Introduction
Koliber Energy Trading Sp. z o.o. recognizes that it is essential to maintain our integrity as a company
and as individuals. We have enacted this Code of Conduct to provide guidance to every employee,
director or officer (the “Employee”, the “Employees”). Contractors and consultants who are our
agents or working on our behalf or in our name will be required to act consistently with the Code of
Conduct when acting on our behalf.
This Code of Conduct describes the behavior Koliber Energy Trading Sp. z o.o. expects of an Employee
and what an Employee can expect of Koliber Energy Trading Sp. z o.o. This Code of Conduct does not
include company’s every principle and policy and is not specifying detailed rules but rather is a
collection of the most important principles. It is a must-read and a must-follow for all Employees.
Every Employee is expected to acknowledge and comply with this Code of Conduct as well as all the
other principles by which Koliber Energy Trading Sp. z o.o. conducts its business. Adherence to and
compliance with this Code of Conduct and all company’s policies is a condition of employment. This
Code of Conduct does not, nor is it intended to, contain contractual promises or constitute a contract
or guarantee of continuing employment between our company and its Employees.
Koliber Energy Trading Sp. z o.o. expects from all Employees a high level of ethical behavior, integrity,
transparency and full compliance with all applicable laws and regulations of the countries in which
Koliber Energy Trading Sp. z o.o. operates as well as all company principles, policies and guidelines.
All company principles, policies and guidelines are accessible to all Employees. Employees are
introduced to this information platform and it is their duty to familiarize themselves with the
requirements and keep up to date.
All Employees have a responsibility to accept personal invitations to training on the topics highlighted
in this Code of Conduct.
Koliber Energy Trading Sp. z o.o. may at any time amend or revise the Code of Conduct, company’s
principles, policies and regulations without providing the Employees prior notice. Furthermore,
Employees will be required to comply with any principles, policies and procedures which may be
announced in the future.
Non-compliance with this Code of Conduct and/or with other company principles, policies and
regulations may result in disciplinary action, including termination of employment, prosecution as
well as other legal action.
Fighting Corrupt Practices
Koliber Energy Trading Sp. z o.o. does not tolerate bribery, corruption, market abuse/manipulation,
fraud or money laundering. You must also avoid any real or potential conflict of interest or the
appearance of a conflict.
It is important to be aware that even unsubstantiated claims of corruption can damage reputations
and business.
Koliber Energy Trading Sp. z o.o. expects from each Employee to speak up when he/she has concerns
about an allegedly violation of this Code of Conduct and/or any other company’s rules.
Compliance Training
The legal service will organize training sessions for the Employees on topics highlighted in this Code
of Conduct. All Employees have a responsibility to accept personal invitations to such training
sessions. Furthermore Employees may also request training on specific compliance issues of concern.
Speak Up
Because no code of Code of Conduct can cover every possible situation Koliber Energy Trading Sp. z
o.o. encourages and relies on each Employee to use basic common sense and high ethical standards
and to speak up when he/she has questions and concerns. An Employee can do so by talking directly
to the person allegedly violating this Code of Conduct and/or any other company’s rules. An
Employee can also do so by reporting or talking to his/her superior, any senior Koliber Energy Trading
Sp. z o.o. person with whom the Employee feels comfortable, or can contact the legal service
directly. The legal service will promptly respond to issues raised.
Koliber Energy Trading Sp. z o.o. will not tolerate retaliation for reports made in good faith by an
Employee. Any act of retaliation should be reported immediately and will be promptly investigated
and addressed.
Retaliation against any Employee for the good faith reporting of violations of laws, rules, regulations
or this Code of Conduct may be cause for appropriate disciplinary action, including termination of
employment of those who retaliate against the reporting Employee.
Our People
Our people are key to Koliber Energy Trading success. Koliber Energy Trading treats every Employee
with fairness, respect and dignity.
When we respect and value one another we succeed individually and as a company. We all have a
role in maintaining a corporate culture based on respect and fairness. We accomplish more when
people from diverse backgrounds and with different talents and ideas work together in environment
where everyone can contribute and make full use of their talents.
Koliber Energy Trading Sp. z o.o. will not tolerate harassment or any action, conduct or behavior
which is humiliating, intimidating or hostile.
Our Business Partners
Koliber Energy Trading Sp. z o.o. adopts a long-term perspective to business and strongly believe in
long-term partnership opportunities. Our business partners are essential to our ability to do business.
