We believe that corruption poses a threat to the rule of law, reduces the effectiveness of governance, creates an unfavorable environment for investment decisions and results in inefficient use of budget funds and financial resources. With this in mind, we have developed an internal regulatory framework for combating corruption and bribery in accordance with the requirements of international law, as well as anti-corruption recommendations of local and international organizations.
Nobel Energy has always kept issues related to the prevention of corruption in its spotlight. In order to create an effective anti-corruption system, we have developed anti-corruption guidelines based on the following legal acts and internal documents:
Our anti-corruption policy specifies the main anti-corruption and prevention measures. This policy reflects the commitment of our company, the Board of Directors and all employees to working in accordance with the highest ethical standards, applying the best practices and corporate governance standards and maintaining the highest level of our business reputation.
The principle of rejection of corruption mentioned in our anti-corruption policy is evidence that every employee of our company, including senior executives, is strictly prohibited from participating in corrupt practices in Azerbaijan or any other country in which we operate. This policy prohibits our employees, as well as individuals or companies acting on behalf of our subsidiaries, from offering, giving, demanding or receiving bribes in any form. We encourage all our employees to comply with this policy and inform them about the main principles, requirements and potential penalties for noncompliance.
As part of our efforts to improve the anti-corruption system, we have implemented procedures to prevent, detect, report and investigate cases of actual or alleged bribery and corruption in accordance with the international standard ISO 37001: 2016 'Anti-Bribery System'.