Business ethics and governance
Snam and Transparency International signed an agreement on anticorruption and governance.
This agreement aims at developing a partnership under the scope of the Global Corporate Supporters Forum promoted by Transparency International.
In July 2013, a new Code of Ethics was approved, clearly defining the values and responsibilities advocated by Snam, both internally and externally.
Snam’s anti-corruption guidelines constitute a key element in the company’s commitment to proper business conduct.
Snam is keenly aware of the social impact of its activities and aims to develop its business in a sustainable fashion, both in Italy and increasingly abroad.
The company understands that the sustainability of its business must come from within and be based on a solid bedrock of good corporate governance and on policies and systems that underpin its standards of responsible business conduct in all corporate spheres.
Maintaining an efficient governance system, in line with international best practice, is therefore an integral part of Snam’s sustainability strategy and the basis for effectively creating shared value with stakeholders.
Thanks to this approach, Snam manages to uphold its commitments towards environmental protection, the health and safety of its people, employee rights and a respect for diversity, as well as co-operation with the communities where it operates.
The Code of Ethics has been updated to reflect organisational and regulatory changes.
Snam’s Code of Ethics sets the expectations for business conduct and guides relationships with all stakeholders – both internally and externally – according to the principles of transparency, correct behaviour, good faith, honesty and competition.
Countering corruption is a critical factor for Snam’s success; in line with its Code of Ethics, the company prohibits corruption in all its forms.
A key factor of Snam’s commitment to sustainability is its ability to perform its business activities with honesty and integrity, complying with laws and standards nationally and internationally.
From this perspective, Snam considers the fight against corruption to be a priority and has chosen to adopt its Anti-Corruption Guidelines.
This commitment is backed up by Snam’s adherence to the United Nations Global Compact, which puts the fight against corruption as its 10th principle.
Suppliers Ethic and Integrity Agreement
In order to formalise this reciprocity, Snam asks its suppliers to sign up to an Ethics and Integrity Agreement that aims to ensure transparent relations, professional morality throughout the supply chain (including subcontractors) and for the entire duration of the relationship, and powers to intervene in the event of non-compliance or breaches, under the terms and conditions established in Group procedures.
- Fighting public and private corruption.
- Rejecting all direct and indirect crimes against government, however they are committed.
- Fighting mafia infiltration into the legal economy.
- Protecting and safeguarding the environment to ensure sustainable development for future generations.
- Safeguarding workplace and construction site health and safety.
- Upholding the freedom of association and collective contracts, and preventing forced labour and the economic exploitation of minors.
- Complying with the principles of proper competition.
The procedure for reporting suspected unethical behaviour lets employees, members of company bodies or any third party submit a report confidentially and anonymously.
In order to encourage anyone to report presumed irregularities and to ensure transparency and anonymity, Snam has a procedure in place for receiving and assessing reports and deciding on appropriate action. The procedure applies to all group companies.
Each year, the company publishes data on the number of reports received, resolved and under examination.
Managing risk involves defining a model for identifying the most important risks, drawing up mitigation actions and develop a reporting system.
Responsibility for the internal control system and risk management lies with Snam’s Board of Directors, supported by the Control and Risk Committee. In 2013, a new Enterprise Risk Management unit was set up, reporting directly to the chief executive, and charged with defining a corporate risk management model, extending to issues of health, safety and the environment.
The implementation of the control system is the primary responsibility of functional management while the Internal Audit function has an independent role and makes sure the internal control and risk management system is functioning and adequate.
The Board of Statutory Auditors monitors the effectiveness of the internal control and risk management system.
Using the ERM model (Enterprise Risk Management), risk assessment cycles were performed on the entire Snam Group in 2016. As at the end of 2016, 360 enterprise risks had been mapped and broken down between all corporate processes.
The Sustainability Committee was established on 11 May 2016.
The Board of Directors plays a central role in overseeing the company’s commitment to sustainable development along the chain of value which is later presented to the Shareholders’ Meeting. It is assisted with these tasks by the Sustainability Committee, established on 11 May 2016, which makes proposals and provides advice and is made up of three non-executive directors, of which two are independent including the Chairman.
05 April 2017 - 11:42 CEST