or from the FINEX general membership. A report on the outcome of the mediation process shall be submitted to the Ethics Committee.
2. If mediation fails, the complainant may, with the consent of the other party request for formal arbitration. The arbiter(s) shall be designated by the Ethics Committee from among its members or from among the FINEX general membership. The arbitration process shall be completed within two or four weeks. The decision of the arbitrator shall be final.
3. If the party that initiated the submission of the concern is still not satisfied with the outcome of the mediation, he or she may request for a formal evaluation by the Ethics Committee sitting en banc. The request must be fully substantiated with appropriate supporting documents. Within a week from the receipt of said request, the Chair of the Ethics Committee shall convene an en banc meeting to set into motion the formal evaluation process that may involve any or a combination of the following:
a) interviews with all the concerned parties;
b) fact-finding inquiry and review of all pertinent documents directly related to the concern.
This process shall be completed within two to four weeks. If the formal evaluation cannot be completed within four weeks the Chair of the Ethics Committee shall request the Board for additional time.
4. The Ethics Committee shall submit recommendation to the Board of Directors whose decision shall be final and executory.
1. All possible avenues for reaching an amicable resolution through mediation and shall be exhausted. The principle of non-adversarial proceeding shall be observed.
2. To protect the integrity and interests of all concerned parties, utmost prudence and discretion shall be observed. Undue disclosure and publicity shall be avoided. Concerned parties shall be enjoined from reproducing or circulating materials pertaining to matters that have been submitted to mediation, arbitration or to the Ethics Committee for cognizance. Non-compliance shall be dealt with appropriate sanctions.
3. All arbitration & evaluation proceedings shall be properly documented by designated FINEX personnel and other resource persons authorized by the Ethics Committee.
4. When the Ethics Committee takes cognizance of a complaint and subjects it to the formal evaluation process described in the foregoing section, a non-refundable deposit in the minimum amount of Ten Thousand Pesos (PhP 10,000.00), payable in cash or manager’s check will be required from a complaining member to cover for expenses in relation to his/her complaint.
5. If any of the parties involved opt or decide to bring the ethical concern or complaint to a court of law, the said complaint shall be automatically considered withdrawn from the jurisdiction of the FINEX Ethics Committee.