The basic ethical principles of Elektrum Eesti for cooperation with contractors

The values and principles followed and respected by Elektrum Eesti are: responsibility, effectiveness, openness, sustainability, and fairness.

Partners are expected to follow similar ethical values and base cooperation on good-faith.

The three key principles are: fair treatment, avoiding of conflict of interest situations, and full compliance in fraud and corruption issues.

The Code of Ethics sets ground rules for conducting business with cooperation partners. 

Fair treatment

Elektrum Eesti exercises fair treatment for employees, customers and suppliers alike, giving everyone only true and verified information. Company chooses partners who follow ethical principles and comply with rules of fair competition in their operations, not allowing situations in which certain partners gain an advantage.  Elektrum Eesti supports fair commercial practices, complies with the rules of fair competition, and does not engage in transactions that limiting competition, are corrupt or discriminatory. Elektrum Eesti provides its employees and contractors with a safe and non-discriminatory work environment.

Avoiding of conflict of interest situations

Employees of Elektrum Eesti take decisions solely in the interests of the employer. Elektrum Eesti has developed a set of measures in order to prevent employee conflict of interest situations at work.

Elektrum Eesti defines conflict of interest as a situation where an employee has to make a decision, initiate or otherwise take part in a decision-making process within the framework of his or her occupational duties, or perform other activities which are not related to work duties, and may affect the personal or material interests of the employee, his or her relatives, individuals with whom the employee maintains a joint household, or business partners.

To reduce the risk of conflict of interest, the Code of Ethics of Elektrum Eesti stipulates that, in fulfilling their occupational duties, employees may not accept or offer any kind of material asset, material or other benefit – including gifts, thank-you money, commission or any valuable object – as an incentive or reward.  The only exceptions are representation gifts, promotional items, or other articles of negligible value.

Elektrum Eesti partners are encouraged to act in a manner that does not cause suspicion of conflict of interest situations in cooperation with Elektrum Eesti, including respecting the restrictions on accepting gifts stipulated by Elektrum Eesti, and not to offer Elektrum Eesti employees any tangible assets as an inducement or reward.

Full compliance with fraud and corruption issues

Elektrum Eesti does not tolerate fraud and corruption in its activities and cooperates with partners who understand the indispensability of values stated in the Code of Ethics of Elektrum Eesti, support Elektrum Eesti in carrying out fair business practices, and are committed to prevent corruption and fraud. Elektrum Eesti partners are encouraged to prevent fraudulent and corrupt practices in their business and in cooperation with Elektrum Eesti.

Cooperation

Contractual partners of Elektrum Eesti are requested to follow similar ethical principles and base cooperation on good-faith. In order to implement these principles in cooperation with Elektrum Eesti, upon signing cooperation agreements, Elektrum Eesti asks its partners to provide assurance to follow high ethical standards in the cooperation. The fundamental ethical principles of Elektrum Eesti are followed in all procurement procedures organized by Elektrum Eesti, during contracting procedure with business partners, as well as throughout the whole cooperation.

If business partners have reasons to suspect that Elektrum Eesti employees violate the fundamental principles of business ethics, they are encouraged to inform Elektrum Eesti in writing.