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Code of Ethics

Submitted by Root Administrator on Mon, 08/22/2022 - 12:36

YAKULT EMPLOYEES CREDIT COOPERATIVE

CODE OF ETHICS

Article I

INTRODUCTION

 

Section 1: TITLE. This code shall be known as the Yakult Employees Credit Cooperative (YECC) Code of Ethics.

Nomenclature: The Cooperative here refers to the Yakult Employees Credit Cooperative (YECC). The Directors refer to the Board of Directors; the Officers refer to the General Manager, Treasurer, and committee members, both elected and appointed; and the Employees refer to the employees of the cooperative. The Members refer to all the regular and associate members of the cooperative.

Coverage: This code shall be the basis for the Conduct and Ethical Responsibility: to Members; in the Credit Management; in Policy Formulation; in the Development of Systems and Procedures; to the Community; to the Cooperative Movement (other cooperative organizations); and Sanctions Applicable to this Code of Ethics.

Section 2: Declaration of Policy. All directors, officers, employees and members of this cooperative shall abide by and adhere to this Code of Ethics. Towards this end, all shall serve and partake in the roles as stakeholders with utmost professionalism, commitment, integrity, compassion and nationalism.

Article II

VISION

The leading cooperative that promotes socio-economic empowerment to its members.

Article III

SERVICE PHILOSOPY

 

In pursuit of this vision, the Yakult Employees Credit Cooperative shall:

  1. Imbibe a culture of prudence and help its members in gaining financial stability through periodic savings and diligence among members.
  2. Improve the quality of life of its members through mutual and cooperative assistance.
  3. Ensure organizational stability through honest and prudent management of financial, human and other resources guided by the values thru the Yakult Slogan: Keep our Promise, Be Honest, and Show our Best.
  4. Continuously alleviate and expand its services to all stakeholders/ members.
  5. Actively support and participate for the integration of cooperative organizations in the community.
  6. Continuously support or work on programs and activities that address pressing socio-economic needs of the community.

Article IV

PROFESSIONAL ETHICAL STANDARDS FOR DIRECTORS, OFFICERS AND EMPLOYEES

The directors, officers and employees of the Yakult Employees Credit Cooperative shall be guided by the following:

  1. The directors, officers and employees, in the performance of their duties and responsibilities, shall adhere to the principles of honesty, dedication and sincerity.
  2. They shall protect the funds of all members in accordance with prudent business practices.
  3. They shall consistently update members with accurate information regarding the true financial condition, operations and services of the cooperative.
  4. They shall, by all means, uphold the interest and welfare of the cooperative to sustain the growth and well-being of its members and the community in general.
  5. They shall, at all times, act with utmost sense of professionalism, justice and courtesy in all their dealings with co-officers, staff, members and the general public.
  6. They shall, at all times, lead an upright and modest lifestyle, and hence, shall never get involved in any conduct of immorality, indecency and disgrace.
  7. They must be updated in paying their accounts with the YECC.
  8. They shall not engage in any activity that is adverse or in conflict with the objectives of the cooperative and the interest of its members.
  9. They shall exemplify uprightness, delicadeza*, and punctuality in the delivery of their duties and responsibilities.

*[as a Filipino virtue, delicadeza is defined as doing the right thing to preserve one’s dignity if put in a certain embarrassing situation: Filipinos are supposed to display delicadeza by doing the right thing and either leaving the situation in a graceful manner as possible. In the old days, if somebody is accused of corruption or wrongdoing, out of delicadeza the person would quit and oftentimes file a lawsuit or take some sort of action to clear his/her name.]

Article V

ETHICAL STANDARDS FOR MEMBERS

The members of the Yakult Employees Credit Cooperative must comply with their sworn obligations and responsibilities, hence, they shall:

  1. Promote the mission, vision and core values of the cooperative; and the success of its business and the spirit of cooperativism in all their dealings.
  2. Actively participate in the affairs of the cooperative and endeavor always to contribute to the interest and welfare of the general membership.
  3. Have the willingness to sacrifice self-interest for the benefit of the majority.
  4. Disengage in any corrupt, dishonest and other unauthorized activities that are deemed illegal.
  5. Obey the by-laws, policies and resolutions of the Directors, the General Assembly and the Cooperative Development Authority (CDA).
  6. In all dealings and transactions, show courtesy and respect to everyone especially to Directors, officers, employees and members and the general public.

