Foreword by the Edgebold DMCC Chief Executive Officer
Offering or accepting bribes (‘bribery’) is a criminal offence and there are penalties, both civil and criminal, to those who undertake criminal offences. Bribery also carries significant and severe penalties for companies and significant and severe penalties and disciplinary issues for any officers and employees who are involved in it.
Edgebold’s policy is clear in relation to bribery and other forms of corruption. The solicitation, the offer, the payment and/or the acceptance of bribes is not accepted within any company in the Edgebold Group.
Our reputation and integrity as a Group of Companies has been built on the fact that we are an honest and reliable counterparty to our customers and suppliers.
It is clear that the damage that would be done to our good name and reputation if one of our officers or employees committed bribery would be far greater than the commercial benefit we may receive if such a transaction or transactions were entered into. In addition we as a Group of companies are fully aware of the effect that bribery and corruption has on institutions both public and private and why as a result it is imperative that we avoid it.
It is essential that you read this Anti-Corruption Policy carefully and follow it throughout your employment with the Edgebold Group.
Yours sincerely,
Charles Davies
Chief Executive Officer
This document has been written in order to clearly explain the structure of Edgebold’s Anti-Corruption Policy and to empower you to assist the Group in its long term objectives.
It is important for us to make sure that the customers and suppliers who we deal with during the course of business as well as all our staff are made aware of our Group’s determination to pursue the highest standards of honesty and transparency in relation to the avoidance of fraud and other forms of corruption within the Group at all times.
It is our objective not only to explain the rules that we have put in place within the Group regarding fraud, bribery and other forms of corruption but also to maintain a continuous process of ensuring that we adhere to these rules at all times.
Edgebold empowers its staff to act in business on its behalf and in its name and to build business relationships accordingly. With this empowerment comes your obligation to comply with the objectives of this Policy.
At Group Board level we have established the principle that the Boards of Directors in each local Company (‘the Local Boards’) have the responsibility to ensure that the Group’s Anti-Corruption Policy is enforced in practice.
We are aware that from time to time our employees in each local Company may be confronted with potential situations involving corruption and may be unsure how to resolve issues or dilemma.
As a result it is imperative that they address a Director of the Edgebold company which employs them with their concerns as and when they have them.
The Board of Directors of Edgebold has the duty to constantly review the Group’s policy and to ensure that it is up to date, fit for purpose and effective in dealing with anti-corruption issues.
The Prevention of Bribery Bribery is a serious form of corruption.
Bribery is the act of giving money, goods or any other forms of recompense to a recipient in exchange for an alteration of their behavior (to the benefit/interest of the giver) that the recipient would otherwise not alter.
Bribery is the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in charge of a public or legal duty. In some jurisdictions bribery can include simply conferring any value or advantage on an employee or individual employed as an agent if there is a risk that its acceptance will be concealed from the employer.
Although a bribe is often a financial payment it can also be in the form of an offer, promise, gift or some other item of value that may be large or small in size. A bribe can also include a promise to overpay or underpay in relation to services supplied to or offer from an Edgebold Company. Although Edgebold’s policy of avoiding all forms of bribery affects and relates to all aspects of its customer relationships and businesses it is important that all Edgebold employees recognize that there are specific rules related to bribery that apply when dealing with politically connected parties and public officials (‘Public Officials’).
Public Officials include but are not limited to:
- Judicial officers or any person with influence over the judicial processes of the country.
- Political candidates or individuals holding political positions
- Officers, representatives or employees acting on behalf of a public of a Government Body.
For the sake of clarity, Government Bodies are companies, enterprises, institutions etc. that are owned or controlled by the government.
In these specific category of Public Officials bribery has been committed when an offer has been made or suggested to a Public Official to influence them to provide the party bribing with an advantage in any way in their official capacity.
Who does Edgebold’s Policy of anti-Bribery apply to?
Edgebold’s policy of the Prevention of Bribery applies to all employees of local companies, both temporary and permanent. In addition Edgebold employees must take appropriate measures to ensure this policy applies to individuals and /or companies who act on Edgebold’s behalf but are not direct employees for example advisors, consultants, brokers and Joint Venture partners (‘Third Party Associates’). The terms of engagement between Third Party Associates and Edgebold must be transparent, documented and clear at all times in relation to this Policy.
It is imperative that if you have any questions about how to engage Third Party Associates in relation to the Group’s Policy that you raise them with a Director of the Edgebold Company you work for.
Edgebold’s Rules related to Bribery
Edgebold’s Policy of Anti-Bribery and civil and criminal laws related to bribery mean that you must at all times follow the procedures detailed below. If you are unsure about what action to take at any time you should seek further guidance from a Director of the Edgebold Company you work for.
You must not provide, authorize, solicit or accept bribes or items that could be construed as bribes by a reasonable person at any time o for any reason.
You must not perform a duty on behalf of the Company you work for within the Edgebold Group in anticipation or under the belief or fact that you will or may receive a bribe.
You must take responsibility to read and understand the laws that are in place in the jurisdictions in which you work in relation to bribery and anti-corruption.
This is particularly the case if you are dealing in any way with a Public official. You should decline any invitation to make, offer or suggest a bribe to any party whether it is made to you directly or indirectly.
If you find yourself in a situation where you feel threatened or worried by any invitation to make, offer or suggest a bribe to any party, you should immediately contact a Director of the Edgebold Company you work for and explain the situation and facts surrounding the incident. It is important that you never put yourself in danger physically or emotionally as a result of any corrupt practice.
