Business partner compliance
Business Partner Code of Conduct
We have a Business Partner Code of Conduct, which informs our business partners such as suppliers, agents and distributors that we expect them to comply with the law and our core principles or apply equivalent business principles. Since the second half of 2015, all new business partners are required to confirm their commitment by signing the code.
Business partner compliance framework
In 2016, a new business partner compliance framework was developed and approved by the Board of Management and Executive Committee for roll-out in 2017. It provides for mandatory risk-based due diligence investigations prior to appointing a new business partner. It also provides for training to business partners on what is expected of them with regard to compliance with our core principles and for monitoring that they act in accordance with the core principles. A due diligence screening process was put in place, enabling business colleagues and compliance managers to screen candidate business partners for compliance irregularities prior to their appointment.
In view of numerous global merger/acquisition (M&A) initiatives and business development initiatives in Africa, compliance standards were developed and made available for M&A transactions and for doing business in Africa.
As in the previous year, in 2016 we performed a compliance review on agents in a region – this time Latin America – when agent relationships were reviewed. The review did not reveal any irregularities, other than in a few relationships no contracts were in place, which will be addressed in 2017.
Explains what we stand for as a company, what we value and how we run our business. It brings our core principles of safety, integrity and sustainability to life and shows what they mean in practice.