Rurelec PLC, ("Rurelec") and its group of companies (the "Group") does not tolerate any acts of bribery by customers, employees, suppliers, agents, consultants or partners. Rurelec has procedures in place which attempt to prevent bribery taking place and will fulfil its legal obligations to report any acts of bribery it becomes aware of to the relevant authorities. The Bribery Act 2010 was given Royal Assent in April 2010 and comes into force on 1 July 2011. For the purposes of the Bribery Act 2010, bribery is defined as the giving or taking of a reward in return for acting dishonestly and/or in breach of the law. This policy is intended to formalise the existing high standards within the Group, from board level to subsidiary level, with governments, suppliers, contractors and any other business affiliates. All those connected with the Group are aware of this policy and continue to bear in mind the principles contained in it in all aspects of their day-to day business.
Offering, promising or giving of a reward, either directly or through a third party, to induce improper performance.
Accepting, agreeing to accept, or requesting of a reward in return for performing an activity improperly.
Offering, promising or giving of a reward to a foreign public official with the intention of obtaining or retaining business.
Failure to stop individuals or companies who are operating on its behalf from being involved in bribery. Individuals found guilty of any of the first three bribery offences can be imprisoned for up to ten years, and/or receive an unlimited fine. Commercial organisations found guilty of any of the four offences can receive an unlimited fine. The proceeds of any bribe will also be confiscated.
The policy affirms the responsibility taken by the board of directors of the Group for preventing corruption, bribery and other improper practices to which there is a zero tolerance policy.
The Group acknowledges that the legitimate and proportionate exchange of gifts and entertainment builds goodwill between the parties but that some gifts and entertainment can have a disproportionate influence on the recipient thereby subverting their duties of good faith, impartiality and trust in relation to their office or position. All officers and employees of the Group have been advised of internal policies for determining the appropriateness of a gift or entertainment and approval procedures are in place to minimise the risk of breach of the Group's ethical standards in relation to bribery and corruption.
All business partners, subsidiaries and those otherwise connected with the Group are reminded that the provisions of the Bribery Act 2010 apply to them as much as to the directors and employees of the Group.
If you believe that Rurelec, or one of its associates, has been involved in bribery please contact us at Rurelec PLC, 17th Floor, 21-24 Millbank, London SW1P 4QP.