This statement is made pursuant to Section 54 of the Modern Slavery Act 2015 and sets out our continued 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 2019-2020 with our financial year ending 29 February 2020.
About the Prax Group
The Prax Group – headed by State Oil Limited – is headquartered in London, England, with trading offices and group companies in Singapore, USA, Albania, Belgium, Nigeria and Kazakhstan and is a leading independent trading, storage, distribution and retail group dealing in crude oil, petroleum products and bio-fuels.
All Prax Group companies 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.
This statement covers the following Prax Group companies: State Oil Limited, Prax Petroleum Limited, Harvest Energy Limited, Harvest Energy (Dealerships) Limited, H.K.S. Retail Limited, Brobot Petroleum Limited, Harvest Energy Marine BV, Prax Inc and Prax Pte Ltd.
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.
Wherever possible we include in our contracts with those suppliers and customers obligations ensuring that both they and the Prax Group are held accountable to those standards, and we are moving towards requiring compulsory acceptance of these obligations for us to do business with those counterparties.
We have a zero-tolerance policy to human trafficking and slavery. Any allegations of practices that are contrary to our values and ethics will be investigated and, where appropriate, will result in suppliers or customers being required to take corrective action or, in serious cases, contracts with offending suppliers or customers will be terminated.
As our global operations expand, we continue to focus on this, particularly in regions and industries considered high-risk for human trafficking and slavery. When on-boarding counterparties and concluding contracts, we will ensure that we vet and understand their businesses and the sources of the products and services we purchase.
Our KYC process is aimed at ensuring that we meet our commitments to acting not only legally, but also ethically, in all our business relationships and to implementing and enforcing effective systems and controls to address the risks of modern slavery and human trafficking.
While employees and third-party stakeholders are generally aware of the legal requirements and our business policies relating to slavery and human trafficking, we intend to further increase awareness and will increase the time and resources we dedicate to structured training of employees and engagement with third party stakeholders.