The International Federation of Inspection Agents (IFIA) issues a Compliance Code which defines the standards of conduct and integrity with which IFIA members must comply. The WMS Group Compliance Code is a document including the detailed set of principles and rules taken from this IFIA Code.
The Group operates a ‘zero tolerance’ policy in regard to breaches of ethics and all employees are required to sign an agreement, confirming their understanding that any breaches of the Group’s Code of Ethics will result in disciplinary action that may include summary dismissal of the employee concerned.
WMS Group is committed to maintaining a culture where issues of integrity and professional ethics can be raised and discussed openly. This is why we provide the online Hotline for all employees, contractors and others representing WMS Group, to enable confidential reporting of suspected misconduct or breaches of the Code, or any of our policies (including our Labor and Human Rights Policy and Modern Slavery Policy). They can also call the telephone Hotline where calls are answered 24/7 in English by trained specialists and interpreters are available. Independently owned and operated by Conversant, reported concerns will be kept secure and confidential.
All complaints are investigated thoroughly with action taken as appropriate.
What are our compliance goals?
- To avoid conflicts of interest and to act openly, responsibly and within the confines of the law and internationally accepted guidelines.
- To implement current ‘best practice’ policies in all control procedures.
- To maintain a culture in which all employees know what is expected of them.
- To monitor adherence to organizational controls and reporting procedures.
Who is responsible?
The WMS Group General Counsel heads the Group’s Compliance team and reports to the Group CEO.
Our corporate governance
WMS Group is committed to high standards of corporate governance, business integrity and professionalism in all its activities. The Board is responsible for the proper management of the Company and is also accountable to the Company’s shareholders for ensuring that principles of good governance are applied.
The Board comprises a balance of Executive and Non-Executive Directors who bring a wide range of skills and experience to its deliberations. The Non-Executive Directors fulfill a vital role in corporate accountability and bring independent judgment to issues of strategy, performance, resources and standards of conduct.
Statement of Investment Principles (SIP)
The Trustees of the Scheme are responsible for the Investment of the Scheme Assets and under statutory legislation they have to produce a Statement of Investment Principles detailing their objectives and the parameters they work within which is made available on a website. Please click here for a copy of the SIP.
The Implementation Statement
The Implementation Statement (the “Statement”) provides information on how, and the extent to which, the policies of the Scheme’s Trustee’s, in relation to the exercising of rights (including voting rights), attached to the Scheme’s investments, and engagement activities, have been followed during the year ended 31 March 2021.
Our internal controls and audits
The Board is ultimately responsible
for establishing and maintaining the Group’s system of internal controls, and
for reviewing its effectiveness. Such a system can realistically only manage,
rather than eliminate, the risk of failure to achieve business objectives, and
can only provide reasonable assurance against material misstatement or loss.
The Board confirms that, in addition to internal compliance and quality audits,
there is an on-going process for identifying, evaluating and managing any
significant risks to the Group’s short and long-term value, including those
arising from social, environmental and ethical matters. The Audit Committee
reviews the effectiveness of the system of internal control during the year. In
particular, it reviews and continues to seek to improve the process for
identifying and evaluating the significant risks affecting the business and the
policies and procedures by which these risks are managed. This is reinforced by
the WMS Group Code of Ethics, which provides practical guidance and instruction
for staff.