Ethics and Governance
Extonpetrol is dedicated to the implementation and application of high standards of Corporate Governance based on internationally recognised standards and best practices.
In Extonpetrol, we believe that effective corporate governance is the foundation of a well-run business. Through our governance, we set clear responsibilities for our leaders, employees and partners. We do so because we believe that this is ultimately the best way of creating long-term competitive returns for our shareholders and ensuring that our business is sustainable—in every sense of the word.
We wants to be a responsible partner for all our stakeholders, from customers, business partners and shareholders, to employees, local communities and society at large. Our ambition is to be a strong link in our customers’ global value chains and a leader in our industry. We recognize our responsibility for the social, environmental and economic consequences of our activities. Extonpetrol works with customers and suppliers to maintain long-term partnerships and ensure continuous improvement in our approach to sustainability.
Corporate Ethics and Governance needs to ensure:
- efficient implementation and protection of the shareholders’ rights and the Company's interests;
- fair and equal treatment of the shareholders;
- transparency in the work of and in the decision-making by the management;
- development of business ethics and socially responsible operation, professionalism of the management;
- efficient control over the Company's financial and business activities in order to protect the rights and legitimate interests of the shareholders.
Integrity and transparency are important values for us and fighting against corruption is an essential part of our corporate strategy.
Corruption is the abuse of entrusted power for private financial or non-financial gain. Extonpetrol Limited as a multinational company is operating in Chuvashia and other cities in Russia which are strongly affected by corruption risks. Integrity and transparency are important values for us and fighting against corruption is an essential part of our corporate strategy.
Our anti-corruption practices include the following:
- anti-corruption standards are mentioned in our Code of Ethics.
- procedures to be followed in case of assumed fraudulent co-operation, unfair market behavior are defined in the Procurement Handbook
- annual managerial presentation is obligatory about the ethical norms for all employees
- all city chairmen – as part of their annual ethics related duties – have to report on the corruption-related risks of the given city or office they are working in and draw up relevant mitigation plans.
Extonpetrol respects fundamental human rights, our Code of Ethics includes the ethical norms to be followed. We play an important role in supporting development through the provision of energy and significant revenues. These revenues can in turn contribute to poverty reduction and the realisation of many human rights, including rights to work, to an adequate standard of living and to education. Moreover, we strive to have strong health and safety performance, reduced environmental effects from our operations, and sustainable relationships with local communities that benefit from our presence.
Fair Market Structure
Extonpetrol is dedicated to practicing fair market behaviour; its activities on the market must be conducted in accordance with the norms of fair competition and the spirit and letter of applicable competition law. Fully complying with competition law is not only a legal obligation but is related to attitudes and cultures that can positively impact a company’s business. The aim of our Compliance Program is to raise the awareness of our employees and to eliminate legal risks, thus supporting the effective implementation of business strategies in a legal way.