1.1 Definitions
In this policy, the terms “we”, “us,” and “our” are synonymous with Blockchain Management Corporation Pty Ltd. The terms “team members” and “associates” encompass a broad range of individuals working under our direction, including but not limited to employees, contractors, agents, and interns. “Representatives” refer to any external parties conducting business either for us or on behalf of another entity, which includes a diverse group such as clients, contractors, subcontractors, suppliers, consultants, legal professionals, accountants, lobbyists, sales representatives, brokers, and franchise owners.
Blockchain Management Corporation Pty Ltd commits to a stringent Anti-Bribery and Corruption (AB&C) stance, ensuring zero tolerance. This policy delineates the essential principles of our AB&C framework, which is designed to prevent, identify, and tackle any Bribery and Corruption risks, while aligning with AB&C regulations in our areas of operation. It is applicable across all levels of our organization, including Directors (both Executive and Non-Executive), Employees, and any Third Parties engaged in activities on our behalf. This policy governs behaviors and activities connected to employment or representation of Blockchain Management Corporation Pty Ltd, irrespective of geographical location. It also encompasses all entities within our group, especially those with delegated operational responsibilities. In scenarios where local or international laws, regulatory norms, or contractual commitments clash with this policy, adherence to the stricter regulation is mandated, ensuring no violation of local laws.
The responsibility for the execution and management of this policy primarily lies with the Senior Executive Team, except where specified otherwise. All individuals associated with Blockchain Management Corporation Pty Ltd, including Employees, Directors, and Third Parties, are expected to be fully conversant with and adhere to the AB&C obligations. Managers and supervisors have a particular responsibility to ensure these practices are implemented within their domains, and that all team members under their supervision are equally informed and compliant.
Our commitment to ethical business practices involves an unequivocal opposition to all forms of bribery and corruption. We strive to conduct our business dealings with the utmost honesty, professionalism, and integrity. This commitment extends to prohibiting inappropriate promises, gifts, or excessive hospitality to Foreign Public Officials for obtaining any unjust advantage or benefit. We also resist any attempts by external parties, including suppliers and clients, to improperly influence any decision-making processes for undue gains. Our staff, representing the ethos of Blockchain Management Corporation Pty Ltd, are obliged to uphold these principles at all times.
Political contributions are not endorsed, and facilitation payments are discouraged as a business method. However, we support making charitable donations and sponsorships, provided they align with ethical standards and comply with local legal frameworks. We also expect our business partners and Representatives to implement robust systems to counteract bribery. In compliance with Australian legal requirements, we commit to documenting and reporting any instances of legal breaches or policy violations.
Prior to establishing any relationships with agents, our staff are mandated to conduct comprehensive and documented AB&C due diligence. This process involves gathering substantial information to ensure thorough vetting, including:
3.2.1 Essential Criteria
It is mandatory for our staff to clearly document, in writing, the agreements made with agents. This documentation should minimally include:
3.2.2 Legal Consultation
Where necessary, our team is encouraged to seek and document independent legal advice to ensure the thoroughness and legality of the agency agreement.
Our staff must exercise due diligence before authorizing any payments to agents. This involves:
Continuous monitoring of agents’ activities and behaviors is crucial, with immediate reporting of any red flags to our Chief Compliance and Integrity Officer (CCIO). Key red flags include:
We recognize the potential for CSR initiatives to be misinterpreted as bribery, particularly when they involve government or community goodwill-building. Hence, we conduct thorough and proportionate AB&C due diligence on any CSR programs prior to engagement. This includes a comprehensive assessment of the beneficiary, including research of independent sources and a series of meetings and interviews. Essential considerations include the context of the program, legal status of the beneficiary, historical background, board member scrutiny, and budget transparency.
Ongoing measures include monitoring the beneficiary’s use of funds, requiring multiple management approvals for payments, setting cash limits, and demanding periodic written reports from the recipient.
