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    Business Principles

    McGuff Business Principles

    The McGuff General Business Principles1 govern the Company’s business decisions and actions, applying equally to corporate actions and the behavior of individual employees when on company business. They incorporate the fundamental principles on which all McGuff activities should be based: integrity, fair trade, non-discrimination and equal opportunities.

    1 In these McGuff General Business Principles the expression ’McGuff’ is used for convenience and means the McGuff group of companies comprising McGuff Company, Inc. and its subsidiary companies.

    McGuff General Business Principles

    Underpinning McGuff’s commitment to responsible corporate citizenship and the pursuit of a sustainable future; the McGuff General Business Principles (MGBP) set out guiding principles on integrity and ethics in business conduct. They incorporate the fundamental principles within McGuff for doing business. The intention of the MGBP is to ensure compliance with laws and regulations, as well as with McGuff’s norms and values.

    Responsibility for compliance with the principles rests principally with the management of each business. Every organization and each main production site has a Quality Assurance Officer in charge of compliance.

     

    1. General Commitment

    McGuff’s mission is to improve the quality of people’s lives through the timely introduction of meaningful innovations, products and services. McGuff aspires to be a leading innovator in the area of healthcare, delighting its customers with products and services that meet and even exceed their expectations. McGuff wishes to be a responsible partner in society, acting with integrity towards its stockholders, customers, employees, suppliers, business partners, competitors, governments and their agencies and others who can be affected by its activities. McGuff duly observes the applicable rules of the law of the countries in which it operates and regularly reviews its interests and those of affected persons or entities in order to ensure a healthy, long-term relationship with them. McGuff endeavors to adapt to local situations in order to take the most appropriate action to solve problems within the bounds of applicable law and responsible conduct. In this respect McGuff supports the principle of dialogue and cooperation with all parties involved.

    Human rights

    With due regard to the Universal Declaration of Human Rights, which states that all parties in society, including corporate persons, have a duty to respect and safeguard human rights, and within the framework of the legitimate role of businesses, McGuff supports and respects human rights and strives to ensure that its activities do not make it an accessory to infringements of human rights.

    Child, bonded and forced labor

    Under no circumstances will McGuff make use of forced or bonded labor, nor will it employ children in violation of Conventions no.138 and no.182 of the International Labour Organization.

    Free market competition

    McGuff supports the principle of free market competition as a basis for conducting its business and observes applicable competition laws and regulations.

    Product safety

    McGuff aims, at all times, to supply safe products and services.

    Privacy

    The privacy of personally identifiable information about customers, employees, business partners and other individuals will be protected.

    Environmental protection

    Consistent with McGuff’s commitment to sustainable development, it will do all that is reasonable and practicable to minimize any adverse effects of its activities on the environment.

     

    2. Commitment Towards Customers

    McGuff is driven to improve people’s lives. Its goal is to constantly delight each customer with breakthroughs both large and small. To this end, the company seeks to maintain an ongoing dialogue with its customers. McGuff is committed to listen to and learn from them, so that it is able to design and deliver the solutions they really want and need. McGuff will always deal with its customers in a fair and forthright manner, maintaining the highest levels of integrity.

     

    3. Commitment Towards Stockholders

    It is of central importance to McGuff to conduct its operations in accordance with the highest standards of internationally accepted principles of good corporate governance. McGuff aims to achieve a satisfactory return on equity, while at the same time retaining sufficient funds in the company to generate profitable growth.

     

    4. Commitment Towards Employees

    McGuff values its employees as a key resource. An atmosphere of good employee communication, involvement and responsibility is of central importance. Employee’s personal development and optimum use of talents is encouraged.

    Health and safety

    McGuff will do all that is reasonable and practicable to protect the health and safety of its employees.

    Healthcare insurance

    McGuff will treat its employees as family and will make every effort to maintain free healthcare insurance not only to each employee but to each of the employee’s dependents as well.

    Equal and fair treatment

    Every employee has equal opportunities and will be treated equally in employment and occupation regardless of personal background, race, gender, nationality, age, sexual preference or religious belief. The same applies to the recruitment of employees. McGuff strives to offer equal pay for equal work performed at equal levels at similar locations. No form of harassment or discrimination will be tolerated.

