This is a corporate policy document designed to meet the standards of the Foreign Corrupt Practices Act, a provision of the Securities and Exchange Act of 1934. FCPA generally prohibits payments by companies and their representatives to foreign (i.e., non-U.S.) government and quasi-government officials to secure business.
The South Carolina Foreign Corrupt Practices Act (CPA) — Corporate Policy is a set of guidelines and regulations that govern the conduct of corporations and organizations operating in South Carolina with respect to bribery and corrupt practices in international business transactions. The CPA is a crucial tool in combatting corporate corruption and ensuring fair business practices worldwide. The CPA was enacted by the South Carolina state legislature to complement the federal CPA and serves as a specific legislation at the state level. Its primary objective is to prevent South Carolina-based corporations from engaging in bribery, extortion, or other unethical behaviors when conducting business abroad. By upholding ethical business practices, the CPA aims to promote transparency, maintain a level playing field, and protect the integrity of the global marketplace. The South Carolina CPA — Corporate Policy sets forth strict rules and guidelines that corporations must adhere to, including: 1. Prohibition of Bribery: The policy expressly prohibits offering, promising, or providing anything of value to foreign officials, political parties, or candidates in order to obtain an improper advantage. 2. Record-keeping and Accounting: Corporations are required to maintain accurate and detailed financial records and accounts. These records should fairly and accurately reflect all transactions and expenses related to international business dealings. 3. Internal Controls: Corporations must establish and maintain robust internal controls to prevent and detect any potential violations of the CPA. Effective internal controls include procedures for internal audit, internal reporting, and training programs. 4. Due Diligence: Before entering into business relationships with third parties, South Carolina corporations are obligated to conduct thorough due diligence to assess the reputations and business practices of these partners in order to avoid potential violations. 5. Reporting Obligations: Any suspected violations or breaches of the CPA must be promptly reported appropriating authorities within South Carolina. In addition to the general South Carolina CPA — Corporate Policy, there may be specific policies that cater to different industries or sectors. For example: 1. Financial Industry Compliance Policy: Designed specifically for financial institutions operating in South Carolina, this policy includes additional measures to prevent corruption, such as special guidelines for managing client relationships and ensuring compliance with anti-money laundering regulations. 2. Healthcare Industry Compliance Policy: Healthcare corporations operating in South Carolina may have a tailored CPA policy that addresses the unique challenges and regulatory requirements of the healthcare sector, including interactions with healthcare professionals and compliance with healthcare laws and regulations. 3. Energy Sector Compliance Policy: This policy caters to corporations in the energy sector, providing industry-specific guidelines on topics such as obtaining licenses and permits, dealing with government officials, and ensuring ethical practices throughout the supply chain. Overall, the South Carolina CPA — Corporate Policy plays a vital role in fostering a business environment based on integrity, fair competition, and transparency. By implementing and adhering to these policies, corporations operating in South Carolina can demonstrate a commitment to ethical practices and promote international business relationships based on integrity and trust.
