General Counsel’s response to the UK Bribery Act 2010
The UK Bribery Act 2010 came into force on 1st July 2011. It has international effect and as a global company we have taken steps to ensure full understanding and compliance.
We are always mindful of national laws that affect our business, including the Singapore Prevention of Corruption Act (Cap 241) 1960 and the Malaysian Anti-Corruption Provision 2009 as well as the US Foreign and Corrupt Practices Act 1977 (“FCPA”) which has historically set a high standard of compliance in relation to anti-corruption. However it is clear that the requirements of the UK Bribery Act 2010 are much broader than the FCPA and sets the ‘gold’ standard that we must comply with.
AET condemns corruption and will not tolerate it in any form. AET is committed to upholding its social responsibility and maintaining open, honest business relationships by rejecting bribery and not doing business with those who fail to commit to anti-bribery practices consistent with our own. Bribery threatens sustainable development and economic progress in all economies, it causes untold damage to societies and it is not a victimless crime.
The shipping industry has been identified by the Serious Fraud Office as high-risk. Every shipping company, internationally, is responding to this new legislation which has the potential to change the way we do business. It is our responsibility to contribute to a more open industry by strictly adhering to our Anti-Bribery and Corruption Policy. This makes clear that AET will not engage in bribery of any kind. It defines our strict approach to ensuring we all possess the knowledge and tools to advocate and enforce a zero tolerance approach to bribery in every way we operate.
We encourage reporting incidents of bribery and corruption. If you have good reason to believe that any person acting on behalf of AET is engaging in activities that are contrary to AET’s Anti-Bribery and Corruption Policy or Corporate Ethics Policy you should report it to AETAntiBribery@aet-tankers.com immediately.
We reserve the right to terminate our contractual relationship with any others who breach AET’s Anti-Bribery and Corruption Policy.