Statement Under the Modern Slavery Act 2015 for the Financial Year 2017
This statement is made pursuant to Section 54 of The Modern Slavery Act 2015 and sets out our approach to ensuring that slavery and human trafficking is not taking place in our supply chains or in any other part of our business.
This statement relates to our financial year 2016 / 2017 with our financial year ending 31 March 2017.
About Prax Group
Head-quartered in London, England with trading offices and group companies in Switzerland, Singapore, USA, Albania, Belgium, Nigeria and Kazakhstan, the State Oil Group is a leading independent trading, storage, distribution and retail Group dealing in crude oil, petroleum products and bio-fuels.
All Prax Group companies must comply with local legislation and regulations. We are committed to operating with integrity and respect for human rights is embedded within our Ethical Trading Policy. We recognise that our reputation for high ethical standards and social performance is a key factor in our overall success within the Oil and Gas industry.
Our supply chain
We maintain supply relationships with suppliers and customers who are recognised within our industry as being economically, environmentally and socially responsible. We expect our suppliers and customers to obey national and international standards that require them to treat workers and employees fairly, to provide a safe working environment and to protect the quality of the working environment.
We have a zero tolerance policy to human trafficking and slavery. Any allegations of practices running contrary to our values and ethics will be investigated and may result in suppliers or customers being required to take corrective action or in serious cases contracts being terminated with offending suppliers or customers.
As part of our initiative to identify and mitigate risk we are in the process of assessing potential risk areas in our supply chain, particularly as our global operations expand into territories that are considered high-risk regions for human trafficking and slavery.
In the coming financial year, we will also be dedicating further time and resources to training employees and third party stakeholders to increase awareness of the legal requirements and our business policies relating to slavery and human trafficking.