EMPLOYMENT STANDARDS POLICY
Speedo believes that business should be conducted honestly, fairly and with respect for people, their dignity and their rights.
2.1 Our Employees
It is our policy that the people who work for Speedo, and their health, safety and rights at work, should be respected and protected. We strive to comply with all relevant employment laws and regulations in each country in which we operate. Beyond that, we follow our own Code of Business Conduct and we aspire to match the best employment practices in the country concerned.
2.2 People Who Make Our Products
Our products, most of which bear our brand name, are manufactured by hundreds of different supplier organisations employing probably hundreds of thousands of people in many countries, mostly in Europe and Asia. Our policy is only to do business with suppliers that adopt and implement our standards or have their own policies that reflect the same standards.
Our suppliers all have suppliers of their own and they in turn are supplied by others. It would be impossible for us to control the working conditions of the vast number of people who contribute in some way to what finally becomes one of our products. We therefore address our policy primarily to our direct suppliers and encourage them, in turn, to apply it to their own supply chains.
For our business to be and remain competitive in the market place, they need to have their goods made where they can be produced at the lowest overall cost, consistent with our required quality and technical specifications. This means that many products are made in countries where wages are relatively low. Nevertheless, suppliers should treat their workers properly, in accordance with our, and internationally recognised, standards.
We have developed a Code of Employment Standards for Suppliers.
It spells out how our suppliers should treat their employees and its requirements are that:
The full Code reflects the Base Code of the Ethical Trading Initiative (ETI) and is consistent with the relevant conventions and recommendations of the International Labour Organisation (ILO).
3.1 Our Employees
Local management in each of the countries in which Speedo has activities should, so far as is possible in the context of local laws and regulations, ensure that their employees are employed on terms that reflect Speedo standards as indicated above. Human Resources managers are responsible for reporting any employment practices that fall short of policy standards.
3.2 Our Suppliers’ employees
In many of the countries in which our products are made, the history, traditions, culture and, in some cases, even the law, make full compliance with our policy difficult for our suppliers in the short term.
In such circumstances, our approach is to work with suppliers to improve the conditions of their workers progressively, rather than to walk away from the issue.
Normally, only if a supplier fails to co-operate with us in implementing an improvement programme, will we sever our relationship with him.
Many of the difficulties we encounter are endemic to countries, regions or communities. We often work in partnership with other organisations, locally and internationally, to seek to address these issues. Such organisations may include other companies in our field of activity, local industry organisations and local and international welfare organisations, such as charities and other NGOs. In particular, we are a member of the Ethical Trading Initiative (ETI), an alliance of companies, non-governmental organisations and international trade union organisations working to improve conditions of employment throughout global supply chains.
Speedo is responsible for implementing the policy in respect of its own suppliers. The Group Corporate Responsibility Department, a small central team of specialists, provides advice, training and assistance, helps co-ordinate programmes and arranges participation in co-operative projects with other organisations.
CODE OF BUSINESS CONDUCT
At Speedo, we believe that business should be conducted honestly, fairly and with respect for people, their dignity and their rights. This Code is intended to make clear what this means in terms of practical behaviour. It spells out the standards of behaviour by which we try to manage the organisation. We expect and require that all managers and employees of Speedo apply the same standards in their dealings with other people and organisations.
1.2 What are we in Business for?
We are in business to create shareholder value by developing and marketing products of quality, reputation, performance, style and value and by selling them on fair terms to our customers.
To build long term sustainable shareholder value, we need to implement our vision to develop a category leading brand. We will do this honestly, fairly and with respect for people and the natural environment.
To continue to grow and prosper we will need, increasingly, to build partnerships with our customers and suppliers. Such partnerships must be based on mutual trust and we will earn our partners’ trust by operating according to the principles laid out in this document.
There are a number of categories of people and organisations who are affected by our actions and to whom we have responsibilities. These include our employees, our customers, our suppliers, other business partners (such as licensees, distributors and joint venture partners) and the wider community. These are, of course, in addition to our shareholders, the owners of the business, to whom we have the responsibility to protect their investment and to make sure that they receive an appropriate return.
1.4 Status of this Code
This Code has over-riding status in governing the standards of our business behaviour. All contracts entered into by Speedo should be consistent with it. If there are any inconsistencies, we are required to act in accordance with this Code’s standards rather than any lower standards set out in such contracts.
STANDARDS OF BEHAVIOUR
2. TOWARDS EMPLOYEES
Our employees are our greatest asset. Our continued success depends entirely on harnessing their talents and enthusiasm.
2.2 We will:
To continue to succeed, we need to win and retain customers by building partnerships with them.
3.2 We will:
An efficient and reliable supply chain is an increasingly key factor in business success. This requires close inter-dependent partnerships with our suppliers.
4.2 We will:
We believe that business organisations have an obligation to be good corporate citizens.
5.2 We will:
We believe in a free and fair market economy as the most appropriate environment for business. Therefore we will:
6.2 Financial Matters
All transactions by Speedo will be open and be fully documented and accurately reflected in the accounts of the company in accordance with established accounting procedures and will be subject to internal and external audit.
We will take care to safeguard the confidentiality of information that we hold about employees and our business partners. Such information will only be made available to those by whom it is needed to undertake their work.
6.4 Understanding and Compliance
Speedo considers environmental issues to be an influential factor in our drive for world class standards and sustainable development.