It is Door’s policy to conduct business in an honest way, and without the use of corrupt practices or acts of bribery to obtain an unfair advantage.
The Company is committed to ensuring adherence to the highest legal and ethical standards. This must be reflected in every aspect of the way in which we operate. We must bring integrity to all our dealings. Bribery and corruption harms the societies in which these acts are committed and prevents economic growth and development.
This is not just a cultural commitment on the part of the organisation; it is a moral issue and a legal requirement. Bribery is a criminal offence, and corrupt acts expose the Company and its employees to the risk of prosecution, fines and imprisonment, as well as endangering the Company’s reputation.
This policy has been adopted by the Company and is to be communicated to everyone involved in our business to ensure their commitment to it. The board attaches the utmost importance to this policy and will apply a “zero tolerance” approach to acts of bribery and corruption by any of our employees or by business partners working on our behalf. Any breach of this policy will be regarded as a serious matter by the Company and is likely to result in disciplinary action.
Bribery and corruption has a range of definitions in law, but the fundamental principles apply universally.
Bribery is the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action which is illegal, unethical or a breach of trust.
Corruption is the misuse of public office or power for private gain; or misuse of private power in relation to business outside the realm of government.
Acts of bribery or corruption are designed to influence the individual in the performance of their duty and incline them to act dishonestly. For the purposes of this policy, whether the payee or recipient of the act of bribery or corruption works in the public or private sector is irrelevant. The person being bribed is generally someone who will be able to obtain, retain or direct business. This may involve sales initiatives, such as tendering and contracting; or, it may simply involve the handling of administrative tasks such as licences, customs, taxes or import/export matters. It does not matter whether the act of bribery is committed before or after the tendering of a contract or the completion of administrative tasks.
Bribes can take on many different shapes and forms, but typically they involve corrupt intent. There will usually be a ‘quid pro quo’, both parties will benefit.
A bribe could be the:
In the eyes of the law, bribery and corrupt behaviour can be committed by:
Acts of bribery and corruption will commonly, but not always, involve public or government officials (or their close families and business associates). For the purposes of this policy, a government official could be:
Bribery is a criminal offence in most countries and penalties can be severe. In the UK the Bribery Act 2010 not only makes bribery and corruption illegal, but also holds UK companies liable for failing to implement adequate procedures to prevent such acts by those working for the Company or on its behalf, no matter where in the world the act takes place.
It is therefore in your interests, as well as those of Door, that you act with propriety at all times. Corrupt acts committed abroad, including those by business partners working on our behalf, may well result in a prosecution at home.
We can take the following steps to assist in the prevention of bribery and corruption:
Effective risk assessment lies at the very core of the success or failure of this policy.
Risk identification pinpoints the specific areas in which we face bribery and corruption risks and allows us to better evaluate and mitigate these risks and thereby protect ourselves.
Business practices around the world can be deeply rooted in the attitudes, cultures and economic prosperity of a particular region any of which can vary. Management must assess the vulnerability to these risks on an ongoing basis, subject to review by the Operations Managers. It must be noted that risk assessment is intended to be an ongoing process with continuous communication between Senior Management and the Operations Managers.
Many serious global bribery and corruption offences have been found to involve some degree of inaccurate record-keeping. We must ensure that we maintain accurate books, records and financial reporting within the Company and for significant business partners working on our behalf. Our books, records and overall financial reporting must also be transparent; they must accurately reflect each of the underlying transactions. False, misleading or inaccurate records of any kind could potentially damage Door.
Door must maintain an effective system of internal control and monitoring of our transactions. Once bribery and corruption risks have been identified and highlighted via the risk assessment process, procedures can be developed within a comprehensive control and monitoring programme in order to help mitigate these risks on an ongoing basis.
The Operations Managers must ensure that Management engages in effective risk assessment and implements the necessary steps to prevent bribery and corruption.
