Business ethics and compliance: approach and policies

Salik upholds the highest standards of business ethics and compliance, embedding integrity, transparency, and accountability into its operations. These principles are integral to the Company’s corporate culture and governance framework, ensuring alignment with applicable laws, regulations, and best practices.

Accountability

Responsibility

Transparency and disclosure

Fair treatment

The cornerstone of Salik’s commitment to ethical conduct is its Code of Conduct, which applies to all employees, Board members, and affiliated parties, including contractors and suppliers. This policy fosters a culture of honesty and ethical behaviour across the organisation and encourages third parties associated with Salik to adopt similar standards. In 2024, 100% of employees received training on the Code of Conduct and related policies, ensuring full awareness and compliance.

Salik maintains a zero‑tolerance approach to corruption, prioritising fair competition, ethical practices, and stakeholder trust. Its Anti‑Bribery and Anti‑Corruption Guidelines prohibit employees, contractors, and third parties from engaging in or facilitating bribery, corruption, fraudulent activities. They prohibit contributions and donations that act as a means of bribery and corruption and also prohibit making contributions to and spending on political campaigns, political organisations, lobbyists or lobbying organisations, trade associations and other tax‑exempt groups. Accordingly, the Company has made zero contributions in these areas and fully complies with UAE and international anti‑bribery laws, reinforcing its commitment to ethical business practices.

In 2024, Salik conducted comprehensive anti‑corruption training for all employees and Board members, ensuring 100% awareness of the policy. The training covered key topics, including the identification of corrupt practices, procedures for reporting incidents, and strategies for maintaining compliance with anti‑corruption laws. Salik also initiated simulated exercises, such as phishing tests, to enhance awareness of fraud and cybersecurity risks.

Salik implements a Whistleblowing Policy. A third‑party provider manages the whistleblowing portal independently to guarantee anonymity and impartiality. It is a secure platform for employees, contractors, suppliers, and other stakeholders to report unethical conduct, such as fraud, bribery, or financial misconduct, without fear of retaliation. Reports can be submitted via a confidential hotline, a dedicated email, or an online portal, all of which ensure robust follow‑up and resolution. In 2024, Salik recorded and resolved one whistleblowing incident, reinforcing the efficacy of its reporting mechanisms.

Other key policies include:

• Anti‑Bribery and Anti‑Corruption Guidelines, embedded within the Code of Conduct, to prevent unethical practices.
• Conflict of Interest Policy, ensuring that employees and associates disclose and manage potential conflicts transparently.
• Fraud Control Policy, designed to identify and mitigate fraudulent activities.
• Insider Trading Policy, which ensures compliance with market regulations.
• Human Rights Policy, reflecting Salik’s commitment to promoting dignity, equality, and respect across its operations.

Please find all the policies on our website

The Company’s procurement process incorporates strict ESG screening for vendors, requiring compliance with ethical standards and sustainability principles. Beginning in 2024, Salik implemented a phased approach to screen all suppliers for ESG compliance, aiming to achieve full coverage by 2028. This ensures that all partners uphold Salik’s values and commitment to ethical conduct.

Salik conducts regular audits to assess compliance and align its practices with evolving regulations. The Company also collaborates with external consultants to review and strengthen its policies, further safeguarding the integrity of its operations. These measures collectively underscore Salik’s unwavering commitment to fostering a culture of ethical behaviour and corporate responsibility.

Learn more on Salik’s ethics and compliance in the 2024 Sustainability Report