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Boskalis jaarverslagen 2012

Other risks

Compliance with legislation and regulations

As an international maritime services provider Boskalis is active in numerous countries, meaning it has to deal with a wide range of diverse legislation and regulations. A part of the activities is headed by own local management, but in many countries intermediaries and/or local representatives are used in acquiring and executing projects. This combination of factors means there is an increased risk that relevant (local) legislation and regulations may not be fully complied with. These risks are mitigated by the company‚Äôs internal risk management and control systems, which are set out below. In addition the company has a General Code of Business Conduct and a Supplier Code of Conduct, which are reviewed and evaluated regularly. These codes of conduct were evaluated during 2014. Intermediaries and/or local representatives are also contractually bound to comply with our codes of conduct. The conclusion of contracts with local intermediaries and/or representatives is subject to strict procedures. Furthermore Boskalis has a whistleblower policy in place and has an independent con.dential counselor to enable employees to report any suspected irregularities.

Property damage and third-party liabilities

Boskalis maintains an appropriate package of insurance facilities to cover the risks with respect to damage to its properties as well as third-party properties and potential other third-party liabilities.

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