Koliber Energy Trading Sp. z o.o. seeks to work with others who share our core values and business
principles. Koliber Energy Trading Sp. z o.o. will only do business with counterparties approved by the
objective counterparty due diligence process.
Koliber Energy Trading Sp. z o.o. works with its business partners in an honest and responsible way,
which has earned it trust and respect within the industry. Koliber Energy Trading Sp. z o.o. does
clearly communicate its relevant expectations and agree contractual obligations where applicable.
Any indication that a supplier or business partner is not complying with applicable laws or their
contractual obligations shall be reported to the Board, which will take the appropriate measures if
our business partners do indeed not meet those expectations or obligations.
Gifts and Entertainment
Koliber Energy Trading Sp. z o.o. expects its Employees not to accept or provide gifts or
entertainment in return for any business, services or confidential information, or if the intent is to
bias a decision.
Employees may accept or provide only common courtesies which are deemed acceptable within our
industry and normally associated with ethical business practices. Such courtesies not to influence or
appear to influence sound business judgement. Particular caution must be applied when dealing with
government or administrative officials.
Some gifts and entertainment are never acceptable as they may be illegal or could damage Koliber
Energy Trading Sp. z o.o. reputation such as anything that could be seen as a bribe or that is
indecent or improper. If in doubt an Employee should consult his supervisor or the Board.
Bribery and Corruption
Bribery occurs when you offer, pay, seek, facilitate, or accept a payment, gift or favor to influence a
business outcome improperly. Bribery and corruption – whether involving government officials, or
commercial entities, including joint ventures – can be direct or indirect through third parties like
agents and joint venture partners. Facilitation payments are bribes and must not be paid.
Koliber Energy Trading Sp. z o.o. complies with all applicable anti-bribery and corruption laws and
regulations and does not tolerate any violation of it. Please note that even an Employee turning a blind eye to his/her suspicions of bribery or corruption can result in liability for the company and for
him/her personally.
Koliber Energy Trading Sp. z o.o. expects from its Employees to keep accurate books and records that
payments are honestly described and Koliber Energy Trading Sp. z o.o. funds are not used for
unlawful purposes.
An Employee has to follow the Koliber Energy Trading Sp. z o.o. counterparty due diligence process
and to ensure that our business partners understand that bribery and corruption is unacceptable.
Market Abuse
Antitrust and competition laws protect free enterprise and prohibit behavior that constitute
unreasonable restraints of trade or that restricts fair competition. Antitrust laws combat illegal
practices like price-fixing (or any element of price), market-sharing or bid-rigging conspiracies, or
behaviors that aim to achieve or maintain monopoly.
Koliber Energy Trading Sp. z o.o. fully complies with all applicable antitrust laws and does not
tolerate any violation of it. Employees must not participate in any activity that could in any way
undermine, or appear to undermine, the competitive nature of the industry or to artificially establish
product prices independent of the market.
Anti-competitive behavior will damage Koliber Energy Trading Sp. z o.o. business and reputation for
fairness and honesty. Competition and antitrust laws are complex and often fact specific. For this
reason if you have any questions consult the your supervisor of the Board.
Sanctions and Export/Import Controls
Trade and financial sanctions and export/import controls are imposed by a variety of countries and
organizations against other countries, entities, persons, commodities and assets. Sanctions are
complex and by their nature frequently updated with restrictions being added and/or removed.
Any Employee considering or being involved in business dealings with a sanctioned country, entity,
person, commodity or asset must ensure compliance with applicable trade laws including but not
limited to US economic sanctions.
It is the responsibility of a trader to verify with the legal service the compliance of his/her transaction
with sanction restrictions. This must be done before a new transaction is concluded and periodically
on ongoing transactions.
Every Koliber Energy Trading Sp. z o.o. Employee is obliged to immediately report to the legal service
any concerns on sanctions compliance he might have with a transaction.
Money Laundering
Money laundering occurs when the criminal origin or nature of money or assets is hidden in
legitimate business dealing or when legitimate funds are used to support criminal activities, including
the financing of terrorism. Trade based money laundering can include moving illicit goods, falsifying
documents, misrepresenting financial transactions, and under- or over-invoicing the value of goods.
Offences covered by anti-money laundering legislation include: prejudicing or obstructing an
investigation and failing to report suspicious activity.
Koliber Energy Trading Sp. z o.o. must conduct appropriate counterparty due diligence to understand
the business and background of our prospective business partners and to determine the origin and
destination of money and property.
