Loumain'sAnti Bribery& CorruptionPolicy

Corruption and Bribery Prevention in the Construction Sector in Australia

The construction sector in Australia is considered one of the most corruption-prone industries globally. Corruption and bribery can occur in various forms, including fraud, collusion, and bribery during procurement. To prevent corruption and bribery, it is essential to understand the risks and develop strategies to mitigate them.
Corruption and bribery can take various forms, including fraud, extortion, embezzlement, bribery, collusive bidding, kickbacks, money laundering, abuse of power, bid-rigging, and price-fixing.

Key Industry Risks

The construction sector is vulnerable to corruption and bribery due to the complexity of projects, the involvement of multiple stakeholders, and the high value of contracts. Some of the specific risks include:

• Fraud and collusion: Contractors and subcontractors may engage in fraudulent activities, such as overcharging or falsifying invoices.
• Bribery: Companies may offer bribes to secure contracts or influence decision-making.
• Corrupt conduct: Companies may engage in corrupt conduct, such as bid-rigging or price-fixing.

Key Prevention Strategies

To prevent corruption and bribery in the construction sector, strtageies include:

• Developing an anti-corruption culture: Companies should promote an anti-corruption culture throughout the organisation, led by directors and senior management.
• Establishing a compliance program: Companies should establish a compliance program that includes policies, procedures, and training to prevent corruption and bribery.
• Conducting due diligence: Companies should conduct due diligence on contractors and subcontractors to ensure they have a good reputation and are not involved in corrupt activities.
• Implementing procurement controls: Companies should implement procurement controls, such as transparent tendering processes and contract monitoring, to prevent corruption and bribery.

Loumain's Anti Bribery & Corruption (ABC) Policy

To prevent corruption and bribery in Loumain's operations and the broader construction sector, we will undertake the following measures:

1. Establish a strong ethical culture:
   Loumain will establish a strong ethical culture that promotes integrity, transparency, and accountability. This will be achieved through regular training and awareness programs, clear policies and procedures, and a commitment to ethical behaviour at all levels of the organisation.
2. Implement a robust anti-corruption policy:
   Loumain has developed and will continue to implement a comprehensive anti-corruption policy that sets out the company's commitment to preventing corruption and bribery. The policy will include clear guidelines on acceptable and unacceptable behaviour, reporting mechanisms, and consequences for non-compliance.
3. Conduct due diligence on suppliers and contractors: Loumain will conduct thorough due diligence on all suppliers and contractors to ensure that they have a strong track record of ethical behavior and are not involved in any corrupt activities. This can include checking their financial records, references, and compliance with relevant laws and regulations.
4. Establish transparent procurement processes: Loumain established a transparent procurement processes that are based on objective criteria such as price, quality, and delivery time. This can help to reduce the risk of corruption and bribery by ensuring that decisions are based on merit rather than personal relationships or other improper considerations.
5. Implement internal controls: Loumain established and will continue to implement robust internal controls to prevent and detect corruption and bribery. This can include regular audits, segregation of duties, and controls over cash and other assets.
6. Encourage whistleblowers: Loumain encourages whistleblowers to report any suspected instances of corruption or bribery. This can be achieved through the establishment of confidential reporting mechanisms and protection for whistleblowers from retaliation.
7. Collaborate with industry bodies:
   We will collaborate with industry bodies and other stakeholders to promote best practices in anti-corruption and bribery prevention. This can include sharing information and resources, participating in industry-wide initiatives, and advocating for stronger laws and regulations.
8. Monitor and review: Loumain will regularly monitor and review their anti-corruption and bribery prevention measures to ensure that they are effective and up-to-date. This can include conducting internal audits, reviewing policies and procedures, and seeking feedback from employees and other stakeholders.

By taking these measures, Loumain aims to help to prevent corruption and bribery and promote a culture of integrity, transparency, and accountability.