Ethics and compliance
According to the Regulation on the
The Company’s management and employees may not directly or indirectly make payments or provide services, offer or give bribes to anyone in any form to facilitate administrative, bureaucratic, or other formalities. Nor does the Company finance charitable or sponsorship projects to gain a business advantage or to influence decisions of government officials, non-governmental organisations or others. INTECO does not finance political parties or movements or individual politicians to gain a business advantage. Presenting and accepting business gifts is subject to strict regulations to ensure they do not influence decisions of officers of the Company, counterparties or government agencies.
When selecting contractors as part of its
To learn of possible cases of corruption, the Company operates a trust line and a digital service for reporting to the Security Department, with both tools available to every employee. In 2021, the Company registered no significant violations of its
Conflict of interest
Early identification of conflicts of interest is key to preventing corruption and other wrongdoings at INTECO. A conflict of interest is a situation where an employee’s personal (direct or indirect) interest may affect the performance of their job duties or which may give rise to a conflict between the employee’s personal interest and the Company’s legitimate interests.
The ways to resolve a conflict of interest and the procedure to be followed when one has been identified are described in INTECO’s Regulation on Conflicts of InterestApproved by Order of the President of INTECO
Employees are required to disclose their conflicts of interest when they are hired, appointed to a new position or immediately after any such conflict arises. Following an investigation of a conflict of interest, a decision is made to resolve it in one of the following ways:
- restricting the employee’s access to information that may pertain to their personal interests;
- the employee’s refraining from taking part in, or removal from, discussions and making decisions which may be affected by the conflict;
- reassigning duties to other employees to eliminate the conflict;
- transferring the employee to another position, subject to their consent;
- the employee’s vesting the assets causing the conflict in a trustee;
- the employee’s relinquishing their personal interest that causes a conflict with the interests of the Company;
- terminating employment at the initiative of the employee or by mutual agreement of the parties, and other measures.
Compliance control is exercised through constant monitoring of the Company’s conformity to the requirements of applicable laws and regulations. It is governed by INTECO’s Regulation on Compliance Control.Approved by the Board of Directors of INTECO on 15 September 2020 and enacted by Order of the President of INTECO
According to this Regulation, the compliance management framework, or CMF, is a set of elements of the corporate culture, values, ethics, organisational structure, rules and procedures of the Company that ensure conformity to compliance principles.
The Company’s compliance activities cover the following main areas:
- finances and taxes;
- conflict of interest management;
- gifts, charity, and hospitality expenses;
- information policy and personal data protection;
- labour relations;
- occupational health and safety.
The President of INTECO is in charge of the overall management of the compliance framework. The Internal Control Division, whose employees develop and update a compliance risk matrix for all activities, is in charge of the compliance control objectives. The Company’s compliance function is directly supervised by the Vice President, Internal Control (compliance manager).
In 2021, the Company put in place a new corporate document, the Corporate Code of EthicsApproved by Order of the President of INTECO
The Code governs employee conduct in case of corrupt offers, conflict of interest, and employment or business activities unrelated to the Company. The document describes confidentiality rules and ethical approaches to relations with competitors, customers, colleagues, partners, and
To maintain high ethical standards, INTECO set up a Corporate Ethics and Conflict of Interest Commission charged with:
- overseeing compliance with the Corporate Code of Ethics;
- identifying corruption risks and ethics violations;
- raising employee awareness of
anti-corruptionand ethics compliance issues;
- implementing the Corporate Code of Ethics;
- reviewing reports on corruption and unethical conduct;
- analysing the performance of the corporate trust line.
The Commission has two scheduled meetings annually and also holds ad hoc meetings whenever reports are received. Its chair is the Vice President, Internal Control.