COMPANIES IN CRANE NORWAY GROUP

ETHICAL GUIDELINES

1 INTRODUCTION

1.1  THE MAIN PURPOSE OF ETHICAL GUIDELINES

The ethical guidelines are intended to ensure that all individuals acting on behalf of companies in Crane Norway Group perform their activities in an ethically responsible manner, aligned with the company’s values and principles of business practices and personal behavior.

1.2 GUIDELINES APPLICABLE TO

These guidelines apply to the businesses and to each individual employee, hired personnel, and others acting on behalf of companies in Crane Norway Group, hereinafter referred to as “the employee.” Each individual business will be referred to as “Crane Norway.”

1.3 GENERAL REQUIREMENTS

In their operations, the companies will comply with applicable laws and regulations and act in an ethical and socially responsible manner. Crane Norway Group places great emphasis on equality and respect for human rights.

2 CRANE NORWAY GROUP’S BUSINESS PRACTICES

2.1 BUSINESS METHODS

The business should be known as a reliable company that delivers quality products/services on time.

Customers and partners should have trust in the business and its employees. The business and its employees commit to complying with current laws and regulations, maintaining a high ethical standard, and actively taking social responsibility in their business operations. The employee should adhere to the rules and guidelines set by the customer for each assignment.

Crane Norway will strive to ensure that suppliers of goods and services to the company also uphold a high ethical standard.

Crane Norway aims to foster a business culture characterized by the company’s values:

  • Trustworthiness
  • Joy
  • Solution-oriented

2.2 FAIR COMPETITION

Crane Norway upholds high ethical standards in its business practices and competes within the boundaries set by competition rules in the markets where Crane Norway operates. This applies to competitors, customers, and suppliers.

2.3 BRIBERY AND CORRUPTION

Bribery, corruption, and anti-competitive activities undermine markets and hinder economic, social, and democratic development. Crane Norway does not tolerate and actively opposes all forms of corruption, whether direct or indirect, bribery, or any other improper advantages for business or personal gain, whether for the company or others.

Corruption includes bribery and undue influence. Corruption undermines legal business activities, distorts competition, damages the reputation of the company, and exposes companies and individuals to risks.

Bribery involves offering, paying, giving gifts, or providing services to improperly influence a business transaction. Bribery and corruption, whether involving public officials or commercial entities, can be direct or indirect through third parties. This also includes facilitation payments, even if allowed in some countries. Even turning a blind eye to suspicions of bribery and corruption can have consequences for the company and the individual.

2.4 GIFTS AND HOSPITALITY

Crane Norway prohibits the offering or acceptance of business courtesies, such as gifts, hospitality, expenses, or benefits, that may constitute or appear to be undue influence. In addition, business courtesies can only be accepted or offered if they are modest in value and frequency, and if the timing and location are appropriate.

If clearly business-related, employees may participate in social gatherings, receive entertainment or hospitality, provided the cost is reasonable.

Gifts or hospitality should never influence business decisions or create obligations for the employee or Crane Norway.

3 PERSONAL BEHAVIOR

3.1 EQUALITY, DIVERSITY AND RESPECT

Crane Norway actively promotes a work environment characterized by equality, diversity, and mutual respect, where everyone has the opportunity to contribute to the company’s success and realize their own potential. Employees and others involved in Crane Norway’s business will be treated in a non-discriminatory manner based on gender, skin color, religion, age, disability, sexual orientation, citizenship, or any other protected characteristic. Discrimination, harassment, or any form of unfair treatment will not be tolerated.

Crane Norway has a fundamental respect for international human rights. Crane Norway will not purchase products or services that are based on forced labor, slave labor, child labor, social dumping, or that are produced in violation of the right to organized labor.

3.2 CONFIDENTIALITY

Crane Norway is committed to protecting all confidential information the company gains access to, whether it belongs to the company or its business partners, and will not abuse this information. Such confidential information may include information related to security or other types of law-protected information. The duty of confidentiality applies not only externally but also towards colleagues who do not have a need for the specific information in their work. The duty of confidentiality also continues to apply after the employment relationship or any other contractual relationship with Crane Norway has ended.

3.3 PROTECTION OF PROPERTY AND RESOURCES

The employee must handle and store Crane Norway’s assets in a responsible manner and secure them against destruction and abuse. The use of Crane Norway’s buildings, equipment, materials, capital, and other assets that are not directly related to the company’s operations is prohibited without permission from upper management.

3.4 CONFLICTS OF INTEREST

A conflict of interest arises when a personal relationship, participation in external activities, or interests in trades affect or are estimated to influence one’s decisions.

Employees cannot have assignments for or ownership interest in competing businesses, customers, or suppliers.

Situations that may create a conflict between individual private interests and the interests of Crane Norway, or situations that could in any way have a negative impact on the company’s freedom of act or judgment, should be avoided.

It is always in Crane Norway’s interest that employees speak up about ethical issues.

3.5 INSIDE INFORMATION

Inside information is information that can affect the price of securities and is not publicly available or generally known in the market.

No one has the right to use or contribute to others using inside information to gain financial benefits for themselves or others. Abuse of information through buying/selling securities is regulated in the Criminal Code (straffeloven).

3.6 PURCHASE OF SEXUAL SERVICES

Crane Norway is against the purchase of sexual services. The employee must refrain from purchasing sexual services when they are working or on a business trip for Crane Norway.

3.7 ALCOHOL AND ILLEGAL SUBSTANCES

Crane Norway is a drug-free workplace. No one shall consume or be under the influence of alcohol or other illegal substances during work for Crane Norway.

Limited quantities of alcohol may still be served when local traditions and special occasions deem it appropriate, provided that consumption is not combined with operating machinery, driving, or engaging in other activities that are incompatible with alcohol use.

Employees who are on assignments at facilities with a general prohibition on illegal substances must comply with this prohibition throughout their stay.

No one should use, and should not encourage others to use, illegal substances in a manner that could reflect negatively on the user, Crane Norway, or any business associates.

4 HANDLING ETHICAL CHALLENGES

4.1 NOTICE

Crane Norway aims to have an open corporate culture where it is acceptable to raise concerns and criticize. If one experiences or observes any objectionable conditions, it is encouraged to speak up. Objectionable conditions refer to violations of the law or breaches of clearly communicated internal guidelines. Such reporting is beneficial for both Crane Norway and society because it allows for the correction of any misconduct.

If an employee of Crane Norway suspects that a decision or action may violate or violates legal or ethical obligations, they have the right and duty to raise the issue. Notifying can be done to the immediate supervisor, operations manager, employee representatives, safety delegate, or other members of the administration.

Crane Norway will not impose any form of sanctions against employees who responsibly report potential violations of Crane Norway’s ethical guidelines, applicable laws, or other misconduct within Crane Norway’s operations. Crane Norway will handle all reports in a responsible manner.

4.2 CONSEQUENCES OF BREACHING ETHICAL GUIDELINES

Violations of Crane Norway Group’s ethical guidelines will not be tolerated. Breaches of the guidelines may result in disciplinary measures, termination/dismissal, and reporting to public authorities.

4.3 DISCLAIMER

None of the provisions in this document shall be interpreted as granting rights to third parties.