CoC

Code of Conduct

Code of Conduct

Contents

Introduction 4

1. Legislation 5

2. Consumers and Customers 5

3. Employees 6

4. Conflict of interest 7

5. Suppliers Relationship 8

6. Environment 8

7. Integrity of financial reporting 9

8. Communication 10

9. Public Activities 11

10. Competition 12

11. Business Relations 12

12. Protecting confidential information 13

13. Compliance 14

Introduction

The objective of Friesland Foods is to manufacture and market

the company’s dairy- and fruit-based products in such a

way as to create value that can be sustained over the long

term for consumers, customers, shareholders, employees,

business partners and the communities in which Friesland

Foods operates. In order to create this value our first priority

is to be a profitable business and to improve the quality of

sales and profitability by increasing the proportion of total

sales attributable to differentiated branded products.

Friesland Foods recognizes that maintaining the trust and

confidence of shareholders, employees, consumers, customers

and other people with whom we do business, as well as the

communities in which Friesland Foods’ companies work, is

crucial to realize our objective.

We intend to merit this trust by conducting ourselves according

to the principles set out in this Code. It is the responsibility

of the management to ensure that all employees are aware of

these principles and behave in accordance with them.

Friesland Foods conducts its business with honesty and

integrity. We expect the same in our relationships with all

business partners.

1. Legislation

Friesland Foods companies are required to comply with the

law and regulations of the countries in which they operate in

pursuit of their legitimate commercial objectives.

2. Consumers and Customers

Friesland Foods aims to create value for consumers and customers

that can be sustained over the long term by offering a

wide range of high quality and safe dairy- and fruit-based

products.

Friesland Foods ensures that the products meet at least all

agreed or legally required standards for consumer health and

safety. In order to assure that Friesland Foods manufactures

safe and high quality products, Friesland Foods’ Food Safety

System has set high standards for raw materials, ingredients

and manufacturing- and packaging processes.

Friesland Foods has transparent and effective procedures

that address consumer complaints and contribute to fair and

timely resolutions of consumer disputes.

3. Employees

Friesland Foods regards its management and employees as

its most valuable assets. Involvement at all levels starts with

open communication, whether on specific aspects of the

business or about the activities of the company in general,

provided that this information is not of confidential nature.

The degree of current and future success to be enjoyed by

Friesland Foods depends largely on the quality of its

employees. For this reason, Friesland Foods wants to offer an

attractive, challenging and inspiring working environment

where employees are encouraged to develop themselves

both professionally and personally. This vision can only be

achieved with high-class employees; employees with the

motivation and the ability to secure competitive advantage.

Friesland Foods respects the human rights as a universal

standard. In countries where Friesland Foods’ companies are

present, human rights are supported when necessary, consistent

with the host government’s international obligations

and commitments and in accordance with what reasonably

can be expected from a commercial organization.

Code of Conduct

Within the framework of applicable law, regulations and prevailing

labour relations and employment practices, Friesland

Foods

• Refrains from any form of discrimination against employees

with respect to, employment or occupation on such ground

as race, colour, sex, religion, political opinion, national

extraction or social origin;

• Respects the right of its employees to join legally

recognized labour unions;

• Precludes the use of child labour and forced or

compulsory labour.

Friesland Foods is committed to provide a clean and safe

working environment for its employees in accordance with

best practice. Management and employees of Friesland Foods

have a duty to take every reasonable precaution to avoid

injury to themselves, their colleagues and members of the

public.

4. Conflict of interest

Friesland Foods requires its employees to avoid personal

activities and financial interests, which could conflict with

the execution of their jobs.

5. Suppliers Relationship

Friesland Foods aims to deal only with reputable suppliers

who are willing to apply Friesland Foods quality- and food

safety standards. Supplier relationships are benchmarked

and evaluated with the objective of striving for continued

improvement in the area of quality, service, etc.

6. Environment

Friesland Foods is committed to running its business in an

environmentally sound and sustainable manner.

Friesland Foods wants to achieve that its processes and

products have a minimal adverse environmental impact,

commensurate to its business activities. A systematic

approach is used towards environmental management in

order to achieve continuous improvement of the environmental

performance. In this way Friesland Foods contributes

to sustainable development by meeting the needs of the

present without compromising the ability of future

generations to meet their own needs.

