Human rights and strong ethical standards are hygiene factors for us, and our ethical standards apply to all our stakeholders. To ensure clarity around how we manage and make decisions related to these areas, sustainability is integrated in the Corporate Governance structure. Read more about how we manage our sustainability efforts in Sustainability Management.
Governance Issues at Hoist Finance
Human rights and labour
Hoist Finance’s commitment to human rights involves all our stakeholders and includes measures to manage customer and employee integrity/privacy, prevent discrimination, promoting diversity and inclusion, eradicating corruption, respecting freedom of association, abolishing forced labour and child exploitation, ensuring decent labour conditions, and screen suppliers for sustainable procurement practices.
Data privacy and personal data
Data protection is paramount for protecting the right to privacy of our customers which is especially critical in our industry, where many customers are in difficult situations. We are committed to processing personal information fairly, in a transparent manner and in accordance with all applicable data protection laws and regulations. In practice, we have implemented robust information security systems, regularly train employees about data protection, and have appointed Data Protection Officers in each jurisdiction where we operate.
Anti-corruption and conflicts of interest
Hoist Finance has a crucial role to prevent, monitor, manage and enforce measures related to corruption and conflicts of interest. We have an extensive anti-corruption framework which entails guidelines on how the company are to conduct business responsibly and ethically. To prevent corruption and conflicts of interest, we regularly carry out risk analyses related to corruption risk and all members of the organisation is regularly trained on internal anti-corruption rules and their application. Measures to manage conflicts of interest vary depending on the nature of the risk.
Hoist Finance is committed to identifying and managing money laundering-, terrorist financing and sanctions risks. Hoist Finance’s is working on strengthening the company group’s defence against money laundering, terrorist financing and sanctions risk. The preventive work is being developed to adapt to the evolving regulation, terrorist risks and criminal behaviour patterns. Preventative measures include continuous customer due diligence and transaction monitoring. In areas with increased exposure, we have enhanced processes in place ensuring that potential suspicious activities are reported to relevant authorities. Furthermore, all customers are screened daily against applicable sanction lists, and all employees receive anti-money laundering training annually.
Hoist Finance empower employees to report misconduct, unethical or illegal behaviours through a whistleblowing mechanism. Our Whistleblowing Policy furthermore states that any harassment, including sexual harassment, bullying and/or victimisation is unacceptable. The procedures of our whistleblowing mechanism are included in annual e-learnings for all employees.
Hoist Finance’s whistleblowing mechanism, provided by an independent external supplier, consists of a web-based encrypted whistleblowing system, available at all times to all Hoist Finance’s employees in seven different languages. All employees can access the system to report anonymously, and all concerns raised will be treated with strict confidentiality, ensuring that anyone raising a concern will not be penalised or victimised in any way. Access to messages received through our whistleblowing channel is restricted to appointed individuals and reports are managed on a case-by-case basis. If an investigation needs to be initiated, necessary actions are taken internally or reported to external authorities if needed.
Our objectives for 2022
- Strong customer integrity processes.
- Robust framework on anti-corruption and conflicts of interest practice
UN Global Compact
- Principle 1 - Businesses should support and respect the protection of internationally proclaimed human rights, within the scope of their influence.
- Principle 2 - Businesses should make sure that they are not complicit in human rights abuses.
- Principle 10 - Businesses should work against corruption in all its forms, including extortion and bribery.