Ukraine’s state defence conglomerate Ukroboronprom is completing the first stage of executing of the roadmap for the implementation of the compliance function – a system of rules and regulations governing corporate relations of employees with each other and with third parties. Specifically, the Code of Corporate Ethics has already been approved and compliance policies and procedures are being adopted.
Mykola Royenko, the Head of the Compliance Department at the State Concern "Ukroboronprom", reported that at the XII annual Antofraud’21 Forum, attended by top managers of leading companies and government agencies in the field of fraud, compliance, internal audit, security, legislation and cybersecurity.
Reform of Ukroboronprom and the introduction of the compliance function in the State Concern was discussed at the Forum. Compliance is an important part of corporate governance reform, which will take place in accordance with the OECD Guidelines.
"We are currently developing methodology and training Concern’s employees. We are convinced that the implementation of the compliance function will be an effective tool for preventing and minimizing corruption risks, preventing conflicts of interest, non-compliance with standards or violations of the law, which is of high importance during the hybrid war," Mykola Royenko said.
Ukroboronprom’s Compliance Office was launched as part of the Concern’s corporate governance reform. The office is responsible for developing and implementing employees and contractors integrity policy in accordance with international standards of corporate governance, internal documents and procedures of preventing financial fraud, as well as the settling conflicts of interest.
Compliance is a system of rules and regulations that regulate corporate relations of employees with each other and with third parties: partners, contractors, government officials and other participants of the production process.
Such rules and norms within the framework of the company’s policy of openness and transparency include the Code of Corporate Ethics and the Anti-Corruption Program, which have been developed around the best world practices of corporate governance.
The Code of Corporate Ethics defines the main goals and principles of business conduct for every employee within the declared corporate values of the Company and the achievement of the main mission of the Company – ensuring the country’s energy independence. This document regulates the relationship of the company’s employees with each other, with partners and third parties within the current legislation of Ukraine and international standards.