The company’s management believes in the importance of human resources as one of the company’s important assets. It has provided protection and preservation (insurance) of its employees by covering the risks of personal accidents that the workers are exposed to over a period of 24 hours (whether in working hours, or holidays inside or outside the company) The number of employees who have received benfits are 201 employees and the compensation that was paid to them amounted about 6.701 million pounds From the beginning of the insurance on 1/12/2012 until 6/30/2020.
In addition , Eastern has added new coverage by concluding a contract on March 1, 2020 with the major international insurance companies (Allianz). This insurance document is broader and more comprehensive, as workers and their families benefit from it, in order with add natural death to that insurance document in addition to the previous benefits in the personal accident document.
- According to the Eastern company’s continued efforts to achieve protecting environment and preserving the common health and as a commitment by the company to apply the environmental requirements of Environment Law No. 4 for the year of 94 and it’s amendments and executive regulations through implementing and maintaining the internal environment in its factories and the external environment surrounding the company in the purpose of achieving sustainable compatibility of its environmental conditions, these points are representing in some projects as following:
- The company has established and implemented the integrated industrial complex in the industrial zone at the City of 6th October to include all its locations. This procedure is an evidence of commitment towards the environmental laws and regulations.
- The company has used the Natural Gas as a clean source of energy in operating boilers, generation power as a clean source of energy, and to reduce environmental pollutants from combustion.
- The company established an environment friendly incinerator and the heat generated are used to generate ice water in a heat exchange to A/C factories.
- The company has controlled the emissions of fine tobacco leaf using cyclones with non-permeable filters to prevent dust of tobacco leaf powder in the airspace in order to protect the environment from pollution and reuse and recycling through manufacturing natural tobacco leaf flakes.
- The company established a station of liquid waste treatment (industrial drainage) in the industrial complex of the company in the City of 6th October with total capacity of 610 m3/day and the company got the environmental approval for energy raising up to be 1220 m3/day. Installations and the station are currently in the testing phase to start operation.
- The company has also implemented a project of central air conditioning operating by natural gas to one of its factories to avoid the impact of thermal stress knowing that there is no raise in the temperature of the working environment as a result of various industrial processes more than allowed rates according to the executive decisions and regulations, through the monitoring carried out at the facility.
- The company established a central station for collecting the manufacturing process outputs resulting from the company’s production activities. Some items are sold and others are recycled in industries. Compost production from unusable dust of tobacco leaf is also been studied.
- The company already bought a group of the environmental measuring devices to monitor pollutants and emissions of the work environment to determine the permissible limits in accordance with the requirements of the environmental law (number 4 for the year of 1994) and its executive regulation. In addition, the experts of the National Research Center had done the required regularly measurements and approved it in the environmental records for the different locations of the company. It is worth mentioning that the company spares no effort in supplying all personal protection tools to employees according to the nature of each activity.
- Extensive environmental approval was obtained for the project of establishing and extending a factory of roots plant (ESS) as space of 13350 m3 in the industrial complex of the company in the City of 6th October, the company has also planted green areas and windbreaks and ornamental plants inside the industrial complex zone , and that with the implementation of the construction requirements and green spaces in the general plan for the industrial complex approved by the Urban Communities Authority as well as green areas around the eastern side of the industrial complex.
- Environmental approval was obtained for the construction of a 1 MW solar power station with an area of 14000 m2 in the industrial complex of the company in the City of 6th October, the station has already been completed and it is currently in the testing phase for its service entry in order to reduce the burden on the electricity network in the industrial complex of the company in the City of 6th The company also is in the process stage of establishing additional electricity generating station by (BOT) system and 2 MW power.
- The soiled thinner is recovered and reused by an organic solvent separator.
In the interest of the company’s management to fulfill its social responsibilities towards society, which it considered a mandatory responsibility, this year it participated as a sponsor in many different scientific and cultural conferences and seminars besides making many donations to institutions, NGOs and hospitals. The company’s management also plays its role towards the state by paying taxes and customs fees. The state’s share in profits is on legal dates. The following are the most important conferences, seminars and donations that the Eastern Company paid to the state in terms of taxes and customs fees this year as follows: –
Conferences, seminars’ and workshops that the company participated in during the current year 2019/2020:
A): Conferences: –
- International Trade Bridges Conference for East and Central African Markets.
- Conference launching the second version of Egypt’s investment map.
- Conference on Human Development and Administrative Excellence for Progress and Creating the Future.
- Renewable Energy Conference “The Future of the Egyptian Economy”.
- Quality and Creativity Conference “The Path to Excellence”.
B): Seminars: –
- Oil & Lubricants Technical Seminar.
- Seminar on Egyptian national security and sustainable development.
- Seminar on water treatment.
- Seminar on chilled water generating units, “chillers” branded by Ibarra, and dual power generation
- Seminar on oil-free air compressors.
C): Workshops: –
- Workshop on trademarks and how to protect them.
- International business terminology workshop.
Carried out during the year 2019/2020, the company donated about 20 million pounds to many entities, institutions, NGOs and hospitals, as follows: –
- The American Chamber of Commerce to purchase 16 ventilators for the Ministry of Health.
- Building one of the hospital units – People of Egypt Foundation.
- Participate in the restoration of the National Cancer Institute.
- Al-Galaa Teaching Hospital.
- Al-Matareya Teaching Hospital.
- Long Live Egypt Fund.
- People of Egypt Foundation.
- Friends of Qasr EL Ainy Association.
- Regional Federation Associations.
- Leaders Development Center.
The Audit Committee shall be composed of a number of non-executive directors. The number of its members shall not be less than three members. Among its members shall be a member of the experts in financial and accounting affairs. The appointment of one or more members outside the company in the absence of sufficient number of members of the Board of Directors, The Board of Directors is composed of non-executive and non-executive members.
The management of the company avoids favoritism in the selection of suppliers and customers and makes sure that the selection is based on the objectivity and standards set in advance, which are applied to all customers with the company … The management is responsible for integrity and objectivity. In this regard, it presents transactions with related parties, if any, to the Audit Committee to verify the validity and accuracy of the transactions and approve them, and then submit them to the Board of Directors to be voted upon before making the decision to approve these transactions. These transactions are then announced in the supplementary notes (The nature of the transactions – the value of the transactions – the doubtful debts – the value of the current balances) – in light of Law 203 of 1991 as well as Law 159 of 1981 in Articles Nos. 100-96 regulating such transactions, 203.
As a result of the company’s keenness to implement governance, it always strives to apply best practices of governance in order to reach the company gradually to achieve the highest levels of disclosure, transparency and integrity in order to reach a balance between all stakeholders (owners, shareholders, employees, all customers) Through a corporate governance structure that defines the distribution of rights and responsibilities among all parties
Internal control over internal transactions
In compliance with the rules of listing on the Egyptian Stock Exchange – the company’s management issued its instructions to abide by the internal control procedures on (internal transactions) according to the following:
First: It is prohibited to deal with the shares of the Company for the members of the Board of Directors and the Executive Directors in accordance with Article (38) of the Listing Rules and Article (66) of the executive procedures issued by the Commission’s decision. It is also prohibited to deal with the shares of the company for its employees and related groups except through the officials relations with investors
Second: In the case of the desire to deal on the shares of the company are followed procedures prepared internal publication, which regulates this deal, not to exploit the availability of internal information, as well as avoid dealing in periods of luck