Ethical guidelines for IDEA Foundation
Ethical guidelines and values - IDEA FoundationBackground and definitions
A code of ethics is a set of principles of conduct within an organization that guide decision making and behavior. The purpose of the code is to provide members and other interested persons with guidelines for making ethical choices in the conduct of their work. Professional integrity is the cornerstone of credibility in a working community. Member of an organization adopt a code of ethics to share a dedication to ethical behavior and adopt this code to declare the organization's principles and standards of practice.
Views on ethical considerations have changed greatly in recent years and are still evolving. Idea Foundation will work hard to meet our own and our stakeholders expectations to be at the forefront of this development. Establishing and implementing ethical standards and values for Idea will therefor be an ongoing and dynamic process, constantly under revision and improvement. The clear responsibility for this process lies with the board of directors. The board also holds the ultimate responsibility for implementation and monitoring of activities conducted by the Foundation it self, its partners, stakeholders and projects, supported by the Foundation.
Idea Foundation is a non-profit organization and should not be compared with a traditional investor, maximizing his returns. Our ambition is never the less to influence and contribute to development of sustainable growth and prosperity through out all the projects and geographical areas where we are involved. To be able to successfully reach our long term ambitions The board of directors with Idea Foundation have set ethical standards, that as a minimum must meet the principles of ethical investment management, including endorsement of the UN principles for responsible investment (UN-PRI).
The UN Global Compact asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labor standards, the environment, and anti-corruption:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labor;
Principle 5: the effective abolition of child labor; and
Principle 6: the elimination of discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
In addition to the The Ten Principles of the UN Global Compact, the Idea Foundation has established a set of core values to be followed in all aspects of our behavior and in our relationships internally and externally. Idea Foundation has a clear ambition to take an active stand in implementing the same core values in all our projects and businesses established and developed on the basis of support from Idea Foundation.
We want to be a leader in every aspect of our involvement and our business. In the development of our team leadership skills at every level; in our management performance; in the way we design, build, and support our products and services; and in our financial reporting.
We are committed to practice the highest ethical standards, and by honoring our commitments. We will take personal responsibility for our actions and treat everyone fairly, with trust and respect.
We will strive for continuous quality improvement in all that we do, so that we will rank among the best in customer, employee, and community satisfaction.
People working together
Our strength and our competitive advantage is and always will be – people. We will continually learn, and share, ideas and knowledge. We will encourage cooperative efforts at every level and across all activities in our company.
Good corporate citizenship
We will provide a safe workplace and protect the environment. We will promote the health and well-being of people and their families. We will work with local communities to support education and other worthy causes.
Fundamental equal rights and respect for all individuals Equal rights offering same opportunities to all, despite, race, religion, sex.
The Foundation will support business ideas and projects that can document a long term sustainable development.
Corporate Social Responsibility
No matter how small a business is it can have a strong belief in social responsibility.
The ethical guidelines for the Idea Foundation are promoted through the following four measures:
Exercise of power to support proposed and established projects
Exclusion of companies and projects
Observation of companies and projects
The role of the board and the investment committee is to provide evaluation on whether or not investment and support in specified companies and projects is inconsistent with the established ethical guidelines and The UN Global Compact. This work shall be based on the following principles:
Honesty and Integrity: We act with honesty and integrity.
Professional Behavior: We operate within the letter and the spirit of applicable laws.
Competence: We apply appropriate skills and capabilities to every
decision we make
Objectivity: We are objective in forming our professional opinion
Confidentiality: We respect the confidentiality of information.
Fair Business Practices: We are committed to fair business practices.
Responsibility to Society: We recognize and respect the impact we have on the world
Respect and Fair Treatment:We treat all our colleagues with respect, courtesy and
Accountability and Decision-Making: We lead by example, using our Core Values as