Suspicious transactions or incidents of money laundering must be reported. Failure to do so can lead
to fines, dismissal or imprisonment.
Conflict of Interests
A conflict of interest may occur when an Employee’s personal interests or activities affect or appear
to affect his/her ability to make objective decisions for Koliber Energy Trading Sp. z o.o..
Employees have a duty to advance the legitimate interests of Koliber Energy Trading Sp. z o.o.
whenever a business opportunity arises.
Employees are prohibited from directly or indirectly competing with Koliber Energy Trading Sp. z o.o..
No Employee shall use for his or her own purposes (or the unauthorized use of third parties) any of
the Koliber Energy Trading Sp. z o.o. property or information. Such information includes, but is not
limited to data, contracts, intellectual property, and other documents of a confidential or proprietary
nature.
Koliber Energy Trading Sp. z o.o. expects from all Employees to be proactive in managing conflicts of
interest. For example to withdraw from decision-making that creates, or could be perceived to
create, a conflict of interest or to disclose situations that might create a conflict, or even the
appearance of a conflict. Once disclosed Koliber Energy Trading Sp. z o.o. will then have the
opportunity to better address the situation.
Political Activity
Koliber Energy Trading Sp. z o.o. does not support or make payments to any political candidate,
political campaign or political party.
Personal political activities can sometimes create a conflict with Koliber Energy Trading Sp. z o.o.. An
Employee should talk to his/her superior if he/she or a close relative are planning to accept or seek a
public office, or if any other political activity might have an impact on Koliber Energy Trading Sp. z
o.o. or on his/her job.
Speaking to the Media
It is essential that our public communications, in whatever format, are clear, accurate, consistent,
responsible and not misleading.
Only persons authorized by the Board of Directors can talk to the media. All media inquiries should
be directed to, and will be coordinated by, the legal service.
External presentations can be an excellent way to share our expertise with others. The acceptance of
any invitation and content of the presentation is subject to approval by the legal service.
Koliber Energy Trading Sp. z o.o. recognizes that a regular dialogue of its traders with market
participants and/or industry price reporting agencies such as Platts and Argus on general
market/trading issues is essential and does not require an approval by the the legal service.
Business Communications
Your communications are a reflection on Koliber Energy Trading Sp. z o.o..
In the world we live in, any and all written communications are at risk of becoming public. It is
important to remember that we might be ordered to disclose all documents in court and arbitration
proceedings even if detrimental to our case.
Koliber Energy Trading Sp. z o.o. expects from its Employees that all written communication meets a
high stand of accuracy, relevance and professionalism and that all transactions are properly
authorized, recorded and reported, as required. Inappropriate, inaccurate or careless communication
can create serious reputation, liability and compliance risk for Koliber Energy Trading Sp. z o.o..
Keeping Records
A record contains information that is evidence of a business activity or required for legal, tax,
regulatory and accounting purposes or is important to Koliber Energy Trading Sp. z o.o. business or
corporate memory.
It is the content which determines a record and not its format. Records include but are not limited to
contracts, audit reports, financial information, product specifications, commercial negotiations,
operational communications, and corporate policies and guidelines.
Accurate and complete business records are valuable company assets and must be properly
managed. Koliber Energy Trading Sp. z o.o. follows applicable laws and Koliber Energy Trading Sp. z
o.o. requirements when creating, maintaining, retaining or destroying documents, including those in
electronic formats.
Confidentiality
All Employees must maintain and protect the confidentiality of the Koliber Energy Trading Sp. z o.o.
trade secrets, knowhow and written information, such as internal reports, policies, procedures or
other internal business-related confidential communications (“Confidential Information”).
No Employee shall disclose Confidential Information to any third party except with Koliber Energy
Trading Sp. z o.o. prior written consent and/or if required to do so by law.
Amendments to the Code of Conduct
Koliber Energy Trading Sp. z o.o. Board of Directors is responsible for approving and issuing the Code
of Conduct. The Code of Conduct will be periodically reviewed by Koliber Energy Trading Sp. z o.o. its
legal service to determine whether revisions are necessary in light of changes in the law, and to
ensure that the Employees meet the high ethical and legal standards Koliber Energy Trading Sp. z o.o.
expects. Koliber Energy Trading Sp. z o.o. Board of Directors will be responsible for approving any
revisions to the Code of Conduct.
