TEXOD Energy Corporation has adopted a number of other regulations aimed at eliminating legal and reputational risks, e.g. the Company has implemented the “TEXOD Energy Corporation Code of Business and Corporate Ethics”, the provisions of which are mandatory for all managers and employees, and an electronic notification system for reporting the Code violations.
"On Counteracting Corruption", the following actions are recognized as corruption:
a) abuse of power, giving or receiving bribes, abuse of authority, commercial bribery or other unlawful use of their official position by an individual, contrary to the legitimate interests of the society and the state, in order to obtain benefits in the form of money, valuables, other property or services of a property nature, other property rights, for themselves or for third parties, or unlawful provision of such benefits to such a person by other individuals;
b) committing the acts specified in subparagraph "a" above, on behalf of or in the interests of a legal entity.
TEXOD Energy Corporation is a private company therefore the Company's activities and actions of its employees in any country worldwide are to comply, inter alia, with the requirements of the International anti-corruption legislations, the UK Bribery Act 2010, the FCPA (Foreign Corrupt Practices Act 1977) and provisions of other laws and regulations of foreign countries where the Company operates or intends to run its business.
The Company Policy "On counteracting involvement in corrupt activities" provides the following definition:
Corrupt actions imply offering, giving, promising, extorting or receiving bribes, mediating bribery, making payments to simplify administrative, bureaucratic and other formalities in any form, including cash, other valuables, services or provision / receipt of unjustified tangible or intangible benefits from any individuals / organizations or to any individuals / organizations, including government representatives, public groups, private companies and politicians.