In all cases you should follow the policy above, even if it disadvantages the Edgebold Company that you work for.
Travel, Entertainment & the Giving of Gifts
Edgebold understands and accepts that exchanging gifts and entertainment with third parties can be an important part of building trust, goodwill and familiarity on behalf of the Group, however it is essential that you read, understand and adhere to the Group’s policy related to Travel & Entertainment in order to understand what the limits of the exchanging of gifts and entertainment are and where good practice becomes bad practice within the Group.
If you are in any doubt about whether any entertainment, gift or other benefit that you may wish to provide may be considered to be inappropriate you should contact a Director of the Edgebold Company you work for to get advice.
You are entitled to give and/or recover lawful and appropriate gifts, entertainment etc. as long as they are not given or provided with the prospect of influencing the recipient’s decision to make decisions impartially and in their interests of their own employer or agency at any time and for any reason.
If you provide or receive entertainment, give gifts or other benefits you must make sure they are reasonable at all times and provided in good faith, must never be considered as bribes by a reasonable person and must never be in the form of cash or other goods that can be readily converted to cash.
If you have been given a gift which is later deemed inappropriate after discussions between you and a Director of the Edgebold Company you work for the gift received may be donated to a charity of your choice or returned to the giver.
You should always ask your customer or client what their Travel, Entertainment and Gift Giving Policy is and if its standards could reasonably be judged to be stricter than those of Edgebold. You must follow your customer or client’s policy when dealing with him or her or their Company.
The use of Intermediaries
An “intermediary” means, for the purposes of this Policy, any third party such as a specialist agents, consultants or advisers engaged by or on behalf of Edgebold to assist in obtaining and/or maintaining business. They include, for example, specialist agents, consultants and advisers.
You should always ensure that any intermediary engaged to work on behalf of Edgebold is aware of Edgebold’s Anti-Corruption Policy. If the intermediary is not willing to adhere to the rules established in this Policy, you must not engage the intermediary on behalf of the local Edgebold Company you work for.
Again please contact a Director of the Edgebold Company you work for if you have any questions about this Policy.
Joint Ventures with other Companies, entities or individuals
From time to time it may be appropriate for you to act on behalf of Edgebold to agree a Joint Venture or shared business with a Third Party where Edgebold will share in the profit or success of a Joint Venture.
It is important that the Joint Venture partner is informed of Edgebold’s Anti-Corruption Policy. Both you and Edgebold may be exposed to consequences should the Joint Venture Partner act against the principals of this Policy. It is important that Edgebold exert its maximum influence to ensure that any Joint Venture Partner does not pay or receive bribes.
Any Joint Venture with a Third Party will be checked by the Board of Directors of the Edgebold Company you work for, and due diligence performed accordingly. The Board of Edgebold should be informed of al Joint Venture Proposals by any local Edgebold Company before they are entered into to ensure that they are compliant with the Group policy.
Procurement
It is essential that you ensure that all procurement processes are recorded accurately and without bias in order to ensure that they are always undertaken in a manner in accordance with Edgebold’s Anti-Corruption Policy. If you have any questions related to how you should procure on behalf of Edgebold please contact a Director of the Edgebold Company you work for.
Where Edgebold Companies contract for supplies it will be necessary to inform supplier of Edgebold Anti-Corruption Policy. Any Procurement that you may undertake on behalf of the local Edgebold Company should be based on getting the local Edgebold Company you work for the best value for its purchase (taking into account a balance of price, performance, quality, performance, compliance and other criteria as the case may be).
You are expressly forbidden to solicit or accept any financial or other advantage which is offered, provided, authorized, requested or received as an inducement or reward for entering into a procurement contract on behalf of Edgebold at any time.
Local Community Projects
It is Edgebold’s objective to undertake community based projects in the countries and local communities in which it works, however it is important that due diligence is focused on these types of projects to ensure that no individuals or external entity is taking unfair advantage of either the local community, an Edgebold Company or any other affected body, person, public institution or other in accordance with this Policy.
Political & Charity Contributions
It is imperative that all employees of the Edgebold Group carefully follow the Group’s policy regarding political contributions. As a Group Edgebold does not allow any political contributions in its name or on its behalf with the intention of obtaining a business or any other advantage in the conduct of business. If any political contribution is made it will be made only after the express permission of the Board of Directors of Edgebold and never a local Edgebold Company. As a Group, Edgebold encourages the giving of monies, benefits and other for authentic and appropriate charitable works, however you must not make any promise of a charitable donation on behalf of Edgebold without the written permission of a Director of the local Edgebold Company you work for. A process of review will then be undertaken to assess the nature of the charity, its effect on the community in which it operates and whether it is at arm’s length from businesses of the Group and is not being used for political advantage.
Other Points
In order to ensure that your behavior is at all times compliant with the practices and paragraphs of this Anti-Corruption policy it is essential that you maintain proper written records of your activities including in particular the giving and receiving of gifts while working for the Group.
Being Alert
Officers, employees and associated persons of Edgebold should always be alert in relation to potential occurrence of corruption and should report it to a Director of the Edgebold Company they work for. We regard breeches of this Anti-Corruption Policy as serious. If we have reasonable grounds for demonstrating grossly negligent or intentional bad conduct then dismissal may follow. We will not hesitate to involve the law but will at all times allow the person(s) involved opportunity to voice their defense.