Compliance

Compliance is a high priority at VERBUND. Acting in accordance with the legal provisions and policies is part of VERBUND’s identity.

The group-wide Compliance Management System supports our employees in complying with the legal requirements during their day-to-day workflow.

The core areas of our compliance management system are:

At VERBUND, fair business practices are a matter of course

We are a fair business partner and commit ourselves to being so in our code of conduct.

Already prior to the intensification of the Austrian criminal law on corruption, which views all corporate bodies and employees of VERBUND as office-holders and therefore subject to tighter regulations, we have implemented a "guideline for fair business practices, particularly against corruption and bribery" within the group.
For all involved parties, these guidelines determine the framework for dealing with specific items, such as invitations, gifts and tokens of appreciation, but also with other contributions (e.g. donations) or with conflicts of interests. We equally expect our business partners (suppliers, consultants, etc.), to adhere to our principles.

The Chief Compliance Officer coordinates the implementation of the guidelines across the group and is the point of contact for reporting, questions and information in connection with invitations, gifts etc., as well as in concrete cases of corruption and bribery. This individual also acts as point of contact for business partners on these issues.

In addition, in the large group companies there are so-called compliance delegates, who act as the direct contact in the respective company.

VERBUND is a renowned company listed on the Vienna stock exchange

Therefore we are subject to the European and Austrian money market regulations.

Based on these regulations, the corporate guideline for financial market compliance governs the principles for information disclosure at VERBUND, as well as the organisational measures to prevent the misuse or disclosure of insider-relevant information.

Within the company and in accordance with the organisational structure, permanent confidentiality areas are established, as well as temporary (project-related) ones where necessary. All persons and companies involved in confidentiality areas are entered into VERBUND's insider list. The group companies are likewise appropriately integrated into this organisation.

The goal is to avoid conflicts of interests and to prevent insider trading and the misuse of insider-relevant information, by means of correct and lawful conduct by all organs and employees.

Only a business that complies with competition laws is a good business

At VERBUND, business takes place in accordance with the anti-trust laws.

Conduct which infringes on competition law not only hampers competition, but also harms the company involved in such an infringement and ultimately the entire economy. Successful, long-term, sustainable business activities are only possible with business transactions in conformity with the law.

Our corporate guideline for competition law compliance sets the legal framework for the conduct and the business dealings of our employees in conformity with competition laws.

We at VERBUND want to do more than just comply with rules

Acting in accordance with legal requirements and regulations is a matter of course for VERBUND.

We want to increase our efforts to address sustainability and social values and align our corporate actions accordingly. We have therefore inscribed these principles into our code of conduct, which stands for the values we live every day, as well as our integrity, and serves to provide orientation to all corporate bodies, management and employees.
The group compliance manager takes measures to convey the content of the company guidelines, in particular the code of conduct, to all employees. He is involved in the implementation of the code of conduct and acts as a contact as well as a coordinator for queries and information.

VERBUND Code of Conduct

VERBUND operates successfully not only in Austria, but also elsewhere in Europe and beyond. We are conscious of our responsibility to the economy, the environment and society and act according to the following principles.

Collaboration
The collaboration with all our stakeholder groups is cooperative, fair and reliable. Dealing with conflict in a constructive way is important to us.

Clear and open communication
We engage in open and factual dialogue with our stakeholders. We make sure that our actions are clear and understandable.

Confidentiality
As a stock-listed company we are subject to the strict financial market guidelines, adherence to which is ensured by the Compliance agents.

Responsible actions

We tolerate no unfair business practices and reject all forms of corruption and bribery. We stand up for human rights and respect the dignity of each individual. We flatly reject any form of child labour or forced labour. We expect our business partners to adhere to these values as well.

Law-abidance and observance of contracts

We respect applicable law and fulfil our agreements and contracts. We affirm the Austrian Corporate Governance Codex and the unbundling provisions.

Employees
Qualified and motivated employees form the basis for our success. The best qualifications, personal commitment and identification with the corporate goals and principles characterise our employees.

We offer all employees individual opportunities for development and good future prospects. It is our goal to adapt the working conditions to the respective life situations of our employees, so that a balanced relationship between work and private life is possible. With the help of this work-life balance we want to achieve a long-term working relationship.

Loyalty to the company is important to us. This also includes constructive criticism which we express appropriately and openly within the company. We work with all people – regardless of gender, age, disabilities, religion, culture, skin colour, educational background, social origin, sexual orientation or nationality. We vehemently oppose any form of discrimination, mobbing or sexual harassment.

Leadership competence is an essential prerequisite for corporate success. Cornerstones here include professional and social competence, open and direct communication, clear and unbureaucratic decisionmaking structures, constructive criticism and an openness towards innovation.

Customers

Customer orientation is very important to us. High service quality and competence, fair market conditions and reliability in performance are our mandate.

Suppliers
We work in partnership with our suppliers and require that they observe our quality standards and sustainability principles.

Competition
We affirm fair competition. We reject any form of cartel-like agreements – regarding price fixing, market shares, capacities, division of regional markets or price controls.

Sustainability
In all fields of activity we follow the principle of sustainability – holistic consideration of economic success, protection of the environment and safeguarding the interests of our employees as well as of society.

VERBUND Code of Conduct

Download VERBUND Code of Conduct

 

In accordance with the Austrian Corporate Governance Codex, the entire group is integrated into the VERBUND compliance organisation.

Those responsible for the compliance management system are the group compliance officer (Chief Compliance Officer) and the compliance delegates in the respective operative group companies. Together, they form the compliance committee, which safeguards the uniform implementation of the regulations within the group. The sustainability officer and two employee representatives are also part of this group-wide committee.

 The necessary knowledge regarding the legal requirements as well as uniform understanding and a uniform approach are guaranteed via extensive personal training in the entire group. Additionally, there is also a group-wide e-learning programme, which all employees in sensitive corporate areas are required to complete.

In accordance with the Austrian Corporate Governance Codex, the entire group is integrated into the VERBUND compliance organisation.

Those responsible for the compliance management system are the group compliance officer (Chief Compliance Officer) and the compliance delegates in the respective operative group companies. Together, they form the compliance committee, which safeguards the uniform implementation of the regulations within the group. The sustainability officer and two employee representatives are also part of this group-wide committee.

 The necessary knowledge regarding the legal requirements as well as uniform understanding and a uniform approach are guaranteed via extensive personal training in the entire group. Additionally, there is also a group-wide e-learning programme, which all employees in sensitive corporate areas are required to complete.

Karl Stadler

Corporate Governance & Compliance

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