General Business Principles
Introduction
The Cool Energy General Business Principles govern how Cool Energy conducts its affairs.
The objectives of Cool Energy are to engage efficiently, responsibly and profitably in the global energy sector with the aim of developing innovative gas processing solutions with world wide applications.
Cool Energy believes the demand for energy will continue to grow for many decades to come. Its role is to ensure that gas processing solutions are developed in environmentally and socially responsible ways.
Cool Energy seeks a high standard of performance, maintaining a strong long-term and growing position in the competitive environments in which it chooses to operate.
It aims to work closely with its customers, partners and policy-makers to advance more efficient and sustainable use of energy and natural resources.
Our Values
Cool Energy employees share a set of core values - honesty, integrity and respect for people. Cool Energy employees also firmly believe in the fundamental importance of trust, openness, teamwork, professionalism and pride in what they do.
Sustainable Development
As part of its Business Principles, Cool Energy commits to contribute to sustainable development. This requires balancing short and long term interests, integrating economic, environmental and social considerations into business decision-making.
Responsibilities
Cool Energy recognises five areas of responsibility. It is the duty of management to continuously assess the priorities and discharge these inseparable responsibilities on the basis of that assessment.
To shareholders
To protect all shareholders' investment, and provide a return competitive with those of other companies in the industry.
To customers
To win and maintain customers by developing and providing products and services which offer value in terms of price, quality, safety and environmental impact, which are supported by the requisite technological, environmental and commercial expertise.
To employees
To respect the human rights of Cool Energy employees and provide them with good, safe working conditions, and competitive terms and conditions of employment.
To promote the development and best use of the talents of Cool Energy employees; to create an inclusive work environment where every employee has an equal opportunity to develop his or her skills and talents.
To encourage the involvement of employees in the planning and direction of their work; to provide them with channels to report concerns.
Cool Energy recognises that commercial success depends on the full commitment of all employees.
To those with whom we do business
To seek mutually beneficial relationships with contractors, suppliers and in joint ventures and to promote the application of these Cool Energy General Business Principles or equivalent principles in such relationships. The ability to promote these principles effectively will be an important factor in the decision to enter into or remain in such relationships.
To society
To conduct business as responsible corporate members of society, to comply with applicable laws and regulations, to support fundamental human rights in line with the legitimate role of business, and to give proper regard to health, safety, security and the environment.
General Business Principles
PRINCIPLE ONE - Economic
Long-term profitability is essential to achieving Cool Energy's business goals and to its continued growth. It is a measure both of efficiency and of the value that customers place on Cool Energy products and services. It supplies the necessary corporate resources for the continuing investment that is required to develop and produce future gas processing solutions to meet customer needs. Without profits and a strong financial foundation, it would not be possible to fulfil our responsibilities.
Criteria for investment and divestment decisions include sustainable development considerations (economic, social and environmental) and an appraisal of the risks of the investment.
PRINCIPLE TWO - Competition
Cool Energy supports free enterprise. The company seeks to compete fairly and ethically and within the framework of applicable competition laws; we will not prevent others from competing freely with us.
PRINCIPLE THREE - Business Integrity
Cool Energy insists on honesty, integrity and fairness in all aspects of its business and expects the same in relationships with all those with whom it does business. The direct or indirect offer, payment, soliciting or acceptance of bribes in any form is unacceptable. Employees must avoid conflicts of interest between their private activities and their part in the conduct of company business. Employees must also declare potential conflicts of interest. All business transactions on behalf of Cool Energy must be reflected accurately and fairly in the accounts of the company in accordance with established procedures and are subject to audit and disclosure.
PRINCIPLE FOUR - Political Activities
Of the Company
Cool Energy acts in a socially responsible manner within the laws of the countries in which it operates in pursuit of legitimate commercial objectives.
Cool Energy does not make payments to political parties, organisations or their representatives. Cool Energy does not take part in party politics. However, when dealing with governments, Cool Energy has the right and responsibility to make its position known on any matters which affect the company, employees, customers, shareholders or local communities in a manner which is in accordance with its Business Principles.
Of the employees
Where individuals wish to engage in activities in the community, including standing for election to public office, they will be given the opportunity to do so where this is appropriate in the light of local circumstances.
PRINCIPLE FIVE - Health, Safety, Security and the Environment
Cool Energy has a systematic approach to health, safety, security and environmental management in order to achieve continuous performance improvement.
To this end, Cool Energy manages these matters as critical business activities, set standards and targets for improvement, and measure, appraise and report performance externally.
Cool Energy continuously looks for ways to reduce the environmental impact of its operations, products and services.
PRINCIPLE SIX - Local Communities
Cool Energy aims to be good neighbours by continuously improving the ways in which it contributes directly or indirectly to the general well-being of the communities within which it works.
Cool Energy manages the social impacts of its business activities carefully and works with others to enhance the benefits to local communities, and to mitigate any negative impacts from its activities.
In addition, Cool Energy takes a constructive interest in societal matters, directly or indirectly related to its business.
PRINCIPLE SEVEN - Communication and Engagement
Cool Energy recognises that regular dialogue and engagement with its stakeholders is essential. Cool Energy is committed to reporting its performance by providing full relevant information to legitimately interested parties, subject to any overriding considerations of business confidentiality.
In its interactions with employees, business partners and local communities, Cool Energy seeks to listen and respond to them honestly and responsibly.
PRINCIPLE EIGHT - Compliance
Cool Energy complies with all applicable laws and regulations of the countries in which it operates.
Living By Our Business Principles
Our shared core values of honesty, integrity and respect for people, underpin all the work we do and are the foundation of our Business Principles.
The Business Principles apply to all transactions, large or small, and drive the behaviour expected of every employee in the conduct of its business at all times.
We are judged by how we act. Our reputation will be upheld if we act in accordance with the law and our Business Principles. We encourage our business partners to live by them or by equivalent principles.
We encourage our employees to demonstrate leadership, accountability and teamwork, and through these behaviours, to contribute to the overall success of Cool Energy.
It is the responsibility of management to lead by example, to ensure that all employees are aware of these principles, and behave in accordance with the spirit as well as with the letter of this statement.
The application of these principles is underpinned by a comprehensive set of assurance procedures which are designed to make sure that our employees understand the principles and confirm that they act in accordance with them.
As part of the assurance system, it is also the responsibility of management to provide employees with safe and confidential channels to raise concerns and report incidences of non-compliance. In turn, it is the responsibility of Cool Energy employees to report suspected breaches of the Business Principles to Cool Energy.
The Business Principles are fundamental to how we conduct our business and living by them is crucial to our continued success.
Jessie Inman
Managing Director
February 2006
