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BROKER CODE OF CONDUCT

1. PURPOSE:

The purpose of the rules is to ensure that ship brokerage activities are performed in accordance with ethical principles.

2. SHIPBROKER’S UNDERTAKING:

The role of the shipbroker is, on the basis of ethical activities, to contribute to the optimum profitability of its principals through marketing of the principal’s needs, services and products. It is also to assist the principal in contract negotiations and assist him while fulfilling the contract.

3. GENERAL PRINCIPLES:

The service description, which has been prepared in association with the introduction of quality assurance in accordance with ISO 9002, specifies the services a principal can normally expect from a shipbroker and describes the shipbroker’s tasks in different phases of an assignment. Furthermore, it presents fragmentary business in relation to Norwegian statutes and law and order with regard to the role of the shipbroker, the duration of the assignment, confidentiality, remuneration, etc. Considerable  importance is attached to the service description by the Norwegian Shipbrokers’ Association’s ethical committee through an assessment of whether a shipbroker’s business and working methods are ethical.

The service description is appended to this set of rules.

4. RELATIONSHIP TO THE PRINCIPAL:

The shipbroker shall strive to ensure the best terms for his principals. He shall always have the principal’s best interests in mind, and must not be led astray to act for his own sake if such action is not in the best interest of the principal. He shall consciously seek to avoid conflicts of interest. If such events arise as a natural consequence of a project, the parties must be informed of this immediately by the shipbroker. It is then up to the principal whether the assignment should be maintained.

5. RELATIONSHIP TO THE OUTSIDE WORLD:

A shipbroker shall not act or express himself on behalf of the industry without being authorised to do so. If a shipbroker makes statements to the public regarding shipping, it must be clearly stated that he is making statements on his own behalf. A shipbroker must always conduct himself towards authorities, the press and others outside the industry in a manner that is conducive to strengthening confidence in the industry and its reputation.

6. RELATIONSHIP TO OTHER COLLEAGUES/OTHER MEMBERS:

Shipbrokers must not attempt to harm colleagues or competing companies by spreading rumours or disseminating fraudulent, misleading, exaggerated or biased information.

7. DISCIPLINARY AUTHORITY AND SANCTIONS:

Rules for the composition and activities of the Ethical Committee, including case processing rules and sanction options, are appended to this set of rules.

 

8. AMENDMENTS TO THE BROKER CODE OF CONDUCT:

The Broker Code of Conduct may be amended upon endorsement by at least 2/3 of the attending member companies at the National Meeting. Decisions can be made at an ordinary or extraordinary National Meeting. Entry into force is determined by the Executive Board.

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