Business Principles

2.1 Business Principles

As described in the company’s Mission Statement, it is LCPL’s ambition to be the first choice of customers, shareholders, and employees, by ensuring sustained leadership position in the markets where we compete, delivering long-term business value through a high performance culture, innovation, ethics and responsible care. This document sets out the core values that should underlie the conduct of LCPL in order to fulfill our ambition. In this respect, LCPL’s Business Principles apply equally to our business transactions throughout the world and to the individual behavior of employees in conducting LCPL’s business. The Business Principles also bring together the main responsibilities for other specific policy areas.

The Business Principles leave the Executive Management Team free to specify further local rules of business conduct provided such rules are consistent with our core values and with safeguarding LCPL’s good reputation. It is the responsibility of the Board of Directors through the Chief Executive to ensure that the Business Principles are communicated to LCPL employees and to oversee implementation thereof. In addition, LCPL regards the application of the Business Principles to be of prime importance in making decisions about whether or not to enter into or continue relationships with contractors and suppliers, and to participate in joint ventures.

2.1.1 Our management principals

• Transparent management
• Strengthening our competencies
• On site management
• Developing talent
• Enhancing brand value

2.1.2 Our values

• Customer Focus
• Originality
• Partnership
• Responsibility
• Passion

2.1.3 Our responsibilities

LCPL is committed to creating long-term value for its customers, shareholders, employees and society, recognizing that sustainable profit is essential for the continuity of its business. We will focus our efforts on the success of our customers. In this respect, it is our responsibility to provide customers with products and services that offer value in terms of price and quality and that meet high health, safety, and environmental standards. We will provide competitive returns on our shareholders’ investments. In this respect, it is our responsibility to take due account of the expectations of our investors. We will create an attractive working environment for our employees. In this respect, it is our responsibility to recruit, hire and promote employees solely on the basis of suitability for the job, to stimulate their individual and professional development and to provide safe and healthy working conditions. It is also our responsibility to prohibit harassment or discrimination of any kind and exploitation of child labor. We will conduct our activities in a socially responsible manner. In this respect, we observe the laws of the countries in which we operate, support fundamental human rights in line with the legitimate role of business and give proper regard to health, safety and the environment consistent with our commitment to contribute to sustainable development.

2.1.4 Free enterprise

LCPL supports the principles of free enterprise and fair competition. The company aims to meet customers’ needs faster, better, and more distinctively than our competitors. To this end, LCPL will compete vigorously but fairly, and within the framework of applicable competition laws.

2.1.5 Business integrity

LCPL insists on integrity and fairness in all aspects of its business operations.

• Bribery and any other form of unethical business practice are prohibited.
• LCPL employees are expected to avoid all situations in which their personal or financial interests may conflict with the company’s interest.

All business transactions shall be accurately and completely recorded in accordance with the company’s accounting principles and local laws and may be subject to audit.

2.1.6 Community activities

As a socially responsible corporate citizen, LCPL supports community activities.

• LCPL will give their employees the opportunity to play an active role in societal matters – for example, through community or educational programs – unless participation in these activities creates a conflict of interest.
• LCPL will not make payments to political parties, or their institutions, agencies or representatives.

2.1.7 Communication

 LCPL recognizes that in view of the company’s scope of activities, the impact they have on stakeholders, and the public role the company fulfils, proper communication is essential. Subject to any overriding considerations of confidentiality, LCPL endeavours to communicate with others in an open, factual and timely manner.

2.1.8 Compliance

 The Board of Directors will not hold management accountable for any loss of business resulting from compliance with LCPL’s Business Principles, and will take appropriate steps to ensure that no employee suffers as a consequence of reporting a breach or suspected breach of these principles.