Snam’s core values include upholding the principles of the free market and competition. These principles are outlined in the Code of Ethics and Bylaws and are an integral part of the Snam corporate culture.
Snam’s commitment to fair trade and competition led Snam to adopt an Antitrust Guideline. It shapes business conduct related to competition and antitrust compliance efforts.
Addressed to everyone at Snam – top management, directors, employees, external consultants – the Antitrust Guideline embodies the principles and values that Snam is committed to uphold. It illustrates the content of the regulation designed to preserve and protect competition and includes a practical guide to handling real-life situations in order to avoid possible antitrust violations.
What does the Antitrust Guideline mean in practice?
The Antitrust Guideline ensures that all companies in the Snam group comply with the principles set forth in applicable antitrust and competition laws and regulations. The Antitrust Guideline aims to protect competition as part of Snam’s business culture as well as to ensure that Snam has suitable compliance procedures and systems to reduce the risk of violations of antitrust and competition laws.
Snam’s antitrust compliance programme was developed following analysis of international antitrust best practice and in compliance with the Antitrust Guideline adopted by the Italian Competition Authority on 25th october 2018. The programme includes:
- Adoption of the Antitrust Guideline by Snam’s Board of Directors
- Communication and training initiatives for all employees, focused on antitrust and competition principles that make up the Antitrust Code, with practical examples for day-to-day implementation
- The creation of an Antitrust unit within Snam’s Legal, Governance, Compliance Affairs & Enterprise Risk Management department to provide the necessary antitrust compliance support and assistance
- A risk assessment connected to the control and management systems of other and different risks of the company.
- Systematic controls and monitoring to verify the effectiveness of antitrust compliance consistent with the Antitrust Guideline, and to suggest amendments and updates to the Guideline in response to regulatory and business developments
Snam’s Legal, Corporate and Compliance Affairs team was distinguished in Italy in 2014 in the Corporate Counsel Awards, run by TopLegal magazine. Snam won the award for best legal team in the "Competition" category.
The award jury 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. Snam also won two important competition cases" against the national competition authority ,before Italy’s administrative courts.
12 March 2019 - 15:16 CET