We encourage a culture where team members can freely report any suspicions or concerns related to bribery and corruption without fear of retaliation. This includes educating our staff about the reporting procedures, their right to anonymity, and the support mechanisms in place for whistleblowers. All reported allegations are to be promptly addressed through the appropriate channels, as outlined in our reporting table (Table 5.1).
Our whistleblowing policy is proactive and supportive, emphasizing the importance of ethical reporting and safeguarding whistleblowers against any form of reprisal. We advise anonymous reporting and stress that personal investigations or contact with the subject of the complaint should be avoided. Our commitment extends to protecting the rights and identities of those reporting concerns, with strict actions against anyone inhibiting the whistleblowing process.
Our policy educates employees on acceptable practices regarding hospitality, gift giving, sponsored travel, and entertainment. Employees are required to report any offers of such nature immediately to their managers. Gifts, sponsored travel, or entertainment provided to external parties must have prior consent. We expect our employees to exercise reasonable judgment in these matters, with all gifts being documented and, if necessary, subject to further investigation.
We are committed to addressing any breaches of this policy effectively, utilizing appropriate disciplinary or contractual processes.
Records supporting this policy are maintained as per the Change History section. For earlier versions or inquiries, contact the Compliance Team or email [email protected].
The glossary section defines key terms such as Beneficial Owner, Benefit, Bribery, Eligible Whistleblower, Foreign Public Official, Facilitation Payment, and Routine Government Action, providing clarity on the concepts integral to this policy.
1. The policy concludes with a references section, guiding readers to additional resources and legal texts pertinent to the AB&C framework.
Institute of Business Ethics (IBE): The IBE offers standards and frameworks for implementing an AB&C process, including due diligence for recruitment, anti-bribery terms in contracts, financial controls, reporting mechanisms, and maintaining accurate records https://www.ibe.org.uk/resource/anti-bribery-corruption-abc-standards-and-frameworks.html
2. Transparency International’s Business Principles for Countering Bribery: This tool assists enterprises in developing practical approaches to countering bribery in all their activities. It includes multi-stakeholder input and covers areas such as bribes, political contributions, and facilitation payments. https://www.ibe.org.uk/resource/anti-bribery-corruption-abc-standards-and-frameworks.html
3. GoodCorporation’s Framework on Bribery and Corruption: This framework sets out management practices to avoid corrupt activities and includes top-level commitment, communication, training, risk assessments, and compliance functions https://www.ibe.org.uk/resource/anti-bribery-corruption-abc-standards-and-frameworks.html
4. International Chamber of Commerce (ICC) Rules on Combating Corruption: These rules provide a method of self-regulation against applicable national laws and international anti-corruption initiatives. The rules cover policies and practices in areas such as bribery and extortion prohibition, third-party interactions, and financial recording. https://www.ibe.org.uk/resource/anti-bribery-corruption-abc-standards-and-frameworks.html
5. ISO 37001: While not a law, ISO 37001 sets standards for anti-bribery management systems and is integral to achieving compliance. It includes adopting anti-bribery policies, appointing responsible personnel, and conducting due diligence. https://www.diligent.com/resources/blog/anti-bribery-and-corruption
6. UK Bribery Act and OECD Anti-Bribery Convention: These are influential ABAC laws, with the UK Bribery Act covering both the public and private sectors, and the OECD Convention focusing on the bribery of foreign public officials. https://www.diligent.com/resources/blog/anti-bribery-and-corruption
7. United States Foreign Corrupt Practices Act (FCPA): This Act prevents organizations from bribing foreign officials and requires publicly traded companies to document their internal accounting controls. https://www.diligent.com/resources/blog/anti-bribery-and-corruption
8. Linklaters’ Global Guide: Anti-bribery and Corruption Law and Enforcement: This guide provides insights into the global landscape of anti-bribery and corruption laws and enforcement, highlighting key themes such as expanding regulation, increased emphasis on self-regulation, and corporate compliance.
https://www.linklaters.com/en-us/insights/publications/antibribery-and-corruption/a-review-of-anti-bribery-and-corruption-law-and-enforcement-across-the-globe