REG - GlaxoSmithKline PLC - Annual Financial Report <Origin Href="QuoteRef">GSK.L</Origin> - Part 2

GSKAnnouncement

26/02/2015 16:11

- Part 2: For the preceding part double click  ID:nRSZ0110Ga 

we use distributors and agents in a range of activities such as
promotion and tendering which have inherent risks such as inappropriate
promotion or corruption. Insufficient internal compliance and controls by the
distributors could affect our reputation. These risks are further increased by
the complexities of working with large numbers of third parties. 
 
Mitigating activities 
 
It is our responsibility that all activities are performed safely and in
compliance with applicable laws and GSK's values, standards and code of
conduct. Each business unit leadership team retains ultimate accountability
for managing third party interactions and risks, and for appropriately
governing these interactions. When working with third parties, all GSK
employees are expected to manage external interactions and commitments
responsibly. This expectation is embedded in our values and code of conduct. 
 
To help guide and enforce our global principles for interactions with
third-parties we have in place a policy framework applicable to buying goods
and services, managing our external spend, paying and working with our
third-parties. This policy framework applies to all employees and
complementary workers worldwide. The framework is complemented by technical
and local standards designed to help ensure alignment with the nature of third
party interactions, such as good manufacturing practice and adherence to local
laws and regulations. Independent business monitoring of key financial and
operational controls is in place and is supplemented by periodic checks from
the company's independent Audit & Assurance function. 
 
To help enhance continuous monitoring and performance of third party
interactions we established in 2014 the Third Party Oversight programme. This
global programme takes an enterprise view of third party related risks, and
will help strengthen due diligence efforts on third parties and improve
overall management of our third party risks through the lifecycle of the
third-party engagement. Oversight for the programme is provided from GSK's
Global Ethics and Compliance group. 
 
ii) Directors' responsibility statement 
 
Each of the current Directors, whose names and functions are listed below,
confirms that, to the best of his or her knowledge: 
 
1)   the Group financial statements, which have been prepared in accordance
with IFRS as adopted by the EU and IFRS as issued by the IASB, give a true and
fair view of the assets, liabilities, financial position and profit of the
Group; and 
 
2)   the Strategic Report and risk sections of the Annual Report include a
fair review of the development and performance of the business and the
position of the Group, together with a description of the principal risks and
uncertainties that it faces. 
 
 Name                        Function                     
 Sir Christopher Gent        Chairman                     
 Sir Philip Hampton          Chairman Designate           
 Sir Andrew Witty            Chief Executive Officer      
 Simon Dingemans             Chief Financial Officer      
 Dr Moncef Slaoui            Chairman, Global Vaccines    
 Professor Sir Roy Anderson  Non-Executive Director       
 Dr Stephanie Burns          Non-Executive Director       
 Stacey Cartwright           Non-Executive Director       
 Lynn Elsenhans              Non-Executive Director       
 Judy Lewent                 Non-Executive Director       
 Sir Deryck Maughan          Senior Independent Director  
 Dr Daniel Podolsky          Non-Executive Director       
 Urs Rohner                  Non-Executive Director       
 Tom de Swaan                Non-Executive Director       
 Jing Ulrich                 Non-Executive Director       
 Hans Wijers                 Non-Executive Director       
 
 
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