“Acting responsibly makes sense for business and for people”
The ALTRAD group has always been driven by the values of professionalism, but it is also resolutely humanist and respectful of ethics and the safety of its staff. The group has developed a profound culture of accountability.
More concretely, to ensure and enhance the company’s sustainability and competitiveness, we are committed to creating a balance between economic performance, development and fulfilment of people, respect for the environment and social and civic commitment.
As part of its social responsibility policy, the ALTRAD Group, through its subsidiary Prezioso Angola, signed a partnership agreement with the Angolan Ministry of Education in March 2012. The main objective of this agreement is to contribute to the development of schools in the Eiffel educational network in Angola.
Integrity is an essential condition for conducting business, not only because national and international regulations have increased the risk and the negative consequences of illegal or illicit behaviour, but also because integrity helps to ensure the stability and sustainability of the Group. The Altrad Group defines itself by its values of transparency and fair competition, values that go hand in hand with its success.
The Altrad Group will always endeavour to act in accordance with the strictest ethical standards. This Code reflects the Altrad Group’s commitment to integrity and is designed to help employees and partners of the Group understand clearly the standards that are expected of them and where to access further support to achieve these standards.
The Altrad Group adopts a zero tolerance strategy with regard to bribery and corruption and we are committed to:
- act with professionalism, ethics and integrity in all our affairs and commercial relationships, wherever we are;
- put in place and apply effective systems to combat bribery and corruption.
It is the responsibility of all individuals to comply with the Business Integrity and Ethics Code. It is the commitment we expect from all employees but also from all people working for and with the Altrad Group.
Each and every one of us has a vital role to play in maintaining our ethical standards. The respect of this Code should be a priority for all and it should serve as a principle guide to progress and lead to excellence.
Altrad works to preserve the environment and limit the impact of its activities. Protecting the environment in the group’s operations requires constant commitment and continuous attention. All our employees are involved over the long term to assess and manage risks efficiently and to develop the best practices regarding the environmental protection.
On a global basis, our ambition has remained the same for many years: protect our planet through vigilance and continuous improvement. For that reason, the majority of our operations conform to the internationally recognised management standard ISO 14001.
Modern slavery and human trafficking are crimes that affect communities and individuals across the globe. As a Group, Altrad adheres to the principles of the Universal Declaration of Human Rights, the International Labour Organisation and the Organisation for Economic Co-operation and Development (OECD). The Group specifically emphasises the respect of the Human Rights and the promotion of these fundamental principles by its suppliers. We are categorically opposed to child and forced labour and human trafficking. We reject and combat discrimination and we respect the rights of our employees and their freedom of expression.
The global nature of the sectors we work for has a significant impact on our certification processes. In order to better serve our markets, we have decided to always rely upon high international standards. This approach helps us develop our activities in accordance with all types of regulations (even local) and clients’ specific demands. For that reason, the majority of our operations conform to internationally recognised management standards (e.g. ISO 9001, OHSAS 18001 and ISO 14001).
Each entity owns and manages its own certifications for both the staff and the company, according to its needs & local requirements.
Altrad is a global leader in the provision of industrial services, generating high added value solutions principally for the Oil & Gas, Energy, Power Generation, Process, Environment and Construction sectors. The Group is also a recognised leader in the manufacturing, hire and sale of equipment dedicated to the Construction and Building market. Approximately one third of the Group’s revenues are generated in the UK.
The impact of the United Kingdom’s decision to leave the European Union (“Brexit”) has been considered by a dedicated team at Altrad. At the time of this statement, there still remains a significant amount of uncertainty surrounding the terms and timing of Brexit, although we expect the position to become clearer in the near future.
The key areas in which Brexit may have an impact on the Group include:
- Supply chain, including customs complexities and border delays
- Financial impact of tariffs
- Currency and exchange rate fluctuations
- Employees and mobility
- Regulatory changes
A considerable proportion of the Group’s UK turnover is generated with UK clients and from a UK supply chain, therefore reducing risks for our UK business.
Our most significant supplies outside of the UK consist of end products from our own manufacturing operations in Europe and our procurement from Asia. We have significant experience in import and export procedures which we are confident will allow us to manage any additional supply chain complexities without any undue impact on our business. Our businesses in the UK and in Continental Europe are closely monitoring their stock levels to be able to react and adapt to the eventual legal and political Brexit outcome.
We will continue to closely monitor Brexit developments and review our position. However, we believe that Brexit will have minimal impact on the Altrad Group.
In accordance with Paragraph 16(2), Schedule 19, Finance Act 2016, Altrad sets out below its Group tax strategy for all UK companies within the Altrad Group of companies.
This strategy applies from the date of publication until it is superseded. Unless otherwise stated, references to ‘Altrad or ‘the Group’ mean all UK companies within the ownership of Altrad Investment Authority SAS.
Risk Management and Governance
Tax policy ultimately resides with the Group’s Executive Management. The Directors of each Altrad legal entity also have a duty to ensure that risk is managed and that appropriate governance procedures are in place for their respective entities. To ensure that these duties are fulfilled a number of arrangements exist. These include:
- Taking decisions at an appropriate level.
- Reporting to the global Group’s Executive Management and the Directors of UK legal entities.
- Seeking and documenting external advice to support tax decisions.
- Implementing Altrad’s core values.
Attitude to UK Tax Planning
Altrad will not engage in tax planning other than that which is permitted by law. Altrad’s view is that tax should support genuine commercial aims. Where activities may be structured in ways which have different outcomes for tax purposes, Altrad may choose to undertake the activities in a way which legitimately provides the most advantageous tax outcome. If there is any concern that the structure of the commercial actions and the tax results might conflict with the spirit of the law then Altrad will evaluate the actions through its internal tax governance arrangements and, if appropriate, may discuss the matter with external advisors and HMRC.
UK Tax Risk
Altrad aims to minimise the level of risk in relation to UK taxation. The Group is not prepared to take on tax risk that exposes it to significant reputational harm or which could severely impact its relationship with HMRC. Given the scale of the business and the complexity of tax legislation, tax risks will arise.
Working with HMRC
Altrad ‘s approach with HMRC is to maintain a professional and transparent relationship in relation to tax planning, compliance, strategy, risks and significant transactions. Altrad commits to make full and accurate disclosures in tax returns and in correspondence with HMRC. The Group seeks to deal with issues in a timely and collaborative manner. Altrad maintains frequent dialogue with the HMRC CCM and tax specialists as required.
Altrad complies with its statutory obligations and interprets legislation in a reasonable way. Where differences of opinion arise on legislation, Altrad seeks to resolve these with HMRC through open dialogue and with reference to the relevant legislation and case law, using advisors where necessary.