Article VI

GENERAL PROVISIONS

In order to ensure commitment to this Code, the following shall be observed by the Directors, officers, employees and members:

  1. Bind them to honor and uphold the intent and spirit of this Code at all times.
  2. Set good example in the observance of this Code.
  3. An oath of commitment shall be executed by the Directors, officers and employees upon the acceptance of membership and upon election, appointment, promotion or assumption to duty.
  4. Promote and enhance this Code as a management policy, therefore, strict adherence thereto is the responsibility of all stakeholders.
  5. All acts/practices committed in violation of this Code are deemed subject to penalties and/or administrative sanctions as may be determined by the Board upon exercise of due process of law.
  6. Any amendment of this Code may be proposed to the General or Special Assembly for approval and shall take effect upon its adoption.
  7. This Code shall take effect upon approval by the members through a General Assembly.

Article VII

CONFLICT OF INTEREST

Section 1: Deviant Acts. The following must be avoided by the Directors, officers, employees and members of the cooperative:

  1. Disclose sensitive operational or competitive issues discussed during meetings of the board of directors or committees with outside parties.

Disclosures to representatives of the media will only be made by parties specifically named to do so.

  1. Use of any information obtained in the performance of cooperative duties as a means for personal gain or benefit.
  2. Solicit or accept for personal gain (or for the benefit of any third party except the cooperative) any gift, gratuity, benefit or unusual hospitality that might be construed by reasonable persons as tending in any way to influence one in the performance of duties; or accept anything of value in connection with the cooperative’s business after any transaction is discussed or completed.
  3. Process or give authorization to process any paper, monetary or data transactions for own accounts; accounts on which employee is a joint owner, a custodian or a trustee; accounts belonging to any family member or to any substantive equivalent of a relative.
  4. Mislead, coerce, manipulate or fraudulently influence the Cooperative Development Authority examiners, external auditors or internal auditors preparing an audit report for the purpose of making the report inaccurate.
  5. Engage in business with the cooperative, either directly or indirectly, which is inconsistent with the honest performance of duties.
  6. Participate on behalf of the cooperative, directly or indirectly, in any deliberations or decisions on any question in which one has a personal monetary interest, including any decisions affecting the procurement of equipment, supplies or services from any source.
  7. Using profane, offensive or disrespectful language during any function or activity when representing the cooperative or conducting the cooperative’s business.
  8. Intentionally violate YECC Board-approved policies or communicate false or misleading information to the board of directors, examiners or auditors, or condone/ tolerate through silence such actions on the part of others.
  9. Intentionally engage in any conflicts of interest or any opportunity for personal gain to be derived from volunteering or working at the cooperative.
  10. Act unfairly by granting any special favors or privileges to anyone, whether for remuneration or not.
  11. Intentionally leading the cooperative to fraud, misrepresentation, and unethical acts.
  12. Accepting fees (including special discounts or any direct or indirect payment of money or property) and other items of value in return for services which the cooperative does not authorize.
  13. Receiving any compensation or benefit, either directly or indirectly, in conjunction with any group purchasing activity made available to the membership of the cooperative. 
  14. Solicit without proper authorization or accept gifts, sponsorships, hospitality or service that would compromise, or give the appearance of compromising, their position or any decision taken by or on behalf of the cooperative.

Section 2: Breach of Code and Consequence. Anyone who has knowledge of a director, officer, employee or member of the Cooperative engaged in any of the following shall disclose to the Ethics Committee, the BOD Chairman, the General Manager, or other relevant statutory authority the same for investigation and appropriate sanction and/or preventive/corrective action:

  1. All potential conflicts of interest, including those in which the subject person is inadvertently placed due to a business or personal relationship with another employee, any member, supplier, business associate or competitor of the cooperative, or any other entity with which the cooperative does business;
  2. All fraudulent activity, dishonesty or corruption whenever discovered; and
  3. Evidence of violation of the laws, rules or regulations applicable to YECC and the operation of its business, or of a violation of this Code of Ethics.

Section 3: Sanctions. Upon finding of a prima facie evidence of guilt (of a violation listed in Section 2), the following shall be undertaken against the violator:

  1. For a Director/Officer/Committee Member
  1. In accordance with the YECC By-laws, a director, officer, or committee member may be removed from office under Section 9. (Removal of Directors and Committee Members); and
  2. Any director or officer of the cooperative that is being subjected by his/her employer (i.e. Yakult Philippines, Inc., Yakult Marketing Corporation, or Biomate Corporation) to investigation and/or preventive suspension due to violation or offense against company policies/Rules & Regulations on similar acts described in this Article (i.e. Article VII - CONFLICT OF INTEREST) shall immediately and temporarily be suspended from his/her position at the cooperative until his/her status has been decided by the Board and/or the General Assembly as provided for in the By-Laws of the Yakult Employees Credit Cooperative.
  1. For a Member

Also in accordance with the YECC By-Laws, a member may be involuntarily terminated under Section 11. (Termination of Membership), Item C. (Involuntary Termination), sub-Item iii. (When he has violated any provision of the By-laws and the rules promulgated by YECC).