Business Ethics and Anti-Corruption
Our governance procedures are centered on the Code of Business Ethics. The Code of Business Ethics guides our business conduct and defines our ethical standards. The Code is signed off by the Executive Board of OMV Petrom.
The Code sets out a zero tolerance policy towards bribery, fraud, theft and other forms of corruption, covering the following topics:
- Conflicts of interest;
- Bribes, facilitation payments and embezzlement;
- Intermediaries and lobbyists;
- Gifts and invitations;
- Donations and investment in local communities;
- Competition and anti-trust law;
- Trade control and embargoes.
The Code applies to all employees, without exception, and it was last revised in 2019.
The Code of Business Ethics is designed to comply with the standards set by the Romanian legislation, as well as with the principles of the international anti-corruption legislation mainly OECD Anti-Bribery Convention and UK Bribery Act.
Compliance management at OMV Petrom
Our compliance organization consists of the Compliance Department with group-wide responsibility. It supports the implementation of our business ethics standards and monitors the compliance of our operations with all the matters that relate to the Code of Business Ethics.
OMV Petrom’s Compliance Management System
OMV Petrom was the first organization in Romania to conform to the comprehensive IDW Assurance Standard 980. The Compliance Management System’s certification was granted in 2013 and further re-confirmed in 2017.
Compliance Risk Analysis
We undertake risk analysis on an ongoing basis in order to ensure continuous improvement. We monitor external and internal risk factors, in particular changes in the regulatory framework, as well as recent developments or incidents to evaluate possible impacts on OMV Petrom’s compliance risk exposure.
Bi-annual risk analysis is part of the Enterprise Wide Risk Management system and is conducted in cooperation with the Risk and Insurance Department. Compliance risks are included in the analysis, with a focus on business ethics.
2025 Sustainability targets and 2020 achievements:
- Raise business ethics awareness for all employees through trainings and compliance communication programs
- 2020: 337 employees were trained in business ethics
Downloads:
More details on the interactive online version of the report or in the Sustainability report.