Compliance and Corporate Governance

08 Dec Compliance and Corporate Governance

Posted at 17:39h in About-us by admin

COMPLIANCE AND CORPORATE GOVERNANCE

One of our primary business objectives requires adherence to local, national and international laws, and the requirement that our employees show integrity and honesty in all their dealings. Risk management and internal controls are therefore embedded throughout StarLabs, assuring the accuracy and validity of reports and certificates that we provide to customers.

The International Federation of Inspection Agents (IFIA) issues a Compliance Code which defines the standards of conduct and integrity with which IFIA members must comply. S.T.A.R. Laboratories’ Compliance Code is a document including the detailed set of principles and rules taken from this IFIA Code.

S.T.A.R Laboratories operates a ‘zero tolerance’ policy in regard to breaches of ethics and all employees are required to sign an agreement, confirming their understanding that any breaches of the our Code of Ethics will result in disciplinary action that may include summary dismissal of the employee concerned.

S.T.A.R. Laboratories is committed to maintaining a culture where issues of integrity and professional ethics can be raised and discussed openly. This is why we provide an online Hotline for all employees, contractors and others representing S.T.A.R. Laboratories, to enable confidential reporting of suspected misconduct or breaches of the Code.

All complaints are investigated thoroughly with action taken as appropriate.

What are our compliance goals?

To avoid conflicts of interest and to act openly, responsibly and within the confines of the law and internationally accepted guidelines.
To implement current ‘best practice’ policies in all control procedures.
To maintain a culture in which all employees know what is expected of them.
To monitor adherence to organisational controls and reporting procedures.

Who is responsible?

S.T.A.R. Laboratories’ General Counsel heads the our Compliance team and reports to the CEO.

Our corporate governance

S.T.A.R. Laboratories is committed to high standards of corporate governance, business integrity and professionalism in all its activities. The Board is responsible for the proper management of the Company and is also accountable to the Company’s shareholders for ensuring that principles of good governance are applied.

The Board comprises a balance of Executive and Non-Executive Directors who bring a wide range of skills and experience to its deliberations. The Non-Executive Directors fulfil a vital role in corporate accountability and bring independent judgment to issues of strategy, performance, resources and standards of conduct.

Our internal controls and audits

The Board is ultimately responsible for establishing and maintaining S.T.A.R. Laboratories’ system of internal controls, and for reviewing its effectiveness. Such a system can realistically only manage, rather than eliminate, the risk of failure to achieve business objectives, and can only provide reasonable assurance against material misstatement or loss.

The Board confirms that, in addition to internal compliance and quality audits, there is an ongoing process for identifying, evaluating and managing any significant risks to our short and long-term value, including those arising from social, environmental and ethical matters.

The Audit and Risk Committee reviews the effectiveness of the system of internal control during the year. In particular, it reviews and continues to seek to improve the process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks are managed. This is reinforced by the S.T.A.R. Laboratories’ Code of Ethics, which provides practical guidance and instruction for staff.