Our Social Policy and Human Rights Policy sets our standards for social responsibility, community engagement and investment, local capability, and human rights.
The Human Rights policy commits Pharos to conducting its business in accordance with the fundamental principles of human rights set out in the Universal Declaration of Human Rights and reflects the terms of both the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights. Together with our Security Policy, it sets out our commitments to align with the Voluntary Principles on Security and Human Rights. We respect indigenous rights and cultures of the communities where we operate.
Our human rights due diligence includes processes to address, monitor and communicate actual or potential impacts. For Egypt, all our corporate policies including the Policy on Human Rights have been translated into Arabic for dissemination locally. In accordance with the UK Modern Slavery Act, Pharos reports annually on the steps it has taken to mitigate the risk of modern slavery occurring in any part of its business.
Financial support to Tran Hung Dao Commune’s People Committee
In 2020, donations were made via the HLHVJOC Charitable Donation Programme to Tran Hung Dao Commune’s Medical Clinic in Ly Nhan district, Ha Nam province to buy needed medical equipment such as endoscope and ultrasound machines
Water well system for Hung Binh Commune & DakNong Province
In 2020, Pharos provided financial support via the HLHVJOC Charitable Donation Programme for the drilling well systems serving clean water in Hung Binh commune and Nguyen Trai’s secondary school in DakR’lap district, DakNong province.
Community and social investment
Pharos remains committed to creating value for host countries and local communities as well as for staff and shareholders. We understand that our success is reliant upon building strong relationships and being welcomed as a responsible partner in our host communities. We invest in social projects for the long-term benefit.
In Vietnam, we continue to invest in the local community through the HLHVJOC Charitable Donation Programme. While the yearly contributions from HLHVJOC Foreign Partners for community and social projects are always $200,000, historically, HLHVJOC charitable donations are always in excess of this. The additional contributions in 2020 were raised by staff through fundraising event and from various donations by expat members, anytime during the year when there are unforeseen typhoons or national disasters that cause widespread devastation, such as flooding and landslides destroying infrastructure, houses, livestock, and crops. Additionally, staff’s donations are matched by HLHVJOC and then added to the total budget.
In 2020, in addition to the training levy of $300,000 per year in a ringfenced fund to support developing future Vietnamese expertise in the industry, a further $236,754 was invested in 9 community and social projects. These donations have been used to assist the overall development of underprivileged rural areas in Vietnam, and were specifically designated for healthcare, education, environmental development and the assistance of flood victims in the Central Highlands region.
In Egypt, under the El Fayum and North Beni Suef Concession Agreements, the Company contributes a total of $200,000 per year split equally between the two Concessions to support training and development within the industry. Additionally, social investment has involved supporting the local community in COVID-19 measures.
We support local capacity building during the exploration or development phases of a project to ensure a positive imprint and legacy. All our licence agreements include a high degree of local content, which commits us to hire locally where possible and provide training to develop new skills. Our policy commits us to provide meaningful opportunities for technical cooperation, training and capacity building within any host country in which we operate.