    Wages and payment

    Remuneration and working hours shall comply with local labor laws and shall at least be in line with prevailing industry norms.

    Retirement benefits

    McGuff recognizes the importance of each employee’s contribution to the labors of the company and desires that each employee be compensated in such a manner as to promote long-term employment and retirement benefits.

     

    5. Commitment Towards Suppliers and Business Partners

    McGuff pursues mutually beneficial relationships with its suppliers and business partners. It seeks to award business to suppliers and business partners who are committed to act fairly and with integrity towards their stockholders and who observe the applicable laws of the countries in which they operate.

     

    6. Assets and Information

    Use and protection of assets

    Each employee is responsible for the proper use, protection and conservation of McGuff assets and resources as well as confidential information disclosed to McGuff by its business partners. McGuff’s assets and resources as well as any opportunities arising by virtue of one’s position, are to be used solely to pursue and achieve McGuff’s goals and not for personal benefit.

    Improper disclosure

    McGuff regards information for the purpose of its business as a corporate asset that must be protected against loss, infringement and improper use and disclosure.

    McGuff is committed not to make use of information disclosed to it by a third party if it is suspected that the disclosure thereby violates an obligation of confidentiality, unless the information:

    1. is generally available to the public other than as a result of disclosure by McGuff;
    2. has been independently developed by McGuff; or
    3. becomes available to McGuff either on a non-confidential basis from a third party who is not bound by any confidentiality obligations or by operation of law.
    Insider trading

    All employees shall comply with McGuff’s insider trading rules. This means that non-public information which might influence the market price of McGuff shares shall be kept in strict confidence until publicly released by authorized management. Furthermore, employees who have sensitive information which could influence the price of McGuff shares and related rights must refrain from directly or indirectly executing transactions in McGuff shares and related rights. Additionally, employees have to comply with statutory rules and regulations concerning insider trading with respect to securities of other listed companies.

     

    7. Business Integrity

    Bribery

    McGuff insists on honesty, integrity and fairness in all aspects of its business. Bribes in any form are unacceptable; commission payments and personal gifts or favors may only be made or accepted in strict accordance with the MGBP Directives.

    Accountablility; records of transactions

    McGuff strives to comply with the highest levels of transparency and accountability throughout the company. Records of transactions should be maintained in an accurate, complete and timely manner in accordance with McGuff accounting principles. No unrecorded funds or assets should be established or maintained.

    Regulatory compliance and quality systems

    McGuff requires each business entity to remain compliant and transparent to all regulatory authorities. To achieve this goal McGuff requires quality systems policy and procedures to be in place and an independent quality assurance group to demonstrate that each business entity meets all quality requirements. Quality assurance activities are carried out in order to inspire the confidence of regulatory authority, customers, managers, and stockholders in the products and services we offer.

    Third-party interests

    Employees are not allowed to have any direct or indirect financial interest in a supplier or competing company with the exception of a financial interest in a publicly traded company.

    Political payments

    McGuff companies shall not make payments or donations, in money or in kind, to political parties, political organizations or individual politicians, unless such payments are made in strict accordance with the MGBP Directives.

     

    8. Observance of the McGuff General Business Principles

    Sanctions

    All McGuff employees must comply with the MGBP. Violation may lead to disciplinary action, including dismissal, notwithstanding any further civil or criminal action that may be taken.

    Whistleblower policy

    In order to promote the reporting of violations of the MGBP, a whistleblower policy is in place, enabling employees to submit complaints on an anonymous basis without fear of the complaints leading to disciplinary action.

    Compliance

    Compliance with the MGBP is monitored via a network of quality assurance officers, who regularly report to the Corporate Review Committee for MGBP, which advises Management on the deployment of the McGuff General Business Principles and on ethical issues in general.

    Reporting on compliance

    Reporting on compliance with the McGuff General Business Principles is also an integral part of the Statement on Business Controls issued annually by the management of each business unit/department as part of a cascade process leading to CEO/CFO certification of the company’s annual accounts. Compliance processes and procedures are audited by McGuff’s Corporate Internal Audit department.

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