TOSL has been an international member of TRACE (Transparent Agents and Contracting Entities) since 2007. TRACE is a non-profit association of multinational companies with their commercial intermediaries committed to the highest standards of transparency. The goal of TRACE is to provide anti-bribery support for companies and commercial intermediaries across all industries and regions. TOSL was one of the first companies in Trinidad & Tobago to become a member of this organization.
On an annual basis the TRACE certificate must be renewed and as such, a stringent process is endured by TOSL which includes anti-bribery compliance training and a detailed questionnaire.
As part of our membership TRACE facilitates online annual anti-bribery training for our employees in order to heighten awareness on corrupt practices.
Corporate Governance (CG) is a global issue and in 1998, we at TOSL Engineering Limited decided that as part of our Strategy and based on our Vision and Mission Statements, we needed to actively pursue certifications and implement policies that were in line with internationally recognized ones. This has allowed us to differentiate ourselves from others while also aiding in improving our business performance.
We are committed to meeting the aspirations of all our stakeholders and as such, believe in adopting the best CG practices for the ethical conduct of our business. As such, by implementing CG at TOSL we:
- Promote stakeholders confidence and trust
- Create a common understanding of & support for how leadership at TOSL is practiced
- Prevent loss of income & assets and bankruptcy
- Avoid negative media coverage
- Prevent low staff morale
In 2007, we rolled out our Corporate Governance Policy to customers and staff as we implemented our:
- Code of Business and Ethics Conduct
- Fraud Policy
- Whistleblowing Program which is provided by Report it (USA); and also
- Included our telephone number on our vehicles
Since then, our CG program has evolved as we now have implemented and/or in progress:
- A CG Manual which has been sanctioned by John T. Dinner Board Governance Services from Canada
- Risk-based internal audits
- Improvements to our Board and its documents
- Global anti-bribery regulation training for our Management team and other staff members via TRACE International
- Increased Corporate Governance awareness internally by orientations, emails and staff meetings
- A Procurement Policy with a clear focus on transparency; and
- The Introduction of Enterprise Risk Management
In January 2013, as a result of our Corporate Governance initiatives over the years, we won the Corporate Governance award at the Energy Chamber’s CSR Awards Function. In 2014, as a continued sign of our initiatives and commitment in the area of Corporate Governance we were awarded by The Energy Chamber of Trinidad & Tobago, first place in the category of Corporate Governance for the second consecutive year. Then in 2015 we scored the hat trick winning the award for the third consecutive year.
In the long term, we firmly believe that our business model will be sustainable because of the recognized integrity of TOSL and our personnel. We aim to be a role model in ethical behaviour and business practices, nurturing a culture of integrity, openness and inclusion.