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TRANSPARENCY AND ETHICS
For Crown Energy, transparency and ethics means conducting its operations legally and professionally and making ethical business decisions. We want our operations to be based on respect, honesty and integrity. To us, working ethically means striving to prevent corruption and all forms of bribery and facilitation of payments. We expect our counterparties (including government agencies, suppliers and operators of licences) to follow the same standards as well.
Crown Energy is aware that we are conducting, and may expand, operations in countries characterised by political, social and economic instability, such as war and general social or political turbulence. This includes the occurrence of corruption.
Crown Energy is a small organisation and the board constantly strives to promote Crown Energy’s fundamental view in its operations. The board has adopted policies on business ethics and anti-corruption, which both staff and consultants are required to comply with. For guidance when needed, Crown Energy uses the OECD Risk Awareness Tool for Multinational Enterprises in Weak Governance Zones.
The Extractive Industries Transparency Initiative (EITI) is a voluntary global reporting standard for companies operating in the extractive industries. The EITI promotes transparency and responsible management of natural resources. Certain countries have chosen to implement the EITI Standard to ensure full disclosure of taxes and other payments to government agencies in order to prevent corruption and raise transparency. On 1 January 2016, Sweden implemented a law that originated in the EITI requiring reporting of payments to government agencies. The reports must be submitted to the Swedish Companies Registration Office and the reporting requirement applies to financial years beginning after 31 December 2015. However, Sweden is not an EITI member yet, but Madagascar is an EITI candidate country. As a result, Crown Energy reports payments to government agencies in Madagascar annually as well. Iraq is also an EITI member country.