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Ethics & Governance

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Ethics & Governance 


This code is applicable to all Nilsson Shipping Employee/Sub Contractor

Dear Fellow Employee / Sub Contractor:

Conducting business with integrity and in an ethical and legal manner is a primary objective of Nilsson Shipping Corporation. The following code of business conduct and ethics, which has been adopted by the manager of Nilsson Shipping Corporation, summarizes our long-standing principles of conduct and is intended to support this objective by defining our "Standards of Conduct"; specifically, how we should relate to each other and to those with whom we do business. Every representative of our Company is responsible for understanding, and conducting themselves in accordance with, our Standards. Nilsson Shipping's reputation depends on the actions of its people. By exercising good judgment, and conducting our affairs in accordance with the values set forth in our Standards, we can ensure that this reputation remains unblemished. While these Standards, and any accompanying Policy, should make the Company's position on most issues unmistakably clear, clarifications and interpretations are available through our Legal, Finance or Human Resources Departments.


Our Standards of Conduct have been developed as guiding principles to direct and assist us in our business decisions and actions. Nilsson Shipping’s reputation for integrity and honesty ultimately depends upon the actions of those who deal with the outside world on our behalf. Nilsson Shipping values its good name and its role as a good citizen in each community in which it does business. Every employee must be familiar with his or her obligations and conduct him or herself accordingly. Employment with or by Nilsson Shipping imposes a duty of loyalty to the Company and the responsibility on the part of each employee to act in the best interests of the Company. Each employee is expected to conduct business in an ethical manner and in compliance with our Standards of Conduct. No employee should ever act otherwise. No set of standards can define all the ethical and legal principles applicable to the full course of human behavior. These Standards, therefore, are often phrased in terms of general principles and goals that must be interpreted and applied within the framework of laws, customs, and practices of the jurisdictions in which we operate, as well as with a full measure of common sense. A number of topics are further developed by specific Policies that go into greater detail. Employees are expected to be familiar with and observe these Policies. Each employee is individually and personally responsible for compliance with our Standards and Policies. Additionally, each employee has an obligation to avoid any situation in which the possibility of private or personal advantage or gain could produce a conflict between self-interest and the interest of the Company. Failure by any employee to do so may result in disciplinary action, up to and including termination of employment.


Nilsson Shipping is committed to integrity in its dealings with people and organizations wherever we operate. Our Standards of Conduct provide clear guidelines for dealing with all of the constituent groups with whom we come into contact and to whom we are responsible. Those constituent groups include other employees; contractors; customers and vendors; investors; competitors; and the communities in which we conduct our operations. These Standards are intended to assist us in the achievement of the following goals:


Nilsson Shipping requires compliance with all applicable employment laws and regulations, is committed to the health and safety of employees, and assures all employees that they will be treated with respect and will have a workplace free of harassment and discrimination.

Customers and Vendors

The Company believes that a free market is important to the success of the Company and its products. In support of this principle, the Company will compete ethically and legally for business, and will treat all customers and vendors equitably. The Company will honor the commitments made to its customers and provide quality products and services in exchange for fair compensation. The Company will adhere to antitrust and other rules and regulations regarding free trade.


The Company will conduct its business in compliance with all applicable laws, rules and regulations and with financial integrity. It will be accurate and truthful in all its records and reports and will conduct its affairs so as to ensure confidence in the Company and its financial reporting practices. Each employee will abide by its duty of loyalty to the Company.


The Company will compete in a marketplace free from unreasonable restraints on trade or unfair practices. Specifically, the Company will comply with applicable antitrust laws and regulations, including avoiding agreements, conspiracies and understandings with regard to prices, markets, territories or customers, and will comply with other laws governing the conduct of business, such as anti-bribery laws.


The Company will be a good corporate citizen of the communities in which it operates and will comply with all laws and regulations, including those intended to protect the environment and provide healthful and safe working conditions, as well as laws and regulations regulating trade.


Equal Employment Opportunity

It is the Company's policy to afford equal employment opportunities to all qualified individuals in all aspects of employment regardless of race, color, creed, sex, religion, age, disability, or veteran status.

Work Environment

Nilsson Shipping is committed to providing its employees with a safe and healthful work environment, free from harassment (sexual, racial or religious), intimidation or personal behavior not conducive to a productive work climate. All employees are to be treated with respect.

Employee Relations

In order to attract and retain quality employees, we will offer competitive wages and benefits. While employees are free to select collective bargaining representation, all employees, represented or not, will receive equitable treatment from the Company. Where unions exist, we will deal with them fairly and conduct our relationships with them in a purposeful and non-adversarial manner.

