Gearbulk ESGreport 2024 Paperturn - Flipbook - Page 63
ESG REPORT 2024
POTENTIAL AND ACTUAL IMPACTS
OUR ONGOING EFFORTS TO MANAGE THE IMPACT
We conduct business in few regions where corruption levels
Gearbulk rigorously manages corruption and bribery through
are elevated, presenting challenges associated with local
its Compliance Committee, recognising the potential adverse
o昀케cials who may be operating under certain corruption prac-
e昀昀ects on the economy, society and institutions. The Company
tices. In such high-risk countries, the inclination to resort to
conducts assessments of its activities and business relation-
bribery and corruption for expediting the import and export
ships to identify any involvement in corruption or bribery
processes of cargo is particularly noticeable. The global nature
attempts, ensuring compliance with anti-corruption laws
of the shipping industry involves numerous stakeholders and
and regulations. Gearbulk maintains robust policies, empha-
jurisdictions, amplifying the potential for bribery and corrup-
sising the need of ethical conduct and integrity in all business
tion. Material risks could include under-invoicing, bribes for
dealings.
securing contracts, illicit payments to marine surveyors, facilitation payments to customs o昀케cers, and the illegal purchase
To prevent potential negative impacts, Gearbulk provides
of letters of credit.
employee training on anti-corruption policies, due diligence
procedures for business partners, and transparent 昀椀nan-
By acknowledging these inherent risks, we recognise that
cial reporting practices. Also to support its zero-tolerance
individuals involved in our operations and business partners
approach to bribery and corruption, Gearbulk promotes
may be exposed to bribery and corruption. The Company
awareness through onboarding and training, conducts
is committed to implementing preventive measures, both
regular reviews of related policies and procedures, main-
independently and collaboratively with industry partners. The
tain an active partnership with the Maritime Anti-Corruption
objective is not only to mitigate these risks but to proactively
Network (MACN), collaborates with Joint Venture Partners
prevent any form of bribery and corruption, aligning with
and empowers its employees through an independent whis-
the Company’s dedication to ethical business practices and
tleblowing channel.
responsible global operations.
In cases of actual negative impacts, Gearbulk takes immediate
action to address them, cooperating with authorities and
implementing remedial measures. The Company actively
manages potential positive impacts by promoting a culture
of transparency and accountability.
Gearbulk tracks the e昀昀ectiveness of its actions through
comprehensive monitoring processes, setting goals, targets,
and indicators to evaluate progress. Lessons learned from
this tracking are integrated into operational policies and
procedures to enhance anti-corruption practices continually.
Moreover, Gearbulk engages with stakeholders to gather
feedback and insights, ensuring 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.
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