The principles of the Code of Ethics
Our approach to compliance is structured on the voluntary adoption of a set of restrictive tools, which ensure effective compliance with the anti-corruption regulations in force in each country. The Code of Ethics applies to the subsidiaries and associates of Falck Renewables and is an integral part of the Organization and Management Model of the Italian companies of the Group, of the Manual De Prevención Y Detección De Delitos De Conformidad Con Lo Establecido En El Código Penal as regards Spain, as well as of the Compliance Program to which foreign companies refer regarding anti-corruption regulations. With regard to respect for human rights throughout the supply chain, the Group's UK subsidiaries comply with the Modern Slavery And Human Trafficking Statement.
Governance is key to the dynamics of value creation. In fact, it contributes to determining the conditions for proper and appropriate interaction between the company and the reference context. Our corporate governance is based on the provisions of the law and the articles of association, supplemented by the principles of good practice set out in the Good Governance Code for listed companies.
Documents and procedures
We have an "Internal Control and Risk Management System", which defines roles and responsibilities, rules, procedures and organizational structures for the identification, measurement, monitoring and management of the risks to which, as a Group, we are exposed. The governance of the process involves all levels of the organization, with roles and responsibilities defined in the Corporate Governance regulations that we have adopted, consistent with the guidelines included in the Code of Conduct of Borsa Italiana. Our Risk Management function, which reports directly to the Chief Executive Officer, identifies, assesses and prioritizes risks and contributes to the development of actions to manage them, through an Enterprise Risk Management framework that integrates the "Strategy - Risk - Corporate Performance" report.
This framework, developed around four methodological pillars (Risk Appetite, Risk Assessment, Risk Management, Risk Reporting), incorporates new analysis technologies and greater use of data analytics, enabling the strategic supervisory bodies (Boards of Directors) and management bodies (CEO and Top Management) to assess and manage uncertainty more effectively in decision-making processes, with the aim of continuously increasing and improving the company's ability to create sustainable value for the various stakeholders.
The adoption of structured risk management framework and the spread of "risk based" approaches in decision-making processes brings numerous benefits, including:
All these factors contribute to strengthening the Risk Governance, enhancing an active involvement of all employees, which helps to spread and strengthen the risk culture, providing stakeholders with confidence in our business management approach..