The Code of Business Conduct (COBC) stipulates the basic principles which govern EcoOils’ business relationship. Business partners should respect and adhere to the COBC when conducting business with EcoOils. Business partners are expected to uphold the spirit of integrity and good governance.
EcoOils appreciates that there will be specific business practices / situations which may require further clarification, and in such instances, business partners are encouraged to contact their counter parts in EcoOils, who will in turn seek guidance internally.
For disclosure or whistle blowing, the Code of Business Conduct outlines a secured communication channel which is available for business partners to report any action or behavior deemed in violation with the principles of COBC.
Compliance to this Code
- It is pre-requisite in all our business dealings that business partners must comply with the COBC. Business partners are responsible to ensure that their employees are aware of the COBC and should put in procedures for
- Business partners must avoid engaging in any part of the prohibitions in this Code of Conduct to avoid any suspicion or undesirables perceptions.
- Business partners are expected to cooperate fully with EcoOils in all due diligence exercises or audits or any investigations related to the business transactions.
Basic Principles that govern EcoOils’ business relationship
- Top Management Commitment
The Top Management of business partners must be committed to ensure that their commercial organisation practices the highest level of integrity and ethics, complies with all laws and regulations related to anti-corruption and effectively manage key corruption risks of the organisation.
Business partners participating in any tender for projects must do with firm commitment to proceed with the contract if awarded.
Business partners must take responsibility and be accountable in honouring all aspects of their commitments whether in writing or otherwise.
- Managing Conflict of Interests
Business partners should be transparent to raise if any conflict of interests immediately in their business dealings
- Disclosure of Competency
Business partners should be transparent to give an honest disclosure of their knowledge, expertise, experiences, track record and qualifications to their clients.
Business partners when providing services must first declare if sub-contract works are involved to their clients before accepting the job.
- Anti-Competitive Practices
Business partners should avoid any form of collusion with other parties (competitors) by fixing price or boycotting when participating in tenders or submitting quotation.