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Combating corruption

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Sovcomflot takes a zero tolerance approach to bribery and corruption, and adheres to the highest international Anti-Bribery and Corruption standards everywhere it operates. 

Sovcomflot is the member of the Russian Anticorruption Charter since 2017.

As the part of Sovcomflot’s efforts to prevent corruption, the following steps have been taken:

  • The company has established the confidential and anonymous Open Reporting tool on the corporate website. Sovcomflot commits that all reports made through this tool will be fully investigated.
  • The company has adopted Anti-Corruption Action Plan. In accordance with this plan, the company implements a set of measures aimed at preventing corruption-related violations, preventing and resolving conflicts of interest, including in procurement of goods, works, or services.
  • The company has adopted the Gift Policy, which sets up the procedures that each employees should follow. It contains principles of receiving gifts in connection with protocol events, business trips, and other official events, that are related to their corporate positions and performance of official duties.
  • In 2017, the company has adopted Anti-Bribery and Corruption Policy (ABC Policy). This policy sets the standards and rules for conducting business. It strictly prohibits SCF employees and other persons acting on behalf of the company or in its interests, whether directly or indirectly, personally or through any intermediary, from engaging in any corrupt practices regardless of business practices in any country. All SCF employees, regardless of their position, duration of their employment, status, or other conditions, should unconditionally and strictly observe anti-corruption requirements of the applicable legislation and internal policies. Among other things, ABC Policy establishes certain requirements for interacting with counterparties, accepting and giving gifts, hospitality expenses, charity and sponsorship activities.
  • ABC Policy is applicable in conjunction with other SCF Group polices, including the Code of Corporate Conduct, adopted in 2019. The Code comprises a set of ethical principles and core values to support responsible and accountable behavior and decision-making across SCF Group.

Corruption risks and risks of unfair practices and fraud are assessed and managed in accordance with the regulatory requirements and corporate policies, as well as principles and rules determined by SCF Board of Directors.