Brightcom Group on Wednesday said there is no conflict of interest arising from the association of senior executive Kallol Sen with ElevenAds Advertising FZCO, following shareholder queries on the matter, the company said in a regulatory filing.
Sen, who heads Online Media Solutions Limited (OMS), Brightcom’s wholly owned subsidiary based in Israel, is associated with ElevenAds as its founder. However, the company clarified that ElevenAds’ day-to-day operations, commercial activities, partnerships and customer engagements are handled independently by its own executive management team
“The Company has reviewed the nature of the businesses conducted by OMS and ElevenAds and confirms that the two entities operate in distinct segments of the digital ecosystem and cater to different market participants,” Brightcom Group said in its exchange filing.
The company further said the revenue streams, customer profiles, and market focus of the two entities are fundamentally different, and it is not aware of any instance where OMS and ElevenAds have competed for the same customer, mandate, or commercial opportunity . It added that the entities have separate ownership structures, management teams, governance frameworks and operations, with no material transactions or related-party dealings between them.
Based on its review, Brightcom said it does not believe Sen’s association with ElevenAds gives rise to any actual or potential conflict of interest, and the board is satisfied that his involvement does not impair his ability to discharge his responsibilities to OMS or the company.
The clarification was issued in response to shareholder queries, and in the interest of maintaining transparency and robust corporate governance standards, the company said
