Anti-Corruption Policy

Anti-Corruption Policy

Contents

  1. Purpose and Scope
    1. Reporting Anti-Corruption Violations
  2. Violation of Anti-Corruption Rules and Consequences
    1. Key Principles
    2. Zero Tolerance Commitment
    3. Bribery
    4. Prohibition of Unauthorized Transfers of Value to Government and Public Officials
  3. Duties and Responsibilities
    1. Employees
    2. Anti-Corruption Chairperson
    3. Anti-Corruption Officer
    4. Reporting and Information Sharing
  4. Anti-Corruption Program
  5. Primary Risk Areas for Corruption
    1. Intermediaries
    2. Gifts and Hospitality
    3. Job Offers
    4. Agents, Suppliers, and Contractors
    5. Third Parties, Affiliated Agents, and Business Partners
    6. Political Contributions
    7. Charitable Contributions and Sponsorships
  6. Policy Review

Purpose and Scope

Corruption offenses may result in penalties not only for those directly involved but also for their supervisors and represented companies if oversight duties are neglected. Corruption includes requesting, offering, giving, or accepting bribes or other unlawful advantages.

This policy aims to:

  • Define principles to identify and prevent potential corruption actions, safeguarding Iberyarns Textile’s integrity and reputation.
  • Provide comprehensive information to employees for identifying, mitigating, and managing corruption risks.

1. Reporting Anti-Corruption Violations

All employees must report observed violations. Failure to report known corruption actions is also a violation.

2. Violation of Anti-Corruption Rules and Consequences

Employees and management must comply fully with this policy and related laws. Ignorance is not an excuse. Violations can result in disciplinary actions and legal penalties.

2.1. Key Principles

2.2. Zero Tolerance Commitment

Iberyarns Textile maintains zero tolerance for corruption and promotes an anti-corruption culture.

2.3. Bribery

Employees must not engage in bribery, defined as the offering, giving, or accepting of illegal payments or benefits.

2.4. Prohibition of Unauthorized Transfers to Officials

Unauthorized gifts or benefits to public officials are prohibited.

3. Duties and Responsibilities

3.1. Employees

Employees must adhere to policies and report any corruption-related incidents.

3.2. Anti-Corruption Chairperson

The Vice President of Human Resources oversees the anti-corruption program and compliance standards.

3.3. Anti-Corruption Officer

The Human Resources Officer implements and monitors the anti-corruption program.

3.4. Reporting and Information Sharing

Incidents are periodically reported.

4. Anti-Corruption Program

Program includes risk assessments, employee training, secure reporting, and accurate records.

5. Primary Risk Areas for Corruption

5.1. Intermediaries

Intermediary use requires thorough evaluation.

5.2. Gifts and Hospitality

Significant gifts aimed at influencing decisions are prohibited.

5.3. Job Offers

Job offers must be transparent and corruption-free.

5.4. Agents, Suppliers, and Contractors

Relationships must comply with anti-corruption standards.

5.5. Third Parties and Business Partners

Third parties must adhere to policy guidelines.

5.6. Political Contributions

Political contributions are strictly prohibited.

5.7. Charitable Contributions and Sponsorships

Must be transparent and compliant with regulations.

6. Policy Review

This policy is periodically reviewed and updated; latest version available on the intranet.