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Code Of Conduct

Contents

• Purpose of the Code of Conduct What is a Code of Conduct?
• Basis of the Code of Conduct
• Practical Applications of Ethical Principles
• Integrity
• Loyalty
• Legality
• Confidentiality
• Fairness

Purpose of the Code of Conduct
It is a well established principle of Employment Law and Industrial Relations Law that all employees of any company or business are obliged to accept and operate under a Code of Conduct, which generally judges the actions of employees under the headings of integrity, loyalty, legality, confidentiality and fairness. In most instances, and like Bord na Móna in the past, most employers did not have a formal written Code of Conduct. It is now general practice that larger employers have a formal Code, and it is a legal requirement for all Semi-State Bodies, such as Bord na Móna, to have such a Code. It is to satisfy that requirement and to document the fundamental elements of the Code of Conduct of Bord na Móna that this document has been produced.

What is a Code of Conduct?
A Code of Conduct is basically a description of proper attitudes that should govern the behaviour of employees, together with examples of conduct or situations that should not exist if employees behave in accordance with the Code. It is important to note that a Code of Conduct is not, and should never be, interpreted as merely a list of "do‘s and don‘ts". Where examples of "do‘s and don‘ts" are included in this document, they are intended to be examples only. Many situations and circumstances will arise in the course of employment which are not listed or referred to in this document but where the employee is expected to be mindful of the requirements for integrity, loyalty, legality, confidentiality and fairness, when dealing with or making decisions in relation to such circumstances.

Basis of the Code of Conduct
The Code of Conduct of Bord na Móna, like the Code of any other commercial organisation, is based on the principles of integrity, loyalty, legality, confidentiality and fairness. However, each organisation designs its Code to specifically represent its requirements and objectives. The objectives of Bord na Móna in relation to this Code are to:

• Establish a set of ethical principles for all employees;
• Promote and maintain confidence and trust in Bord na Móna, in all its businesses and in its employees;
• Prevent the development, continuance or acceptance of unethical practices;
• Ensure that all of Bord na Móna‘s business is transacted with integrity.

The Code of Conduct set out in this document is consistent with Bord na Móna‘s mission to:

• Achieve sustainable profitable performance in the interest of the shareholder;
• Identify customer needs and to fulfil those needs with quality products and services;
• Provide employees with a stimulating work environment that will attract and challenge effective people and provide rewarding opportunities;
• Develop and maintain mutually beneficial relationships with suppliers and to ensure the highest level of objectivity in procurement practices;
• Demonstrate a responsible attitude towards the environment in which it operates;
• Comply with all applicable laws and regulations in relation to its activities.

The Code of Conduct is also consistent with Bord na Móna‘s policy to continue to be a good corporate citizen in every country in which it does business or operates and to maintain open and constructive communication with the local community and business leaders in order to bring to fruition mutually acceptable objectives. As an Irish organisation, Bord na Móna recognises its responsibility to the interests of Ireland. In addition, it recognises each host country‘s priorities in the areas of economic and social development, industrial and regional growth, environmental quality, etc.

Practical Applications of Ethical Principles
Bord na Móna aspires to be honest and ethical in all of its operations and dealings, to adhere to the highest accepted standards of corporate governance in all its financial and management practices and to behave responsibly towards the health, safety and welfare of its employees and to the environment. Like any other corporate body, Bord na Móna can only act and operate through its employees and therefore must insist that its employees behave to the standard that is required to enable Bord na Móna to achieve its aspirations, hence this Code of Conduct. In summary, this Code of Conduct requires all employees to operate and conduct themselves with integrity, loyalty, legality, confidentiality and fairness, and to thus achieve the highest standards of business ethics.

To assist each employee in understanding how he or she should operate under these headings, examples of circumstances under each of these headings and comments on these circumstances, are set out below. These examples, however, must never be taken or interpreted as being the only circumstances that are governed by these ethical principles. The principles govern all activities of all employees and the examples are intended only to illustrate the application of the principles in certain circumstances.

Integrity
The principle of integrity is that each employee should be open, truthful and honest in all his/her dealings with Bord na Móna and in all business dealings or transactions on behalf of Bord na Móna. In practice, the most important fact under this heading is that there should be no conflict of interest between the work of the employee in Bord na Móna and any outside personal interest of the employee.

The question as to whether or not an employee has, or could be deemed to have, such a conflict of interest, will obviously vary with circumstances. The following are examples of factors or circumstances which might give rise to the existence of such a conflict of interest when a transaction is being considered by Bord na Móna with an outside company or firm.

If the employee:

• Him/herself carries on business with that company or firm;
• Holds shares or other ownership or proprietary interest in that company or firm;
• Is either a debtor or creditor of that company or firm;
• Holds any office, whether as a Director, advisor or otherwise of such company, whether for remuneration or not;
• Is conducting, or has conducted, transactions with that company or firm.

Whilst no individual is responsible for the activities or actions of another, in certain circumstances an employee will be deemed to have an interest if any of the following have an interest:

• The employee‘s immediate family (spouse, children, parents, brothers and sisters);
• An Estate or Trust of which the employee or a member of the employee‘s immediate family is a beneficiary or trustee.

It is totally unacceptable that any employee should seek to conceal an interest by projecting that interest as being an interest of a member of the family of the employee, rather than of the employee him/herself. It is also a reality that, even where the interest is not an interest of the employee himself or herself, the fact of the relationship of the employee to the person who has the interest could give rise to the inference that the employee is in some way influenced by theinterest of his or her relative.

