Monday 2nd December 2024
SUPPLIER CODE OF CONDUCT
Under the direction of the Sustainability Team
This document will be monitored and reviewed annually
At Futura Electronics Ltd, we believe that the success of our company depends on strong partnerships built on trust, integrity, and shared values. Our commitment to ethical business practices, respect for human rights, and environmental sustainability forms the cornerstone of our operations. This Supplier Code of Conduct, endorsed by the Sustainability Team, reflects these priorities and ensures our supply chain aligns with these principles.
By accepting this Code of Conduct, suppliers agree to uphold these principles throughout their business operations and supply chains.
1. Compliance with Laws and Regulations: Suppliers are required to uphold the principles outlined in internationally recognized frameworks, including the Universal Declaration of Human Rights (UDHR), the International Labour Organization (ILO) Conventions, and the United Nations Guiding Principles on Business and Human Rights (UNGPs). Additionally, suppliers should align their operations with the OECD Guidelines for Multinational Enterprises and actively contribute to the realization of the United Nations Sustainable Development Goals (SDGs).
All suppliers must strictly comply with applicable local, national, and international laws and regulations, particularly those governing labour rights, health and safety, environmental protection, and anti-corruption. Suppliers are expected to maintain accurate and up-to-date records demonstrating compliance and must provide this documentation to Futura Electronics Ltd upon request
2. Ethical Business Practices
- Anti-Bribery and Corruption: Suppliers must not engage in or tolerate any form of bribery, corruption, extortion, or embezzlement. They are required to comply with all relevant local, national, and international laws on corruption. We expect our suppliers to implement adequate procedures to prevent, detect, and address any form of corruption or undue influence, whether direct or indirect, across their operations.
- Fair Competition: Suppliers are expected to engage in fair business practices, including fair competition, and to avoid any agreements or actions that restrain competition.
- Gifts and Hospitality: Suppliers are prohibited from offering or providing gifts, entertainment, or cash (or its equivalents) to employees of Futura Electronics Ltd. Hospitality, such as social events, meals, or entertainment, may be offered if there is a legitimate business reason, and the cost remains reasonable and proportionate.
- Money Laundering: Suppliers must not accept, process, or be involved in any arrangement involving funds that are known or suspected to be linked to criminal activity. Suppliers are expected to engage only with reputable parties involved in lawful business activities and whose funds originate from legitimate sources. Reasonable measures must be taken to prevent and detect illegal payments and to ensure that their financial transactions are not used for money laundering purposes.
- Sanctions: Suppliers must ensure compliance with applicable sanctions regimes (such as those of the United Nations, EU, and OFAC) and refrain from transacting with any sanctioned entities, countries, or individuals. We expect suppliers to have processes in place to monitor and ensure compliance with relevant sanctions laws.
- Accounting and Business Records: Suppliers should ensure that all business transactions are conducted with transparency and that their records accurately reflect their commercial dealings.
3. Labour and Human rights
- Voluntary Employment: Suppliers must not use slavery, forced, bonded, involuntary labour or human trafficking. All work must be voluntary, and workers should have the freedom to leave employment after giving reasonable notice.
- Child Labour: Suppliers must not engage in child labour. The minimum age for employment should be in line with local legal requirements, and suppliers must comply with all applicable child labour laws and standards set by the International Labour Organization (ILO). Fair Compensation: Suppliers are required to pay their workers fairly, in accordance with legal wage standards. This includes paying wages that meet local minimum wage requirements and offering benefits as stipulated by local laws.
- Working Hours: Suppliers must ensure that workers are not required to work more than the maximum hours set by local laws, and that overtime is voluntary and fairly compensated.
- Employment Terms: Workers should have a clear written contract detailing the terms and conditions of their employment.
- Non-discrimination: We expect our suppliers to provide a workplace free of discrimination. All employees must be treated equally, regardless of their race, colour, religion, gender, sexual orientation, age, disability, or any other characteristic protected by law.
- Respect and Dignity: Workers must be treated with dignity and respect, without harassment, intimidation, or abuse in any form. This includes both verbal and physical harassment. Suppliers must provide mechanisms for employees to report such incidents confidentially
- Freedom of Association: We believe that transparent communication and direct collaboration between employees and management are the most effective methods for addressing workplace and compensation concerns. You are required to respect employees' rights to freely associate, whether that involves joining or not joining labour unions, seeking representation, or participating in workers' councils, in compliance with local laws. Employees must be allowed to express their concerns and share grievances with management regarding working conditions and practices without fear of retaliation, intimidation, or harassment.
5. Environmental Sustainability: At Futura Electronics Ltd we are committed to reducing our environmental footprint, and we expect our suppliers to do the same. Suppliers should minimize their impact on the environment by conserving energy, reducing emissions, managing waste responsibly, and using sustainable materials whenever possible.
- Legal Compliance: Suppliers must comply with all applicable environmental laws and regulations in the countries where they operate. All necessary environmental permits, approvals, and registrations must be obtained, maintained, and adhered to according to the specified conditions.
- Environmental Policy: Suppliers must implement an effective environmental policy, statement, or program that actively mitigates environmental risks. This policy should be embedded across all levels of the organization.
- Resource Efficiency: Suppliers must make practical efforts to minimize their use of energy, water, and raw materials. Wherever possible, these resources should be renewable or sustainably sourced.
- Emissions and Climate Impact: Suppliers should actively monitor, control, and minimize emissions to the air that may cause pollution or contribute to climate change, making efforts to reduce their environmental footprint.
- Waste Management: Suppliers must strive to eliminate or reduce waste generation, promoting reuse and recycling of materials whenever possible. All waste must be handled, stored, treated, and disposed of in line with applicable regulations and in an environmentally responsible manner.
- Sustainable Supply Chain: Suppliers should evaluate the environmental performance of their own vendors, requiring them to adhere to minimum environmental standards.
6. Responsible Sourcing
- Conflict Minerals: Where relevant, suppliers must implement policies and procedures to avoid the acquisition of conflict minerals or unsustainably mined minerals within their supply chain.
- Supply Chain Transparency: Suppliers must ensure that their own suppliers and subcontractors adhere to the principles in this Code. We expect transparency throughout the supply chain and encourage open dialogue regarding challenges and improvements.
7. Audits and Assessments: Futura Electronics Ltd reserves the right to conduct audits and assessments to ensure compliance with this Code. Suppliers are expected to cooperate fully and to take corrective actions where necessary to address any identified non-compliance issues.
8. Reporting Concerns: Suppliers are encouraged to create mechanisms that allow their workers to report violations of this Code confidentially and without fear of retaliation. Suppliers are also responsible for promptly addressing any concerns raised by their employees.
9. Consequences of Non-Compliance: Failure to comply with the terms of this Supplier Code of Conduct may result in Futura Electronics Ltd taking corrective action.
Every Request for Quotation (RFQ) and Purchase Order issued to preferred suppliers will explicitly reference this Supplier Code of Conduct
Conclusion: At Futura Electronics Ltd we believe that success is built on trust, integrity, and shared values. By working together with our suppliers, we can create a supply chain that benefits both people and the planet. We look forward to continuing our collaboration and ensuring that our shared commitments to ethical business, human rights, and sustainability are upheld.
