Ethical Code

We clearly define the behaviors that are directed at all those working for and on behalf of the company. Principles that are shared and applied to directors, officers and employees, and which have guided the activities of the Company over time.

Vimar SpA hereby presents its corporate Ethical Code, an outline model for behaviour that is intended to guide the professional operations of all its collaborators. The motive behind this initiative is the desire to clearly and transparently define the system of values that inspires the company in realising its goals, and also to comply with the Italian Legislative Decree number 231/2001 concerning the administrative responsibilities of companies and public bodies.

This Ethical Code is based on Vimar SpA’s Principles of Conduct and Practice, which are collectively accepted and implemented by its administrators, its management and its employees, and which have guided the company’s activities over the years.

An ethical orientation is indispensable to assuring the reliability of Vimar’s actions within the overall civil and economic context in which it operates. This is why the definition and implementation of a corporate Code of Ethics is called for, because it provides a clear system of rules to be observed by everyone acting in the name of, or on behalf of, the company, whether within the company or in relation to external situations or persons.
Hence the present initiative, aimed at making this Code fully available to everyone in the company and to all those who do business with it.

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Ethical code vimar 136 kB 10/11/2016
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Vimar's Ethical Code

PREMISE

The Corporate Ethical Code is based on the Principles of Conduct and Practice which VIMAR and its subsidiary companies have applied from their beginnings and which have guided our company’s operations over the years, being collectively approved and applied by administrators, management and employees. These principles are now translated into the present Ethical Code, and everybody in the company – and everybody with whom the company regularly deals – is obliged to apply this and ensure its application. This Code is also an integral and important part of the Model of Organisation, Management and Verification which VIMAR has adopted in conformity with the requirements laid down in the Italian Legislative Decree n° 231/2001 concerning Company responsibilities.

PRINCIPLES OF CONDUCT

The Principles of Conduct focus all our skills, intelligence and willpower in putting passion, enthusiasm and positive energy into our work.

a) Professional Commitment in carrying out assigned tasks consists of the constant application of one’s skills and know-how, and implies continuous updating of this expertise. It brings with it a commitment to respect, especially towards the environment and towards health and safety in the workplace.

b) Respect for other people is a prerequisite of every individual’s personal and professional growth, and the quality of the individual is a key factor in collective progress and success. We desire the best both for and from our personnel, in the name of coherence and transparency. We encourage and reward gifted people who work with us in a spirit of initiative, responsibility and team-spirit. In both management and operational activity we avoid methods that privilege individual satisfaction at the expense of collective benefit.

c) Integrity obliges each person to behave honestly in their professional activities. It rules out any kind of compromise in terms of conflict between personal interest and the interests one is called upon to promote in one’s professional activity, whether this be within the Company or relating to people outside it… irrespective of customary practice in a given local context. We commit ourselves to spreading a culture of respect for the environment, for local territorial contexts, and for health.

d) Loyalty calls for rectitude and correctness in one’s relations with colleagues and with collaborators outside the company. It includes compliance with the company’s instructions and internal rules, and straightforward openness in one’s dealings with everybody at all times.

PRINCIPLES OF PRACTICE

VIMAR also wishes to define the operational principles that govern the activities of all its administrators, management and employees during their working practices. We intend to play a leading role on the competitive stage. Quality is our creed, and is the foundation of our established reliability. We operate with economic sensitivity, respecting the law, the environment, and the principles of health and safety in the workplace. In planning our activities and checking our results we fully observe the principle of transparency and responsibility in our company accountancy practices.

a) Respecting the law

In every aspect of its operations the Company complies with the laws and regulations in force in the countries where it operates, whether directly or through its subsidiary companies. Every employee, whatever their role, must be aware of the laws relevant to their activities and be trained and constantly updated regarding their implications. In this respect VIMAR specifically forbids the taking advantage of any regulatory loopholes or inadequacies if this implies an infringement of the company’s internal rules. To this end the Company has set in place the necessary procedures for informing and explaining to all its employees their pertinent legal obligations, as well as the specific consequences inherent in the application of internal company regulations.

