Company: AVCRF
Filing Date: 2025-06-16
Form Type: 20-F
Source: 0001641172-25-015266
Chunk: 52

Company: Avricore Health Inc.
Filing Date: 2025-06-16
Form: 20-F
Item: Item 16B
Chunk 52
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ITEM
16B. CODE OF ETHICS

The
Company has not adopted a formal code of ethics because, as a TSX Venture Exchange issuer, the Company is only required have an audit
committee.

In
lieu of a code of ethics, the Company has adopted the following methodology with respect to corporate governance.

The
management of the Company is responsible for establishing and maintaining disclosure controls and procedures for information relating
to the Company, including its consolidated subsidiaries. The Company’s management is also responsible for establishing and maintaining
adequate internal control over financial reporting.

  45  

The
Company’s Board of Directors facilitates its exercise of independent supervision over management by ensuring that the Board of
Directors is composed of a majority of independent directors. The Board of Directors, at present, is composed of six directors, four
of which are considered to be independent. Two directors, Mr. Hector Bremner and Mr. Rodger Seccombe are also senior officers. In determining
whether a director is independent, the Board considers, for example, whether the director has a relationship, which could, or could be
perceived to, interfere with the director’s ability to objectively assess the performance of management.

The
Board of Directors monitors the ethical conduct of Avricore Health and its management and ensures that it complies with applicable legal
and regulatory requirements, such as those of relevant securities commissions and stock exchanges. The Board of Directors has found that
the fiduciary duties placed on individual directors by the Company’s governing corporate legislation and the common law, as well
as the restrictions placed by applicable corporate legislation on the individual director’s participation in decisions of the Board
of Directors in which the director has an interest, have been sufficient to ensure that the Board of Directors operates independently
of management and in the best interests of the Company.

The
Board of Directors is specifically responsible for approving long-term strategic plans and annual operating plans and budgets recommended
by management. Board consideration and approval is also required for all material contracts, business transactions and all debt and equity
financing proposals. The independent directors on the Board of Directors are also responsible for approving senior executive compensation
and retirement plans.

The
Board of Directors delegates to management, through the offices of Chief Executive Officer and Chief Financial Officer, responsibility
for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Company’s business
in the ordinary course, managing the Company’s cash flow, evaluating new business opportunities, recruiting staff and complying
with applicable regulatory