1.0 Preliminary Statement
This Code of
Ethics (hereinafter referred to as the ‘Code’) gives guidance in
matters of professional ethics to all persons
employed by the Central Bank of Malta (hereinafter
referred to as the ‘employees’) and
serves as a reference with regard to the standard
of conduct that third parties are entitled to
expect in their dealings with the Central Bank
of Malta (the Bank). The Code draws on, and is
without prejudice to, the terms of individual
contracts of the employees, the Conditions of
Employment and the Rules and Orders of the Bank.
2.0 Basic Principles
All employees are expected to act with exclusive
loyalty to the Bank, honestly, independently,
impartially, with discretion and without regard
to self-interest, to subscribe to high standards
of professional ethics and to avoid any situation
liable to give rise to a conflict of interest
and situations where their integrity might be
questioned.
2.1 Diligence, efficiency, responsibility
All employees
are expected to carry out diligently, efficiently and to the
best of their abilities
the responsibilities and the duties entrusted
to them. They are expected to be mindful of the
importance of their duties and responsibilities,
to take into account the expectations of the
public concerning their moral behaviour, to conduct
themselves in a way that maintains the public’s
trust in the Bank, and to contribute to the efficiency
of the administration of the Bank.
2.2 Secrecy
On joining
the Bank, employees sign a ‘Declaration
of Secrecy’ as required by the Bye-Laws
of the Bank. All Bank employees are expected
to respect the confidential nature of information
acquired in the course of their employment. This
obligation shall continue to apply notwithstanding
that an individual is no longer in employment
with the Bank.
3.0 Relations with Outsiders
3.1 Gifts
Employees
shall not receive or accept from any source outside
the Bank or from subordinates
any benefits, rewards or gifts in excess of what
is considered as customary and which are connected
in any way whatsoever with an employee’s
activity within the Bank.
3.2 External Activities
Employees may
undertake non-remunerated and non-financial activities
outside working hours
in domains such as culture, science, education,
sports, charity, religion, social work or other
benevolent work, on condition that such activities
do not have a negative impact on the employees’ obligations
with regard to the Bank. Employees of the Bank
shall however seek prior approval before they
can accept any post of responsibility in this
respect or any remunerated activities of this
nature outside working hours.
Employees should
avoid becoming involved in issues of public controversy
which could lead
to embarrassment for the Bank.
3.3 Betting,
Gambling and Speculation
Employees shall not indulge themselves in
such practices such as betting, gambling and
speculative
activities to an extent which may be deemed imprudent
or which may cause embarrassment to the Bank.
3.4
Relations with the Media
Employees should refrain from giving interviews
or supplying information that is not available
in the public domain on their own initiative
or upon invitation to the media without prior
written authorisation. When meeting members of
the media on a social basis, employees shall
exercise the utmost degree of discretion with
regard to matters related to the Bank.
4.0 In-House Relations
4.1 Loyalty and Cooperation
Employees are expected to show loyalty and
cooperation and fulfil their tasks to the best
of their abilities
respecting the applicable reporting lines. They
should also give assistance, advice, be open
and transparent and not withhold information
that may affect the conduct of business at the
Bank.
4.2 Reporting
Fraud or Unfaithfulness
It is the duty of
all employees of the Bank, knowing or suspecting
any fraud or error, or
theft, or any concealed practice against, or
unfaithfulness to the interests of the Bank
on the part of any person whatsoever, to report
immediately such knowledge or suspicion to
an
immediate superior who shall refer the matter
to the Bank’s management. A violation
that involves corruption, fraud, or theft shall
also
be reported to the Internal Auditor.
4.3 Personal
Gain or Loss and Conflict of Interest
Employees of the Bank shall refrain from
making a personal gain or avoiding a loss as
a result
of privileged information acquired in the course
of their duties.
Employees should avoid any situation
liable to give rise to a conflict of interest.
Conflict
of interest arises where the employees have private
or personal interests which may influence or
appear to influence the impartial and objective
performance of their duties.
Personal gain or
loss and private or potential interest mean any
potential advantage which could
result in a financial or other benefit for themselves,
their families, their other relatives or their
circle of friends and acquaintances.
Employees
shall immediately declare in writing any instances
where they will be making a personal
gain or avoiding a loss and any conflict of interest
to their immediate superiors, who will in turn
refer the matter to management. A declaration
of an interest should not be considered as a
substitute for managing and/or resolving conflicts
of interest.
4.4 Financial Difficulties
An employee who experiences financial difficulties
shall immediately report the matter to the Bank.
4.5
Financial Commitments
Employees shall not,
without the prior consent of the Bank, borrow
or lend money or enter into
any guarantee except in cases where the employee
is lending to a member of the employee’s
immediate family for personal reasons or where
the borrowing is fully secured.
4.6 Unsecured
Facilities
The Bank may not grant or permit to be outstanding
in respect of any of its employees unsecured
advances or unsecured credit facilities which,
in the aggregate, exceed twelve months emoluments
of such employee.
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