Ethics and compliance
The Group is committed to conducting its business with integrity. High standards of professional and ethical conduct are expected throughout its operations acting in compliance with the laws and regulations in jurisdictions in which the Group operates.
Employees and persons acting on behalf of the Group are expected to implement the Group’s policies and procedures such that the legitimate interests of the Group are advanced, having regard to the Group’s values and standards. All employees are expected to engage in ethical conduct.
As part of the work of the Risk Management Committee, several other Group policies have been developed during the year and these are now in full operation throughout the Divisions. These policies include anti-bribery and anti-corruption, Supplier Code of Conduct and the prevention of the facilitation of tax evasion.
These policies are clearly communicated to all staff. Training programmes in these areas continued during the year with key members of staff from each Division completing relevant modules. Internal review of systems and internal audits provide assurance there is no significant risk in these areas. The Risk Management Committee manages the programme of work which supports the implementation and compliance with these policies, reporting regularly to the Audit Committee on these issues.
The Group seeks to be honest and fair in its relationships with customers and suppliers and to source and supply goods and services in an efficient manner, in accordance with specifications, without compromising quality and performance. Each Division is responsible for negotiating the terms and conditions of trade with suppliers. In doing so each Division is expected to maintain high standards of integrity in all business dealings with suppliers and is encouraged to use the services of those suppliers whose values and standards are equivalent to Tyman’s quality management standards. Operating units are encouraged to gain and maintain accreditation to specific standards required by the markets they serve, with quality and production accreditations gained throughout the operations.
The Group is committed to respecting human rights across all of its operations and aims to work at the highest international standards as well as complying with local legislation. The Group fully supports the Modern Slavery Act 2015 and seeks to ensure that the Group's activities and activities within its supply chain do not infringe or encourage any human rights abuses.
The Group manufactures product primarily in North America and Western Europe, distributing and selling products to markets globally. A proportion of the Group's products are sourced from third party suppliers, primarily China.
Each Division carries out actions to minimise the possibility of modern slavery within its supply chain. These include staff training to educate them to be vigilant for signs of malpractice. Audit and site visits of suppliers, particularly in low cost regions, have been completed and revised supplier agreements have been implemented.