Corporate Governance

Global Food Marketing is a group of companies that have built a strong presence in the global village with its quality products, we incorporates all of those laws, procedures, policies and practices that ensure the well-being of the organization`s assets. Since it is mentioned in our “Code of Conduct” that we will conduct our operations in accordance with the internationally accepted principles of Good Corporate Governance, GFM Group ensures that the interaction between the Management, Employees, Board of Directors and its Stakeholders is transparent, fair and efficient. This section spells out our policies, procedures and practices that clearly demonstrate that GFM Group takes Corporate Governance very seriously.

Board

GFM Group`s Board of Directors is a group of individuals who act on behalf of the investors and other financial stakeholders in the venture to provide oversight and direction to the company. The Board`s principal priority is to ensure that the financial stakeholders` interests are upheld and acted upon appropriately by the company under their direction.

Board Members

Members are the integral part of organization and are adhered to the following responsibilities and duties.

  • Committed to the organization`s mission & program.
  • Update themselves with the issues and trends that affect the organization
  • Attend meetings regularly and actively participate in them.
  • Contributes their knowledge and skills in committee work
  • Understand and monitor the organization`s financial affairs.
  • Maintain confidentiality and avoid any conflict of interest.
  • Ensure the organization is complying with all legal and regulatory requirements.

Management System

GFM Group has adopted a Management System that consists of two levels namely.

  • Senior Management level 1
  • Senior Management level 2

Senior management level 1 & level 2 both together envision GFM Group`s future and implements plans, strategies and policies to guide and direct their employees to achieve it. They supervise and coordinate their organization`s operations and make sure employees have the resources required to perform their duties and responsibilities.

Senior Management level 1, where CEO & CFO play the major role. CEO is the principle executive “Point of Contact” and is generally accountable for ensuring that appropriate strategies are in place and are acted on the priority basis as established by the BOD. Whereas, the CFO ensures and maintains the financial health of the company and is also responsible for solidifying and maintaining investors` relationship and he also encompasses the responsibilities for corporate administration, legal affairs and internal information technology infrastructure.

The Senior Management level 2 at GFM further consist of the following directors

  • Trade & Marketing Director
  • HR Director
  • IT Director
  • Legal & Regulatory Director
  • Operations Director
  • Finance Director

Internal Control

At GFM Group of Companies the Administrator is responsible for the development of an adequate Internal Control System, and he promotes a high level of compliance with organizational policies and procedures. The basic purpose to implement and maintain this system is to assist each department to carry out its activities in an efficient and orderly manner and ensuring adherence to the management policies, safeguard its assets, and secure the accuracy and reliability of its records.

  • The Internal Control System performs following functions at GFM;
  • Ensure adequate supervision of employee, timely rotation of employee to different departments and make employees` back up available.
  • Ensure compliance with Laws & Regulations
  • Enhance Efficiency & Effectiveness of the Company`s Management.
  • Ensure that proper duties are segregated by the supervisor
  • Maintain equal employment attitude within the organization.
  • Ensure truthfulness, reliability and accuracy of financial Reporting.
  • Ensure that employees have capabilities commensurate with their responsibilities.

Risk Management

  • The Risk Management System at GFM Group provides internationally EU/HACCP/SGS/GMP required service methods and performs following functions.
  • Assisting in insurance of cargo
  • Convenient claim adjustments, if any
  • Providing Convenient & Secure Mode of Payment
  • Evacuation of stock from the store on time
  • Payment through internationally recognized banks
  • On time payment
  • Providing workable price
  • Proper time to time follow up
  • Providing assistance relating to trade & commerce, terms & conditions
  • Inspection before Loading and Loading under Supervision

Resolves Disputes

GFM believes in transparent business where customers are always kept informed and updated during the whole process of transaction via emails, fax, telephone call or personal meeting if required.

Secret of our success
  • Issuance of certificate for the guarantee of refund in case of any complains.
  • Instant claim adjustment and payback guarantees.
  • GFM’s personnel involvement at all levels of dispute.

Our Committees

Our Board has established three Board Committees namely

  • Audit Committee
  • Remuneration Committee
  • Corporate Responsibility Committee

Audit Committee

  • The Audit Committee of the Board headed by the independent directors who assist the Board`s oversight of the performance of Company`s Internal Audit Function and Internal Auditor.
  • Assist Board`s oversight of Strategic, Financial, Compliance, Safety, Reputational, Operational, Business and other Risks facing the Company and the Company’s Risk Management processes.
  • This Committee reviews the Audit Plan for the year and agrees upon its budget and resource requirements.
  • To ensure the truthfulness of financial reporting the audit committee selects the external auditor. It performs financial reporting and disclosure to the Board of Director on monthly basis and selects an external auditor who on Interim or annual basis conducts company`s audit.
  • Reviews interim/yearly Summary reports and Management response and carries out a formal evaluation of internal audit function`s effectiveness and finally submit reports to the BOD with recommendation and corrective actions to be taken where necessary.

Remuneration Committees

This committee is headed by Independent Directors and performs following functions

  • Design and implement competitive compensation programs that enable us to recruit, retain and motivate talented candidates / employees.
  • Design and implement the most appropriate Employee Benefit Plans.
  • Submits All Employees` Compensation Plans to the Board by the end of every year.
  • Plans out Polices that successfully support our employees and company`s growth objectives.

Corporate Responsibility Committee

This Committee is also headed by independent Directors and performs following functions

  • Ensures GFM Group`s reputation is protected and enhanced
  • Identify any change in the society that can influence GFM`s standing in the society and bring it to the Board`s attention.
  • Keeps the Board Informed about any current or emerging trend or any potential risks arising from the sustainability issues

Quality Policy

We are fully committed to the success of our Clients and Associates by providing the highest standard of customer services and ensure Quality and Safety throughout our Supply Chain Management System. The management is responsible for the implementation of effective communication systems with the involvement of our expert personnel’s to ensure that the expectations of our customer, suppliers, agents and investors are fully satisfied.

We ensure this policy is communicated and understood at all level within our organization and should be regularly reviewed to ensure its continuing suitability and effectiveness.In order to verify our ongoing commitment to our quality policy and continual improvement, we have developed, implemented and maintain Quality Management System to comply with the requirements of ISO-9001:2015.



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