In our industry, Terma is a supplier to many major projects and works with a wide array of partners. It is essential that the relationships we build are based on trust and a mutual understanding of a responsible and ethical business. Being upright and trustworthy are assets in a business relationship. We also recognize that even though Denmark is our center, we do business around the world. This means that we are exposed to diverse and sometimes challenging environments. We as a company need to take the proactive approach in ethical business conduct and raise our awareness towards the challenges and dilemmas that we might face.
Related principles and SDGs
UNGC Principles: 10
|Why this matters to society
||Why this matters to Terma
|Corruption is not only illegal; it poses threats to the stability and security of societies, undermines institutions and democracy, hinders societies’ development, and impacts vulnerable communities.
||Operating globally in interaction with a variety of stakeholders, we take an active role in the fight against corrupt practices. Not only because they are illegal, but also because they are dangerous for businesses and communities.
- Building our Anti-Corruption Compliance Program, liaising with relevant internal stakeholders
- Creating and roll out of internal Anti-Corruption training
- Updating our current Code of Conduct and relevant policies incl. Anti-Corruption, bribery, embezzlement, political donations etc.
- Rollout of Terma’s whistleblower function
Terma’s expertise and capabilities are within technological niches. Our products and solutions are integrated in larger solutions in multi-partner projects. Therefore, it is part of our core know-how to collaborate with a variety of partners. Building the right partnerships is essential in order to see our company progressing, for example gaining access and developing new markets through partnerships with the local industry. In Europe, Terma is a member of a committee on business ethics within the AeroSpace & Defence Industries Association of Europe (ASD). Our participation focuses on increasing the industry’s objective of countering corruption via joint European harmonization and simplification of ethical guidelines, standards, and principles.
Terma has a zero tolerance policy regarding corruption and bribery. Participation in corruption is an unacceptable and illegal activity, which tarnishes the company’s brand and destroys future business opportunities, places our employees in both punishable and morally disputable situations and has a destructive impact on society and the markets it affects. Therefore, Terma strongly dissociates itself from corruption and works hard to ensure that our company and employees are not involved in bribery or similar activities. We have pledged to support the 10th Principle of the UNGC; “Businesses should work against corruption in all its forms, including extortion and bribery” and works with SDG target 16.5; “Substantially reduce corruption and bribery in all their forms”. We recognize that corruption is a risk companies are exposed to when operating in an international business market such as the defense and aerospace industry.
Being based in one of the least corrupt nations globally, we could easily be left blind to a specific risk factor. Therefore we regularly update our risk assessment on corruption in order to develop revised policies and procedures. Working with anti-corruption is a constant process where improvement and iterations are required. This also allows for solid foundation to build relevant training for both our employees and market consultants, as well as efficient due diligence mechanisms. Our marketing consultants represent Terma’s interest in locations where we do not have a commercial representation. These consultants are carefully selected, and beyond our own training and due diligence, they all have to go through a Due Diligence process that is carried out by the Ministry of Foreign Affairs of Denmark. Furthermore, 100 % of our market consultants have completed online anti-corruption e-learning modules developed by the UN, made available for companies like us, via the UNGC. Within Terma, we will continue with a strong focus on employee training based on our coming Employee Code of Conduct.