Corporate governance
Outokumpu has a system of internal controls for compliance, financial and non-financial reporting and operations. Commitment to integrity and ethical practices form part of the Group’s control environment and there are processes in place to manage the performance of individuals against the expected standards of conduct.
Outokumpu implements a segregation of duties and the four eyes principles must be followed throughout the organization.
Avoiding conflicts of interest
Outokumpu employees must act in the best interest of Outokumpu. They must avoid and mitigate situations which create or have an appearance of a conflict of interest.
It is important to have an open and honest discussion on potential conflicts of interest situations. Outokumpu employees shall not use personal influence to get Outokumpu to make commitments with a business in which the employee or his/her family member has an interest. Commitments on behalf of Outokumpu where an employee has an actual or potential conflict of interest, for example due to family connections or close personal relationships, must be referred to an employee’s manager for approval.
Outokumpu employees cannot participate in decision making towards a business partner in which they have a personal interest.
Outokumpu employees are also not allowed to let their private investments influence, or appear to influence, their independent judgment on behalf of Outokumpu. If there is any doubt about how a private investment might be perceived, it should be disclosed to the employee’s manager.
Financial integrity
All Outokumpu’s financial books, records and accounts must accurately and honestly reflect transactions and events. They must also fulfil the demands of required accounting principles, applicable laws and regulations and requirements of Outokumpu’s internal controls. The information in Outokumpu’s financial and non-financial reporting must be timely, current, accurate, complete, accessible, protected if need be, verifiable and retained.
Outokumpu complies with all applicable tax laws and regulations of the countries in which it does business.
Preventing money laundering
Outokumpu complies with anti-money laundering obligations and aims to ensure that it will not put into circulation any funds or other assets making them appear legal when they in fact originate directly or indirectly from criminal offenses, such as fraud, tax evasion, human trafficking or bribery.
Outokumpu does not conduct business with entities that have connections with terrorist organizations or organized crime. Outokumpu employees are required to check all customers, service providers, consultants and other third parties who Outokumpu does business with to ensure that anti-money laundering laws have not been violated.