The collapse of companies such as Arthur Andersen in 2002, Worldcom in 2006 and Enron in 2007, and subsequent global financial crisis of 2008 exposed governance problems within leading corporate institutions. Research by Professor Palepu (2013) of Harvard University shows that failure to observe corporate governance by any institution may impair company’s operations, lead to poor service delivery, impact negatively on employees and their families, and affect the economy at large. For example, unethical accounting practices may result to tax evasion, prosecution of directors and closure of business. Non-observance of conflict of interest amongst senior managers will prejudice product quality leading to unsatisfied clients and loss of revenue.
At CMT Realtors we have developed a robust governance system where the company is headed by board of advisors whose work is to check and audit company operations from an independent view. The reporting lines are well defined and heads of department are allowed to make decision independently without prejudice. The board advises the management to observe corporate governance guidelines such as:
• Ensuring our books of account are audited by qualified and certified auditors. These auditors are changed every three years,
• The management structure is void of conflict interest in its operations and are empowered to make independent decisions in line with our company policy,
• Sourcing of suppliers and employees are done through public tender and formal adverts respectively to ensure quality and best price,
• Working towards ISO Certification,
• Adhering to global professional ethical standards,
• Formulation of Standard Operating Procedures and Client Service Charter. Our SOPs and Client Service Charter is available for perusal on request.
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On the Sustainability Agenda, we are at the forefront in helping mitigate the impact of climate change while at the same time ensuring that we operate in a manner that causes no damage to the environment. As a result, we have developed both Environmental and Health & Safety Policy Statement which can be availed to our clients on request.
