Regulatory compliance system

Regulatory compliance system

As proof of the commitment acquired by our company and to respond to the current Legislation that establishes the criminal liability of legal persons for certain crimes (organic law 5/2010) and includes the acts that may imply such liability by establishing a Prevention Program of crimes (organic law 1/2015) of July 1); SAERCO has implemented a REGULATORY COMPLIANCE SYSTEM that responds to the need to regulate compliances with external and internal regulations.

With regard to internal regulations, a company Code of conduct is approved, which is mandatory for employees, administrators and managers, which includes the values and ethical principles of SAERCO, which govern SAERCO's relations with its groups of interest (employees, customers, suppliers and any kind of partners or collaborators with whom they develop their business model) and which establishes the mandatory implementation of prevention and control elements that ensure compliance.

The Code of Conduct is developed according to two points for the internal regulations, approved in both cases by the Board of Directors:

  1. Criminal Risk Prevention Policy, which defines SAERCO's commitment to preventing the commission of crimes and is mandatory for employees, managers, administrators as well as any third party related to the company.
  2. Criminal Risk Prevention Program (CRPP), which establishes the model for the prevention, management and control of criminal risks; defining possible crimes, regulating the processes and controls to avoid the commission of this crimes and designating the bodies responsible for such control:
    • Directors, Managers and Heads of each of the organizational areas: who are responsible for the daily management of criminal risks, proposing appropriate controls and ensuring their implementation and compliance by the personnel in charge.
    • Regulatory compliance Committee: responsible for the implementation of the (CRPP), and subsequent monitoring, supervision and management of possible defaults of the Program and of the controls implemented. Its functions are included in the Code of conduct and in the CRPP.
    • Responsible for Regulatory Compliance ("Compliance officer"): its main function is collaboration, advice and legal support to the Regulatory Compliance Committee in the execution of ordinary legislative follow-up tasks, and monitoring and control of compliance with the controls established for the prevention of criminal risks.
Regulatory compliance system

From SAERCO'S General Directorate, the implementation of this Regulatory compliance System has been carried out, following the line of responsible management that to date has defined the actions of this company.