Anti Bribery Policy
GUIDELINES ON BUSINESS CONDUCT IN ORDER TO PREVENT BRIBERY AND CORRUPTION
- These Guidelines provide guidance on business ethics. They supplement the principles set out in the Code of Conduct to show that all Colfax entities operate fairly, transparently and with integrity.
- The purpose is to ensure that Colfax and its subsidiaries ("Colfax") comply fully with all applicable laws and operate to ethical standards wherever they conduct business
These Guidelines apply to all employees of Colfax, ESAB and Howden with the exception of employees employed by AGI or its subsidiaries who are covered by separate guidelines issued by AGI.
These Guidelines apply throughout the group irrespective of the country where business is conducted and/or a particular business unit is situated. The principles contained in these Guidelines must be applied in all countries, even if they are more stringent than local law. Where local laws are more stringent than these Guidelines, then they must also be complied with.
Everyone at Colfax must show that all business is performed to the highest ethical standards and complies both with these Guidelines and all applicable laws.
No one at Colfax will engage in any form of bribery.
A "bribe" is the promise of money, reward, favour or a benefit to a person or public official in order to influence the conduct or judgment of that person. In particular, no Colfax employee will
- Offer any bribe to any person or public official;
- Accept any bribe; and/ or
- Engage in any form of indirect bribery by offering or receiving any bribe through a 3rd party
COMPLIANCE AND OVERSIGHT
Senior Management (which means the MD and the FD), of the relevant business unit, are responsible for implementing these Guidelines and enforcing them. They must advise on and approve payments, gifts and expenses in accordance with these Guidelines. Internal Audit must monitor the implementation of the Guidelines and must test compliance.
Colfax could be held responsible for acts of bribery by its intermediaries such as distributors, agents, advisers, consultants and other 3rd parties. All agents and third parties acting for or on behalf of Colfax must comply with all applicable laws. In addition they, and everyone we do business with, must be made aware of these Guidelines, to promote better business conduct generally.
Agents and third parties, must be appointed according to the appropriate policy which includes carrying out appropriate due diligence checks on them (see policy on appointing and transacting with agents).
Third parties must not be used to perform acts that violate these Guidelines or applicable local laws.
GIFTS AND ENTERTAINMENT
Gifts and entertainment must only be offered and accepted for conventional social and business purposes at a level appropriate to the status and seniority of those involved.
The test when considering gifts and entertainment (whether giving or receiving them) is whether they could be intended, or even be reasonably interpreted, as a reward or encouragement for a favour or for preferential treatment - if they could be, then they are not permitted under these Guidelines.
Gifts must be given openly, unconditionally, must be of modest value and must comply with the expenses policy of the relevant business unit. Gifts and entertainment must never be offered or accepted to obtain or retain business or for reward or inducement. Any deviations from the Guidelines or the expenses policy of the business unit must be approved in advance in writing by Senior Management. The approval or rejection of any such request must be recorded by Senior Management in a register.
All proposed offers of gifts and hospitality made to government officials and corporate entities or a person or entity for the benefit of such an official must be approved in advance in writing by Senior Management. The approval or rejection of the request by Senior Management must be recorded in a register maintained by the relevant business unit.
Charities and donations could be used as a conduit for bribes. Colfax is keen to support charities, particularly those in its local communities, but must not do so at the request of customers and/or business partners, unless approved in advance in writing by Senior Management. Charitable donations, whether made in cash or by way of contribution to charitable events, publications or fundraising initiatives must be approved in advance in accordance with the Colfax, Howden or ESAB Corporate Authority Limits on which the Senior Management of your business unit can provide further information.
Colfax does not allow gifts or donations to political parties.
PAYMENTS TO OFFICIALS
Facilitation payments are not permitted by these Guidelines. Facilitation payments are small payments made to secure or expedite the performance of a routine action by a government official or agency (e.g. issuing licences or permits, processing goods through customs) to which the payer has a legal or other entitlement.
There are circumstances where Colfax must by law pay for the services of public officials e.g. customs clearances or visits from the environmental regulators. We expect such officials to fulfill their legal and regulatory duty and that any fee paid has a legal basis. Before any such payment is made, a written document setting out the legal basis for the payment must be obtained from the official together with a receipt. Additional payments or gifts must not be made to such officials.
Potential consequences of failing to comply with these Guidelines The potential consequences of not complying with these Guidelines include the following:
- Fines of an unlimited amount
- Repayment of any profits received
- Termination of contracts
- Prohibition from bidding for certain contracts
- Reputational damage
- Imprisonment - typically 5-10 year sentences
- Fines of an unlimited amount (which cannot be paid by the Company on behalf of the individual)
- Disciplinary action
Colfax always gives its full support to anyone refusing to pay a bribe whatever the inconvenience, loss of business or extra costs involved for Colfax. However, in all circumstances, you must not take any step which is likely to endanger either your or another person's safety.
BREACHES OR POTENTIAL BREACHES OF THESE GUIDELINES
All employees are encouraged to raise concerns about any actual or suspected cases of bribery and corruption at the earliest possible stage.
Where anyone believes the Guidelines are not being complied with or they are being asked to carry out any act not in compliance with these Guidelines, these concerns must be raised immediately with the immediate superior. If the immediate superior is not the appropriate person, then the employee's concerns must be brought directly to the attention of the Colfax Head of Legal or Colfax's Head of Internal Audit. You may also report a suspected violation of these guidelines through Colfax's whistleblowing procedures.
Selected employees will be required to complete an online training programme supplementing the information in these Guidelines.
If you have any questions regarding these Guidelines, please contact either your line manager or the CEO/CFO of your business unit. If there are any queries that cannot be addressed by the relevant line manager or Senior Management, then the assistance of the global legal team and/or internal audit should be sought.