Friesland Foods integrates its environmental policies and

programs into its business as an element of management.

Friesland Foods monitors on a yearly basis its environmental

performance.

7. Integrity of financial reporting

Friesland Foods’ accounting records and supporting documents

must accurately reflect the nature of the underlying

transactions in accordance with established accounting

standards. Friesland Foods is committed not to engage in any

conduct or to make any arrangements that result in a false or

artificial entry on any record, including employee expense

records. No undisclosed or unrecorded account, fund or asset

will be established or maintained.

Records must be maintained in all respects according to law,

the accounting principles and the policies and procedures

that Friesland Foods has adopted.

Friesland Foods will not knowingly evade tax obligations. All

taxable benefits, which employees may receive, will be listed

and declared for tax purposes.

8. Communication

Friesland Foods ensures that timely, regular, reliable and relevant

information is disclosed regarding its activities, financial

situation and performance.

Friesland Foods is and will continually be faced with social

and ethical issues. Friesland Foods actively participates in

these discussions.

Stakeholders may at any time address the company with

regard to its business conduct, as Friesland Foods is committed

to open communication with all stakeholders.

Friesland Foods has an open attitude to provide information,

as long as it doesn’t concern confidential information and as

long as the requested information can be provided against

reasonable costs.

9. Public Activities

Friesland Foods neither supports political parties, – organizations

or their representatives, nor contributes to the funds of

groups whose activities are intended to promote party interests.

In order to promote or defend Friesland Foods’ legitimate

business interests, management and employees of Friesland

Foods are encouraged, either directly or through bodies such

as trade associations, to raise questions and discuss government

actions or decisions.

Management and employees are encouraged to co-operate

with governments, agencies, officials and other organizations

in the development of proposed legislation and other regulations,

which may affect such legitimate interests.

Management and employees are also encouraged to

respond to requests from governments and other agencies

for information, observations or opinions on issues

relevant to the business and the community in which

Friesland Foods operates.

10. Competition

Within the framework of applicable laws and regulations

Friesland Foods conducts its activities in a fair and

competitive manner.

11. Business Relations

In many industries and countries, gifts and entertainment are

used to strengthen business relationships. Throughout the

world, one principle is common and clear: No gift, favour, or

entertainment will be accepted or provided if it will obligate or

appear to obligate the recipient.

Gifts or entertainment may be provided if they are reasonable

complements to business relationships, or of modest value,

and, in any event, not against the law or the policy of the

recipient’s company. The same applies to relations with

government officials. Giving cash or cash equivalents is not

allowed under any circumstances.

Accepting occasional gifts and entertainment may be appropriate

in developing business relationships. Gifts and entertainment

should further the business interests of Friesland

Foods and not be lavish or in excess of the generally accepted

business practices of one’s country and industry. Requesting

or soliciting personal gifts, favours, entertainment, or services,

is unacceptable. Accepting gifts of cash or cash equivalents is

also always unacceptable. Additionally, employees may not

exploit their position to solicit vendors, including financial

institutions, to provide individual preferential treatment in

pricing, terms, or loans.

If gifts and entertainment, whether provided or accepted,

involve any travel expenses or appear to be lavish or excessive,

an employee is required to obtain written approval from the

General Manager or the Board of Management in advance.

12. Protecting confidential

information

Employees of Friesland Foods companies must make sure

that confidential information is preserved and protected.

Confidential information is information that is exclusive to

the organization and either gives or could give Friesland

Foods a competitive advantage. It is information that could

lead to the loss of an existing competitive advantage, if it

became known in the public domain. This kind of information

may not be revealed to anyone outside the organization.

13. Compliance

This code applies to all Friesland Foods companies in all

countries where they operate.

It is the responsibility of the Board of Management of

Friesland Foods to ensure that the principles embodied in this

Code are communicated to, understood and observed by all

employees.

The general principles contained in this Code are the bedrock;

for several principles compliance is covered through the

policies and procedures that already exists and/or further

will be developed.

Friesland Foods’ compliance with its Code is regularly monitored.

Findings and recommendations are reported to the

Board of Management.

Friesland Foods

Blankenstein 142

7943 PE Meppel

The Netherlands

T +31 522 276 276

F +31 522 276 444

http://www.frieslandfoods.com

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