Global Anti-Corruption and Anti-Bribery Policy

Objective

Persistent is committed to the prevention of corrupt business practices such as fraud, bribery and corruption. Persistent acts professionally, fairly and with integrity in all business dealings, business relationships, operations, and works towards implementing and enforcing effective systems to counter bribery, corruption and allied practices. This is in alignment with Persistent principles to conduct its business activities with honesty, integrity and with the highest ethical standards across its global locations. It also enforces its business practice, of not engaging / being part of or supporting corrupt business practices in any form.

Applicability

This policy applies globally to Persistent, including all its subsidiaries (including step-down subsidiaries), affiliates, and associated companies and facilities that Persistent manages (collectively referred to as ‘Persistent / Persistent group’). It encompasses all employees, including part-time, contractors, applicants for employment, trainees, retainers, consultants, visitors, anyone connected with Persistent’s business, its suppliers, vendors, partners, and customers (hereinafter referred to as ‘Associates’). Furthermore, Persistent expects its suppliers, vendors, partners, and customers to adhere to these principles and adopt similar or equivalent policies in their businesses. This policy is gender neutral and is aimed at protecting the interests of all individuals to whom this policy is applicable. Persistent shall ensure that the constituents of this policy are upheld across all business operations, contractors and partners.

Purpose and Scope

The purpose of this policy is:

• To create, put forth and follow a strong anti-bribery and anti-corruption culture that persists throughout the organization.
• To achieve ‘zero tolerance’ approach towards bribery and corruption and relentlessly combat, control, suppress and prevent corruption through creating awareness and taking punitive actions in case of breach of this policy directly or indirectly.

Persistent follows the applicable anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, the UK Bribery Act, the India Prevention of Corruption Act, and other laws that apply in the various countries where Persistent does business.

Persistent complies with all applicable anticorruption laws and have a zero tolerance for bribery or any other activity that violates these laws.

Definitions

Anti-bribery and Corruption Laws
Anti-bribery and corruption laws means any and all laws, as amended, that restrain the practices of Bribery and Corruption to which is subject to, including the following anti-bribery and corruption laws but not limited to United States Foreign Corrupt Practices Act 1977 (FCPA), General Prohibition and Recruitments under FCPA, UK Bribery Act 2010 (UKBA), India’s Prevention of Corruption Act, 1988 (PCA) and all other acts and regulations as applicable to respective geographies.

Bribery
Bribery refers to the offering, giving, receiving, or soliciting of anything of value — such as money, gifts, or favors, any other advantage — with the intention of influencing the actions or decisions of an individual in a position of trust. This underhanded exchange is generally used to sway decisions in favor of the giver of the bribe. The core of bribery lies in the intent to subvert the normal decision-making process, creating an unfair advantage and corrupting the integrity of the system. In other words, bribery is distinguished by its “quid pro quo” which means “benefit to the bribe-giver” or “providing anything of worth.” This includes any advantage provided to a close family member or other closely connected person of the public official or private individual.

Facilitation Payments
Facilitation payments is a financial payment that may constitute a bribe and is made with the intention of expediting any administrative process. It is a payment which is generally made to a public or government official that acts as an incentive for the official to complete some action, process expeditiously, or omit some action to the benefit of the Company or its representatives making the payment. This includes any such payment made directly or indirectly through agent or any other third-party.

Corruption
Corruption is a broader term that encompasses dishonest or unethical conduct by a person entrusted with a position of authority, typically to acquire personal benefit. Public officials, members of the government or any person whether or not in an authoritative position including private sector, do a specific action with the intent to benefit themselves personally rather than the general public. Because there isn’t a direct exchange of products or services between the parties, the absence of a reciprocal connection is crucial. This includes acts such as bribery, embezzlement, fraud, lobbying, breach of trust, and abuse of power, all of which compromise the integrity and ethical standards of business operations.

Anything of Value
Anything of Value means things of value, includes things including but not limited to cash (including physical as well as virtual), cash equivalents such as gifts, gift cards and vouchers,

merchandise, hospitality, meals, goods (including stationary items and personal care items), services, entertainment, airfares, transportation, accommodation, training expenses, conference tickets, sightseeing tours, favors, employment or internship opportunities, donations, discounts, loans or promises of future employment, sale of stock or other investment opportunities other than in an arm’s length transaction, contracts or other business opportunities awarded in which any official including foreign official holds a beneficial interest, medical, educational, or living expenses, recommendation to an educational institution for the child, etc.