A conflict of interest arises where Bord na Móna, or the employee on behalf of Bord na Móna, is conducting business with any company or firm in which the employee or a member of the employee‘s immediate family as described above has an interest. It is the duty of the employee to properly disclose, in writing, any factor that could give rise to the inference of the existence of an interest as described above to the employee‘s immediate superior, or to a designated individual, before any conflict of interest arises. It must be emphasised that it is the existence of the interest, and not just a potential conflict of interest, that must be disclosed.

A conflict of interest situation arises where the employee has an interest where Bord na Móna, whether through that individual employee or through other employees, is transacting business with the company or firm in which the employee has an interest. This would apply to all transactions of whatever size or scale and would include the purchase and sale of goods or services by or to Bord na Móna and all aspects of each such transaction.

Employees should not conduct business on behalf of Bord na Móna with any relative or with any business entity with which the employee or relative is associated, except where such dealings have been fully disclosed to Bord na Móna and specific written approval has been given. Employees should not acquire, directly or indirectly, property, a business or other assets where such employee knows or should reasonably know or anticipate that Bord na Móna might have an interest in such an acquisition.

Loyalty
All employees owe loyalty and commitment to Bord na Móna in all its business activities and accordingly, should not engage in or support an outside activity or organisation which is competing with Bord na Móna. Employees should ensure that any of their outside activities do not in any way impair their ability to give regular and punctual satisfactory service to Bord na Móna and that they will support colleagues and Bord na Móna in all matters relating to Bord na Móna‘s activities. Loyalty requires of each employee that it is the interest of Bord na Móna that is at all times put first. In practice, an employee should avoid circumstances where his or her loyalty to Bord na Móna is, or might be, capable of being interpreted as being compromised. The most practical example of such circumstances is the receiving or giving of gifts and payments. Particularly the receiving of gifts can give rise to the inference that the actions of the employee are motivated more by the fact of receiving the gift than the well-being of Bord na Móna itself.

Employees should not seek or accept, directly or indirectly, any payments, fees, services or loans from any person or business entity that does or seeks to do business with, or is in competition with, Bord na Móna.

This does not, however, prohibit an employee from receiving compensation for outside services where such outside services will not affect the impartial discharge of the employee‘s duties or obligations to Bord na Móna, and the nature and extent of the services to be rendered and the compensation to be paid therefor has been fully disclosed to Bord na Móna and specific written approval has been given.

Employees are not permitted to give or receive gifts, favours, hospitality services, payments, privileges or preferential treatment of any kind or nature whatsoever to or from any individual, enterprise or organisation which conducts or seeks to conduct business with Bord na Móna or which competes with Bord na Móna unless:

• To do so would not affect or appear to affect the employee‘s ability to make independent judgement on business transactions;
• To do so would be consistent with good business practice within the relevant industries;
• Public disclosure of the transaction would not embarrass Bord na Móna;
• To do so would impose no obligation on either the employee or Bord na Móna.

All personal gifts should instantly be notified to the recipient‘s immediate supervisor.

No personal gift of money should be accepted. This does not prohibit an employee from borrowing money from a financial institution at normal and customary interest rates.

Legality
It is Bord na Móna‘s policy to comply with all relevant Statutory and Regulatory requirements in each of the countries in which it operates. It is Bord na Móna‘s policy at all times to adhere to best business practice in all its operations. Each employee must conduct himself or herself so as to enable Bord na Móna achieve its objectives in that regard and in particular each employee should:

• Comply with all Health & Safety Regulations and Safety Statements in their day to day activities;
• Comply with all internal regulations and procedures designed to prevent fraud or injury to persons, the property of Bord na Móna, or the interest of Bord na Móna generally.

Confidentiality
In the course of employment, at whatever level, information in relation to the company becomes available to all employees, and most of that information is confidential to the company. Information obtained in the course of employment should never be used for personal benefit. Confidential information on Bord na Móna should not be disclosed to third parties, including the media.

Employees should not (except in the proper performance of their duties) during or after termination of their employment disclose to any person any business or trade secrets of Bord na Móna.

Employees should respect the confidentiality of information received from those with whom Bord na Móna does business and should ensure that no improper use of such information is made.

Employees should never acquire confidential information or business secrets by improper means.

It is Bord na Móna‘s policy to comply with the requirements of the Data Protection Act.

Fairness
Bord na Móna is at all times committed to fairness in all its business dealings and in its dealing with its employees. This requires that each employee must be fair in each of their individual dealings with customers, suppliers and fellow employees. Examples of matters that arise under the heading of fairness are as follows:

• All customers, suppliers and colleagues must be treated fairly and with respect at all times;
• All suppliers are entitled to fair treatment and should each have a reasonable opportunity to win our business. Therefore an employee should not accept money or gifts from suppliers where such a gift could reasonably be viewed as contributing to the giving of preferential treatment to that supplier.

Fairness requires compliance with all Equality legislation. Bullying or sexual harassment can never be tolerated from any employee.

Any set of circumstances described under the various headings above are as examples only to, direct each employee‘s mind to a proper ethical attitude. Obviously many of the examples given under one particular heading can also fall under another heading. It is a fact that most of the ethical principles that have been referred to overlap to a certain degree.

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