Compliance is a high priority at VERBUND. Acting in accordance with the legal provisions and policies is part of VERBUND’s identity.
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 implemented "guidelines 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 interest. We equally expect our business partners (suppliers, consultants, etc.), to adhere to our principles.
We make the main contents of our Internal Guidelines available in the download area in the form of an Anti Corruption Policy (German only).
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 the point of contact for business partners on these issues.
In addition, the large group companies have 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.
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.