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Code of Ethics

Purpose of this document

The board of directors of Hudaco Industries Limited (Hudaco) is committed to maintaining high standards of ethical conduct, corporate governance and accountability by all businesses and employees in the Hudaco group and accordingly has adopted a Code Ethics (“the Code”).

The Code is designed to communicate the expected standards of conduct to the Hudaco board and all Hudaco group employers and their employees.

The Code is intended for use as a guide in day-to-day decisions and contains aspirational guidelines for events that occur in business. Contravention of the code may result in disciplinary action and, where applicable, criminal prosecution in the case of illegal acts or crimes.

The Code is to be used in induction and other relevant training programmes and to assure all stakeholders and in particular customers, suppliers and competitors of the integrity of the Hudaco group.

Hudaco must seek, in its dealings with suppliers, a commitment by suppliers to adhere to principles and standards of conduct similar to those set out in this Code. Preference is to be given to suppliers who adhere to ethical conduct, similar to what is set out in this Code.

The Code constitutes an addition to all other policies and specific codes of practice issued by Hudaco companies, which apply from time to time. All obligations imposed by law or by contracts between companies in the Hudaco group and their employees remain in force and are not affected or amended by this document.

To facilitate Hudaco’s ethical business practice employees are encouraged to talk to supervisors, managers and other appropriate personnel about behaviour that they believe is a violation of the Code. In addition, infringements may also be reported in confidence and without fear of retaliation through the Hudaco fraud hotline which is independently managed and allows employees to communicate sensitive information securely, confidently and anonymously.

Code of Ethics

All Hudaco group companies and their employees are to strive conscientiously to act with honesty and integrity in accordance with a high level of moral and ethical standards in their business and inter-personal dealings. All employees in the Hudaco group companies will be assumed to commit themselves to know, understand and support these values. Some specific values are dealt with below:

Compliance with laws, rules and regulations
To obey the law. All employees must respect and obey the laws, rules and regulations of South Africa and the other countries in which the Hudaco group operates.

Fairness, Respect & Dignity
To treat and be treated in a fair and equitable manner with respect and dignity, irrespective of race, colour, nationality, creed, gender, sexuality, language, culture, religion, age, physical disability or political views.

Tolerance of alternative views
To be tolerant of one another’s views unless they cause hardship to others, infringe on the human rights of others or attempt to impose beliefs on others. Tolerance requires that Hudaco resources are not used to support a particular political or religious view and in particular, no donation may be made to any political party unless authorised by the Hudaco board in advance.

Protection from victimisation
To not victimise anyone nor to be victimised in any way and to be particularly vigilant where a complaint has been lodged with a superior.

Relationships
To cultivate and maintain a healthy relationship with colleagues, based on mutual trust, honesty and respect.

Support & Loyalty
To support management, teams and peers in order to promote aspirations and steady growth of the company and its employees. To be loyal to, and not to publicly criticise, your employer, any employee or the Hudaco group or their actions.

Performance
To strive continuously and overtly to achieve superior performance.

Management of Performance
To have individual performance managed and assessed at reasonable intervals, using agreed expectations, qualities and measures, and to give and be given open, honest and constructive feedback both on achievements and underachievements, with the right of appeal.

Recognition
To be recognised for excellence and superior performance.

Work Environment
To contribute to the creation of a work environment that is safe and conducive to the delivery of work of a high standard and the well-being of all employees in the Hudaco group.

Customer satisfaction
To satisfy customers’ business needs promptly and professionally in a respectful and friendly manner, and to comply with customers’ legitimate and reasonable requests.

Proper communication & transparency
To communicate and receive all relevant information, from or to the appropriate party, accurately and honestly in a transparent manner.

Confidentiality
To maintain appropriate confidentiality of your employer’s and the Hudaco group’s affairs, including details of customers, suppliers and employees.

Non- corruption
To avoid the offering, giving or accepting of any gift or entertainment unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is reasonably low in value, (4) cannot be construed as a bribe or payoff and (5) does not violate any laws, regulations or applicable policies of South Africa or the other party’s organisation.

Conflict of interest
To avoid or disclose all potentially conflicting interests where employees and their immediate families have direct or indirect personal interests or derive benefits from transactions to which members of the Hudaco group are also a party.

Environment
To be committed to helping save and preserve the Earth’s finite resources on a sustained basis through an ongoing strategy to reduce Hudaco’s environmental footprint in manufacturing, marketing and distributing its products. Planet-related commitments include energy and water usage and waste disposal.