We prohibit fraud, bribery and corruption in any form, and comply with applicable anti-bribery and corruption laws wherever we conduct business.
We believe that through the fair allocation of resources, we create value and can make a difference to the communities where we operate. However, corruption, if not appropriately addressed, negatively impacts the lives of people in our host communities by depriving them of needed benefits, driving up the costs of public services and works, misallocates resources and wastes opportunities that arise from resource development. It also undermines the integrity of governments, including through the improper influencing of government decision making.
As part of our commitment to act ethically, responsibly and lawfully, we operate a risk-based anti-bribery and corruption (ABC) compliance program which our Chief Executive Officer, Lead Team and Board support.
Our Business Integrity team is responsible for the program design (including relevant ABC policies and procedures), implementation, risk assessment work, monitoring, training, incident response, continuous program improvement and related reporting to our Lead Team and Board. Our Business Integrity team also investigates any identified actual or potential breach of our ABC policies and procedures. Our internal reporting processes also involve informing our Risk and Audit Committee of any material ABC concerns, including material breaches of our ABC policies and procedures.
In November 2019, we published with an updated Code of Business Conduct, our new ABC Policy. This ABC Policy supports our Code, is available to everyone and meets the 4th edition of the ASX Corporate Governance Council Principles and Recommendations, well ahead of their effective date, demonstrating our commitment to high standards of corporate governance.
During FY19, South32 was not identified in any anti-corruption regulatory investigations or legal actions pending or completed during the reporting period.