Introduction and Purpose The OPEC Fund believes the application of ethical standards such as respect for essential human rights, social justice, gender and racial equality, are fundamentally necessary to achieve our development objectives. The organization works in cooperation with non-governmental organizations, private sector borrowers and guarantee holders, co-financiers, project and corporate vendors, suppliers and contractors (cumulatively considered as ‘Business Partners’) to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund expects all of its Business Partners to apply the same high ethical standards in their dealings with OPEC Fund related operations. The purpose of this Business Partner Code of Conduct (the “CoC”) is to outline the key principles of conduct expected from all Business Partners involved in OPEC Fund operations and reference where additional detail can be found. Scope of Application This CoC outlines the key principles of conduct expected from all Business Partners with whom the OPEC Fund does business. In addition, the CoC also applies to Business Partner’s subcontractors, suppliers, affiliated entities and outsourced service providers, as it pertains to any operations connected with the OPEC Fund. Since it is not possible to explicitly define ethical requirements that may come up for every scenario, Business Partners are expected to abide by the spirit of the CoC. Business Partners are tasked with communicating the CoC to their applicable stakeholders, and ensuring compliance thereof. Failure to comply with the CoC may, in line with related contractual terms; result in the OPEC Fund deciding to terminate its relationship with the Business Partner, or in the instance of the Business Partner being a project vendor/ supplier/contractors, breaches may result in sanctions. The OPEC Fund recognizes that Business Partner achievement of requirements listed within this CoC is a journey, and encourages them to continuously improve in order to apply the highest ethical standards.
BUSINESS PARTNER CODE OF CONDUCT
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