Drugs and Alcohol

Nilsson Shipping seeks to provide its employees with a substance-free environment. Employees must report to work free from the presence of prohibited drugs in their system and not under the influence of alcohol. Drug and alcohol use on the job is strictly prohibited. It is the individual’s responsibility to abide by the drug and alcohol policy of his or her workplace, including drug or alcohol testing requirements where applicable.


The Company is committed to conducting business in an open and honest manner. All communications, whether internal or external, should be accurate and forthright.

The Company is committed to providing open communication channels that encourage candid dialog relative to employee concerns, responsible opinions and constructive criticism of the Company, its supervisors, managers and policies. Such an atmosphere can only be fostered where employees are free from any prospects of retaliation due to their expression of honest opinion. It is never the Company's intent to discourage employee feedback through either intimidation or perceived disinterest.

Outside Employment

Employees are paid fair and competitive wages for full-time work. Employees owe the Company their undivided business loyalty. The normal demands of full-time employment are not consistent with 'moonlighting' or supplemental or secondary business or consultant activities or employment, and such activities or employment are discouraged.

Charitable Contributions

Employees are encouraged to support the charitable efforts of the communities in which they live and the Company does business. Under no circumstances, however, will an employee, either directly or indirectly, be subject to pressure by the Company or any of its employees to support, by way of individual contributions or charitable endeavors, any charitable organization. No employee may have his employment or chance of future advancement conditioned in any way on the employee's support of charitable endeavors.


All employees, both during and after their employment by the Company, must respect the proprietary information and trade secrets of the Company and its customers and suppliers and may not disclose any such proprietary information unless the individual or firm owning the information properly authorizes the release or disclosure. New employees and contractors must protect the secrecy of proprietary information of their former employers.

Fair Dealing

Each employee should endeavor to deal fairly with the Company’s customers, suppliers, competitors, and other employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

Protection and Proper Use of Company Assets

Employees are the stewards of the Company’s assets, and as such, have an obligation to protect and preserve Company assets and to ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company’s profitability. All Company assets should be used for legitimate business purposes only.

The misappropriation, conversion to personal use or theft of Company property (including confidential and proprietary data such as patents, trade secrets and other intellectual property, drawings, designs, manufacturing processes and sales and market data) is grounds not only for termination of employment, but for criminal prosecution and other legal action to recover damages for losses sustained, or other legal remedies available either while during or after employment with the Company. Theft of property of other employees is also strictly prohibited.


Customer Loyalty

The Company expects all employees to honor the trust of the Company's customers and suppliers by not revealing any proprietary or confidential information, except when disclosure is authorized or legally mandated, or using such information in any way to our customers' detriment.

Product Quality and Safety

The Company has the responsibility to design, manufacture and deliver quality products that are fit for their intended purpose. Products will be designed, manufactured and delivered with the safety and health of our customers and product users as a primary consideration. All required inspection and testing operations will be properly completed prior to delivery to the customer unless otherwise agreed by the customer.

Marketing and Selling

It is the responsibility of those charged with marketing and selling the Company's products to understand the customer's needs and to satisfy those requirements through the Company's offerings of quality products and services. We are committed to selling our products and services honestly and will not pursue any sale that requires us to act unlawfully or in violation of these Standards. The Company will avoid any conduct or understanding that may restrain trade. Sales of the Company's products and services must be free from any inference or perception that favorable treatment was sought, received or given by way of payments, gifts, favors, entertainment or other gratuities. Bribes, kickbacks and other improper payments shall not be made on behalf of Nilsson Shipping in connection with any of its businesses. Amounts paid as tips or gratuities for services will be consistent with local customs and practices. No excessive fees, commissions or other payments will be made, so as to avoid the inference that a bribe or other improper payment is being made. Under the Swedish Foreign Corrupt Practices Act, as well as the laws of a number of other nations in which the Company does business, it is unlawful for Nilsson Shipping to authorize, direct or knowingly allow the payment or the making of a promise to pay anything of value to any foreign official, foreign political party or candidate for political office for the purpose of influencing or inducing such official to use his or her influence or discretion to obtain or retain business or gain favorable treatment for the Company. Care must be taken when dealing with foreign customers and vendors to comply with local and foreign laws.

Consultants, Representatives, Agents, Contractors and Subcontractors

All consultants, representatives, agents, contractors and subcontractors who are engaged to represent Nilsson Shipping must agree to act, and in fact act, on the Company's behalf in a manner consistent with these Standards of Conduct and all applicable laws and regulations. All such representatives must agree in writing to comply with these Standards, laws and regulations.


