Sound business ethics and integrity are core to the Group’s values and are fundamental for the success of Melrose’s strategy.
Melrose is a UK premium listed company with strong, established financial controls that are continually assessed, tested and reviewed. This robust framework is supported by an independent internal audit function, regular public disclosure and financial reporting, external audits, public accountability and conformance with leading benchmarks set by the UK Corporate Governance Code. It is also supported by investor requests and direct engagement with them and corporate governance and proxy advisors, and extensive engagement with the Group’s wider stakeholder base to ensure best market practice is implemented.
The high standards of financial and non-financial controls, and strong governance backed by internal and external auditing of the financial and non-financial compliance, are enforced throughout the Group. Directors, officers, employees, and contractors throughout the Group, whether permanent or temporary, and in respect of any entities over which Melrose has effective control, must comply with Melrose’s Code of Ethics, which was updated in 2020 to reflect current best practice and strong corporate citizenship. Each business is required to communicate and embed the Code of Ethics within their operations and activities to ensure that they conduct business with integrity and in a responsible, ethical and sustainable manner.
The Code of Ethics, which can be found here, has been approved by the Board and includes policies covering best practice with respect to anti-bribery and corruption, anti-money laundering, anti-facilitation of tax evasion, competition, conflict minerals, trade compliance, data privacy, whistleblowing, treasury and financial controls, anti-slavery and human trafficking, document retention, and joint ventures. Further details can be found on pages 86 to 87 of the 2020 Annual Report.
Any employee who is or becomes aware of a possible violation of any of the above policies should disclose relevant details via the Group's whistleblowing platform, which is designed to ensure that employees feel comfortable about raising concerns. All employees have access to a multi-lingual online portal to raise concerns, confidentially and anonymously, about possible wrong-doing in any aspect of their business, including financial and non-financial matters. The businesses undertake a number of measures to bring awareness to employees of the whistleblowing platform, using online and offline media as appropriate. Employees who come forward with a genuine concern are treated with respect and dignity and do not face retaliation. Further information about the reporting process can be found in our Whistleblowing Policy.