COMPLIANCE AND CORPORATE GOVERNANCE
The VIC Inspections Holding Code of Conduct has been approved by our Board of Directors. It applies to all of our employees, officers and directors and our affiliated companies.
The International Federation of Inspection Agents (IFIA) issues a Compliance Code which defines the standards of conduct and integrity with which IFIA members must comply. The Intertek Compliance Code is a document including the detailed set of principles and rules taken from this IFIA Code.
The Group operates a ‘zero tolerance’ policy in regard to breaches of ethics and all employees are required to sign an agreement, confirming their understanding that any breaches of the Group’s Code of Ethics will result in disciplinary action that may include summary dismissal of the employee concerned.
All aspects of the Code which are not specifically related to our employees must also be adhered to by contractors, consultants, freelancers, joint-venture partners, agents, and anyone acting on behalf of, or representing, VIC.
VIC is committed to maintaining a culture where issues of integrity and professional ethics can be raised and discussed openly. This is why we provide the online Ethic line for all employees, and others representing VIC, to enable confidential reporting of suspected misconduct or breaches of the Code. They can also call the telephone Ethic line where calls are answered 24/7 in English by trained specialists. Reported concerns will be kept secure and confidential.
All complaints are investigated thoroughly with action taken as appropriate.
What are our compliance goals?
- To avoid conflicts of interest and to act openly, responsibly and within the confines of the law and internationally accepted guidelines.
- To implement current ‘best practice’ policies in all control procedures.
- To maintain a culture in which all employees know what is expected of them.
- To monitor adherence to organizational controls and reporting procedures.
Who is responsible?
The VIC Board of Directors heads the Group’s Compliance team and reports to the Group President.
Our corporate governance
VIC is committed to high standards of corporate governance, business integrity and professionalism in all its activities. The Board is responsible for the proper management of the Company and is also accountable to the Company’s ownership for ensuring that principles of good governance are applied.
The Board comprises a balance of Executive and Non-Executive Directors who bring a wide range of skills and experience to its deliberations. The Non-Executive Directors fulfill a vital role in corporate accountability and bring independent judgment to issues of strategy, performance, resources and standards of conduct.
The Board has established an Audit Committee in accordance with the provisions of the Combined Code on Corporate Governance.
Our internal controls and audits
The Board is ultimately responsible for establishing and maintaining the Group’s system of internal controls, and for reviewing its effectiveness. Such a system can realistically only manage, rather than eliminate, the risk of failure to achieve business objectives, and can only provide reasonable assurance against material misstatement or loss.
The Board confirms that, in addition to internal compliance and quality audits, there is an on-going process for identifying, evaluating and managing any significant risks to the Group’s short and long-term value, including those arising from social, environmental and ethical matters. The Audit and Risk Committee reviews the effectiveness of the system of internal control during the year. In particular, it reviews and continues to seek to improve the process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks are managed. This is reinforced by the VIC Code of Ethics, which provides practical guidance and instruction for staff.