Compliance
Mitsubishi Power Europe consists of Mitsubishi Power Europe, Ltd. and Mitsubishi Power Europe GmbH and their branches and subsidiaries.
Compliance within our Group:
It is the objective of Mitsubishi Power Europe to conduct all business relations in an ethical and professional manner. This includes compliance with legal and internal regulations, avoiding conflicts of interest and protecting the company's assets and reputation. The company always takes into account customs, traditions and social values of the countries where it does business. Misconduct and workarounds are not in the interest of the company and will not be tolerated.
Code of Conduct:
The Code of Conduct contains important rules of behavior which help answering ethical and legal questions in daily business and in strategic decision-making processes.
In April 2015 the Mitsubishi Heavy Industries (MHI) Board of Directors adopted a global policy detailing their Code of Conduct. As a global company, MHI employs thousands of individuals from different backgrounds, nationalities and cultures. This diversity of talent and perspectives is one of our greatest assets. At the same time, however, MHI as a company must operate with a single corporate culture that enables it to compete successfully in the global market while maintaining its reputation as a company of high integrity and ethics. The Code of Conduct describes how MHI group companies and employees should conduct themselves.
As group companies of MHI, Mitsubishi Power Europe (including its branches and subsidiaries), have formally adopted the MHI Group Global Code of Conduct. Please click on the link below to access the Code of Conduct:
Modern Slavery and Human Trafficking Statement:
Please click on the link below to view the Mitsubishi Power Europe, Ltd. Group Modern Slavery and Human Trafficking Statement for the financial year ending 31 March 2023 pursuant to section 53 of the UK Modern Slavery Act 2015.
This statement has been approved by the Board of Directors of Mitsubishi Power Europe.
Compliance Office and Whistleblowing:
Mitsubishi Power Europe is committed to conducting its business with honesty and integrity and expects all staff to maintain high standards.
Compliance infringements may harm the company therefore we encourage staff and other stakeholders to report suspected wrong doing in a timely manner. Whistleblowers should be aware that concerns will be taken seriously and investigated appropriately in confidence. Early awareness of potential issues allows us to take appropriate corrective actions and mitigate the risks for the company, our employees and other stakeholders.
If you have a genuine concern or question regarding Compliance at Mitsubishi Power Europe, we encourage you to contact the persons in charge by using the email addresses below:
Louise Foster, Senior Manager Internal Control and Compliance
Mitsubishi Power Europe Ltd.
Andreas Engelhardt, Head of Compliance & Internal Controls
Mitsubishi Power Europe GmbH
or
All incoming messages, documents and conversations will be treated strictly confidential.
The whistleblower does not need to fear any sanctions due to disclosure of information, as long as she / he acted in good faith. This shall not apply if knowingly false information is being submitted.
Mitsubishi Power Europe, Ltd. Tax Strategy Introduction
Mitsubishi Power Europe, Ltd. is the head of the Mitsubishi Power European business group.
Mitsubishi Power Europe is a 100% subsidiary of Mitsubishi Heavy Industries, Ltd. in Japan.
The principal activity of Mitsubishi Power Europe is the provision of after-sales service of power generation equipment and systems in relation to customers with conventional and gas power plants in Europe, the Middle East and Africa (EMEA) to ensure optimum reliability and operation of their plants. The Company’s advanced technology provides industry leading levels of reliability, performance and efficiency, contributing to the continued decarbonization of energy supplies.
Risk management and governance arrangements
We identify and manage tax risks appropriately. We implement measures including controls over compliance processes and monitor their effectiveness.
Tax risk is managed through Mitsubishi Power Europe’s internal policies & processes. Where necessary, we seek advice and support from external advisors.
The tax affairs of the EMEA group are managed by appropriately qualified personnel led by the Tax Director reporting to the Chief Financial Officer (CFO). They are suitably qualified for the roles they perform and as necessary we support any training requirements.
Tax controls are in place to mitigate tax risks. An example of this is the preparation and review of tax returns by internal and external parties. We use appropriate software to complete tax returns.
On any significant areas of tax risk/uncertainty, board members including the EMEA CFO are involved in the decision making process.
Level of tax risk
Mitsubishi Power Europe takes a low tax risk approach to manage its commercial business in the EMEA region.
Mitsubishi Power Europe does not engage in any tax efficient planning without commercial substance or tax planning that may entail material tax risks. This approach is communicated and widely understood by the business.
Attitude to tax planning
Mitsubishi Power Europe does not engage in artificial tax arrangements. Mitsubishi Power Europe adheres to relevant tax law and seeks to minimize the risk of tax uncertainty or tax disputes.
Mitsubishi Power Europe manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
Relationship with tax authorities
It is Mitsubishi Power Europes general approach to seek to maintain transparent and open relationship with UK tax authorities & other tax authorities in the EMEA region.
We submit tax returns according to statutory time limits and engage with tax authorities where appropriate.
Mitsubishi Power Europe is committed to prompt disclosure and transparency in all tax matters with all tax authorities. We aim to work collaboratively with tax authorities to resolve any disputes.
Date Published: 01/04/2023
This Tax Strategy is published in compliance with the requirements of UK law under Schedule 19 of Finance Act 2016.