Obligations to the shareholders of Our Business

• To recognize that the shareholders of a business are entitled to expect that the business earns a reasonable level of profit and that Directors of a member company should at all times be conscious of that fact that the company and therefore its profits, belong to the shareholders.  Expansion and diversification should therefore not be at the expense of reasonable, current cash dividends.  It should also be accepted that profits should be capitalized at necessary intervals to the maximum extent possible and that shareholders should also be compensated for inflation by regular revaluation of assets followed by capitalization of the reserves created thereby.
  
  
• That Directors should not use inside knowledge (which is not available to shareholders) for their personal enrichment, and that they should avoid share transactions that would be considered insider trading.