INTRODUCTION

The following identifies the general business ethics and principles that apply to Geolabs Limited in the conduct of its affairs.

Geolabs Limited is committed to establishing and maintaining high standards of integrity, fair dealing and the provision of a quality service to our customers and clients which meets their reasonable expectations. We recognise that in order to ensure the continued success of the business, it is essential to maintain the confidence and trust of customers, employees, shareholders and other stakeholders with whom we do business or to whom we have a responsibility.

BUSINESS OBJECTIVES
Our principal business objectives include:

1. The provision of a high quality testing service to customers and the development of a mutually beneficial long term customer relationship.
2. Maintaining a working environment in which our employees achieve satisfaction in their work and the opportunity to develop a rewarding career.
3. The achievement of growth and profitability as a measure of our operational efficiency.
4. It is our philosophy that if the business is well managed in accordance with these objectives, profits will increase and enable us to:
   • Provide capital for development and expansion
   • Ensure a fair return for our investors
   • Attract and retain staff of high quality necessary to meet the needs of the business.

CUSTOMERS

1. A customer’s reasonable expectations and requirements will be foremost in everything we do when undertaking testing commissions even if this causes inconvenience and results in reduced profit or even a loss. Where there is doubt about the merits of an issue raised by a customer or their representatives, any matter will be investigated thoroughly and openly in order to achieve a mutually acceptable solution.
2. We seek to build and maintain profitable on-going relationships with customers on the basis of mutual trust. This involves building on what we do well and recognising the need to be innovative in order to meet customers changing needs and competitive challenges.

SUPPLIERS AND SUBCONTRACTORS

1. We regard long term relationships with suppliers and subcontractors as desirable, provided they continue to be competitive in quality, delivery and price.
2. It is the policy of the Company that the member of staff who influences which subcontractor or supplier is engaged, is not the same person who makes the final decision on their achieving approval status.
3. Suppliers and subcontractors will be provided with all the relevant information (specifications, drawings, schedules etc.) so that they are fully aware of what is required from them and can contribute fully to our aim of achieving the required service or supplies within acceptable time frames and prices.
4. Suppliers and subcontractors will be paid on time and in accordance with agreed terms of trade or condition of contract.

EMPLOYEES

1. Decisions about employees and their development will have regard to the longer term good of the business and the individual’s career. The overall interest of the Company will come before section or departmental interest, especially in making staff appointments.
2. We encourage employees to achieve their full potential through training and development. We accept that this requires effective communication practices and we are committed to a regular programme of improving communications through team briefings, internal publications and appraising and counselling of individual staff members.
3. We take a positive and responsible attitude towards the requirements of employment legislation and related codes of practice and our policies are formulated accordingly.
4. We do not discriminate against any individual on the basis of age, sex, religion, disability or ethnic origin. We recruit, train, reward and promote on the basis of merit, ability and performance.

IN THE COMMUNITY

1. We will always seek to minimise any inconvenience caused by our operations to others. We will build positive relationships with our fellow business neighbours and always keep them informed where there is the possibility of them being affected by our operations.
2. We will maintain a programme of support and involvement in organisations which aim to improve links between business and the community. This will include liaison with educational establishments and agencies who seek to enhance job opportunities for the disadvantaged.

ENVIRONMENT & HEALTH & SAFETY
We are committed to the concept of sustainable development. In designing, planning and executing all our operations and by applying proven good management practice, we will seek to avoid or minimise damage to the natural environment and in particular we recognise the importance of energy conservation.

We seek to protect and promote the health and safety of all employees and to implement fully all relevant legislative requirements.

We are continually striving to ensure safe working practices on all of our activities and we expect our employees and subcontractors to take all reasonable precautions in carrying out their jobs. We aim at all times to ensure the safety of the general public who may come into contact with our operations.

ENSURING THAT STANDARDS ARE MET

Employees
Each member of staff is expected:

1. To comply with the law of this country and of any other country in which they may be working
2. To respect the business customs and practices of the overseas countries in which they may be working
3. To respect the confidentiality of Geolabs Limited’s commercial information (in support of this requirement each member of staff has signed a personal Confidentiality Statement)
4. Not to use their position in the Company for personal gain. Employees’ contracts of employment require them not to give or accept gifts to or from anyone with whom they have, or may have, business connections
5. Not to make any payments which do not appear in Geolabs Limited’s books and are, therefore, not subject to audit.

STATEMENTS OF COMPLIANCE
The Directors are required to confirm annually that they are not aware of any actual or potential non-compliance with laws and regulations that could have a material effect on the ability of the business to conduct its affairs, or on the results and financial position.