Studenac market

Anti-bribery and Corruption Policy

Objective, scope, and responsibility

As part of our commitment to ethical business practices, acting professionally, fairly and with integrity, management of Studenac d.o.o. will not tolerate any form of bribery or corruption.

This Anti-bribery and corruption policy ("ABC Policy") of Studenac d.o.o. ("the Company“) represents the basic rules of behaviours of the Company and its employees in relations within the Company as well as in relations with external entities, with aim to fight bribery and corruption. The Company is committed to maintaining the highest standards of ethics and compliance with all relevant laws, has adopted zero tolerance policy for bribery and corruption, and understanding these standards is essential and required of all of us.

The requirements set out in this ABC Policy apply to all employees of the Company, and third parties, such as suppliers, business partners and contractors, all must comply with the business principles of the Company. Failure to comply with this ABC Policy, whether intentionally or by an act of negligence, may lead to disciplinary action that could ultimately result in termination of employment.

Terms

ANTI-BRIBERRY AND CORRUPTION POLICY (“ABC Policy”) - procedures and guidelines that deal with issues of Anti-bribery and corruption and provide standards that the Company and its employees are obliged to respect.

CORRUPTION - any deviation from the set norms, i.e., abuse of authority with the aim of achieving personal gain or the gain of related persons.

BRIBERY - Bribery refers to the act of offering, promising, giving, receiving, or demanding anything of value to any person, natural or legal, directly, or indirectly, with the intention of corruptly or improperly obtaining or retaining a business advantage.

ZERO RATE OF TOLERANCE TO BRIBERRY AND CORRUPTION - reacting to every form of corruption, regardless of the amount of benefit gained and the position of the person who is corrupt.

GOVERNMENT AND PUBLIC OFFICIALS - any person employed in a government institution, officials employed in regional or a local government, holders of public duties, representatives of public institutions and political parties.

COMPLIANCE OFFICER - the person who is responsible in the Company for compliance with Anti-bribery and corruption regulations.

What is bribery?

Bribery involves making a payment of, offer or promise to pay, or authorize a payment of money or anything of value, directly or indirectly, to anyone including government and public officials, with a corrupt intent for the purpose of influencing one's decisions in order to acquire a certain advantage or any other benefit. Bribery can also take place where the offer or giving of a bribe is made through a third party, i.e., an agent, representative or intermediary. Giving and receiving of bribe is strictly prohibited.

Examples of bribes:

  • expensive gifts, travels, or entertainment, especially where they are inappropriate, frequent, or provided in the context of ongoing business negotiations,
  • loans, loan guarantees or other extensions of credit,
  • providing a subcontract to a person connected to someone involved in awarding the main contract,
  • cash payments by employees or third parties,
  • engaging a local company owned by, or offering an educational scholarship to a member of the family of a potential customer, or to government or public officials,
  • charitable or political donations made to a third party linked to, or at the request of someone with whom the Company does business,
  • uncompensated use of company services, facilities, or property,
  • benefits such as the provision of an internship or work experience, whether paid or unpaid.

Any form of bribery and/or corruption is strictly prohibited towards any third party, with special emphasis on offering anything of value to government and public officials.

Facilitation payments

A facilitating payment is a financial payment that is made with the intention of expediting an administrative process. It is a payment made to a government or public official that acts as an incentive for the official to complete some action or process expeditiously, to the benefit of the party making the payment.

The company does not allow this type of payment and will not make such payments when requested. Any request for a facilitation payment made of an employee of the Company or representative should be reported to your direct supervisor and Compliance officer.

Gifts and hospitality

A gift or hospitality is anything of value that includes discounts, loans, travel expenses, tickets to a sporting/cultural event, use of facilities e.g., a holiday home and similar. Giving and receiving gifts is not prohibited under Company rules if it is of reasonable value, if it is given for a legitimate business reason and is not intended to improperly influence us or a third party. Exchanging or giving modest gifts and hospitality may cultivate goodwill in business relationships, but they must be strictly limited in value and frequency.

