FOM Technologies establishes a whistleblower scheme as part of the company’s continued ESG professionalization.
As part of the further professionalization and focus on the ESG dimension, FOM Technologies is establishing a whistleblower scheme on its own initiative. The scheme is administered by an external law firm.
A whistleblower scheme is a mechanism where employees or other stakeholders within an organization can report irregularities, illegal activities or ethically questionable behavior without fear of reprisal. The company has assessed that the reasons below were good arguments for FOM Technologies, as a smaller scale-up company, wanting to take the lead in implementing a whistleblower scheme via an external law firm, regardless of the fact that FOM Technologies has not yet reached a size where are legal requirements to establish the scheme:
- Detection of irregularities: A whistleblower scheme provides a channel through which employees can report suspicious behavior or potential violations of the law or of the company’s internal policies. This can help identify and correct problems early before they develop into larger problems.
- Improving corporate ethics: A whistleblower scheme sends a clear signal that the company values ethical behavior and is dedicated to maintaining high standards of integrity. This contributes to creating a healthy and ethical work culture.
- Prevention of internal conflicts: A whistleblower scheme contributes to the prevention of internal conflicts by providing a structured and confidential method for dealing with concerns. This can help to avoid employees feeling forced to deal with conflicts in an inappropriate way.
- Strengthening the integrity of management: Implementing a whistleblower scheme sends a signal that management is open to receiving and handling criticism in a fair and objective manner through a 3rd party. This strengthens the trust between management and employees.
- Protection of the company’s reputation: By handling problems proactively and correctly, a whistleblower scheme can help to minimize damage to the company’s reputation. Transparency and accountability can be crucial to maintaining the trust of customers, investors, and other stakeholders.
Chairman of the board Andreas Nielsen welcomes the initiative:
“I and the rest of the board have enthusiastically welcomed the management’s proposal for a whistleblower scheme. It is a forward-looking initiative that supports our ESG journey and signals openness, transparency and accountability if it is implemented carefully and with respect for the rights of the parties involved to ensure efficiency and trust in the process.”