Inter Far East Energy Corporation Public Company Limited and its subsidiaries are committed to defy every types of corruption without accepting any actions regarding anti-corruption case. The company and its subsidiaries are communicated to raise awareness of those involved with the company and subsidiaries. They are not able to demand and accept any improper benefits that influence on the decided duty and finally lose the benefits. Additionally, the company and its subsidiaries do not support bribery strictly. They regularly have evaluated the risk of corruption that occur in each process. If there is a violation, it must be subject to disciplinary penalty according to the company’s regulation.
The Board has approve the Company to sign the declaration of its intention with Private Sector Collective Action Coalition Against Corruption: CAC on May 7, 2015 and has been approved by the CAC Committee to be its member on October 16, 2015.
Anti-Corruption Policy Definition
Corruption means any types of bribery; an offering, giving, promising or agreeing to give, demanding or accepting money, assets, or other inappropriate benefits from the government officers, government sectors, private sectors, or responsible person in either direct or indirect action so that such person could proceed or disregard his/her function in order to acquire, retain the business, recommend specific company to the entity, or achieve any improper benefits in business transaction. Exception must be applied in case of laws, regulation, statement, standard, custom, or business traditions enable to do so.
Director, Management Team, and all staff of Inter Far East Energy Corporation Public Company Limited and its subsidiaries are prohibited from operating or accepting every types of corruption both in direct or indirect manner covering every businesses and related departments in every countries. The Anti-corruption Policy is needed to be reviewed regularly, including with a possible revision of such policy and implementation provision in order to accord with business changes, regulation, standard, and laws.
Roles and responsibilities
- The Board of Directors is responsible for determining the policy, monitoring, and forming an effective system supporting Anti-corruption act in order to affirm that the Management Team intensively concerns, emphasizes, and cultivates Anti-corruption mindset as the company’s culture.
- The Audit Committee is responsible for revision of financial and accounting reports, internal control, internal audit function, and risk management so that such operations are concise, appropriate, effective, and conformed to global standard.
- The Chief Executive Officer, Inter Far East Energy Corporation Public Company Limited Executives, and the Management are responsible for determining Anti-corruption system, promoting, and encouraging Anti-corruption manner conveyed to all staff and related sectors. This also includes reconsideration on system or regulation in order to comply with business changes, regulation, standard, and laws.
- Internal Auditor is responsible for auditing, assessment, and evaluations in business transactions whether they are accurate and complied with guidelines, approval authority, standard, laws, and policy in order to assure that the internal controls are sufficient and suitable for potential risk in the corruption. Then must be directly reported to the Audit Committee.
- The Board of Directors, the Management Team, and all staff of Inter Far East Energy Corporation Public Company Limited in every level including subsidiaries, affiliates, others controlled companies, and Inter Far East Energy Corporation Public Company Limited business representatives must follow with Anti-corruption Policy and the company Code of Conduct by avoiding to involve with any courses of corruption in direct or indirect manner. Moreover, it must officiate under the scope of responsibilities to the organization and its stakeholders with integrity on the basis of ethics as well as, maintain business in compliance aiming for honesty, ethics and transparency. The company has the channels to communicate the policy such as billboard, e-mail, company’s website, etc. Furthermore, the evaluation of understanding about Anti-corruption policy is provided in order to improve and develop further.
- Business operation is separated according to roles, responsibilities, and processes with clear lines of command within each department to appropriately balance their authorities together, to prevent or reduce an opportunity of corruption, and also to sustainably provide the business growth.
- The Audit Committee, who is independent in its operations, conducts by monitoring and reviewing so that the company is good corporate governance adequately according to the policy and related requirements. Its operation focuses on the risk including the risk of corruption and the exploitation which are evaluated and monitored appropriately.
- The company staff must not be negligent in any corruption conditions involved directly with Inter Far East Energy Corporation Public Company Limited. All staff must notify such act to supervisors or responsible person, including collaborate with investigation. Any queries or questions are needed to be consulted by the supervisor or a responsible person who monitors the Inter Far East Energy Corporation Public Company Limited Code of Conduct compliance provided in particular channels.
- The company defines the written information policy and complaints. The whistleblower can inform or complain in case of corruption or misconducted action of individuals or even company, via E-mail: firstname.lastname@example.org or telephone no. 02-1681378-86 or post to the Inter Far East Energy Corporation Public Company Limited Audit Committee No. 33/4, The Nine Tower, 29 th Floor, Tower B, Rama IX Road., Huai Khwang Sub-district, Huai Khwang District Bangkok 10310. However, the company has the strategy to protect the whistleblower in order to avoid the potential effect that is considered as Whistleblower Policy.
- The company and its subsidiaries provide fairness and protect the staff who denies or informs corruption cases by applying Protection Policy as stated in the Whistleblower Policy. The company and its subsidiaries have a policy to not debase, punish, or give negative results to staff who refuse the corruption, although the action causes the company and its subsidiaries to lose any business opportunities.
- The company and its subsidiaries follow the Thailand’s law to the anti-corruption and communicate this policy to the outside people through various channels such as billboard, E- mail, company’s website, etc.
- The Board of Directors, the Management Team, and the staff of Inter Far East Energy Corporation Public Company Limited who commit the corruption in the company and its subsidiaries Code of Conduct, which must to be considered discipline followed by Inter Far East Energy Corporation Public Company Limited standard. The punishment by law must be taken, if the action is illegal.
- The company and subsidiaries concern the importance of dissemination, education, and communications with other people who involve or affect the company so that those parties conform effectively to the Anti-corruption guidelines.
- The company and subsidiaries strive to create and sustain the organization’s culture representing that corruption is unacceptable in every business transactions dealing with both public and private sectors.
Provision in Implementation
- This Anti-corruption Policy covers to Human Resource Management process starting from recruitment, promotion, training, evaluation, and giving rewards to staff. Every supervisors in every levels must communicate to staff in order to apply in business transaction under their responsibility and to monitor such implementation to be the most effective.
- Implementation on Anti-corruption Policy must be followed by guidelines in the Code of Conduct, Corporate Governance guidelines, Stakeholders’ Guidelines and standard, every related operation manual, and additional guidelines which will be formulated afterward.
- The training instruction is provided to the Board of Directors, the Management Team, and staff regarding to compliance and corporate governance of the company. The constant communication through promotional activities to corporate governance annually focuses on maintaining standard and developing corporate governance, and creates a good corporate governance as an organization’s culture. Also, the guidelines for monitoring and evaluation is set concretely.
- The Board of Directors defines a written Anti-corruption policy and penalty for violations in the
company’s Code of Conduct manual such as getting benefits guidelines of employees,
securities trading regulations, preventing conflicts of interest and related transactions
regulations, supervising internal information regulations and so on.
To emphasize on the processes of the high risk corruption, the Board of Directors, the Management Team, and all staff must conform carefully as following:
- Gifts, Hospitality and Expenses
Giving or accepting gifts, entertainment and hospitality activities must be complied with the company’s Code of Conduct.
- Charitable Contribution or Aid
Granting contribution or receiving the aid must be transparent and legal by confirming that such transaction must not be claimed as a bribery.
- Business Relation and Procurement Process with the Public Sector
All types of bribery or illegal payments are prohibited in all business transactions of the company and its subsidiaries, and connection to the government. Such implementation must be proceeded transparently and in alignment with related laws and regulations.
- Gifts, Hospitality and Expenses