Compliance and Corporate Governance
One of the Group's primary business objectives requires adherence to local, national and international laws, and the requirement that the Group’s employees show integrity and honesty in all their dealings. Risk management and internal controls are therefore embedded throughout Intertek, assuring the accuracy and validity of reports and certificates that the Group provides to customers.
The International Federation of Inspection Agents (IFIA) issues a Compliance Code which defines the standards of conduct and integrity with which IFIA members must comply. The Intertek Compliance Code is a document including the detailed set of principles and rules taken from this IFIA Code.
The Group operates a ‘zero tolerance policy’ in regard to breaches of ethics and all employees are required to sign a certificate confirming their understanding that any breaches of the Group's Code of Ethics will result in disciplinary action that may include summary dismissal of the employee concerned. To support Group policies and facilitate the raising of concerns about possible improprieties, there are email and telephone hotlines so that staff may report anonymously any inaccurate or unethical working practices. It is also possible to raise issues via the hotline link shown on this page. All complaints are investigated thoroughly with action taken as appropriate.
What are our compliance goals?
- To avoid conflicts of interest and to act openly, responsibly and within the confines of the law and internationally accepted guidelines.
- To implement current 'best practice' policies in all control procedures.
- To maintain a culture in which all employees know what is expected of them.
- To monitor adherence to organisational controls and reporting procedures.
Who is responsible?
The Chief Financial Officer heads the Group's Compliance team, which co-ordinates the quality assurances function and claims management, reporting to the Audit & Risk Committee.
Our corporate governance
Intertek is committed to high standards of corporate governance, business integrity and professionalism in all its activities. The Board is responsible for the proper management of the Company and is also accountable to the Company's shareholders for ensuring that principles of good governance are applied.
The Board comprises a balance of Executive and Non-Executive Directors who bring a wide range of skills and experience to its deliberations. The Non-Executive Directors fulfill a vital role in corporate accountability and bring independent judgment to issues of strategy, performance, resources and standards of conduct.
The Board has established an Audit and Risk Committee, Nomination Committee, and Remuneration Committee (please click on the name of the Committee to see the Terms of Reference for that Committee) in accordance with the provisions of the Combined Code on Corporate Governance.
Our internal controls and audits
The Board is ultimately responsible for establishing and maintaining the Group’s system of internal controls, and for reviewing its effectiveness. Such a system can realistically only manage, rather than eliminate, the risk of failure to achieve business objectives, and can only provide reasonable assurance against material misstatement or loss.
The Board confirms that, in addition to internal compliance and quality audits, there is an ongoing process for identifying, evaluating and managing any significant risks to the Group's short and long-term value, including those arising from social, environmental and ethical matters. The Audit and Risk Committee reviews the effectiveness of the system of internal control during the year. In particular, it reviews and continues to seek to improve the process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks are managed. This is reinforced by the Intertek Compliance Code and Code of Ethics, which provide practical guidance and instruction for staff.