Bribery and corruption risks typically fall within the following categories:
The definition of a business partner is broad, and could include agents, distributors, booksellers, joint venture partners or partners in the supply chain who act on behalf of the Company. Whilst the use of business partners can help us reach our goals, we need to be aware that these arrangements can potentially present Door with significant risks.
Risk can be identified where a business partner conducts activities on Door’s behalf, so that the result of their actions can be seen as benefiting the Company. Business partners who act on Door’s behalf must be advised of the existence of and operate at all times in accordance with this policy. Management is responsible for the evaluation of each relationship and determining whether or not it falls into this category.
Door is ultimately responsible for ensuring that business partners who act on our behalf are compliant with this policy.
Gifts, entertainment and hospitality include the receipt or offer of gifts, meals or tokens of appreciation and gratitude, or invitations to events, functions, or other social gatherings, in connection with matters related to our business. These activities are acceptable provided they fall within reasonable bounds of value and occurrence.
As a general rule, Door’s employees and business partners should not provide gifts to, or receive them from, those meeting our definition of a government official in section 4 of this policy (or their close families and business associates). However, we do understand that in certain countries gift giving and receiving with these individuals is a cultural norm. If you are faced with such a situation, please consult with the Operations Manager in your region before proceeding.
Possible circumstances that are usually acceptable include:
A variety of cultural factors such as customs, currency and expectations may influence the level of acceptability. If you feel uncertain at any time regarding cultural acceptability of gifts, entertainment or hospitality, please consult the Operations Manager in your region.
Transparency is key:
The Company will be required to maintain and monitor its gifts, entertainment and hospitality register. Any form of gift, entertainment or hospitality given, received or offered which meets or exceeds the equivalent £100 in value must be appropriately recorded in the register. In the event that an impermissible form of gift, entertainment or hospitality has been accepted, you must appropriately record the transaction within the register and contact the Operations Manager immediately.
In many countries, it is customary business practice to make payments or gifts of small value to junior government officials in order to speed up or facilitate a routine action or process.
Facilitation payments are against this policy and we take the view that they are illegal within the UK. The UK Bribery Act 2010 makes no distinction between facilitation payments and bribes regardless of size or local cultural expectations.
However, in the event that a facilitation payment is being extorted, or if you are forced to pay under duress or faced with potential safety issues or harm, such a payment may be made, provided that certain steps are followed. If you are ever placed in such a situation, you must contact the Operations Manager as soon as possible and you must record the payment appropriately within books and records to reflect the substance of the underlying transaction.
If you are unsure whether certain payments which resemble the definition of facilitation payments are permissible, please contact the Operations Manager in your region.
All individuals who work on behalf of Door have a responsibility to help detect, prevent and report instances not only of bribery, but also of any other suspicious activity or wrongdoing.
If you have a concern regarding a suspected instance of bribery or corruption, please report it immediately, the sooner you act, the better for you and for the Company. We have created multiple channels to allow you to do this.
If you are concerned that a corrupt act of some kind is being considered or carried out either within Door, by any of our business partners or by any of our competitors, you must report the issue/concern to your Line Manager and the Operations Manager. If for some reason it is not possible to speak to your Line Manager, please then report it to another Senior Manager.
In the event that an incident of bribery, corruption, or wrongdoing is reported, we will act as soon as possible to evaluate the situation. Door has clearly defined procedures for investigating fraud, misconduct and non-compliance issues and these will be followed in any investigation of this kind. If you have any questions about these procedures, please contact the Operations Manager.
It is the ultimate responsibility of the Senior Management routinely to refresh and reinforce this policy and its underlying principles and guidelines. Management is responsible for the establishment and ongoing monitoring of compliance with sections 6 and 7 of this policy. All employees and relevant business partners are responsible for annual certification as to the receipt and understanding of this policy as part of our annual compliance training.
Further information and advice on this policy can be obtained from the Door Team, policies@doorfunds.com.