What Is a Cartel?
A cartel is an agreement, concerted practice or conspiracy among competitors to fix prices, submit collusive tenders, divide or share markets and, more generally, restrict competition.
A cartel is regarded as the most egregious violation of Anti-Trust laws in most jurisdictions, which may lead to the imposition of significant fines as well as, in certain jurisdictions, criminal penalties.
ITO Will Not Tolerate Cartel Conduct
ITO respects the Anti-Trust laws and regulations in the countries in which it operates and requires that its Affiliates do the same. Involvement in a cartel is unacceptable. It is against ITO’s core values of competing freely and fairly, based on the added value of its products and services.
The laws and regulations that sanction cartel conduct are in place in most jurisdictions.These laws and regulations are designed to promote free and fair competition and to protect consumers. Anti-Trust compliance programs are e to detect and prevent cartels.
ITO will ensure that they are aware of all applicable laws and regulations covering anticompetitive practices in all the jurisdictions in which they operate, and that they will obey and uphold those laws and regulations.
FIDI affiliated companies will ensure that they are aware of, and are complying with,applicable laws and regulations in connection with cartels.
As a demonstration of its commitment, ITO pledge to take a zerotolerance approach to cartel conduct. At all times, ITO will act professionally, fairly and with the utmost integrity in all business dealings and relationships. This will apply wherever they operate.
Code of Conduct
By agreeing and committing to this Charter, ITO undertakes to:
1. Never make direct or indirect (via third parties including agents, suppliers or
customers) contact with an actual or potential competitor or other third party,
the object of which is to engage in cartel behaviour.
2. Never propose or reach an agreement, whether directly or indirectly, formally or
informally, with actual or potential competitors, regarding any sensitive
competition-related issues, including:
– Fixing prices
– Dividing or sharing markets, customers or territories
– Rigging a competitive bidding process
3. Report any indication or initiative of improper anticompetitive business conduct
by an actual or potential competitor in accordance to your internal reporting
procedure, including but not limited to, reporting to your legal department
and/or to the relevant Anti-Trust authorities.
4. Not to participate in a meeting of a trade association in which sensitive
competition-related issues are discussed. If such subjects are raised during a
meeting, employees of FIDI Affiliates must immediately ask for the discussion to
end. If not, they must leave the meeting and ask for that to be noted in the
minutes of the meeting.
5. Ensure that all internal and external correspondence, including e-mails and texts,
and documents, discussions and public statements do not contain any statements
that might be misinterpreted by third parties or Anti-Trust authorities and
courts in the context of a potential Anti-Trust investigation.
6. Maintain independent judgment in pricing or selling of any products and/or
7. Limit any information discussed during commercial negotiations, with or
disclosed to competitors or other third parties, to that which is strictly necessary
for completing or assessing the transaction.