Code of ethics

This code of ethics sets out requirements for good business conduct and personal conduct for all employees of Aker BP and members of its governing bodies. The code also applies to hired personnel, consultants and others who act on Aker BP’s behalf.

The code of ethics is intended to clarify the company’s fundamental ethical values and to guide those acting on behalf of the company when making choices without the matter in question having been subjected to prior consideration in the company. The code shall be subjected to annual review by the Aker BP organisation, thus enabling us to further develop and concretise good ethical conduct and promote open discussions concerning ethical issues.

Code of ethics

There shall be coherence between what we say and what we do. Members of management shall lead the way also where ethics is concerned. Correct ethical conduct should always be valued highly.

General principles

Aker BP shall operate its business with integrity. We shall respect laws, different cultures, human dignity and human rights.

Trust

It is crucial for Aker BP to enjoy society’s trust. Trust is achieved through honesty and openness. Corporate responsibility must be demonstrated in our core values, in the quality of our work and our products, in health, safety and environment activities, and in all our activities. Compliance with laws, regulations and conventions under which Aker BP operates is a minimum.

The conduct of each individual has significant impact on the trust we have earned from society and from internal parties. The conduct of employees and others who represent the company abroad shall be in compliance with Norwegian regulations and legislation. They must also show respect for local cultural norms and comply with local legislation.

Conflicts of interest

Employees and others who represent Aker BP, shall act impartially in all business matters. We shall not give organisations, businesses or individuals unfair advantages. Employees must not become involved in matters that could damage Aker BP’s interests or in any way prevent employees from acting in an independent and impartial manner.

Employees and others who act on behalf of the company must avoid becoming involved in situations where concerns pertaining to an individual’s personal interests might be raised. Employees must notify their superiors of any business dealings that directly or indirectly, financially or otherwise, could benefit closely related parties such as a spouse, relative, partner or friend.

Aker BP takes a favourable view of participation by employees on the boards and governing bodies of other businesses and organisations. It is a condition that the latter are not in competition or direct conflict with the company’s interests. Employees must inform their immediate superiors of such offices in order to ascertain that the offices are not in any way incompatible with each individual’s job responsibilities towards Aker BP.

Employees, consultants or others in possession of inside information relating to Aker BP are prohibited from selling, purchasing and subscribing for shares, and from trading company obligations. Anyone in possession of inside information must not advise others on trading of shares issued by Aker BP or related instruments. The prohibition on misuse of inside information and giving advice and professional secrecy apply irrespective of the manner in which one has gained access to this information. Reference is made to procedures (cf. SD02-DENOR-A-0004) relating to the management of inside information and maintenance of inside lists.

Participation in social events must be ethically justifiable, so that it does not adversely affect the market’s trust in the company. It is especially important to show caution before, during, and in connection with negotiations for contracts or agreements.

Employees or persons acting on behalf of the company must exercise caution where gifts are concerned. Gifts should not be accepted if this can raise concerns about integrity or whether they may serve personal interests. Gifts of a value higher than NOK 1 000 shall be handed over to the company. Where participation in social events or exchange of gifts is concerned, a good rule of thumb is to discuss this with your immediate superior.

Human rights

Aker BP shall operate its business in accordance with fundamental human rights as enshrined in the UN Human Rights Declaration. The company shall comply with the four conventions of the International Labour Organization (ILO) concerning the right to organise, the prohibition of child labour, the prohibition of forced or compulsory labour, and of not allowing discrimination in respect of employment and occupation.

Corruption

Aker BP shall conduct its business in an ethical manner. We do not tolerate any form of corruption. Aker BP’s employees, or others who represent the company, must not offer anything of value to others in order to achieve advantages. Offers of sensitive payments shall be rejected immediately and reported to the employee’s immediate superior.

Sponsorship

Aker BP can use sponsorships to promote the company and its activities. A sponsorship contract shall promote the company’s profile and support the company’s role as an active participant in the public arena.

In cases of doubt or breach of the code of ethics

Suspicion of corruption or of other unethical conduct shall be reported to the immediate superior without delay. If the immediate superior should fail to recognise the seriousness of the matter or be involved in the case himself / herself, further reporting shall be made in accordance with the line organisation and personnel responsibility. The company’s integrity channel, available on the company’s home page, may also be used for reporting of compliance concerns.

Anyone who reports such matters will be protected. The management is obliged to ensure that such cases are handled in an adequate manner and in accordance with our fundamental ethical norms.

Breach of Aker BP’s code of ethics can lead to disciplinary action or termination of employment, and the case may be reported to the authorities.