Code of Conduct

1. Introduction

In this document, Royal describes its rules of conduct; the ethical principles that form the basis for the business conduct of all employees, suppliers and also customers. In all situations

(a) If, for whatever reason, literal compliance is inconclusive, the spirit of the rules and the interests of the company should be the primary considerations in deciding what action to take: ‘Common sense prevails’.

(b) When in doubt about how to act or behave, first discuss the relevant matters with colleagues from Royal Vaassen’s senior management.

2. Respect the law

(a) Dutch law enshrines free choice of employment, the right of association of workers and collective bargaining, as well as normal working hours, the prohibition of child labour and slavery. Also, the keeping of proper records and the free and full access of an accountant to these records. These matters need not be described further here because Royal Vaassen has the law as its basis for action.

b) If laws clash (at home and abroad) or are at odds with this Code of Conduct, seek advice from senior management.

(c) If in doubt, consult with management and seek appropriate legal advice.

3. Caring for people

(a) There shall be no discrimination in appointments, remuneration or otherwise on the basis of gender, orientation, race or religion.

(b) There is no (modern) slavery or child labour.

c) There are decent working conditions, so employees have access to drinks, a space to eat lunch, decent toilets etc.

d) There are confidants within Royal Vaassen, who can also be approached with reports of a more confidential nature. The names are published on the intranet homepage.

(e) We respect each other. That is, any form of harassment or abuse of power (mental, physical, sexual) is considered unacceptable.

4. Ensuring safety, health and environment

(a) Observe the safety rules of the location where we are. Proactively ask about these rules if they are not reported.

(b) For the Royal Vaassen site, we make sure visitors know the safety rules.

(c) Avoid toxic and hazardous materials and processes, test products and structures before release.

(d) Ensure proper insurance coverage for Royal Vaassen staff and for customer, consumer or public liability claims.

(e) We minimise air, water and soil pollution and never go over the maximum allowed by the permit. Make immediate notification of exceeding through safety notifications.

(f) If there are abuses or suggestions for improvements, the safety report can be used.

5. Gifts, dinners, corruption, bribery and the like

a) Business gifts above €50 cannot be given and are not accepted. Gifts from suppliers below €50 are made available to HR who raffle them among staff.

(b) Dinners with customers or suppliers should be within normal relations. Entertainment with business partners is not done by Royal Vaassen and hotels are paid for by Royal Vaassen itself and not by a customer or supplier. If, a business partner invites an employee, the employee will seek permission from the MT supervisor.

(c) Do not solicit or suggest, seek or offer, accept or pay any form of bribe, material or otherwise. The mere suggestion of bribery may lead to prosecution.

(d) Cash payments will not be accepted and will not be made.

(e) Ensure that all disbursements made by Royal Vaassen, directly or indirectly, now or subsequently, in respect of a customer’s order, benefit only that customer, and no one else, except legitimate intermediaries.

(f) Keep records, and report them, of all expenditure incurred to secure an order.

(g) The same applies to those who enter into agreements on behalf of Royal Vaassen, for the purchase, procurement, of products or services.

6. Serving vital community interests

(a) Build a friendly and helpful relationship with the local community.

(b) Support local initiatives.

c) If an employee participates in politics, in case of conflicting interests between the employee in his political role and Royal Vaassen, consultations will have to be held between the person and the Managing Director on this situation.

7. Business partners

a) Our suppliers of products and services and our customers are subject to the same rules as Royal Vaassen. Royal Vaassen only wants to do business with parties that have similar codes of conduct. Should the legislation in countries not comply with the elements mentioned under 2, additional assurance on these issues will have to be obtained from the business partners.

(b) Royal Vaassen puts all major contracts, agreements and understandings on paper to ensure continuity.

If and when a business partner knowingly violates the law or a material rule of conduct as observed by Royal Vaassen and its key customers, freeze the relationship and seek advice from senior management on termination.

8. Role of managers and employees

The management of Royal Vaassen has a responsibility to ensure that this Code of Conduct is understood and adhered to. As an executive manager, you have an exemplary role and will:

1. During the induction of a new employee, create an opportunity to discuss the Code of Conduct and stress its importance.

2. Create a working atmosphere where employees feel comfortable expressing concerns.

3. Observe behaviour related to the Code of Conduct when evaluating employees.

4. Never encourage employees to achieve results at the expense of compliance with the Code of Conduct or legislation.

Royal Vaassen is confident that its employees know their responsibilities and comply with the rules of conduct in this Code of Conduct. Violation of the rules may lead to a reprimand, an official warning or further employment law measures.

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