Code of Conduct
IIM-CAN is a private initiative of a group of alumni with a Vision & Concern for the IIM-C fraternity.
IIM-CAN members recognize the importance of our investments and related activities in affecting the livelihoods of others and the reputation of IIM Calcutta. We accept a personal obligation to our peers and the communities in which we act to commit ourselves to the highest standards of ethical and professional conduct befitting a member of the IIM Calcutta family.
Every member of IIM-CAN is required to formally agree to this Code of Conduct and is expected to follow it as much in spirit as in letter.
Any breach of this Code shall be sufficient grounds for terminating the member from IIM-CAN without limiting the rights of the group, any member, or any other affected party to pursue the member in breach for his/her actions and as per the governing laws that are applicable.
Each member shall comply with the following Code of Conduct in respect of any IIM-CAN related activity in which the member is an actual or prospective investor or advisor:
- Members shall act with honour, integrity, dignity, diligence and in good faith in order to merit the trust of their peers and of the community.
- Members shall act with honesty, equity and without discrimination towards all individuals in the community.
- Members have an obligation to be ethical in judgment and actions.
- Members shall not take improper advantage of their position as an actual or prospective investor, or advisor.
- Members shall not make improper use of information acquired as an actual or prospective investor, or advisor.
- Members shall disclose and manage promptly and properly any conflict of interests that may arise. Conflicts may include, but are not restricted to, existing investments in or professional relationships with organizations that may be directly or indirectly of a competitive nature to the deals being discussed. Conflicts must be submitted to the IC or the lead investor as soon as interest in a deal is evinced.
- Confidential information received by members in the course of considering, making, or advising on an Angel investment remains the property of the person or company from which it was obtained and it is improper for the members to disclose, or allow to be disclosed that confidential information, unless that disclosure has been authorized by that company or person from whom the information is provided, or is required by law.
- Members shall not engage in conduct likely to bring discredit upon their Angel investments, their peers, or IIM-CAN.
- Members have an obligation, at all times, to comply with the spirit, as well as the letter, of the law and with the principles of this Code. Members shall not assist in or induce a breach of this Code and shall support those who seek to uphold the Code if called upon, or in a position to do so.
- Members will respect and be cognizant of the confidentiality and copyright of all documents and materials provided by IIM-CAN and by suppliers, partners and other Angel organizations that deliver to members’ information, materials, education and advice via IIM-CAN.
- Members shall take special care not to put other members of IIM-CAN at risk through intentional or negligent breaches of contracts/definitive agreements. Any liability that is due upon a member for a breach by her/him is restricted to that member and shall not be incurred upon or extended to the other members of IIM-CAN.
- Members who decide to participate in a deal sourced by IIM-CAN are under full obligation to adhere to the terms of the investment as agreed to by the investor representative of IIM-CAN in the round. Any deviation from the terms of the investment shall be treated as a breach of the Code of Conduct of IIM-CAN and dealt with by the Governing Body. Such a breach will not preclude the member in question from being pursued by the company/investors for the breach in question and as per the terms of the definitive agreements and the laws of the land
We at IIM-CAN recognize that even though getting Angel Funding is a major milestone for entrepreneurs, the journey is still fraught with the danger of premature startup demise. So, to ensure the survival and growth of the small "baby" into a vigorous young one we have created this whole IIM-CAN Ecosystem.