Anti-Corruption Policy
At IFPSCO, we are committed to maintaining the highest standards of integrity and ethical conduct in all our business activities. This Anti-Corruption and Code of Ethics policy outlines our dedication to preventing corruption, promoting transparency, and ensuring compliance with applicable laws and regulations.
1. Zero Tolerance for Corruption
IFPSCO strictly prohibits any form of corruption, including bribery, extortion, fraud, and embezzlement. We have a zero-tolerance approach to corruption and will take all necessary measures to prevent and address corrupt practices.
2. Compliance with Laws
All employees, contractors, and partners must comply with anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and local anti-corruption regulations in the countries where we operate.
3. Prohibition of Bribery
No Bribes: Offering, giving, receiving, or soliciting bribes or any other form of improper payments, whether directly or indirectly, is strictly prohibited.
Facilitation Payments: IFPSCO prohibits facilitation payments, which are small payments made to expedite routine governmental actions.
4. Gifts and Hospitality
Permissible Gifts: Modest gifts and hospitality may be allowed if they are reasonable, proportionate, and made transparently. They must not influence, or appear to influence, business decisions or create an obligation.
Approval Process: All gifts and hospitality exceeding a nominal value must be approved by senior management and properly recorded.
5. Third-Party Relationships
Due Diligence: Conduct thorough due diligence on all third parties, including agents, consultants, and business partners, to ensure they adhere to anti-corruption laws and ethical standards.
Contractual Obligations: Include anti-corruption clauses in all contracts with third parties to ensure compliance with this policy.
6. Reporting and Whistleblowing
Reporting Mechanism: Employees and stakeholders are encouraged to report any suspected corruption or unethical behavior through the designated whistleblowing channels without fear of retaliation.
Protection for Whistleblowers: IFPSCO guarantees protection for whistleblowers against any form of retaliation or adverse action.