Governance and Ethics
COMMITMENT: UPHOLD THE HIGHEST CORPORATE GOVERNANCE AND ETHICAL STANDARDS
2020 MILESTONE: Continue to achieve 100% compliance with the code of conduct and competition compliance programme.
Code of business conduct
We have a detailed Code of Business Conduct that defines the high standards we expect from our employees and our partners – including suppliers and contractors, who must comply with the code as a prerequisite for doing business with us. The Code of Business Conduct sets out expected behaviour in areas such as human rights, discrimination, the giving of gifts and hospitality, the use of social media and data protection. We encourage all employees to speak to their line manager if they feel our Code of Business Conduct is being breached in any way. We also provide a confidential ‘Speak Up’ service that allows staff, contractors, hauliers and suppliers to anonymously report concerns about a potential violation of our code or corporate ethics. Our employees continued to work in accordance with the CRH Code of Business Conduct in 2016.
We use quarterly business risk assessments to identify and assess key risks. These assessments are reviewed, checked and challenged by our senior management team and by our Audit Committee to ensure risks are well understood and that risk mitigation actions are put in place. In addition to this action at corporate level, we carry out quarterly risk assessments at business unit and functional levels.
Sarbanes Oxley Act 2002
Now that Tarmac are part of CRH PLC, we have responsibilities to report in compliance with the Sarbanes Oxley Act in the US. The act was introduced to improve accounting practices and counter fraudulent practices. Extensive work to review Tarmac’s accounting systems and processes was undertaken during 2016 to ensure that our already robust work practices lived up to strict expectations imposed under SOx.
Modern Slavery Act
The Modern Slavery Act was introduced in the UK in 2015. This important piece of legislation requires businesses to make public the steps being taken to ensure that slavery and human trafficking do not exist in their supply chain.
Throughout 2016 we have worked hard to review our procedures and working practices to manage any potential risk in our business. Through the formation of an internal working group, we have raised awareness of the legislation’s requirements among employees, suppliers and customers and developed further actions to manage risk in our supply chain.
We’ve also worked closely with our parent company CRH PLC to release our first Modern Slavery Statement.