BW Offshore’s guidelines on Anti-Bribery and Corruption

(i)              Recognising Bribery and Corruption

Bribery is understood to be an offer, or receipt, of any gift, loan, fee ,reward, pecuniary or any other advantage, to or from any person as an inducement to do something which is dishonest, illegal or a breach of trust, such as to improperly retain or obtain business or other improper advantage, in the conduct of the company’s business. 

Bribery can take many forms and there are many types of improper advantages that can fall within the scope of bribery or corruption. In the most simple form, look for situations in which something is being given, received or offered and it is being done (or looks as though it is being done) as an attempt to induce the other party into doing something, or refraining from doing something.  

Bribery and Corruption can often be hidden in common forms of disguise, such as through gifts and entertainment, donations, sponsorship or political contributions. While the exchange of corporate gifts and entertainment in a business context can help build goodwill and is a legitimate and valuable component of how the Company conducts its business, provided that any giving or receipt complies with the relevant laws and locally accepted good practice. Instances of gifts or hospitality that are excessive or could be seen to influence decision-making or judgements are not acceptable, and BW Offshore has established corporate reporting and approval mechanisms to review and monitor the giving or receipt of gifts or hospitality. 

 

(ii)             BW Offshore do not tolerate facilitation payments

BW Offshore does not pay what are commonly termed as ‘facilitation payments’ and will actively work to avoid them in our operations.  

A facilitation payment is a form of bribery recognised as a small, unofficial payment with the purpose of securing or speeding up the performance by a public official of a governmental action, which the payer of the facilitation payment is already entitled to.  

BW Offshore Personnel should never encourage nor initiate facilitation payments. The general rule is that facilitation payments should be resisted. Such payments can only be made in exceptional circumstances, as in cases of extortion where demands for facilitation payments are associated with expressed or reasonably perceived threats (of physical harm, detention, or undue harassment). BW Offshore has established reporting requirements and procedures for dealing with cases of extortion of threat of harm.

 

(iii)              Loyalty and Conflict of Interest

A conflict of interest may arise in any situation in which an employee’s other business or personal interests impair his or her judgment to act honestly and with integrity, or otherwise conflict with the interests of the Company.

The Company expects that no employee will knowingly place himself or herself in a position that would be, or would have the appearance of being, in conflict with the interests of the Company.  

The Company requires that BWO Personnel transparently and honestly complete the annual "Conflict of Interest Declaration” assigned to them and this requires Personnel to disclose all business, commercial or financial interests or activities that might create a conflict of interest.  

In addition, if an employee holds a position as a Public Official, or has a close relative or any other person with whom he/she has close relations, who is a Public Official, the employee is also required to disclose this information, in the Conflict of Interest Declaration.  

In 2020, Conflict of Interest declarations have been collected through a new compliance IT portal (the “Corporate Compliance Reporting System”) with the objective of making reporting easier and allowing for more comprehensive review and recording of decision-making related to declared conflicts of interest.  

Conflicts can arise sporadically as employee’s personal interests and relationships change or when the interests and activities of the Company may change. In addition to completing the annual declaration Personnel should consider Conflicts of Interests on a day to day basis. If an employee becomes aware that a new conflict has or might arise they can update this in the BW Offshore Corporate Compliance Reporting System platform so the issue can be reviewed by the Corporate Integrity department.

 

(iv)              Political Contributions

BW Offshore, through its officers, agents and/or Personnel, will not make any offer, payment, promise to pay, or authorize the transfer of any BW Offshore assets to political parties, officials or candidates for political office, as this can be perceived as an attempt to gain an improper business advantage, and presents an area of risk of damage to the Company’s reputation.  

BW Offshore allows Personnel to use their personal right to voluntarily participate in political and democratic processes. However, personal political activities of the Personnel must be conducted on the Personnels' own time, and with the Personnels’ own resources. In addition, it is the Personnels’ responsibility to make sure that personal political pursuits and contributions do not create potential conflicts of interest with the Company and are in compliance with applicable laws governing political activities and contributions 

BW Offshore is committed to ensuring that the company discloses any political donations and/or lobbying expenditures. 

 

(v)                Record keeping and approval procedures

BW Offshore has Financial Policies and Procedures covering record keeping and several other internal financial controls.

Such controls ensure that BW Offshore and its subsidiaries will maintain books, records, and accounts which, in reasonable detail, accurately and fairly reflect all of BW Offshore’s transactions.

At a minimum, BW Offshore and its subsidiaries will maintain a system of internal accounting controls sufficient to reinforce compliance with this policy and provide reasonable assurance that:

  • transactions are executed in accordance with Management’s general and specific authorization procedures;
  • transactions are recorded as necessary (a) to permit accurate preparation of financial statements in conformity with generally accepted accounting principles or any other criteria applicable to such statements, and (b) to maintain accountability of assets;
  • access to Company assets and funds is permitted only in accordance with Management’s general or specific authorization.

It is expressly forbidden to forge accounting records or otherwise try to conceal, disguise or hide bribes or facilitation payments. Failure to comply with this directive might result in disciplinary actions, including termination, and the case might need to be reported to the relevant authorities.