Gearbulk ESG Report 2023 - Report - Page 63
ESG REPORT 2023
POTENTIAL AND ACTUAL IMPACTS
OUR ONGOING EFFORTS TO MANAGE THE IMPACT
We conduct business in few regions where
Gearbulk rigorously manages corruption and
corruption levels are elevated, presenting
bribery, recognising their potential negative impacts
challenges associated with local o昀케cials
on the economy, environment, and human rights.
who may be operating under certain
The Company conducts thorough assessments of
corruption practices. In such high-risk
its activities and business relationships to identify
countries, the inclination to resort to
any involvement in corruption or bribery, ensuring
bribery and corruption for expediting the
compliance with anti-corruption laws and regula-
import and export processes of cargo is
tions. Gearbulk maintains robust policies and commit-
particularly noticeable. The global nature
ments regarding these material topics, emphasising
of the shipping industry involves numerous
ethical conduct and integrity in all business dealings.
stakeholders and jurisdictions, amplifying
the potential for bribery and corruption.
To prevent potential negative impacts, Gearbulk imple-
Material risks could include under-in-
ments stringent measures such as employee training on
voicing, bribes for securing contracts, illicit
anti-corruption policies, due diligence procedures for
payments to marine surveyors, facilitation
business partners, and transparent 昀椀nancial reporting
payments to customs officers, and the
practices. In cases of actual negative impacts, Gearbulk
illegal purchase of letters of credit.
takes immediate action to address them, cooperating
with authorities and implementing remedial measures.
By acknowledging the inherent risks, we
Furthermore, the Company actively manages potential
recognise that individuals involved in our
positive impacts by promoting a culture of transparency
operations may be exposed to bribery and
and accountability.
corruption. The Company is committed to
implementing preventive measures, both
Gearbulk tracks the e昀昀ectiveness of its actions through
independently and collaboratively with
comprehensive monitoring processes, setting goals,
industry partners. The objective is not only
targets, and indicators to evaluate progress. Lessons
to mitigate these risks but to proactively
learned from this tracking are integrated into opera-
prevent any form of bribery and corruption,
tional policies and procedures to enhance anti-corruption
aligning with the Company’s dedication to
practices continually. Moreover, Gearbulk engages with
ethical business practices and responsible
stakeholders to gather feedback and insights, ensuring
global operations.
that its actions align with stakeholder expectations and
e昀昀ectively combat corruption and bribery. Through these
comprehensive measures, Gearbulk demonstrates its
commitment to ethical business practices and integrity
in all aspects of its operations.
In support of its zero-tolerance approach to bribery and
corruption, Gearbulk has implemented various measures.
These include promoting awareness through onboarding
and training, conducting regular reviews of related policies and procedures, maintaining active membership
with the Maritime Anti-Corruption Network (MACN),
conducting regular risk assessments and reporting,
empowering employees through an independent whistleblowing channel, and collaborating with Joint Venture
Partners.
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