CONFLICT OF INTEREST MANAGEMENT POLICY

Hyundai Amanzimtoti and its Juristic Representative Hampson Auto are committed to ensuring that all business is conducted in accordance with the standards of good corporate governance.

Accordingly, the manner in which Hyundai Amanzimtoti conducts its business is based on integrity, ethical and equitable behaviour.

This Conflict of Interest Policy aims to emphasise the interests of all stakeholders by minimising and managing all actual or potential conflicts of interest.

 

MANAGING THE RISK OF CONFLICTS OF INTEREST DEVELOPING

Hyundai Amanzimtoti, identifies the potential for conflicts of interest by early disclosure and should a conflict of interest be identified or the potential of such be identified steps must be taken to avoid (wherever possible) such a conflict. Should avoidance not be possible, steps must be taken to mitigate such an actual or potential conflict of interest and must be disclosed to all impacted parties.

Hyundai Amanzimtoti or its Juristic Representative Hampson Auto does not directly or indirectly hold more than 10% of the shares in any of the Suppliers.

During the current and preceding 12- month period, Hyundai Amanzimtoti and or Hampson Auto did not receive more than 30% of its remuneration, inclusive of commission form the Suppliers.

Hyundai Amanzimtoti or Hampson Auto has no interest, in addition to fees and commission in the financial services rendered in term of the Product Suppliers.

Product Suppliers disclosure details are available on request.

Any commissions or fees earned by the company from any of the Product Suppliers must be disclosed to the client in a monetary term.

 

PROCESSES AND PROCEDURES TO ENSURE COMPLIANCE

All employment contracts include the necessary termination and/or sanctions clauses to manage the risk of an actual or potential conflicts of interest situations created by employees acts or omissions.

All employees are responsible for identifying specific instances of conflicts of interest and are required to notify Management as and when they become aware of them. These will then be managed if they cannot be avoided.

Compliance is currently managed by Associated Compliance (Pty) Ltd Tel: 011 678 2533 Fax: 011 678 7731. www.associatedcompliance.co.za

 

TRAINING AND AWARENESS

All the necessary staff will receive the required training and awareness on this policy.

 

CONSEQUENCES OF NON-COMPLIANCE

The FAIS Act provides for penalties in the event a person is found guilty of contravening the Act, or of non-compliance with the provisions of the Act. The penalty for non-compliance of specific provisions of the Act, is an amount of up to R1 million or a period of imprisonment for up to 10 years.

The Registrar of FAIS is empowered to refer instances of non-compliance to an Enforcement Committee of the FSB that may impose administrative penalties on offenders.

Employees’ failure to make the necessary disclosures could be seen as a transgression of the Code of Ethical Conduct and will be dealt with in terms of Hyundai Amanzimtoti and/or Hampsons Auto’s Disciplinary Code.

Certain transgressions of this policy may result in civil or criminal prosecution.

All potential transgressions of this policy must be investigated fairly and objectively and be reported to the Key Individual and /or Company Directors, (until such time a Compliance Officer is required and appointed.)

 

ACCESSIBILITY OF THE CONFLICT OF INTEREST POLICY

This Conflict of Interest Policy is available on request in electronic format, by fax or inspection by employees, clients and third parties at all reasonable times.



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