b) Health and Safety in the workplace

The Company takes the necessary steps to ensure optimal possible safeguarding for health, workplace safety and risk reduction, driven always by a philosophy of continuous improvement. This policy is implemented both in relation to its own employees and those of external companies when they are operating on Company premises. In order to encourage and verify compliance with the principles of Health and Safety, the Company makes use of an implementation system based on a general Risk Evaluation Document, which is regularly updated. This implementation is periodically checked, certified by independent external bodies, and is calibrated according to international regulations such as the BS OHSAS 18001, national guidelines (UNI INAIL 2001) and the Policy for Quality, Environment and Safety. All employees, collaborators and third parties are obliged to comply with all the measures indicated by these procedural documents, and by VIMAR’s internal regulations on workplace Health and Safety. These are based on current legislation and are constantly updated, and everyone is encouraged to contribute their own proposals and observations.

c) Respecting the environment

The Company actively promotes pro-environment conduct. VIMAR has always been actively committed to reducing the environmental impact of its activities, and to eliminating risk to people and the environment not solely in compliance with existing regulations but also taking into account new developments in scientific research and the most successful available solutions. These goals are pursued thanks also to our voluntary adhesion to the ISO 14001 benchmark guidelines for reducing environmental impact, as indicated by our Organisational Policy.

d) Social and collective responsibility

VIMAR is well aware of the direct and indirect influence that its industrial operations may have on the contexts in which they are located, on its social and economic development and on collective wellbeing. It therefore aims to carry out investment and development policies in a manner which will be environmentally sustainable and fully respectful towards local communities.

e) Respecting the principle of transparency in accountancy, administration and company structuring

VIMAR adopts adequate standards of financial planning, management control and accounting system checks, operating consistently with maximum transparency. This transparency is based on the truthfulness, accuracy and completeness of the data on which official accounts are based. Putting these policies into action, VIMAR produces rapidly processed periodical financial statements which are complete, accurate, reliable, clear and comprehensible.

f) Respecting the rules of free competition

VIMAR aims to sustain the value of correct competitiveness, abstaining from underhand behaviour and abuse of market predominance.

g) Relations with Suppliers

The choice of suppliers and the purchase of goods and services are carried out according to objective evaluation of competitiveness, quality, possession of technical and professional requirements, integrity and reliability. The stipulation of a contract with a supplier must always be based on extremely clear terms, avoiding all forms of dependency.

h) Relations with Customers

Correct behaviour and respectfulness towards customers and third parties plays a central role in establishing which course to take. Relations with customers must be based on mutual trust and satisfaction. We must be able to guarantee customers products, services, follow-up assistance and consultancy of such quality as to exceed their expectations.

i) Economic relations with associations, donations and sponsorships

All donations and sponsorships must be handled using the following criteria:

  • the recipients of the contributions must be clearly documented and verifiable;
  • specific authorisation must be obtained from the internal VIMAR department responsible for overseeing such contributions;
  • all due ethical and professional principles and processes, as well as applicable legal requirements, must be strictly observed.

l) Conflict of interest

Every collaborator must avoid any possible clash of interest, especially related to personal interests. Every VIMAR employee must immediately report to their immediate superior any kind of situation that constitutes, generates or even merely resembles a conflict of interests.

m) Protection of company data

Every employee must know and implement company policy regarding data protection (including digital data) in order to guarantee that it remains intact, confidential and available. Any information obtained by any collaborator during their work remains the property of VIMAR.

VIMAR handles all its personal data with full respect for its confidential nature and the privacy of those concerned, in compliance with existing legislation. In this respect the company…

  • has created a system for handling and storing data that ensures due separation of roles and responsibilities;
  • obliges all third parties involved in any phase of data processing to sign confidentiality agreements.

