OUR BUSINESS PRINCIPLES

Our Principles

  • Principle 1 - Economics

Long term profitability is essential to achieving our business goals to our continued growth. It is the measure of both efficiency and of the value that customers place South Pacific Oil products and services. It supplies the necessary corporate resources for the necessary for the continuing investment that is required for the supply of energy to the Solomon Islands. 

Without profits and a strong financial foundation, it would not be possible to fulfil our responsibilities. 

Criteria for investment and divestment decisions include sustainable development (economic, social and environmental) and an appraisal of the risks of the investment. 

  • Principle 2 - Competition

South Pacific Oil supports free enterprise. We seek to compete fairly and ethically and within the applicable laws; we will not prevent others from free competition. 

  • Principle 3 – Business Integrity

South Pacific Oil insists on honesty, integrity and fairness in all aspects of our business and expects the same in our relationships with all those with whom we do business. The direct or indirect offer, payment, soliciting or acceptance of bribes in any form is unacceptable. Facilitation payments are also bribes and should not be made. Employees must avoid conflict of interest between private activities and their part in the conduct of the Company business. Employees must also declare their potential conflict of interest. 

All business transactions on behalf of South Pacific Oil must be reflected fairly and accurately in the accounts of the Company in accordance with established procedures and are subject to audit and disclosure. 

  • Principle 4 – Political Activities

South Pacific Oil act in a socially responsible manner within the laws of Solomon Islands in pursuit of its legitimate commercial activities. 

South Pacific Oil does not make payments to political parties, organisations or their representatives. South Pacific Oil does not take part in party politics. However when dealing with governments, South Pacific Oil has the right and responsibility to make our position known on any matters which affect us, our employees, our customers, our shareholders or local community in a manner which is in accordance with our values and Business Principles. 

Where individual employees wish to engage in activities in the community, including standing for elections to public office, they will be given the opportunity to do so where this is appropriate. 

  • Principle 5 – Health, Safety, Security, and Environment

South Pacific Oil has a systematic approach to health, safety, security and environmental management in order to achieve continuous performance management.  To this end, we manage these matters as critical business activities, set standards and targets for improvement and measure, appraise and report performance externally. 

  • Principle 6: Local Communities

South Pacific Oil aim to be good neighbours by continuously improving ways in which we contribute directly or indirectly to the general well-being of the communities in which we work. 

We manage the social impacts of our business activities carefully and work with others to enhance the benefits to the communities and mitigate any negative impacts from our activities. 

  • Principle 7: Communication and Engagement

South Pacific Oil recognises that regular dialogue and engagement with our stakeholders is essential. We are committed to reporting our performance by providing full relevant information to legitimately interested parties, subject to any overriding considerations of business confidentiality. 

In our interactions with employees, business partners and local communities we seek to listen and respond to them honestly and responsibly. 

  • Principle 8: Compliance

We comply with all applicable laws and regulations of the Solomon Islands. 

Living by Our Principles:

Our shared core values of honesty, integrity and respect for people, underpin all our work we do and the foundation of our Business Principles. 

The Business Principles apply to all transactions, large and small and drive the behaviour expected of every employee of South Pacific Oil in the conduct of its business at all times. 

We are judged by how we act. Our reputation will be upheld if we act in accordance with the law and the Business Principles. We encourage our business partners to live by them or by equivalent principles. 

We encourage our employees to demonstrate leadership, accountability and teamwork and through these behaviours, to contribute to the overall success of South Pacific Oil. 

It is the responsibility of management to lead by example, to ensure that all employees are aware of these principles, and behave in accordance with the spirit as well as with the letter of this statement.  

It is also the responsibility of management to provide employees with safe and confidential channels to raise concerns and report instances of non-compliance. In turn it is the responsibility of South Pacific Oil employees to report suspected breaches of the Business Principles to the Company. 

The Business Principles is fundamental to how we conduct our business and living by them is crucial to our continued success.  

 

FUELING OUR NATION

South Pacific Oil
PO BOX 879
Honiara, Solomon Islands

Tel: +677 21838
Fax: +677 24445

 

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