Governance and Ethics

Governance and ethics refer to the systems, rules, practices, and processes by which we ensure the interests of our business stakeholders are in balance.

GRI 103-01, 103-02, 103-03: Management approach

We have a Code of Conduct that describes the company policies that employees must adhere to.

We have a dedicated internal audit team that uses procedures based on the requirement of the “Standards for the Professional Practice of Internal Auditing” and the “Code of Professional Ethics of the Institute of Internal Auditors”. Internal audit processes verify the effectiveness of risk management, control and governance processes. The internal audit team reports functionally to the Audit and Finance Committee of the Board of Directors and administratively to Dr. Abdulrahman Jawahery, the Bapco CEO.

Business Continuity, ISO 22301, is verified by the Integrated Management System audit team, who check the activities of the internal auditors, the latter responsible for their contribution to Business Continuity. The audit team is responsible for the annual review of the Business Continuity Management process.

GRI 205-01: Operations assessed for risks related to corruption

Risks related to corruption are within Bapco’s audit protocol for their evaluation of operational activities. All of Bapco’s operational activities are assessed for this risk.

GRI 205-02: Communication and training about anti-corruption policies and procedures

Bapco’s employees adhere to Bapco’s Code of Conduct. Induction training is completed for all employees on the Code of Conduct. All employees receive a copy of booklet as part of the onboarding process.

GRI 205-03: Confirmed incidents of corruption and actions taken

There have been no confirmed incidents of corruption during the current reporting period.

GRI 206-01: Legal actions for anti-competitive behaviour, antitrust and monopoly practices

There have been no reported incidents of the above legal actions during the current reporting period.

GRI 307-01: Environmental compliance

Bapco did not have any reported breaches of environmental compliance during the current reporting period. Bapco is certified to ISO14001:2015.

GRI 419-01: Non-compliance with laws and regulations in the social and economic area

There have been no incidents of non-compliance during the current reporting period.