TRACE is a non-profit association of multinational companies with their commercial intermediaries committed to the highest standards of transparency. The goal of TRACE is to provide anti-bribery support for companies and commercial intermediaries across all industries and regions. TOSL was one of the first companies in Trinidad & Tobago to become a member of this organization.
Corporate Governance
WE HAVE BEEN AN INTERNATIONAL
MEMBER OF TRACE SINCE 2007
On an annual basis, our TRACE certification must be renewed and as such, a stringent due diligence process is endured by TOSL which includes anti-bribery compliance training and a detailed questionnaire. Effective 2018, TRACE has transitioned to a robust on-line Third-Party Management System (TPMS). Hence, companies can now visit their site to search for business partners that have completed the TRACE certified due diligence and request a copy of our due diligence report. As such, now that all of this information is available on-line, TRACE will no longer issue certificates. To view our completion of the TRACE due diligence process, kindly visit the TRACE TPMS site to access our most recent due diligence report. The below image is an excerpt from our Due Diligence Report which illustrates that we have renewed our membership for the period 1st February 2024 – 31st January 2025.
“Tcompliance has completed a Tcertification due diligence review of TOSL Engineering Limited. Certification by Tcompliance signifies that TOSL Engineering Limited has completed internationally accepted due diligence procedures and has been forthcoming and cooperative during the review process. Tcertification underscores TOSL Engineering Limited’s commitment to transparency in international commercial transactions.”
As part of our membership TRACE facilitates online annual anti-bribery training for our employees in order to heighten awareness on corrupt practices. To date, we have completed training for our Directors, Managers, Internal Auditor, Purchasing group, Marketing and many other personnel. Henceforth, we will continue with this training on an annual basis with the intent to have all employees trained.
Have a concern about TOSL?
You can make an anonymous report in the following ways:
Toll-Free Hotline: 1-800-872-2281
By Phone: +877-RPT-LINE
Report Online: CLICK HERE
- Username: toslltd
- Password: reportit
HISTORY OF OUR
CORPORATE GOVERNANCE
Corporate Governance (CG) is a global issue and in 1998, we at TOSL Engineering Limited decided that as part of our Strategy and based on our Vision and Mission Statements, we needed to actively pursue certifications and implement policies that were in line with internationally recognized ones. This has allowed us to differentiate ourselves from others while also aiding in improving our business performance.
We are committed to meeting the aspirations of all our stakeholders and as such, believe in adopting the best CG practices for the ethical conduct of our business. As such, by implementing CG at TOSL we:
- Promote stakeholders confidence and trust
- Create a common understanding of & support for how leadership at TOSL is practiced
- Prevent loss of income & assets and bankruptcy
- Avoid negative media coverage
- Prevent low staff morale
6TH TIME WINNER OF THE CORPORATE GOVERNANCE AWARD
6TH TIME WINNER OF THE CORPORATE GOVERNANCE AWARD
As part of our business operations, we ensure our Corporate Governance Core Value is reviewed and upheld as it starts at the Board level. As such, over the past few years we have made proactive steps to improve our governance from the top which included a review of board member roles, the addition of non-executive members, and reviewing strategies and risk management. These activities at our Board level then filtered downwards into other areas including finance, internal audit and operations. This was subsequently acknowledged and recognized on January 23, 2024 as we copped the Energy Chamber’s Excellence in Corporate Governance Award for the sixth (6th) time at this year’s Energy Conference. Thanks to our Board and employees who have embedded this value and ensure that it is habitually practiced and improved as we expand our offerings and markets.
CONTINUED EXCELLENCE IN
CORPORATE GOVERNANCE
Once again, on January 23, 2023, TOSL was the proud recipient of the T &T Energy Chamber Excellence in Corporate Governance Award for the fifth (5th) time. Corporate Governance is part of our Core Values and as such, it represents the standards we set, continuous improvement, compliance, and our commitment.”
4TH WIN OF THE CORPORATE GOVERNANCE AWARD
4TH WIN OF THE CORPORATE GOVERNANCE AWARD
Since 1998 TOSL has embraced Corporate Governance (CG) as part of its strategic plan, vision, mission, and operations. As such, as a sign of this commitment and TOSL’s initiatives we won the Energy Chamber’s CG Award for three (3) consecutive years i.e. 2013 – 2015.
Thereafter, TOSL continued with its CG improvements which included, amongst others:
- Ensuring there was an active Board of Directors by revamping such to include both a non-executive chairman and Board members with the relevant expertise.
- Implementing Board sub-committees and the associated charters.
- Performing risk-based internal audits.
- Continuing its annual online anti-bribery training via TRACE International for new and existing employees.
- Reviewing and updating of our CG policies.
As a result of our continuous improvements since 2015, TOSL was the recipient of this award for a fourth time at the Energy Conference on May 31, 2022. This year the Excellence in CG Award was based on the Energy Chamber’s CG Assessment Tool for which TOSL scored the highest.
This continues to be a significant honour to all of us at TOSL for which we congratulate and thank our staff for their efforts and commitment to our CG practices.
IN 2007 WE ROLLED OUT OUR
CORPORATE GOVERNANCE POLICY
IN 2007 WE ROLLED OUT OUR CORPORATE GOVERNANCE POLICY
We implemented our:
- Code of Business and Ethics Conduct
- Fraud Policy
- Whistleblowing Program which is provided by Report it (USA); and also
- Included our telephone number on our vehicles
Since then, our CG program has evolved as we now have:
- A CG Manual which has been sanctioned by John T. Dinner Board Governance Services from Canada
- Risk-based internal audits
- An active Board of Directors which includes non-executive members
- Improvements to our Board and its documents
- Global anti-bribery regulation training for our Management team and other staff members via TRACE International
- Increased Corporate Governance awareness internally by orientations, emails and staff meetings
- A Procurement Policy with a clear focus on transparency; and
- In-house legal advice.
IN JANUARY 2013 WE WON
THE CORPORATE GOVERNANCE AWARD
IN JANUARY 2013 WE WON THE CORPORATE GOVERNANCE AWARD
As a result of our Corporate Governance initiatives over the years, we won the Corporate Governance award at the Energy Chamber’s CSR Awards Function.
In 2014, as a continued sign of our initiatives and commitment in the area of Corporate Governance we were awarded by The Energy Chamber of Trinidad & Tobago, first place in the category of Corporate Governance for the second consecutive year.
In 2015 we scored the hat trick winning the award for the third consecutive year. In the long term, we firmly believe that our business model will be sustainable because of the recognized integrity of TOSL and our personnel. We aim to be a role model in ethical behaviour and business practices, nurturing a culture of integrity, openness and inclusion.
As a result of our continuous improvements since 2015, TOSL was the recipient of this award for a fourth time at the Energy Conference on May 31, 2022. This year the Excellence in CG Award was based on the Energy Chamber’s CG Assessment Tool for which TOSL scored the highest. This continues to be a significant honour to all of us at TOSL for which we congratulate and thank our staff for their efforts and commitment to our CG practices.
