Transnet Code Of Conduct

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According to Section 1 of the Auditing Profession Act, reportable irregularity is defined as, any unlawful act or omission committed by any person responsible for the management of a corporation, who has caused or likely to cause material financial loss of the entity or stakeholders, fraudulent of amounts to theft, represents a material breach of any fiduciary duty. (independent regularity board for auditors, 2015)
Laws and regulations
Ethics and business conduct plays a significant role in all professional corporations. In demonstrating the core values, the code of conduct aims to improve the transparency of business processes. The purpose of the code of conduct is to protect the corporation’s reputation in the event of a breach of conduct
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The Code includes ways in which fraud and corruption could be prevented which is accessible to all employees on Transnet’s Intranet.
Transnet code of conduct aims to represent all relevant information needed for all work processes. As such, the code of conduct is able to promote the values, principles, standards and norms highlight the behaviour of stakeholders such as directors, employees and employers. Transnet’s code of conduct emphasises on the fundamental principles of ethical behaviour, such as integrity, confidentiality, professional behaviour objectivity and competence and due care, in order to allow stakeholders to be able to engage in an efficient and effect manner.
Code of Conduct states the
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However, the supplier’s actions are also determined by their own laws and regulations. Transnet cannot control the service providers activities but will not tolerate illegal activities from the service providers, such as failure to disclose accurate information and corrupt activities.
Directors fiduciary duties as per the Companies Act, 71 of 2008:
1. Section 76(2)(a): directors have the duty not to abuse the position or information of the organization. A director must not abuse his position, or any information obtained as a director, to gain an advantage for himself or for another person, other than the company, or to knowingly cause hard to the company.
2. Section 76(3)(a): Directors have the duty to act in good faith and for a proper purpose. A director must exercise his powers and perform his function in good faith and for a proper purpose
3. Section 76(3)(b): Directors have the duty to act in the best interests of the company. A director must exercise his powers and perform his functions in the best interests of the

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