In July 2022, the Norwegian Parliament enacted the Transparency Act to promote respect for fundamental human rights and labour conditions. The Transparency Act is legislation aimed at enhancing transparency and accountability in businesses, ensuring that both public and private organizations practice openness and take responsibility for their actions and consequences.
This statement has been prepared in accordance with Section 5 of the Transparency Act and aims to provide the public with insight into Fosstech AS (Fosstech)'s key findings from due diligence assessments and the measures taken to address risks and negative impacts associated with our operations.
Fosstech, as a responsible company, upholds internationally recognized human rights throughout our operations and supply chain. We conduct our business in a manner consistent with the UN Guiding Principles on Business and Human Rights and the ten principles of the UN Global Compact.
Fosstech is organized at the following overarching levels:
Human Rights and Decent Working Conditions
Fosstech is strongly committed to respecting human rights and ensuring decent working conditions. We are currently implementing new requirements that establish a more holistic approach to human rights. This includes conducting reviews of our entire supply chain using a risk-based approach. We have established effective whistleblowing channels and grievance mechanisms to identify negative consequences.
Our internal policies and procedures, which underpin our work on human rights and labour conditions, provide guidance to all employees in the company. We emphasize principles such as equality, diversity, fair working conditions, and health and safety.
ii.the country where the subcontractor is based and
iii.the supplier's reputation in the market.
Actual Negative Impacts and Risk Assessments
Through our due diligence assessments, Fosstech has not identified any actual negative impacts or significant risks associated with our operations. Our preliminary work has not revealed any violations of human rights or decent working conditions.
Measures and Results
We acknowledge that the work on human rights and decent working conditions is an ongoing process, and all employees at Fosstech are committed to improving measures and practices based on experiences and changes in the environment. If we identify actual negative consequences, we will work to halt such consequences and mitigate significant risks. Furthermore, we will regularly evaluate the effectiveness of these measures to ensure continuous improvement and achieve desired outcomes.
We continuously monitor our supply chain and conduct detailed assessments for all new suppliers.
At Fosstech, we are committed to conducting our business in a responsible and transparent manner. Through this disclosure, we have provided initial insights into our organization and our efforts regarding due diligence. We remain dedicated to managing and enhancing our practices to achieve sustainable results and make a positive contribution to society.
For questions regarding the Transparency Act, please contact our CFO or Quality Manager.