IEC Holden and its affiliates and subsidiaries (“IEC Holden” or the “Company”) conduct business honestly and with integrity. As stated in our Trust Oath, “we uphold the highest standards of ethics and compliance and apply these universally, in every country we operate.” We are deeply committed to our Trust Oath. We are also committed to complying with commitments our customers make against corruption.

This means that we win business by providing the best products at competitive prices. We do not offer, pay, or receive of Bribes and other Improper Payments. We also strive to avoid even the appearance of such unethical behaviour since that perception can have a serious reputational impact on IEC Holden.

The jurisdictions in which we operate all have laws that outlaw Bribery and other Improper Payments, even when such payments are made outside of that jurisdiction. Failure to comply with these anti- bribery laws is a serious legal violation that can result in fines against the company and any employees involved (including managers who authorized such conduct).

Any employee engaging in such behaviour will face discipline up to and including termination of employment. In addition, individuals may face criminal charges, and even prison, for such conduct.

Even where the business culture of a country in which we do business takes a lax attitude towards bribery, we expect IEC Holden Personnel to uphold the highest ethical standards.


This Policy applies to IEC Holden and all of its facilities and global operations. This Policy also applies to all persons who act on IEC Holden’s behalf, including employees, officers, directors, consultants and agents (“Personnel”).


“Improper Payment” means a Bribe, Kickback or Facilitation Payment.

“Bribe” means anything of value that has been given, promised or offered to someone for his or her personal benefit with an intent to influence that person’s views or conduct or to obtain an improper advantage. A Bribe can take many forms, including without limitation:

  • Cash payments;
  • Phony jobs or “consulting” relationships;
  • Kickbacks;
  • Political contributions;
  • Charitable contributions;
  • Gifts, travel, meals, entertainment
  • Reimbursement of expenses.

“Kickback” is a form of Bribe. It is the return or accepting the return of a sum already paid (or due to be paid) as a personal reward for making or fostering business arrangements.

“Facilitation Payment” means a payment of a small sum to low-ranking government official to obtain routine benefits to which the Company is entitled and over the provision of which the government official exercises no discretion.

IEC Holden Policy

(1) Overall Policy Statement: IEC Holden Personnel are prohibited from directly or indirectly offering, promising, making or receiving of Improper Payments. In addition, all IEC Holden Personnel must correctly record both the amount and a written description of any transaction in the Company books and records. Company Personnel must ensure that there is a reasonable relationship between the substance of a transaction and how it is described in the IEC Holden books and records.

(2) Dealing with Government Officials: Because of our global operations, IEC Holden is subject to the anti-bribery laws of many jurisdictions. These laws include the U.S. Foreign Corrupt Practices Act and Canada’s Corruption of Public Officials Act, both of which specifically prohibit, and impose greater penalties for, Improper Payments to foreign government officials. In many such laws, the concept of “government official” is very broadly defined.

Therefore, when dealing with government officials or state-owned enterprises, it is critical that IEC Holden Personnel exercise heightened caution. If you have doubts about whether the person or entity you are working with is a government official, or if a payment you are contemplating would violate the law, consult the Company’s Vice President & CFO.

(3) Facilitation Payments: IEC Holden prohibits Facilitation Payments as they are illegal in many countries where the Company operates and may soon be prohibited in other countries.

(4) Third Parties: As noted earlier, Improper Payments are prohibited even if made indirectly. An Improper Payment offered or made through third parties like agents, contractors or other intermediaries remains illegal and, therefore, is strictly prohibited by this Policy. In all cases where an agent, contractor or other intermediary is retained by IEC Holden, you must reasonably assess the risk posed by such third party, take reasonable steps to monitor and prevent misconduct, and take prompt action if you have reason to believe that the third party is acting in violation of this policy.


Any Company employee, officer, or director who (i) violates the terms of this Policy, (ii) has direct knowledge of violations of this Policy but fails to report such potential violations to Company management; or (iii) misleads or hinders investigators inquiring into potential violations of this Policy will be subject to disciplinary action, up to and including termination of employment for cause. Any third party, consultant or agent who violates the terms of this Policy, who knows of and fails to report to Company management potential violations of this Policy, or who misleads investigators making inquiries into potential violations of this Policy, may have their contracts re-evaluated or terminated.


IEC Holden will institute detailed procedures and standards related to training, due diligence, the recording of transactions, and other areas, to implement the terms of this Policy.

Reporting Concerns

If you have credible reason to believe that any IEC Holden Personnel is acting in violation of this Policy, you are required to report the matter promptly. You are encouraged to speak to your supervisor or any other person in a supervisory role, up to and including any member of the Company’s Executive Team.

If you wish to report the matter confidentially, you can do so by dropping off a handwritten or typed message, in any of IEC Holden’s core languages (English, French, or Spanish), at the drop-box locations available at each of our facilities. You are not required to leave your name on your message, but should provide sufficient detail about the matter to allow the Company’s Executive Team to investigate the allegation.


IEC Holden has adopted an Anti-Retaliation Policy intended to protect anyone who makes a good-faith report regarding violations of the law or Company policy. For the avoidance of doubt, that the protections offered by that document shall be applicable to any reports made pursuant to this Policy.


Questions about this policy should be directed to the Company’s Vice President & CFO.