It is not allowed to accept or to ask for a gift that could affect our ability to make objective decisions in the best interest of the Company. It is not allowed to enter contracts based on any gift, service or courtesy from a customer, supplier, consultant, service provider, government, or public official or any other third party. Except for justified gifts, such as promotional materials of small or nominal value or other forms of hospitality in accordance with standard business practices, no gifts or hospitality are allowed.

When are gifts or hospitality acceptable?

Considering this ABC Policy, you should use your own judgement to assess what is acceptable. Modest gifts and hospitality may usually be offered or accepted where there is no expectation or belief that something will be given in return, and may include:

  • small gifts, including gifts of nominal value such as calendars, diaries, pens, and other small promotional items,
  • occasional modest meals with people with whom you conduct business,
  • occasional attendance at modest entertainment events, e.g., a modest sporting event musical performance, or the theatre,
  • reasonable travel and accommodation expenses in connection with legitimate business trips.

An employee is allowed to accept gifts that are customary in business and does not have to inform the Company if their individual value is less than EUR 50.00 and the total value in one calendar year does not exceed the amount of EUR 150.00. In case of receiving a gift, whose fair market value exceeds this amount, the recipient is obliged to notify the Company of such receipt. If the Company determines that such a gift or gifts are not customary in business, as well as if it is culturally inappropriate to refuse or return a gift, the Company gives an employee the opportunity to hand over the gift to the Company or keep the gift and pay a donation for charitable purposes.

The company prohibits the provision of money, gifts, hospitality, or anything else of value to any government or public officials for the purpose of influencing in order to obtain or retain business advantage.

Where gifts or hospitality do not fit into the above categories, or an employee is not sure whether they fit or are otherwise appropriate, employee must seek prior approval from direct supervisor and the Compliance officer before offering or accepting it.

Detailed information on amounts and thresholds related to gifts and hospitality are defined in "Rules for gifts, hospitality and donations", appendix of Code of ethics.

Empleyee's obligations

Employees are obliged to:

  • not request, accept, or offer gifts or hospitality to induce, support or reward improper conduct in connection with any business or anticipated future business involving the Company. This extends to the provision or acceptance of gifts or hospitality through any third parties or to or by members of an employee family of an of an actual or a potential customer,
  • report any gift or hospitality that exceeds the prescribed values,
  • familiarize themselves with the ABC Policy and act in accordance with it,
  • report as soon as possible, if they know or suspect that they themselves or another person have violated any Anti-bribery and corruption provision,
  • attend proper Anti-bribery and corruption training.

All employees are equally responsible for the prevention, detection and reporting of bribery and other forms of corruption. An employee who recognizes an act that could be in conflict with the regulations of the ABC Policy is obliged to immediately inform the direct supervisor and Compliance officer.

Obligations of the Compliance Officer

The Compliance officer is obliged to check the compliance of the ABC Policy with applicable regulations, its appropriateness and effectiveness, and to make it available to all employees, and to keep a register of donations, gifts, and hospitality.

The Compliance officer is obliged to act on the report of an action that represents a violation of the Anti-bribery and corruption provisions, to carry out proceedings, and to inform his superiors of the results.

Report of and action that represents a violation of the provisions on fighting bribery and corruption

The application should contain the following information:

  • to whom the application refers,
  • a description of the action that is considered to be a violation of the Anti-bribery and corruption provisions,
  • time and place of execution of the action.

The application should be submitted to the Compliance officer.

Procedure in the case of determination of violation of the provisions on fighting bribery and corruption

If the Compliance officer determines that the reported action constitutes a violation of Anti-bribery and corruption provisions, disciplinary proceedings will be initiated against the person who committed the action.

In the case of an established violation of Anti-bribery and corruption provisions, employment contract of an employee may result with termination of employment and will be subject to the obligation to compensate for the damage caused.

Getting to know the ABC Policy

The Company will provide training on the ABC Policy as part of the induction for all new employees. Other employees will be trained regularly on an annual basis.

This ABC Policy will be communicated to all suppliers, contractors, business partners and any third parties at the beginning of business relations, and as necessary thereafter.

Policy changes

The Company may amend the ABC Policy at any time in order to improve its effectiveness in the fight against bribery and corruption.

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