Adhering to our code of ethics and our other standards for business operations and interactions is not an option at Snam. They guide everything we do, from how Snam's Board of Directors governs to the behavior of each manager and employee at every level.
Business conduct at Snam describes our standards for doing business and acting in a responsible way. We have a range of rules, policies and systems at Snam that ensure good business conduct. Snam firmly believes that a key component of sustainable growth is ethical business conduct.
Business conduct also encompasses Snam’s extensive compliance efforts. Compliance includes educating employees about how the rules and codes apply to them, how to address difficult ethical situations, and monitoring and controls to ensure that Snam is in compliance. Snam’s Code of Ethics is at the core of business conduct.
Snam integrates the ethical and reputational dimension into business decisions and all business activities. The values and principles of Snam’s Code of Ethics are fundamental ground rules that define Snam’s corporate governance approach and guide an effective internal control and risk management system.
Snam’s anti-corruption procedure deemed as an “absolute excellence” by Transparency International Italy
Snam in 2014 achieved top scores (100%) in Italy from Transparency International Italy for its proactivity and transparency in the communication of anti-corruption programmes and activities. The voluntary assessment on Transparency in Reporting on Anti-Corruption (TRAC) was based on an in-depth analysis of the information provided on the company website, including the annual report, sustainability report, code of ethics and anti-corruption procedure. The company’s anti-corruption procedure has been deemed by Transparency International Italy as an example of “ absolute excellence." The TRAC project stems from the need to raise the level of transparency of corporate communications and demonstrate effective commitment to actively fight corruption in business.
United Nations PRI initiative singles out Snam for board nomination process
Snam’s process for nominating board members was highlighted as best practice by the United Nations-supported Principles for Responsible Investment (UN PRI) initiative, which brings together investors working to develop a more sustainable financial system.
Snam was picked out as an example of good practice in Italy, a country that the study said posed a challenge to institutional investors because of the prevalence of concentrated share ownership in listed companies. The report mentioned how the nomination process at Snam fully complies with the PRI’s basic principles and international best practices with specific focus on the number of independent board members, gender diversity and the transparency of information.
The study was part of the PRI’s governance-focused collaborative engagements with investors.
Snam listed in Financial Times “Innovative Lawyers” ranking
Snam was the only Italian company included in the Financial Times “Innovative Lawyers” ranking in 2014, recognising the way it has built a legal department to support its growth strategy.
The group was shortlisted among “in-house innovators” and in the “Innovation in operational change” category. As a consequence, Snam was invited to participate in the Innovative GC Club, a forum for general counsels to share ideas, exchange opinions and develop insights.
FT Innovative Lawyers is a joint initiative between the Financial Times newspaper and RSG Consulting, specialised in legal research. In 2014, the ranking team conducted more than 500 interviews.
Read the announcement or see the full rankings published by the FT.
Corporate Counsel Awards recognise Snam’s legal department
Snam’s legal department has been recognised as among the best in Italy in the Corporate Counsel Awards, run by TopLegal magazine.
In 2014, Snam won the award for best legal team in the “ competition” category after taking the prize as the "Legal Department of the Year" in 2013.
In recognising Snam as the best legal team in Italy in 2013, TopLegal said Snam had played “ a central role in the compliance process of the corporate structure and operating model to the EU Third Energy Package, as well as in the debt re-financing and in a major operation of ownership unbundling”.
The award jury in 2014 cited Snam for having “shown careful knowledge of the correlation between competition and regulation in the gas infrastructure and distribution market, during an important international acquisition ” .
Read about the awards in newspaper Il Sole 24 Ore (in Italian).
14 September 2016 - 11:47 CEST