Company values and conduct
As a large international insurance group, Vienna Insurance Group is aware of its responsibility to interest groups and stakeholders. VIG’s conduct towards these groups is guided by honesty and sustainability and is based on the following values:
- Credibility & integrity
- Customer satisfaction & quality of service
- Appreciation & respect
Code of conduct
Above all, the brand Vienna Insurance Group stands for trust and security. To fulfil these demands, a standardised code of conduct, the Code of Business Ethics, was created based on VIG values. It applies to all VIG employees and governs conduct related to matters such as compliance with laws, human rights, non-discrimination, the prevention of market abuse, bribery, corruption, money-laundering and terrorist financing, data protection and the environment. In the interests of transparent corporate communication, the Code of Business Ethics is also published on the VIG website at www.vig.com/en/corporate-responsibility.
At the top level, the Vienna Insurance Group Managing Board is responsible for application of the Code of Business Ethics. The management bears responsibility for compliance with the rules in their areas of responsibility. Employees receive training and information sessions to learn about compliance-related topics.
The goal of the group-wide compliance management system of Vienna Insurance Group is to ensure compliance with the legal provisions applicable to VIG and the obligetions that it voluntarily assumes, and to promote a culture of integrity. The Vienna Insurance Group compliance organisation has a decentralised structure. The Group Compliance Officer works in close coordination with contact persons in the compliance-relevant departments of VIG Holding and local Group company compliance officeers, and coordinates communications with them. Compliance also relies on an exchange of information. For example, a Group-wide newsletter focusing on EU law is used for this purpose. An in-depth exchange of information and experience also takes place in Compliance Committee meetings, which take place in Vienna Insurance Group at both the holding company and Group level. The meetings in 2016 primarily dealt with the following topics: a number of areas in the Code of Business Ethics (in particular the prevention of corruption, market abuse, money laundering and terrorist financing, and data protection) as well as changes to EU law. Proactively providing information to employees on compliance-related issues also helps to raise awareness and create a compliance-conscious environment in the entire organisation.
Prevention of bribery and corruption
VIG has zero tolerance for fraud and corruption and explicitly rejects all forms of bribery and corruption. Offering and/or accepting bribes, and all other forms of corruption are strictly forbidden. VIG requires transparency, integrity and compliance with anti-corruption and bribery laws in all lines of business, and places great importance on legally compliant and ethically correct conduct by all Group companies and their employees.
In addition to training in VIG’s values and norms, the Internal Audit department monitors compliance with these values and norms, in particular with respect to bribery and corruption, by periodically checking for suspicious conduct and events that suggest unlawful conduct.