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Corum Introduces Requirements of Law of Ukraine “On Combating Corruption”

Corum Introduces Requirements of Law of Ukraine “On Combating Corruption”

Pursuant to the new law, the companies shall comply with a number of requirements, one of which is development and introduction of the Anticorruption Programme, “a set of regulations, standards and procedures aimed at detecting, combating and preventing corruption in the activities of legal entities” (Article 62 of the Law of Ukraine “On Combating Corruption”).

Corum has been actively working in the area of combating corruption for several years already. First of all, it means building of an efficient system for internal control and risk management, introduction of the Corporate Code of Ethics, procedures for management of the conflict of interests and an independent integrated Confidence Line (a hotline). Currently, the Group has got to generalise the entire work that it have already done in this area and develop an Anticorruption Programme in accordance with the law requirements, with its further introduction at the Group’s plants.

The first steps on the way of developing the Programme have already been taken: we formed a corporate team and developed a draft Anticorruption Programme. During the development of the draft Programme, Corum’s corporate team attended internal and external events dedicated to this theme to get familiarised with the best practices of introduction of anticorruption programmes in American and European companies.

For example, on June 22, Corum’s corporate team participated in the Compliance Club meeting at the ACC (American Chamber of Commerce). The theme of the event was “How to build an efficient Anticorruption Programme to protect your company?” and included several pressing issues for businesses:

- compliance with the requirements of the American anticorruption laws abroad;

- components of an efficient Anticorruption Programme: expectations of western regulators;

- experience in introducing an Anticorruption Programme in a Ukrainian company.

On Thursday, June 25, Corum participated in the meeting of the working group of the controlling functions of SCM Group’s sub-holdings dedicated to implementation of the anticorruption requirements of the Law of Ukraine “On Combating Corruption”.

Corum will adopt its Anticorruption Programme in the nearest time and all its employees will become familiarised with it at informational meetings and by publications in the corporate mass media.

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