Any employee who comes into contact with any information not in the public domain must take the greatest care in making use of it, especially in preventing it from coming into the hands of unauthorised persons, whether inside or outside the company. This obligation will remain valid after the conclusion of their employment by the company, for whatever reason this comes about.

n) Protection of company property

All employees must take care not to damage company property, whether physical or conceptual, and must treat it in a responsible way in accordance with the established operative procedures regarding its use, always documenting such use precisely. Specifically, every employee must…

  • use any material entrusted to them with care and economy;
  • avoid improper and/or personal usage of company property that could cause damage, reduce efficiency or be in any way contrary to the company’s interests.

In relation to computer applications or contexts, all employees must…

  • scrupulously follow the indications laid down by the company’s security instructions, in order not to compromise the protection and functionality of its computer systems;
  • read and accept the contents of VIMAR’s “Handling Computer Data” regulations;
  • avoid visiting internet sites containing unseemly or offensive material, or contents in any way liable to damage the company’s interests.
VIOLATIONS OF THE ETHICAL CODE AND SANCTIONS

Verification

The Ethical Code is a central pillar of VIMAR’s verification system and is an integral part of its Organisational Model, laid down in compliance with the Legislative Decree n° 231/2001.

Internal checking systems must be orientated towards adopting instruments and methods aimed at preventing potential company risks, in order to establish with reasonable certainty that no law has been broken but also that company instructions and procedures have been correctly followed.

Management personnel must constantly ensure that their decisions and actions comply with the contents of the Corporate Ethical Code and, if necessary, carry out specific verification programmes.

Observance of the Ethical Code, and reporting violations to the Supervisory Verification Department

Full observance of the Ethical Code is an essential part of every employee’s contractual obligations, in accordance with article 2104 of the Italian Civil Code. The same observance likewise applies to the contractual obligations of non-employee collaborators and/or anyone involved in a business relationship with VIMAR.

The Company’s management and directors have a responsibility to make sure that the Company’s expectations in this respect are fully understood and accepted, and that the commitments contained in the Ethical Code are implemented and respected.

In order to ensure the effective application of its Ethical Code – while also respecting individual privacy and personal rights – VIMAR has set up specific information channels which can be used by anyone aware of violations of the Ethical Code within the company. These channels make it possible to voluntarily, directly and confidentially report such violations to the relative Supervisory Department, and must be written and signed.

In cases of attempted or actual violation of the principles set out in the Ethical Code being reported, the Company will make sure that nobody – in the workplace – suffers from reprisals, illicit pressure, discomfort or discrimination of any kind on account of their having reported such violations to the Supervisory Department. When a report is received the company will move rapidly to check it and, if confirmed, take suitable disciplinary action.

Penalties for Violation

Once verified and confirmed, a clear violation of the principles established in the Ethical Code, or in the procedures set out in internal protocols, signifies a rupture in the bond of trust between the Company and whoever is responsible, whether they be an executive, a member of management staff, an employee, a consultant, a collaborator of one kind or another, a customer, a supplier, or a commercial or financial partner. Violations will be investigated in a decisive manner, as rapidly and directly as possible. Where the company feels it necessary in order to protect its interests – and always within the context of its current internal regulations – it will decide upon suitable and proportionate disciplinary measures and/or sanctions for those responsible, independently of any eventual criminal charges or judicial proceedings if these are initiated.

Proven violations of the Ethical Code, once the Supervisory Verification Department has expressed itself, will result in specific measures being implemented by the Human Resources Department or other competent department. In accordance with existing legal and contractual norms, the violations may also lead to those responsible having their employment with the Company formally terminated.

Any form of retaliatory conduct towards someone who has reported possible violations of the Ethical Code – or who has asked for information about doing so – in itself constitutes a violation of the Code.

All those who deal with the company, in whatever capacity, must pay due consideration to the consequences of any violation of the Ethical Code or of any internal protocols. For this reason the Company takes care to distribute and make the Code and all internal protocols and/or procedures widely available, as well as providing information on the sanctions envisaged in the case of violation, and on the methods and procedures for implementing them.

In order to protect its public image and safeguard its resources, the Company refuses to establish working relationships of any kind with any person or organisation that does not intend to rigorously respect existing legislation and/or that refuses to respect the values and principles of conduct and practice laid down in the VIMAR Ethical Code and to comply with the procedures and rules set out in its protocols.