The Metals Technology Initiative (MTI) has announced the launch of its new website to make its guidance on Gifts and Hospitality and on Third-Party Due Diligence freely accessible to all.
MTI is an anti-corruption and fair competition Collective Action initiative that brings together the four leading firms in the metals technology industry: Danieli, SMS group, Primetals Technologies and Tenova
The guidance documents address the specific compliance risks faced by companies working globally in the metals technology sector.
Co-developed by the Initiative’s member companies during meetings facilitated by the Basel Institute’s Collective Action team, the guidance documents are designed to help strengthen and set best practices on these critical topics for anti-corruption compliance. They are designed to be practical and user-friendly to help users consider how the guidance might apply in practice.
MTI member companies have committed to follow the guidance in their own companies. MIT has stated they welcome other companies and firms in the metal industry who face similar issues to adopt the guidance for their own anti-corruption compliance programmes.
The metals technology initiative and its key principles:
Senior compliance managers from the four member companies meet three times a year to exchange best practices and knowledge in anti-corruption compliance and fair competition.
The guidance documents align with and extend the five key principles agreed in the member companies’ Memorandum of Understanding:
- Commitment to acting with integrity in business practices
- Developing and implementing an anti-corruption compliance programme
- Fair competition
- Addressing key risks
- Sharing best practices