- Reporting Data
Dril-Quip does not tolerate bribery or corruption in any form.
At Dril-Quip, our reputation for conducting business in a lawful and ethical manner is important to our continued success, and it is our policy to comply with the United States Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act and all other applicable laws against corruption.
Our policy prohibits all forms of bribery. This includes the payment of money, offers, gifts, promises to give, or authorizations of the giving of anything of value to any foreign official (including employees of foreign national oil companies) for the purpose of securing a business advantage.
Accounting and Record Keeping Provisions
We are required to maintain books and records that accurately and fairly reflect the transactions of the company and are committed to maintaining a system of internal accounting controls, including periodic audits, sufficient to provide reasonable assurances that:
- all transactions are executed in accordance with management's general and specific authorization;
- all transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability of assets;
- assets can only be accessed with management authorization;
- recorded and actual assets can be compared.
Our policy establishes a due diligence compliance review and procedure for engaging sales representatives/agents and distributors and requires those third parties to agree to comply with all applicable laws against corruption. Similarly, all of our logistics representatives are required to certify their compliance with the FCPA and other applicable anti-corruption laws. This policy also applies to our agents, distributors, and joint venture partners.
Our leadership team sets the tone at the top when it comes to our commitment to anti-corruption and compliance with our policy. We expect the utmost integrity and professionalism from our leadership team who are examples to the rest of the workforce with respect to conducting business in an ethical manner held to the highest standards.
We provide our employees training on anti-bribery laws and our policy, including onboarding training for new employees, periodic online training and targeted in-person training sessions for smaller groups. We encourage our employees to promptly report any concerns regarding corruption to our legal department or our internal audit group.