For purpose of clarity, business gift does not include a farewell gift given to an employee leaving the organization which expenses are contributed by team members of the respective team.

Improper Advantage
Improper advantage covers any improper payment made in a business context. For example, payment or giving things of value to “any official including foreign officials”, directly or indirectly, in order to accomplish prohibited actions such as imposition of a large tax or fine, or the cancellation of an existing government contract or contractual obligation, to obtain a license or other authorization from a government, to obtain confidential information about business opportunities, bids or the activities of competitors, to obtain the right to open an office, to secure a zoning ruling or to influence the award of a government contract, to influence the rate of taxes that would be levied on the business, to obtain relief from government controls, to affect the nature of regulations or the application of regulatory provisions.

Government Official
The Government officials include any individual or group of people acting in an official capacity for or on behalf of the Government department, agency or instrumentality of state (any entity determined to be partially or wholly government / state ownership, control, status and function) of such a government, including but not limited to public international organizations.

Foreign Official
The term ‘‘foreign official’’ means any officer or employee of a foreign government or any department, agency, or “instrumentality” (it includes ‘departments’ or ‘agencies’ which are not of a foreign government but nevertheless carry out governmental functions or objectives) thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization.

Public International Organization
The term public international organization includes such organizations as the United Nations, the World Bank, the International Finance Corporation, the International Monetary Fund, and the Inter-American Development Bank. Any employee or director of these organizations will be a “foreign official” under the Foreign Corrupt Practices Act, 1977.

Gifts
The gift includes all gifts of products, services, cash or cash equivalents, in kind, transfer of any movable or immovable property, etc. which may be provided in direct way or indirect way (such as cheques, travelers cheques, gift cards, gift certificates, vouchers, loans and shares) and all business courtesies, gratuities, discounts, favors, promotional expenses and other things of value for which the recipient does not pay fair value.

Exception: Hospitality (including Company-sponsored networking events) and/or gifts provided by Persistent to customers or third parties such as branded merchandise or promotional items must comply with applicable local laws and regulations, including any prescribed value limits.

Token Gifts
This term means any gift which is received or given on the occasion of festivals, or as a courtesy which is of nominal value (as defined in the “Standard Operating Procedure (SOP) on Accepting / Providing Gifts – Annexure I”. No approval is required from P&OD Team – HR Compliance with respect to token gifts.

Hospitality
Includes all meals, drinks, entertainment, recreation (such as tickets or invitations to sporting or cultural events, corporate events, business events, networking events), travel, accommodation (such as hotel stays) and other forms of hospitality which are of value and for which the recipient does not pay fair value. Hospitality also includes the reimbursement of promotional expenses, such as travel and accommodation expenses which are not payable in the due course of business.

Third Parties
Third parties includes entities and individuals, other than the employees, with whom Persistent has business relationships including but not limited to clients / customers, consultants, intermediaries, representatives, suppliers, contactors, subcontractors, agents and advisors, etc.

Compliance

Persistent is committed to the prevention of corrupt business practices such as fraud and bribery. This is in alignment with Persistent’s principles to conduct its business activities with honesty, integrity and with the highest ethical standards across its global locations. It also enforces its business practice, of not engaging / being part of or supporting corrupt business practices in any form.

It is mandatory to consult and seek approval from the People & Org Development (P&OD) Team – HR Compliance / Operations for providing or receiving any gifts in professional capacity, in alignment with “Standard Operating Procedure (SOP) on Accepting / Providing Gifts

– Annexure I”. You can raise a request on Global helpdesk.

Compliance with Laws, Rules and Regulations applicable to the US and the UK.

Foreign Corrupt Practices Act, 1977 (FCPA)

General Prohibition and Recruitments under FCPA

FCPA prohibits the offer, promise, authorization or payment of “anything of value”, directly or indirectly in order to obtain, retain, or direct business or to secure any improper advantage over official actions that may affect Persistent. It covers cash payments; non-cash “payments”.

The prohibition under FCPA extends to improper payment made by any intermediaries, subsidiaries or entities representing Persistent, including Persistent employees; channel partners; resellers and other representatives of Persistent, no matter by what name they are called; affiliates of Persistent where Persistent has majority ownership, including joint ventures; and other entities over which Persistent possesses corporate control.

If you would like to raise any queries/ report any incidents with respect to the Anti-Corruption Policy,
You may write to anti-corruptioncommittee@persistent.com.