High corporate governance standards |
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Heracles operates under the highest corporate governance standards. Its internal structure consists of an 8 member Board of Directors, among whom the only executive member is the Managing Director.
The Board of Directors aims at the reinforcement of the long-run economic value of the company and the protection of its interest and is responsible, among others, for the development and implementation of the corporate governance principles. The Audit Committee reports to the Board of Directors and is comprised of three non-executive members, two of them independent.
The management of the company lies with the Managing Director. He has an overall responsibility for the operational management and the performance of the company, within the framework of delegation assigned by the Board of Directors and the responsibilities provided by the law.
The Managing Director is heading a seven member Executive Committee, comprised of the company's General Managers. The Executive Committee has been established and is operating to contribute to the effective management and administration of Heracles.
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Audit Committee
Three members constitute the Audit Committee, two of them independent non-executive members. The Audit Committee is responsible to:
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Transparency and efficiency |
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The company has embraced the strictest standards for transparency. Systems such as a sophisticated chart of rights and responsibilities, segregation of duties and a structured audit system and reporting tools, shape a robust internal controls environment.
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Code of Business Conduct |
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Lafarge Group has a long-term commitment to ethical behaviour. Lafarge's Principles of Action were first published in 1977. The "Lafarge Way" is based on common values of courage, integrity, commitment, consideration for others and an overriding concern for the Group's interest. The Code of Business Conduct is an important component of the "Lafarge Way". It was first set out and released to Heracles employees in 2005. Each employee must be empowered to act in accordance with the code.
Accordingly, Lafarge Group is rolling out a new Code of Business Conduct Training process. Lafarge sought expert, external input from Transparency International and the Anti-Corruption Commission of the International Chamber of Commerce on the training kit.
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Team Training Training
Heracles launched a thoroughgoing code of conduct training program in October 2009. The program uses and builds on the training toolkit produced by the Lafarge group covering: compliance with law and regulations, preventing conflict of interests, attention to people and the environment, protection of the company's assets, fairness in financial reporting, the importance of internal controls/internal audit and the implementation of procedures and violations.
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Combating fraud and corruption |
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Heracles Group takes combating fraud and corruption seriously. Heracles has an anti-corruption policy, the operation and effectiveness of which are audited annually. A telephone ethics hotline has been available to employees since 2005. |
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Competition |
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Heracles applies the Lafarge Group-wide Competition Compliance Program. Implementation is assisted by a network of country-based contacts, training and e-learning. The process is a rigorous one. In some cases it is carried out in conjunction with external lawyers. The Group uses real life simulations to increase the understanding of those involved. In all cases there is detailed follow-up to make sure that the lessons to be learned are taken on board. This includes not just legal staff but senior managers. The group Sustainability Ambition is to achieve 100% of all significant business units being tested for compliance with the policy by 2010. Heracles has already been tested and is in compliance. |
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