Conflict of interest policy

The Lloyd’s Register Group recognises the potential for conflict of interest between its independent verification activities and its consultancy activities.

The Lloyd’s Register Group recognises the potential for conflict of interest between its independent verification activities and its consultancy activities.

The Group is committed to managing such conflicts so they do not affect its independence and impartiality.

The range of potential sources of bias or influence which could impact on impartiality is considerable, and in a few cases may be unavoidable. Safeguards can only ensure the risk is managed to be as low as reasonably practicable.

Lloyd’s Register Group’s safeguards address the culture, services and management of service delivery which could create a conflict and prevent an employee from providing an independent and impartial decision.

The safeguards are based on three simple rules:

• No individual ever verifies his or her own work.

• Reporting lines for services resulting in independent verification are separated from consultancy services to at least area or general manager level.

• Managers must be able to demonstrate the competence of employees to whom they assign decision-making tasks.

The management system procedures and controls ensure compliance with this policy. Further information and guidance can be found on the intranet.