ACWA Power supports exemplary corporate behavior by adopting a stringent compliance approach to ensure that we adopt the highest standards of ethics, conduct business with reputable third parties and comply with international best practice.
Our compliance approach
One of the most important factors for the success of any organization is its compliance with laws, rules and regulations. Compliance protects the Company’s reputation and credibility, serves shareholders’ interests, ensures customer satisfaction and reduces litigation. Compliance is a comprehensive and multi-aspect responsibility involving all parties in a company: it starts with the Board of Directors and senior management and ends with all employees and contractors, each according to the authority and responsibilities entrusted to them.
ACWA Power has accomplished high standards of ethics and integrity in all aspects of our business conduct.
We are committed to complying with the applicable legislation and obligations in force in the countries where we operate. To facilitate this objective, the Company has developed and implemented a Compliance Management Framework, which is intended to demonstrate the Company’s commitment, in the clearest possible terms, as follows:
The Compliance Management Framework lays down the policy guidelines and the detailed compliance practices to be implemented.
Our Code Of Conduct
ACWA Power strives to offer a secure and positive work environment to encourage its employees to work to the very best of their abilities but, at the same time, expects employees to portray certain ethical and cultural values and to project an image of integrity and professionalism. The Company has implemented a Code of Conduct and Ethics (the “Code”), which sets down key guidelines and compliance practices which all employees are expected to observe, wherever they are located or operate. The Code is a forward-looking document and outlines the ethical responsibilities that will grow our organization, reputation and business.
general conduct in order to maintain harmonious working relations internally, with clients and other stakeholders, in line with the laws of the relevant jurisdiction and ACWA Power’s values, ethics and corporate policies.
To help foster awareness of the Code, we have developed two mandatory e-learning modules, Making Ethical Decisions and Code of Ethics Policy, which offer guidance in an interactive and engaging way to help employees gain a better understanding of the guidelines and practices set out in the Code and so adhere to the highest ethical standards.
The above training is ongoing and is mandatory for all employees to complete before the end of the first quarter of 2022.
Engaging with trusted partners
With business regulations worldwide becoming increasingly complex, it is essential for ACWA Power to entertain business exclusively with partners of good repute, to ensure that third-party risk can be mitigated.
In view of our global expansion, we have implemented a thorough
Know Your Customer (KYC) process, so risk-based due diligence on third parties can be conducted before agreements are entered into.
The process helps reduce potential risks such as fraud, corruption, bribery, money laundering and similar malpractices.
Being a responsible global corporate citizen
ACWA Power is committed to conducting its business ethically and in compliance with all applicable domestic and foreign anti-money laundering, counter terrorist financing, anti-bribery and anticorruption laws and regulations.
Our policies in this regard help to meet the following objectives:
Our whistleblowing program
At ACWA Power, our commitment to integrity and transparency extends to implementing an efficient and confidential whistleblowing program, which enables any employee or third party to report concerns through dedicated channels.
A dedicated Compliance line provides a mechanism for the confidential and anonymous submission of concerns through an independent third party, Ethics Point, which is accessible at any time.
Our commitment to human rights
ACWA Power places great emphasis on treating employees, and individuals in the communities in which we operate and throughout our supply chain, with dignity and respect. Where we don't have managerial control, we expect and require compliance with this policy.
We regularly review and update our policies and procedures proactively to identify, address and respond to unfavorable human rights issues with
which we are possibly involved. We are dedicated to complying with the pertinent laws and implement controls wherever we operate. Where national law and international human rights standards differ, we adopt the higher standard.
Among the broader human rights issues identified, we consider the following as crucial and non- negotiable:
ESG and climate related risks
In addition to the environmental, operational and financial risks to our businesses, climate related risk is increasingly set to become a core element of our risk management framework.
As global warming affects our environment – with changes in average air temperature, sea levels and rain patterns, and the frequency of extreme weather events – we are consciously factoring into our risk assessment the eventual physical threats associated with these environmental changes to our assets and our people in all the locations where we operate.
Since ESG strategy is integral to the Company’s overall strategy, we have elected to combine sustainability with risk and strategy in one single function, led by a senior C-level executive with a seat on the Management Committee. This should facilitate determining the right accountability for managing ESG strategy and executing, monitoring and reporting identified initiatives.
We believe in ensuring transparency around climate-related risks and opportunities and are working towards integrating the voluntary recommendations of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD).
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