The Business Principles Manual is intended to be used in one of two ways:-
Where a JV (or JV operating company) has already developed its own set of business principles and policies, CP 7.01A Business Principles Manual can simply be used as a gap analysis against existing business principles and policies. CP 7.01D Business Principles Manual – Review Form is provided for this purpose (see Attachment 2).
Where a JV (or JV operating company) does not already have its own set of business principles and policies, it is recommended to use the CP 7.01A Business Principles Manual ‘Word’ document as a template. It is recognized that a JV will need to adapt some of the business principles to suit local legislative requirements and its own unique circumstances. Sections that are most likely to require adaptation are highlighted in [square brackets]. Some of the business principles, such as JV Core Principles, are recognized industry best practice for JVs and throughput locations and should be adopted without change. The Business Principles Manual has been written in a style that should be suitable to be read by anyone carrying out work for the JV including: JV Participants, Management, employees, contractors and Third Parties.
3. CP 7.01B Business Principles Manual Management Guidance on Intent and Application – this presentation training pack provides guidance information for Management to assist them in understanding the intent of the Business Principles Manual so that they can be appropriately applied to their own JV’s specific circumstances. JVs should seek advice from Participants where it is not clear how to apply the Business Principles guidance to the JV’s specific circumstances.
4. CP 7.01C Business Principles Annual Compliance Audit – this document sets out a number of audit questions to help the JV Manager produce an annual compliance statement confirming that the JV is complying with its own Business Principles. This compliance statement can then be approved by the JV Board / Management Committee and circulated to the JV Participants as one of the JV’s annual assurance processes. Having an industry agreed compliance audit should satisfy all JV Participants and avoid JVs having to complete unique individual compliance statements for each JV Participant.
5. CP 7.01D Business Principles Manual – Review Form – this document can be used by JVs to complete a gap analysis against their existing business principles and policies.
Implementation Plan, JV Training and Resources Required for Implementation
By 30th June 2015, or other date if considered more appropriate by the JV Board / Management Committee, the JV Board / Management Committee should plan to have a JV Agreement and business policies that comply with the Business Principles and local and international laws including ABC, AML and ITS.
CP 7.01B Business Principles Manual Management Guidance on Intent and Application provides basic training on the Business Principles. JVs should seek advice from their JV Participants where it is not clear how to apply the Business Principles guidance to the JV’s specific circumstances.
Monitoring Effectiveness of Implementation of the Common Process
Effectiveness of implementation and continued compliance with the JV’s Business Principles will be monitored by including completion of the annual CP 7.01C Business Principles Compliance Audit into the JV’s own audit programme.