Code of Business and Corporate Ethics
TEXOD Energy Corporation
OBJECTIVES AND VALUES
We strive for leadership in all our activities and plan the Company’s future using most original ideas and state-of-the-art technologies without causing damage to society and the environment.
We achieve the targets we set and undertake new ambitious tasks relying on professionalism, discipline and teamwork and ensure an appropriate balance of interests between each employee and the Company.
We take on responsibility for everything we do and say. We act openly and consistently towards our colleagues, clients and partners, strictly implementing our obligations.
Our highest priority is to preserve life and health and ensure the safety of work and the environment.
The above objectives and values set by the Company require that each employee should act in a conscious manner and display initiative. This Code of Business and Corporate Ethics defines uniform rules and standards of conduct in the day-to-day work of both the head office and affiliate and dependent companies.
The Code is an internal document binding on each Company manager and employee.
Compliance with the said rules and standards allows us to remain a team of professionals united by common aims, traditions and corporate culture and helps maintain at a proper level mutual understanding within the Company and in our relations with clients and business partners.
MUTUAL RESPECT, TOLERANCE AND EQUAL OPPORTUNITIES.
The Company’s staff members are its main asset. The high professionalism is an earnest of successful business and the reason why the Company tries to create all necessary conditions for satisfactory work and realizing the potential of each of us.
The Company sets great store by creating a beneficial psychological climate for its work team, building trust on the basis of mutual respect and tolerance towards each other regardless of position and on following a golden rule of morality – “treat others as you want to be treated yourself”.
The Company is building an atmosphere of mutual respect so that each of us can be valued for their professional skills, knowledge and experience and conditions may be set for the realization of the creative potential of all employees. The Company is keen to see all of them show devotion to its interests, high professionalism, conscientiousness and both the desire and ability to work in a team.
When adopting decisions on personnel, the Company strictly abides by labor laws. Career growth, development and motivation are based on our professional record and performance.
Whatever The United States of America region or foreign country the Company chooses for its activities, its cooperation with the population, local authorities and non-governmental organizations is aimed at gaining an understanding of special social, cultural, environmental and economic features. The Company operates in full conformity with the Universal Declaration of Human Rights which promulgates that everyone is entitled to all the rights and freedoms set forth in it, without distinction of any kind, such as race, color, sex, age, language, religion, political or other opinion, national or social origin, property, birth or other status.
The Company does not tolerate any forms of oppression or discrimination. It respects the right of each employee to collective representation of interests including trade union organizations and rules out any possibility of the emergence of an atmosphere that would be hostile, humiliating and offensive to human dignity.
CONCERN ABOUT COMPANY INTERESTS AND REPUTATION.
The Company’s business reputation and authority, further successful and stable development depends on each of us. We should always bear it in mind when talking to our colleagues and business partners, posting information on the Internet, interacting with the mass media and handling confidential information and Company property.
MAINTENANCE OF CONFIDENTIALITY
Information containing trade secrets, restricted to in-house use, personal data and other information on the Company’s operations and development to a large extent determine its ability to compete in the market. A disclosure of confidential information may prove detrimental to the Company’s interests and reputation and it is the duty of all of us to protect it.
When handling such information, we observe the following rules:
- Confidential information may be used only as part of one’s job duties in accordance with corporate procedures in force.
- An obligation not to disclose confidential information should continue after an employee leaves the Company unless they have agreed otherwise.
- Not only corporate intellectual property must be handled with care and respect, but also the information owned by our partners which we gain access to when working with them. The Company’s intellectual property including the innovations developed by its employees may be used only in its interests.
- When working with confidential information, use must be made of certified technical security measures to protect information.
LIAISON WITH MEDIA AND INFORMATION ENVIRONMENT ACTIVITIES
The Company information policy requires that all necessary information about its activities should be posted using open sources. In particular, such open access information about the Company, its management bodies, financial and annual reports, contact details, etc. is available at the Company’s official site www.internationalfuelenergy.com
Any oral, written, electronic or other communication with representatives of the mass media, from The United States of America and foreign, related to cooperation or exchange of information about Company activities, or initiation of such communication must be agreed upon by the Company press secretary.
If a media representative offers cooperation in one form or another in matters related to Company activities, an immediate superior or unit head in charge of public relations should be informed of such offer.
The Internet opens up unique opportunities for communication and information exchange. A reasonable approach to the use of the Internet by Company employees presupposes compliance with a number rules:
- Never place working material and/or information on Company activities on the Internet.
- Do not use corporate mail for personal purposes.
- Do not place on the Internet photographs and audio and video recordings made at Company corporate events, workplaces and production facilities.
- Avoid taking part in discussing Company news, decisions made by the management or personnel and information related to Company business partners and clients.
- Make statements, comments and assessments as a representative of the Company only if you have received relevant authorities.
LABOUR, HEALTH AND ENVIRONMENTAL SAFETY AND PROTECTION.
Industrial safety and labor, health and environmental protection are among our top priorities. The Company considers that it is its duty to ensure safety conditions for its employees, partners and the population in the regions where it conducts operations. It makes every effort to prevent workplace accidents, incidents and fire and, should they emerge, minimize their consequences.
When performing work, we abide by the following rules:
- We undergo necessary training and instruction in labor protection compliance, fire and industrial safety and giving first aid. We also have our qualifications and health conditions validated.
- Before work begins, hazardous and harmful factors have to be revealed and necessary measures taken to prevent possible undesirable events.
