- SOCAR is committed to the highest standards of integrity and ethical conduct in all its business activities. We recognize that corruption undermines social development, fair competition, and public trust, and we strive to ensure transparency and accountability in every aspect of our operations. SOCAR complies fully with all applicable anti-bribery and corruption (shortly ABC), anti-money laundering (shortly AML), crime financing, and anti-tax evasion laws in the Republic of Azerbaijan and in every jurisdiction where we operate. Our commitment also aligns with international frameworks and best practices – including the United Nations Convention Against Corruption and other relevant treaties, Financial Action Task Force recommendations and such progressive foreign legislation as the US FCPA and the UK Bribery Act – reflecting SOCAR’s dedication to upholding global anti-corruption standards.
- With such a purpose, SOCAR has adopted and started to apply since 2024 its new Anti-Bribery and Corruption, Anti-Money Laundering and Crime Financing, and Anti-Tax Evasion Policy – the cornerstone of its anti-bribery and anti-corruption system. The scope of application of this policy covers all SOCAR employees, all SOCAR Group Entities, all Contracted Staff and all employees of third parties seconded to SOCAR (as per their contractual undertakings).
- We enforce a zero-tolerance policy on bribery, corruption, money laundering, the financing of criminal activities (including terrorist financing), and tax evasion. Our Code of Business Ethics and Conduct is unequivocal that SOCAR and its employees will not engage in bribery or corrupt practices in any form, whether in the public or private sector. We strictly prohibit the offering, giving, soliciting, requiring or receiving of bribes, kickbacks, facilitation payments, or any other improper inducements. No business objective can ever justify unethical conduct or a violation of these commitments.
- All SOCAR managers, officers, and employees are responsible for understanding and complying with the relevant internal Policy and all related laws. We expect each individual to act with honesty and integrity at all times, refusing any illicit payment or undue advantage and promptly reporting any suspicious activity or attempted misconduct. SOCAR provides regular training and necessary resources to help employees identify and prevent bribery, corruption, money laundering, and tax evasion in their work. Our leadership sets a strong tone at the top by exemplifying ethical behavior and ensuring accountability for compliance throughout the organization. Any employee who violates anti-bribery or anti-corruption rules will face disciplinary action, up to and including termination of the contract and legal consequences.
- SOCAR extends its anti-corruption and compliance standards to all third parties with whom we do business, including contractors, suppliers, agents, and joint venture partners. We conduct appropriate due diligence to vet and select business partners who meet our ethical requirements and comply with applicable ABC, AML, and tax laws. All third-party agreements must include commitments to abide by SOCAR’s anti-bribery and corruption principles, and we reserve the right to suspend or terminate relationships with any third party that fails to uphold these standards. We also use our influence in joint ventures and other partnerships to ensure our partners adopt and follow equivalent anti-corruption policies, promoting a culture of integrity across our value chain.
- SOCAR maintains robust internal controls and risk management measures to prevent and detect any form of bribery, corruption, or financial crime. We employ a risk-based approach – including thorough due diligence on transactions, projects, and counterparties – to identify and mitigate corruption and money-laundering risks before entering into business relationships. Our financial and accounting practices are transparent and accurate, ensuring that no undisclosed or off-the-books accounts are used to conceal illicit payments or evade taxes. Regular audits, compliance reviews, and monitoring activities are carried out to verify adherence to the relevant Policy and related laws, and to continuously improve the effectiveness of our anti-corruption and anti-bribery compliance program.
- SOCAR fosters a culture of openness and accountability where employees and stakeholders can raise concerns about potential misconduct without fear. We provide secure and confidential channels (such as an ethics helpline and dedicated email) for reporting suspected bribery, corruption, money laundering, or tax evasion. All reports are taken seriously and investigated promptly and impartially. We strictly prohibit any form of retaliation against anyone who speaks up in good faith, and we ensure that those who report concerns are protected. If an investigation confirms a violation of the relevant Policy, SOCAR will take appropriate action – including disciplinary measures or termination of contracts – and will cooperate with law enforcement authorities as required.
- SOCAR is committed to the ongoing improvement of our anti-bribery and corruption efforts. We regularly review and update our relevant Policy and procedures to adapt to evolving laws, regulations, and industry best practices, including developments in anti-money laundering and tax evasion prevention. SOCAR’s Compliance Department, together with senior management and the Board of Directors, oversees the implementation of the ABC Policy, ensuring effective governance and adequate resources for compliance. By continually strengthening our safeguards against bribery, corruption, money laundering, and tax evasion, we protect the long-term interests of our Company, maintain the trust of our stakeholders, and contribute to the sustainable development of the communities in which we operate.