ElectroLab Code of Ethics

Summary

It is recognized that operating to the highest ethical standards benefits all companies and society. We in the aerospace and defense industry fully acknowledge and support this principle.

ElectroLab endorses The Aerospace Industries Association of America (AIA) and AeroSpace and Defence Industries Association of Europe (ASD) Global Principles of Business Ethics for the Aerospace and Defense Industry (“Global Principles”). These Global Principles are based on best practices including the Common Industry Standards for European Aerospace and Defence and the Defense Industry Initiative on Ethics and Business Conduct in the US.

The aerospace and defense industry’s long term success depends on companies upholding integrity in bidding, negotiating and performing contracts. ElectroLab will behave ethically towards their customers, suppliers, competitors, employees, and other stakeholders.

These Global Principles highlight key issues in the aerospace and defense industry that may impact on ethical business conduct. They are not an exclusive list of business ethics issues that ElectroLab may face and which ElectroLab themself should give their staff guidance on. It is intended that the Global Principles will continue to develop over time to reflect current best practices.

Zero Tolerance to Corruption

ElectroLab is committed to having comprehensive policies and integrity programs, and fostering effective practices in our business operations to implement these Global Principles which include:

  • promoting awareness and compliance with the integrity policies of the Company consistent with the Global Principles through appropriate communication and training.

  • encouraging their employees, directors and officers to report all specific concerns that they may have concerning compliance with the integrity policies of the Company consistent with the Global Principles without fear of retaliation.

  • applying appropriate, proportionate and dissuasive sanctions for evidenced cases of non-compliance.

  • ElectroLab will comply fully with all antibribery laws applicable to the conduct of their business, such as the U.S. Foreign Corrupt Practices Act (“FCPA”).

  • ElectroLab will not offer, promise, or provide any undue pecuniary or other advantage (e.g. payments, gifts, hospitality, as well as political contributions or charitable donations), to public officials, political parties or political candidates, or to any private party, in order to obtain or retain business or gain any other improper advantage in the conduct of their business (hereafter «Improper Advantage»). ElectroLab will duly account for payments, gifts, hospitality, political contributions or charitable donations in their books and records in compliance with applicable regulations and in a manner which permits reasonable traceability.

  • ElectroLab has established and enforces policies and internal control procedures that prohibit the company and their employees, directors and officers from offering, promising or providing – directly or indirectly – any Improper Advantage, and will conduct training on such policies and procedures.

  • ElectroLab makes their business partners, which term is defined to mean Advisors, majority-owned joint venture entities, subcontractors and suppliers, aware of the integrity policies of the company, and require them to refrain from offering, promising or providing (directly or indirectly) any Improper Advantage.

  • Many countries and companies prohibit facilitation payments. In recognition that such payments undermine the integrity of industry, even where such payments are not prohibited by law, ElectroLab will seek to eliminate facilitation payments.

Managing Conflicts of Interest

  • ElectroLab will follow all applicable laws, regulations and directives concerning the employment or engagement of public officials including those dealing with conflicts of interest.

  • ElectroLab will maintain policies to address or mitigate the risk of undue or improper conflicts of interest.

Respect for Proprietary Information

  • ElectroLab will keep proprietary information of third parties to which they have gained access in accordance with the terms of its disclosure and in strict compliance with all applicable laws and regulations.

  • ElectroLab will not solicit or accept a third party’s proprietary information (whether provided by a customer or otherwise), such as bid and proposal information, or technical or price data, unless the owner of the data has agreed to its release.

  • Should ElectroLab receive a third party’s proprietary information without authorization, ElectroLab will:  

                 1)  promptly cease dissemination and review of such information;

                2)  will promptly destroy or return such information; and

                3)  will inform the third party of the incident and their response.