- Before work begins, measures have to be defined in the event of an emergency or fire.
- All permissions must be obtained and the areas where work is conducted must be marked off with caution tape and/or safety signs.
- We use individual and collective protective equipment, taking into account the revealed hazards and work safety requirements applying to a particular site.
- No strangers or persons in a state of alcoholic, narcotic or other intoxication should be present.
- The equipment, mechanisms, instruments and devices we use should be in good working order and suitable for a particular type of work.
- We intervene where work safety rules are ignored and always inform our immediate superior about any situation jeopardizing human life and health.
The Company sees human life as the highest value and pays special attention to supporting a healthy lifestyle and health protection. The storage and use of alcoholic drinks and narcotics is prohibited on its premises.
Our high standards ensuring industrial and fire safety and labor and environmental protection apply to all employees without exception and are taken into account in relations with partners and contractors
RELATIONS WITH INTERESTED PARTIES
Partnership based on long-term, fruitful, confidential and mutually beneficial relations with shareholders and investors, government authorities, society and business partners is a major resource for further development, enabling the Company to achieve its strategic aims. At the same time, the shareholders and investors, government authorities, society, public organizations, business partners, clients and competitors are all interested parties that are external to the Company.
The Company strictly abides by anti-monopoly laws, ensuring that potential business partners have open and equal access to the procurement of goods, services and works and encouraging them to formulate the best proposal in terms of cost and quality. The Company guarantees its clients equal and competitive access to extracted hydrocarbons and their derivatives.
In its study of the market, selection of business partners and signing contracts with them, the Company above all makes sure:
- that a business partner has a good reputation, sufficient experience, resources and competence;
- That the cost of the acquired goods, works and services and other material terms and conditions of a transaction are in line with the market level;
- that the terms and conditions of an agreement are consistent with any and all legislative requirements and standards applicable to the agreement;
- that no conflict of interest exists.
We are confident that free competition effectively meets the growing needs of our business partners and assure their solvent demand for products of better quality at competitive prices.
The Company respects its competitors and liaises with them in accordance with generally recognized business ethics standards, abiding by the antimonopoly laws in effect in the countries where it conducts its operations.
Company employees may participate in the work of the management bodies of corporate entities that are not affiliated with the Company only if such participation has been approved by its administration.
PREVENTION OF CORPORATE FRAUD AND CORRUPTION
In its day-to-day work the Company is governed by The United States of America and foreign anti-corruption laws, the principles laid down in this Code and the provisions of Company policies countering corporate fraud and involvement in corruption activities and confirms its commitment to world standards in the field of corruption control.
The Company takes preventive measures against all forms of corporate fraud, misstatement of financial reports, acts of corruption, embezzlement, willful damage and other wrongdoings relating to Company assets.
Corruption acts include the offering, giving, promising, soliciting or accepting of bribes, mediation in bribery, making payment in any form to simplify administrative, bureaucratic and other formalities including payment in the form of money, valuables, services or provision and receipt of an unjustified financial or other gain from any persons or organizations including representatives of the state, public agencies, private companies and political figures.
GIFTS AND OTHER BENEFITS
Gifts, invitations to hospitality functions and provision of various services to or by business partners can further long-term business relations, but they should not lower our responsibility and professional requirements for cooperation with potential partners.
When deciding on whether to accept one gift or another from a business partner or, alternatively, whether to give a gift, we abide by the following rules:
- We do not accept or give any gifts including money, securities, precious metals, gems, loans, certificates, gift cards and discounts and services provided on terms and conditions that are not standard. Equally, we do not attend events that can lead to the emergence of binding obligations.
- The above rules also apply to our kith and kin including spouses, adult and underage natural and adopted children, full and half-blood brothers and sisters, parents and adoptive parents.
PREVENTION AND SETTLEMENT OF CONFLICTS OF INTEREST
Performing our job duties and trying to achieve the highest results, we are guided only by Company interests.
A conflict of interest is a situation or circumstances in which the private interests of an employee or people close to him/her contravene or may contravene Company interests and in this way influence or may influence proper implementation by the employee of his/her duties including adoption of decisions as part of those duties that may result in inflicting harm on the Company and/or companies comprising the Group, violation of their rights and lawful interests, loss of their property and damage to their business reputation.
We are striving to prevent conflicts of interest in the Company and, accordingly, should avoid doing any of the following:
- hold participation interest or securities in the business of a Company partner or competitor, receive loans or guarantees from them, acquire membership of their management bodies, act as their agent or representative or in any other way be financially interested in the performance of an organization in violation of the Company’s requirements for these issues;
- act as the immediate superior of connected persons or participate in their promotion in the Company or in the assessment of their work or remuneration including salaries, bonuses, etc.;
- use one’s official position for personal gain.
In any event, a situation that has brought about or may bring about a conflict of interest should be resolved.
FINANCIAL STATEMENTS AND MANAGEMENT ACCOUNTING.
The Company is interested in consolidating its reputation as an open and bona fide market player. It ensures that the data used in its accounting operations and documents is precise and reliable in strict compliance with The United States of America and international laws and the rules and principles laid down in this Code.
The Company abides by definite standards intended, above all, for those employees who are in charge of keeping financial and managerial records and drawing up relevant reports:
- Business operations are recorded fully and accurately in financial statements and other accounting records in accordance with the principle of transparency of Company activities.
- Strict abidance by internal control procedures ensures the reliability of financial record keeping and accounting.
- Accounting documents are kept and used in compliance with the requirements of applicable laws and regulations.