The policy of Nilsson Shipping is to award business on the basis of merit, without favoritism, and wherever practicable, on a competitive basis. Suppliers are to be treated with respect and integrity. Reference is made to the heading "Conflicts of Interest" for the standards of conduct applicable to employees’ interest in companies serving as suppliers to Nilsson Shipping.

Gift Giving and Receiving

Employees of Nilsson Shipping may not accept gifts, gratuities, entertainment or favors from existing or potential customers or vendors, or anyone doing or seeking to do business with the Company, if acceptance of such gift, gratuity or the like could have, or could be perceived as having, an influence over the employee's or contractor’s decision regarding Company business. The receipt of gifts, gratuities and the like which go beyond the common courtesies normally associated with accepted business practice is prohibited. Similarly, the giving of such gifts or gratuities on behalf of the Company is prohibited.


Antitrust Laws

The Company is committed to fostering free market competition and preserving the free enterprise system. Nilsson Shipping employees must never discuss or engage in price fixing or bid rigging, allocation of markets, geographically or by customers, or fixing production or production quotes. Nilsson Shipping employees must also never exchange information with competitors regarding prices, market share, cost data or any other data that would be considered in violation of anti-trust laws.

Competitive Information

Acquisition of information about competitors is a necessary element of doing business in the highly competitive global market. Such information may be acquired and used only when the receipt and use of such information is both lawful and in accordance with these Standards.


Political Contributions and Payments

Employees may not use Company funds or assets for contributions of any kind to any political party or committee of Sweden or to any candidate for, or holder of, any office of any national, state or local government in Sweden. In countries other than Sweden, the Company's policy shall be determined in accordance with local law and practice, as well as Swedish law. The Company recognizes the need for, and therefore encourages, its employees to contribute their personal funds and their personal time to support candidates of their choice. Good judgment should be exercised to ensure that personal involvement in political activities does not impair an individual's work effort or adversely affect the Company's standing or image in the community.

Environmental Responsibility

The Company is committed to conducting its manufacturing operations in a manner that promotes the safeguarding of employee health and welfare and demonstrates respect for the environment by complying with local, state and national environmental laws and regulations dealing with the use and the disposal of potentially hazardous materials. The Company focuses on reducing or eliminating all environmentally hazardous wastes or emissions from the Company's manufacturing processes and on providing employee training that emphasizes personal safety and effective environmental, health and safety management practices.

Export Control

It is the policy of Nilsson Shipping to abide by the export control laws of all jurisdictions in which we operate.

International Boycotts and Restrictive Trade Practices

Nilsson Shipping will abide by anti-boycott laws and regulations of the Swedish and of other jurisdictions where applicable. Nilsson Shipping employees are prohibited from engaging in or supporting restrictive trade practices or boycotts imposed by any foreign country against a country friendly to Sweden, including refusing to do business with or in a boycotted country or with any national or resident of such boycotted country. Any reporting requirements associated with anti-boycott laws must be strictly adhered to. Compliance with these laws and regulations will be monitored through the Nilsson Shipping anti-boycott compliance program.


Nilsson Shipping will abide by trade restrictions and embargoes imposed by the national laws of the countries in which we operate unless prohibited by Swedish law.

National And Local Laws And Customs

It is Company policy to abide by the national and local laws of the countries in which we operate unless prohibited by Swedish law. When local customs and business or social practices vary from these Standards of Conduct, it is permissible to conform to local customs and practices where necessary for the proper conduct of Company business if approved by Nilsson Shipping senior management.


It is the responsibility of each Nilsson Shipping employee to comply with these Standards of Conduct. Failure to comply with these Standards and the associated Company policies will result in appropriate sanctions, including termination of employment, referral for criminal prosecution and reimbursement of the Company for any losses or damages resulting from such violation.


Any waiver of any of the provisions of these Standards for any executive officer may be made only by the Board of Directors or the Audit Committee thereof.


Compliance with these Standards of Conduct includes the responsibility to report promptly any violation or apparent violation of any Standard of Conduct. At least annually, all recipients of these Standards of Conduct will be surveyed regarding their compliance with these Standards and their knowledge regarding the compliance of others with these Standards. In addition to the regular annual reporting requirements, employees may communicate directly with their supervisor, their division Human Resources executive or with the General Counsel for a confidential interview to discuss an employee's perceptions of violations, or send an email to the Compliance Center Any employee who, in good faith, reports what he or she believes to be a violation of these Standards will not be subject to any disciplinary action or other form of retaliation as a result of making such report.

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