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The Group recognises the importance of good corporate governance and is managed under the direction and supervision of the Board of Directors.  As required under the AIM Rules, we have adopted and comply with a recognised corporate governance code, being the Quoted Companies Alliance Corporate Governance Code (the “Code”) and set out a summary of how we comply with it on pages 28 to 30 of the Annual Report.

Serinus currently operates in Romania and Tunisia.  Romania is allocated a mid-score on Transparency International’s most recently published Corruption Perception Index (“CPI”) and is ranked number 69 out of 180 countries in the 2020 CPI.  Tunisia is also ranked number 69 on the same CPI.  Neither country is designated as high risk, Romania is within the European Union, and both have well-evolved legal systems in place, however the Group’s policies, procedures and working practices need to remain fit for purpose and be regularly reviewed and updated as required.  The Group maintains internal control systems to guide and ensures that our ethical business standards for relationships with others are achieved.

Bribery is prohibited throughout the organisation, both by our employees and by those performing work on our behalf.  Our Anti-Bribery and Corruption (“ABC”) programme is designed to prevent corruption and ensure systems are in place to detect, remediate and learn from any potential violations.  This includes due diligence on new vendors, annual training for all personnel, requisite compliance declarations from all associated persons, Gifts and Hospitality declaration and comprehensive ‘whistleblowing’ arrangements.