THE CHARTER OF BEARINGCODE & BEARINGNET
*BEARING INDUSTRY CODE OF CONDUCT
*BEARING INDUSTRY CORPORATE GOVERNANCE
*BEARINGCODE EDUCATION AND COMMERCE
*BEARINGNET UK & GLOBAL
Bearingcode* is the NGO Bearing Industry governance offering membership to Companies who comply with corporate transparency to manufacture and or market bearings in a legal manner clearly indicating the Country of Origin, Manufacturer and Description.
Compliance with the Corporations Act include PWC guidelines relating to executives fiduciary duties. Due to recent legal proceedings within the Industry, it would be appropriate for companies to display a greater transparency with their respective clients by joining the Bearingcode* as an accredited member. Memberships are open to all sectors, both inside & outside of bearings and those seeking redemption
Bearingcode* is impartial, reports on events, news items, legal matters or otherwise about the global bearing industry but does not necessarily endorse commercial statements. US State Department deputy spokeswoman Marie Harf stated: an open marketplace of ideas, transparent and accountable governance, given equal treatment under the law and the ability to exercise rights without fear of retribution
BearingNet* established in 1994, ownership has been incorrectly stated by SKF & fellow manufacturers.
SKF & Co statement contained allegations of mischievous 'Due Diligence' performed & completed around 2013, did not include the true Ownership of BearingNet* UK, did not make payment for the rights to properly consider the true IP Ownership, funded person/persons who were not founders, inventors and without permission from the true BearingNet* UK establishment
For 3 years, statements of alleged illegal operations were circulated particularly to SKF without response, in theory 'pocketing' all trading funds. SKF has recently confessed to this illegal 'Due Diligence' amounting approx US$30 million given to fraudulent persons. Funds now reported recompensed to SKF
However, SKF refuse payments to rightful founder of BearingNet*. Conclusion: Ownership claims without payment is legally considered void
Bearing Industry Code of Conduct Statement
In the year 1888 or thereabouts, the humble steel Bearing was first invented and claimed by Germany's Friedrich Fischer branded FAG
Although bearing manufacturers will differ, there has been no major changes in basic design, gaining this mechanical device to become one of the oldest and important Industries globally.
The success of Bearing trading has assisted every industry from bicycle to cars, trains to planes, educational programs from High school to Universities and for various government operations in critical defense requirements to name a few.
More recently, government legal authorities have demanded industry to adhere to strict codes of conduct for corporate governence with compliance, behaviour and transparency. This new course of action or conduct regulation, is to prevent corporate crime, ensuring public comfort that these procedures are active and policed concurrently within the Bearing Industry.
Today, the humble Bearing is witnessing a difficult & distressing period with various civil & criminal legal action against our Bearing manufacturers globally. Throughout these legal proceedings, the Bearing Industry will not alter the excellent quality given to customers throughout the world, however some bearing administrators may change.
Changes to the Code of Corporate Governance
A. F. FERGUSON & CO. is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.