In dealings with its customers, suppliers and business partners, the Company abides by the Fair Dealing Policy found in its Code of Ethics and Business Conduct. The basis of the policy is the Company’s objective to out-perform its competition fairly and honestly through superior performance. Every employee, officer and director therefore always prioritizes the best interests of the Company’s clients and endeavours to deal fairly with suppliers, competitors, the public and one another. No one should take unfair advantage of anyone through manipulation, abuse of privileged information, misrepresentation of facts or any other unfair dealing practice.
Fair Dealing Policy for Suppliers/ Contractors
In dealings with suppliers and other business partners, the Company likewise ensures that they are compliant with the laws, for example, requiring appropriate certificates of registration from the Bureau of Internal Revenue. Another example is the detachment of the Board, management and employees from any conflict of interest as mandated in the Company’s Code. All Directors are prohibited from participating in any Board discussion or decision affecting their personal, business or professional interests in a transaction involving the Company as a party. All employees, officers and directors have an obligation to act in the best interests of the Company.
- Resource Efficiency and Waste Management Our Race to Reduce (R2R) programs at our strategic business units have paved the way for addressing concerns related to biodiversity, resource efficiency, and waste management. Our strategic business units have established policies and procedures to operationalize and manage waste and integrated resource efficiency guided by applicable regulatory compliance requirements and ISO standards.
- The Group is guided by applicable Occupational Health and Safety Standards set by the Department of Labor and Employment (DOLE). Part of our IMS is to recognize and identify health and safety risks, and to set out policies and processes to mitigate and address risks. AEV and its subsidiaries’ occupational health and safety guidelines cover both organic and contracted employees working in our facilities. Contractors may have no employer-employee relationship but are, nonetheless, covered by the company’s “prevailing influence”.
- “Prevailing Influence” is when contracted employees are required to adhere to safety rules and regulations laid down by the company or to use methods, processes, or other techniques provided by the company. Aboitiz employs a process of hazard aspect identification, risk assessment, and setting out of controls (HAIRADC process) through the different Safety and Health, Environment, and Security Teams in the Group. Results of these processes are evaluated and included in our Operational Risk Management Plans.
The Manual on Corporate Governance (Manual) is the corporate governance charter of the Company. It is a clear statement by the Company, its Board of Directors, Management, Employees and Shareholders, that corporate governance is a necessary component of sound strategic business management. The Manual was approved by the Board at its regular meeting on August 14, 2002. The Manual has since been reviewed, revised, updated and amended by subsequent Board actions in keeping with evolving best practices in the Philippines and the ASEAN Region.
The Group’s governance framework and practices are codified in the Manual of Corporate Governance. These contain the Group’s plan to comply with the Organization for Economic Cooperation and Development (OECD) principles on corporate governance, and are regularly reviewed and updated to ensure that these are at par with the best corporate governance practices.