Anti-Corruption Policy

1. Scope

The scope of this Policy applies to every Novatech AS employee and member of our Board of Directors. It reflects the standard to which the company expects its business associates, partners, agents, contractors, and consultants to adhere when acting on the company’s behalf.

This Policy is intended to supplement all applicable laws, rules, and other corporate policies.

2. Responsibility and Accountability

It is the responsibility of the Management Team to ensure the following procedure is adhered to. Management Team shall review this Policy on an annual basis for appropriateness, compliance internally with the company, and compliance with all applicable standards, acts, legislation, etc.

Requests for additional guidance or interpretation regarding this Policy can be directed to the Management Team.

It is the responsibility of every employee to ensure the functionality and accuracy of this procedure are adhered to.

3. Definitions

Corruption: Corruption is the abuse of entrusted power for private economic gain. This Policy will refer to both as “bribery.”

Bribery: Bribery is the giving, offering, or agreeing to provide benefits to others in order to improperly influence an outcome to obtain or retain an advantage. Bribery can take many forms, including the provision or acceptance of:

Company employees are strictly prohibited from offering, paying, promising, or authorizing, directly or indirectly, any financial or other advantage or benefit to foreign officials, candidates, or parties for the improper performance (whether it be an act, omission, use of influence or otherwise) of a relevant function or activity.

4. Discipline

Any employee who violates the terms of this Policy will be subject to disciplinary action.

Any employee who has direct knowledge of potential violations of this Policy but fails to report such potential violations to Company Management will be subject to disciplinary action.

Any employee who misleads or hinders investigators inquiring into potential violations of this Policy will be subject to disciplinary action.

In all cases, disciplinary action may include termination of employment.

Any third-party agent who violates the terms of this Policy, who knows of and fails to report to Management / the designated officer potential violations of this Policy, or who misleads investigators making inquiries into potential violations of this Policy may have their contracts re-evaluated or terminated.

5. Training

All new employees have access to this policy through the intranet.

All employees will receive an annual reminder of the Policy.

6. Improper Payment Provisions

Any payment or offer of payment to a foreign official for the purpose of influencing that official to assist in obtaining or retaining business or any other advantage for a company is strictly prohibited. A “payment” under the respective bribery and corruption laws is broadly interpreted to include not only the actual payment of money but also an offer, promise, or authorization of the payment of money, as well as an offer, gift, promise, or authorization of the giving of “anything of value.” “Anything of value” may include not only cash and cash equivalents but also gifts, entertainment, travel expenses, accommodations, and anything else of tangible or intangible value. Application of the law is not only to payments or offers to pay but also to any act or event that is “in furtherance of” a payment to a foreign official. Even if an improper payment is not consummated, just offering it violates these laws. Likewise, it is a violation of these laws to instruct, authorize or allow a third party to make a prohibited payment on the company’s behalf, or to ratify a payment after the fact, or make a payment to a third party while knowing or having reason to know that it will likely be given to a government official.

7. Bribery of Foreign Officials 

It is prohibited for the company and any of its employees, officers, directors, and agents to directly or indirectly influence (with money, gifts, or promise) any foreign government, official, political party or political candidate in order to assist the company in obtaining or retaining business or in directing business to any other person. The company also proscribes the authorization or order of any practice which constitutes a violation of these prohibitions.

8. Books & Record-Keeping Requirements

In addition to its improper payment provisions, certain accounting requirements are imposed on a company. Specifically, it is required that a company maintains books, records and accounts that, in reasonable detail, accurately reflect the transactions and dispositions of that company. In order to comply with these requirements, it is imperative that company employees, officers and agents maintain complete and accurate records with respect to all transactions undertaken on behalf of the company. These requirements apply to transactions of any amount, not just sums that would be “material” in the traditional financial sense. “Records” include virtually all forms of business documentation, including accounts, correspondence, memos, tapes, discs, papers, books and other documents or transcribed information of any type.

9. Improper Use of Corporate Funds or Assets

The following uses of corporate funds or assets are prohibited:
Sverdrups gate 27
4007 Stavanger, Norway
Org. nr: 929 484 673

+47 402 01 487