I.GENERAL COMMITMENT TO BUSINESS INTEGRITY

COFIDES asserts that all its business must be conducted loyally, honourably and fairly and expects its business partners to share that attitude. No employee will offer, pay, request or accept any payment, gratuity, promise or compensation intended to bribe an authority or public official, or to exert undue influence to obtain favourable treatment in trade-related activities or decision-making processes. Employees may only offer or accept presents or invitations to or from third parties where they are in keeping with normal business practice, of modest value and not banned by law. No employee may behave in a manner that compromises or tarnishes COFIDES’ reputation. Political donations are explicitly prohibited. Employees must refrain from any private financial or professional activity, including business conducted by close relatives, that may constitute a conflict of interest with their responsibilities at COFIDES. All COFIDES’ transactions must be accurately and clearly entered in the company’s accounts in accordance with established principles and procedures, and such accounts must be subject to audit. COFIDES’ accounts records will reflect and describe the nature of the respective transactions. COFIDES explicitly refuses to participate, directly or indirectly, in any operation that may entail money laundering or any other illegal activity.

 

II. SPECIFIC COMMITMENTS

Basic operating commitment:
COFIDES will conduct its business in accordance with the principle of additionality with respect to private sector financing, in the understanding that the justification for its existence and the key to its long-term durability lie in this premise.

COFIDES will implement a transparent and efficient internal management model in the framework of a culture of quality.

COFIDES acknowledges the risk culture in which it conducts its business and commits to suitable risk management using the most advanced techniques and tools available at any given time.

Commitment to society:
COFIDES will seek to ensure that its operations drive development in the respective host countries and that the effort deployed in this regard consolidates business.

COFIDES will do everything in its power to enforce respect for the environment and working conditions in both its own business and in the projects it finances.

Commitment to shareholders:
COFIDES will aim to conduct a profitable business to ensure its economic and financial sustainability.

COFIDES will aspire to excellence in all its endeavours and in particular will make certain that its financial backing contributes to optimizing the financial structure of the operations in which it takes part, regardless of the origin of the resources employed.

COFIDES will provide its shareholders with prompt and accurate information on its activities and performance.

Commitment to employees:
COFIDES, and in particular its management, will generate a non-discriminatory work environment in which all employees can do their jobs under optimal remunerative, professional and personal conditions that further their career development. The result will be a cordial atmosphere that encourages teamwork and a sound and long-lasting business culture.

COFIDES will respect the human rights of all the persons with whom it has dealings, pursuant to the United Nations’ Universal Declaration of Human Rights and the principles laid down in the Global Compact signed by COFIDES.

COFIDES will prevent bullying and sexual harassment in its employee relationships.

Commitment to clients:
COFIDES will consistently attempt to satisfy the needs identified by its clients, including the companies it supports, the multilateral organizations with which it co-finances projects and the State-owned investment funds it manages.

COFIDES will attempt to continuously improve the accessibility and agility of its services and diligently respond to customer comments and complaints.

COFIDES will seek to ensure the appropriate use and confidential treatment of any information furnished, or formulated on the grounds of information furnished, by the client.

COFIDES will manage third party funds and financial facilities as diligently and rigorously as it handles its own resources.Commitment to suppliers:
COFIDES will apply criteria of transparency, public accessibility and competition in its relationships with the suppliers of the goods and services it acquires.
COFIDES will confer special consideration on suppliers of goods and services who maintain principles of conduct and continuous improvement programmes analogous to the ones laid down in this Code and the company’s Quality Policy.

 

III. IMPLEMENTATION AND ENFORCEMENT

The COFIDES Executive Committee assumes responsibility for circulating this Code among all COFIDES staff members and ensuring that its principles are understood and accepted by all.

The Executive Committee will enforce this Code as part of the risk management process, drawing for this purpose on the persons or bodies it deems appropriate.

Infringements of this Code must be reported to Management. The EC trusts that employees will notify Management of any possible non-compliance of which they become aware. A reporting system will be provided that ensures confidentiality, and no employee will suffer consequences or penalization of any nature whatsoever in the event of submission of such notifications.

Code infringements will be diligently reviewed and, depending on the circumstances, may give rise to disciplinary action or even dismissal or, in the case of business partners, the termination of commercial relations. This Code, which forms a part of our continuous improvement programme, will be reviewed by Management from time to timeand published on our website.