WATERGENICS Inc. is a commercial enterprise and one of our primary roles is to build long-term shareholder value by offering our customers fresh water generation technology, products and services that are superior to those offered by our competitors. However, we believe that by absorbing and balancing a wider range of expectations, we are best placed to continue building a sustainable renewable water generation business.
Like other multinational enterprises benefitting from economic globalization, we also face increasing demands to demonstrate high standards of corporate conduct that might in the past have been taken on trust.
The Business Principles and Core Beliefs cover the key issues that we believe underpin Corporate Social Responsibility for a multinational business.
There are three Business Principles, Mutual Benefit, Responsible Product Stewardship and Good Corporate Conduct, each of which is supported by a number of Core Beliefs, which explain what we think the Principle means in more detail. Together, these form the basis on which we expect our businesses to run in terms of responsibility.
Both the Business Principles and Core Beliefs and the way they have been developed are consistent with our Core Values which collectively express the culture of WATERGENICS Inc.
The principle of Mutual Benefit is the basis on which we build our relationships with our stakeholders. We are primarily in business to build long-term shareholder value and we believe the best way to do this is to seek to understand and take account of the needs of all our stakeholders.
- We believe in creating long-term shareholder value
- We believe in engaging constructively with our stakeholders
- We believe in creating inspiring working environments for our people
- We believe in adding value to the communities in which we operate
- We believe that suppliers and other business partners should have the opportunity to benefit from their relationship with us.
The principle of Responsible Product Stewardship is the basis on which we meet customer demand for technology, products and services that are beneficial to our stakeholders and good for the planet. Therefore, our technology and products should be developed, manufactured, and marketed in a responsible manner and to the highest quality standards. We also aspire to develop technology and products that will, over time, be recognized by scientific, regulatory, technical and operational authorities as being the best-in-class in the wind turbine industry.
- We believe in continuously improving our technology
- We believe in sourcing the highest quality materials for our products
- We believe our business partners must share the same standards of excellence
- We believe in providing essential services to communities in an environmentally responsible and sustainable way
- We believe in creating job opportunities in the renewable water generation sector
Good Corporate Conduct
The principle of Good Corporate Conduct is the basis on which all our businesses should be managed. Business success brings with it an obligation of high standards of behaviour and integrity in everything we do and wherever we operate. These standards should not be compromised for the sake of results.
- We believe our businesses should uphold high standards of behaviour and integrity
- We believe that high standards of corporate social responsibility should be promoted within the renewable water industry
- We believe that universally recognized fundamental human rights should be respected
- We believe in achieving world class standards of environmental performance
Corporate Governance and Code of Conduct
Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, management and the board of directors. Other stakeholders include advisors, consultants, employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large.
WATERGENICS Inc. believes that using corporate governance in an efficient and effective manner enhances shareholder value. Directors, management, consultants and advisors of the Company endeavor to comply with the code of conduct as set forth below, and on a regular basis, WATERGENICS Inc. reviews its corporate governance policy.
The purpose of the Code of Conduct (the “Code“) is to assist all Company personnel in making decisions regarding the affairs of the Company. The Code states basic principles that should guide the affairs of the Company and deals with certain specific situations but is not comprehensive. Personnel are encouraged to consult with the President of the Company for the direction of specific issues on conflicts or potential conflicts.
The Company (including its subsidiaries) and its directors, officers, employees and consultants shall comply with the following obligations:
Conduct the Company’s business and affairs honestly and with integrity, using high ethical standards.
Accurate Financial Recording
Maintain records that accurately reflect the Company’s operations. Financial statements shall be prepared in accordance with generally accepted accounting principles and applicable securities laws. The statements shall be prepared using the highest standards of integrity.
Compliance with Laws
Comply with the laws of each jurisdiction in which the Company does business.
Obligation to Shareholders
Conduct the Company’s affairs with a view to the best interests of the Company as a whole and to enhance shareholder value.
All reasonable efforts will be used to avoid all situations that might reasonably be perceived to conflict or have the potential to conflict with their duties to the Company. If a member of a director’s, officer’s, employee’s or consultant’s immediate family holds a greater than 5% equity interest in, is a director, officer or employee of or has a significant financial stake in a competitor to the Company, this will be considered a conflict situation that will be required to be disclosed. Where a conflict or potential conflict arises in the situation of a director or officer, such individual shall comply with applicable corporate laws with respect to such conflict. If a conflict or potential conflict arises involving an employee or consultant, the individual shall disclose same to the corporate governance committee and shall abide by the recommendations of the corporate governance committee with respect to the conflict.
Respect and Tolerance
Shall not tolerate discrimination, intimidation or harassment on the basis of race, colour, age, gender, sexual orientation, marital status, physical or mental disability, national or ethnic origin or religious beliefs. Employees are entitled to work in an environment which is respectful of their dignity, rights, needs and individual differences.
Conduct the Company’s development and manufacturing operations using environmental best practices with a goal to protecting human health, minimizing the impact on the ecosystem and returning all sites to a high environmental standard.
Shall provide safe and healthy working conditions and comply with all occupational health and safety laws and regulations.
Contribution to Local Communities
Conduct the Company’s operations with a view to respecting and enhancing the economic and social situations of the communities in which the Company operates.
Dealing with Public Officials
Not directly or indirectly make payments to public officials with a view to assisting the Company to conduct its business unless there is no reasonable alternative to such payment, the payment is not being made to induce the official to misuse his or her position, the payment is not illegal under the jurisdiction’s laws and the payment is properly recorded and identified in accounting records.
Not provide gifts or other personal benefits to others that would be considered extravagant or would reflect unfavourably on the Company.
Not seek or receive gifts or other personal benefits from those doing or seeking to do business with the Company which might reasonably be perceived to have the ability to affect the recipient’s judgement or conduct involving the Company.
Other Entities to be Ethical
Use reasonable efforts to ensure that the companies and individuals with which the Company does material business also observe high ethical standards.
Compliance with the Code
It is the responsibility of all directors, officers, employees and consultants to be aware of their obligations under and to comply with this Code. All breaches of this Code shall immediately be reported to the President. All reports by an individual of violations will be kept confidential except if otherwise required by law. Individuals who breach the Code may be subject to disciplinary action including dismissal.