Code of conduct
Ocean Yield’s Code of Conduct applies to its directors, officers, employees, hired personnel and others acting on behalf of Ocean Yield. The expectation is that each individual shall act as a role model in this respect. It is each supervisor’s responsibility to ensure that employees are aware of, and complies with, this Code. All employees shall familiarize themselves with and follow the Code of Conduct.
In its business activities, Ocean Yield will comply with all applicable laws and regulations and act in an ethical and socially responsible manner. In the event that there are differences between such laws and regulations and the standards set out in the Code of Conduct, the highest standards consistent with applicable local laws shall be applied.
Relations within Ocean Yield
The Company will conduct its business in a manner designed to protect the interests of its employees, including their health and safety. Likewise, the employees, including directors and officers, should actively protect and promote the business objectives and interests of Ocean Yield. The Company expects the employees to exercise the highest standards of professional integrity.
Ocean Yield expects all individuals who act on behalf of the company to treat everyone with courtesy and respect. Ocean Yield shall be a stimulating workplace with an inclusive working environment.
All individuals must refrain from any conduct that can have an adverse effect on the working environment of Ocean Yield. The Company strives for a workplace in which diversity is valued, and in which every employee has the opportunity to develop their individual skills and talents. The Company prohibits discrimination against any employee on the basis of age, gender, sexual orientation, disability, race, nationality, political opinions, religion or ethnic background, or any other basis prohibited by law. The Company does not tolerate harassment or degrading treatments in any form by or towards employees.
Safeguarding of property and assets
Ocean Yield's property and assets must be safeguarded in an appropriate manner. The Company's assets are only to be used for legitimate business purposes and only by authorized employees or their designees. This applies to tangible assets, e.g. equipment, and intangible assets such as intellectual property and confidential information. Employees have a responsibility to protect the Company's assets from theft and loss, and any theft, waste or misuse of company assets should be reported by the employee.
The employee’s use of IT systems and internet services in particular, must be governed by the needs of the business and not by personal interests. Information produced and stored on Ocean Yield’s IT systems is regarded as the property of the Company, and the employee should maintain electronic files and archives in an orderly manner.
Private use is only permitted to a limited extent, and information that may be considered illegal or inappropriate must under no circumstances be processed or downloaded.
Ocean Yield’s internal and external communication activities are coordinated to ensure that the financial and operational status is presented in a reliable and a correct manner to relevant recipients and that corporate brand and reputation are managed properly. In order to achieve this, only certain designated employees may discuss the Company with the media, financial analysts and investors. All inquiries from media, regulatory authorities or government representatives, as well as general inquiries about the Company, should be referred to the CEO. Inquiries from financial analysts or investors should be referred to the CFO.
Company interest, conflict of interest and related party transactions
The employee owes a duty to advance the legitimate interests of the Company when the opportunities to do so arise. Employees may not take for themselves personal opportunities that are discovered through the use of corporate property, information or position.
The employee shall not take actions or have personal interests that make it difficult to perform their work objectively, and conflicts of interest should to the extent possible be avoided. The employee must not become involved in relationships that could give rise to a conflict with Ocean Yield’s interest, both in fact and in appearance.
Conflicts of interest could involve employees, hired personnel, suppliers, competitors or other related parties such as shareholders, subsidiaries and associated companies of Ocean Yield. All transaction with related parties must adhere to the Board of Directors approved principles for such transactions.
In the event a conflict of interest arises, the employee shall assess the issue at hand and notify his or her immediate supervisor of the conflict of interest.
Directorships and assignments
Ocean Yield employee’s engagements in duties and assignments outside of the Company must not negatively impact their working relationship with Ocean Yield or be in conflict with Ocean Yield’s business interests. All directorships or assignments held or carried out by Ocean Yield employees in other companies must be approved by the Company.
Sensitive information and confidentiality
The employee has a duty of confidentiality, both by law and by way of written agreement. Each employee is responsible to keep confidential all matters that could provide third parties unauthorised access to confidential information. Careful consideration should be given to how, where and with whom Ocean Yield-related matters are discussed.
The duty of confidentiality also applies after the conclusion of employment or contractual relationship with Ocean Yield and for as long as the information is considered sensitive in nature or confidential.
Ocean Yield is subject to a number of laws concerning the purchase and sale of publicly traded securities. Employees and their close family members must refrain from trading securities while in possession of material, non-public information relating to the Company or any other company where Ocean Yield directly or indirectly has ownership interests. All Ocean Yield employees are required to seek pre-approval for purchase or sales of shares or other securities in the company. In addition, directors, officers and supervisors defined as primary insiders are subject to various reporting and insider trading requirements.
The employee is responsible for complying with the Company’s policy and the applicable securities trading laws, and failure to comply with such policy and laws may subject employees to criminal penalties, as well as to disciplinary action by the Company.
Ocean Yield maintains a neutral position on party politics and will not support, financially or otherwise, any party or their candidates. Ocean Yield may participate in public debate if this is deemed to be in the Company’s interest.
Relations to stakeholders
Employees must endeavor to deal honestly, ethically and fairly with the Company’s customers, suppliers, competitors and other stakeholders.
Accurate and timely information and financial reporting
Ocean Yield will communicate relevant business information in full and on a timely basis to its employees and external stakeholders. All accounting and financial information, as well as other disclosure information, must be accurately registered and presented in accordance with laws, regulations and relevant accounting standards. Ocean Yield is committed to providing the financial markets with quality information, enabling investors and analysts to maintain a correct picture of the financial situation as well as risks and opportunities facing it in the future. Ocean Yield will provide accurate disclosure information to the financial markets in line with all relevant laws and regulations for listed companies on the Oslo Stock Exchange.
Corruption and bribery
Ocean Yield is opposed to all forms of corruption and will make active efforts to ensure that it does not occur in the Company’s business activities. Employees shall not offer illegal or inappropriate gifts, monetary or other remuneration, in order to achieve business or personal advantages.
Gifts, entertainment and sponsorships
The employee is required to exercise caution and good judgment in relation to offering or accepting gifts and business courtesies. Employees shall not, directly or indirectly, accept gifts or other remuneration if there is reason to believe that its purpose is to influence business decisions. Hospitality such as social events, meals or entertainment may be accepted by the employee if there is a clear business reason, provided that the cost of any such hospitality is within reasonable limits.
Relations to suppliers
Employees in Ocean Yield shall treat suppliers, including hired consultants and advisors, impartially and fairly. Suppliers are expected to follow ethical standards that are consistent with the Ocean Yield standards.
Ocean Yield will act responsibly with an ambition to reduce direct and indirect negative influences on the external environment. Ocean Yield will adhere to relevant international and local laws and standards, seeking to minimize the environment impact.
Implementation and monitoring
The CFO is responsible for communicating the requirements in the Code of Conduct, and all employees must ensure that they are familiar with the contents of the Code of Conduct, sign-off on the Code of Conduct, and their duties must be performed in accordance with the requirements set out.
The CFO is responsible for both promoting and monitoring compliance with the Code of Conduct. Violation of the Code of Conduct will not be tolerated and may lead to internal disciplinary action, dismissal or criminal prosecution.
If the employee discovers a breach of Ocean Yield’s Code of Conduct, these concerns must be reported immediately. Employees can report the concern to their immediate supervisor or to the Board of Directors.