Operating in international markets, organizational governance and fair operating practices are essential. In Terma, we have a dedicated focus on our interaction with our customers, where we strive for transparency and integrity.
The aim of corporate governance at Terma is to build a culture of integrity and ethical behavior in countries where we do business. Our values and principles provide fundamental guidance for our actions and govern the relationship with our employees, customers, suppliers, and communities.
We take pride in our zero tolerance of corruption.
To fight corruption within our sector, and show that Terma has an unambiguous and clear attitude towards this practice.
Corruption is an unfortunate reality we as an international company need to pay strong attention to. We are dedicated in our fight against corruption, since such practices are morally indefensibly and never acceptable.
Terma has a “Code of Conduct”, where we specify clear rules of engagement. The main aim of this Code of Conduct is to ensure that none of Terma’s employees, or others who represent our company, seek to gain unjust advantages from authorities or other cooperation partners.
The Code of Conduct has been in place since 2008, and is evaluated on a yearly basis by Terma’s management. Terma’s Code of Conduct is communicated to all employees and external partners.
Read Terma’s Statement on Fight against Corruption here. For an abstract of Terma's Code of Conduct, please click here.
In order to measure the adherence to Terma’s Code of Conduct, Terma’s Quality and Finance departments will conduct regular audits. The audits will search for non-compliances revealed through Internal and External Quality System Audits and through Financial Auditing of the Terma Group.
Annual target is zero findings of non-compliances.
In addition to our Code of Conduct, Terma is already compliant with IFC Performance Standard no. 6. Read more here.
Way Ahead 2015-17
Our objective is to implement an extended setup for handling Terma’s agents that ensures proper due diligence and training. In this setup, focus will be on securing that all third-party agents adhere to Terma’s Code of Conduct.
Terma has strong relations to a large number of internationally based agents, resellers, consultants and industrial partners. As we further internationalize our business it is essential for us to make sure that these partners all comply with our ethical standards.
In order to reach our aspirational goal, Terma has implemented a setup that secures adequate due diligence and training of agents and partners worldwide. The setup was implemented in 2014-15 and will be followed by screening of our existing and potential agents, including resellers, consultants and industrial partners.
Once the setup is implemented, we will measure our completion by the percentage of agents that have been screened. By the end of fiscal year 2017-18, all active agents will have been screened and approved.