Business Ethics and Compliance
Salik positions business ethics as a daily discipline that protects trust in a regulated environment and safeguards the Company’s reputation. The Company promotes a ‘speak‑up’ culture built on openness, transparency, integrity and accountability.
Ethics and integrity are treated as non‑negotiable operating principles at Salik, with clear accountability across the Company to uphold ethical business practices. This commitment is anchored in a Board‑approved Code of Conduct, which sets the baseline for ethical and personal behaviour and frames integrity as essential to protecting Salik’s culture, reputation, and relationships with shareholders, business partners, and the wider community.
Oversight of the Code is embedded in governance. The Compliance Section supports compliance with applicable laws and regulations, develops and reviews related policies, and maintains channels for confidentially raising concerns. The Internal Audit Section provides independent assurance and reports to the Board and the Audit Committee as needed.
Salik has a strong anti‑fraud governance based on the Fraud Control Policy. It sets out a structured model covering governance, prevention, detection, and response, supported by controls such as screening, third‑party due diligence, conflict‑of‑interest declarations, access restrictions, and periodic control reviews.
In 2025, employees received awareness training on Salik’s corporate ethics policies and procedures and recorded zero breaches or violations related to corruption or bribery, discrimination, harassment, customer privacy data, conflicts of interest, fraud, money laundering, or insider trading.
Salik does not make any contributions or donations that could constitute bribery or corruption. In 2025, the Company also made zero contributions to or expenditures for political campaigns, political organisations, lobbyists, lobbying organisations, trade associations, or other tax‑exempt groups. These activities are prohibited under the UAE law.
Anti‑corruption and whistleblowing
Salik maintains a strict stance against business ethics violations, including bribery, corruption, and fraud. Employees are prohibited from offering, soliciting, or accepting bribes or engaging in corrupt practices. Anti‑corruption due diligence is applied to new business partners and is overseen by the procurement team.
The Whistleblowing Policy is designed to detect unethical, corrupt, or illegal conduct and to support sound governance by enabling concerns to be raised without fear of retaliation. It applies not only to employees but also to a wide range of external parties interacting with Salik, such as suppliers, contractors, consultants, and service providers. Reports can be made openly or anonymously and are handled confidentially to the extent possible. Whistleblowers are protected from adverse action, such as demotion, harassment, or discrimination, for raising a concern or cooperating with an investigation.
Should you have any concerns or wish to report corruption incidents or fraudulent activity, please use one of the following reporting channels:
- Compliance and Ethics Hotline +971‑523181299
- Email IAC@salik.ae
The certification followed an independent assessment of the Company’s anti‑bribery and anti‑fraud framework, aligned with relevant governance expectations for listed entities, including CMA and DFM requirements and the UAE Companies Law.
ISO 37001 is an international standard that sets requirements for establishing, implementing, and continuously improving an anti‑bribery management system. For Salik, certification strengthens the consistency of anti‑bribery controls across operations, reinforces accountability within the compliance framework, and supports a structured approach to preventing, detecting, and addressing bribery risks, including through clear escalation and investigation processes.
Conflicts of Interest
The Company’s approach to this topic is preventative: it focuses on early identification, transparent disclosure, and active management of both actual and perceived conflicts.
Salik’s Conflict of Interest Policy provides practical guidance for identifying situations that may give rise to conflicts and establishes measures to prevent them, while clarifying the responsibilities of Salik and those working for or with the Company when conflicts arise. In addition, conflict of interest requirements are also reflected in the Company’s Articles of Association. The policy requires Directors and employees to avoid situations in which personal, business, or financial interests could, or be perceived to, influence their duties and decisions. When an actual or potential conflict exists, it is expected to be disclosed promptly, removed or avoided wherever possible, and the involved person should step away from related discussions and decisions.
The policy, aligned with relevant UAE legislation and the CMA’s corporate governance regulations, establishes procedural safeguards to protect the integrity of decision‑making. Salik maintains a dedicated register to document declared conflicts and the mitigating measures taken. Directors are under an enhanced duty to disclose conflicts as soon as they arise and to abstain from relevant deliberations and voting, with the Board able to structure discussions to preserve independence and quorum where required.
Tax Compliance
Salik applies a systematic approach to tax compliance supported by internal controls and external validation. Tax reporting is completed with the support of tax consultants, while the Finance Department, led by the Financial Controller, conducts regular reviews to ensure accurate accounting and tax remittance before filing via the Federal Tax Authority (FTA) portal. External auditors and tax consultants validate compliance with regulatory standards, and Salik maintains transparent communication with the FTA regarding filings and information requirements.
Given the current VAT profile, monitoring focuses on service revenues, with close attention to accruals and revenue recognition. The Financial Controller maintains regular communication with the Chief Financial Officer and promptly updates him on any developments related to tax compliance.
Ethics and Compliance Training
Ethics and compliance expectations are reinforced through structured learning. Salik implements a Compliance & Ethics Learning and Development Plan, approved by the Audit Committee, with initiatives spanning Code of Conduct workshops, information security and gifts‑related compliance training, simulated phishing exercises, and ISO 37301 certification as a marker of compliance excellence. Training is repeated regularly to address changes in legislation and emerging risks related to corruption, fraud, and other relevant topics.