Introduction
The Formula 1 companies are committed to doing business in an ethical manner. The Business Ethics Principles reflect the behaviours and principles required to support this commitment, and we require that all third parties with whom we do business agree to act in accordance with those principles at all times.
The Business Ethics Principles
The Formula 1 companies’ Business Ethics Principles are as follows:
(a) The giving or receiving of bribes is prohibited.
(b) Making or offering any improper payment to an official to induce the execution of a routine official function (a Facilitation Payment) is prohibited.
(c) Appropriate limits are placed on the value of corporate hospitality and gifts that can be given or received.
(d) Particular care should be taken in any dealings with any public official, which includes:
- (i) any officer, director, employee, or other person, whether elected or appointed, in any branch of national, local or municipal government, or any department, agency, or instrumentality thereof, including any state controlled or state-owned business, enterprise, corporation, organisation, or other entity;
- (ii) any political party, political party official, or any candidate for public office;
- (iii) any official or agent of a public international organisation, and
- (iv) any person acting in an official capacity for or on behalf of any of the foregoing or who exercises a public function for any of the foregoing.
All such dealings must be appropriate and legal.
(e) Charitable donations and political contributions must never be used as a means of disguising bribery.
(f) Any real or perceived conflict of interest between private interests and the performance of duties to the Formula 1 companies must be promptly disclosed.
(g) Fraud or theft of any sort is prohibited. This includes dishonestly:
- (i) making false, inaccurate or misleading statements to any third party, independent contractor or current or prospective customer or client, in order to gain their business or obtain their services;
- (ii) making false, inaccurate or misleading public statements, or advertising or marketing claims;
- (iii) producing or maintaining inaccurate financial records, including accounts, tax returns and records relating to transactions with third parties;
- (iv) failing to disclose information which is required to be disclosed under a contract or by law;
- (v) using or obtaining services which you have no intention of paying for;
- (vi) copying or stealing intellectual property, confidential information or business secrets; and/or
- (vii) inflating or deflating the price of goods and/or services.
(h) Speaking up about any concerns is encouraged.