CSL Ltd Annual Report 2019

110 More on CSL.com (Our Company > Corporate Responsibility) Ethics and transparency CSL’s Code of Responsible Business Practice (CRBP) underpins our approach to corporate governance. It defines CSL’s values and purpose and fosters a culture that rewards high ethical standards, personal and corporate integrity and respect for others. At CSL, we are committed to conducting all aspects of our businesses in an ethical and transparent way. We deliver this through our unwavering commitment to compliance with all applicable local laws, regulations, guidelines and pharmaceutical industry standards and codes of conduct in the countries where we operate. Each of our employees is responsible for complying with the applicable local laws of the countries in which we operate. In certain aspects of our business, such as the marketing of our products, our relationships with other healthcare professionals and our research and development, we have made further commitments to comply with both local and internationally accepted pharmaceutical industry codes of conduct. We expect third parties with which we work to comply with the applicable local laws and regulations of the countries in which they operate, and to observe all of the principles set out in our Code of Responsible Business Practice. We have internal control systems to ensure financial statements comply with the applicable local laws of the countries in which we operate and to prevent fraud and other improper conduct. Disclosure As a publicly listed company on the Australian Securities Exchange (ASX), CSL has obligations under Australian law and the ASX Listing Rules. Subject to limited exceptions, we must continuously disclose to the ASX information about CSL that a reasonable person would expect to have a material effect on the price or value of CSL securities. We have a policy that sets clear guidelines and describes the actions that the directors and all employees should take when they become aware of information that may require disclosure. We adhere to the ASX Corporate Governance Council’s Guidance Corporate Governance Principles and Recommendations (3rd Edition) through this report, our Corporate Governance Statement (available on CSL.com) and our website. Tax transparency In 2018 we increased our disclosures to provide more information in relation to our international tax footprint, reflecting the global nature of our business. While CSL’s roots are proudly Australian, CSL is a truly global company, with more than 90% of our revenues and profits derived outside of Australia. We are subject to the different tax regimes that apply in each of those countries and comply with applicable taxation laws in all the jurisdictions in which we operate. CSL’s approach to tax is underpinned by our value of Integrity. This is consistent with our commitment to complying with all tax laws in the countries in which we operate. CSL has a low tax risk appetite and does not engage in aggressive tax planning. CSL supports efforts to promote prevention of tax avoidance and tax transparency in order to support a fairer economy and ensure there is confidence in the robustness of country tax regimes. We encourage governments to continue to work together to ensure tax requirements balance compliance administration with a globally consistent approach to implementing Organization for Economic Cooperation and Development (OECD) recommendations. Operating with transparency forms a core part of CSL’s tax management philosophy and as such our annual tax transparency reports can be found on CSL.com. People & culture 93% of CSL global employees and contingent workers completed CRBP training in 2018/19. CSL Limited Annual Report 2019 48 Governance