Annual Report

Corporate Governance

Prevention of corruption and fraud

As stated in Principle 10 of the United Nations Global Compact, to which Viscofan is a signatory, "Businesses should work against corruption in all its forms, including extortion and bribery". Thus, in January 2019, the Board of Directors approved the company's Anti-Corruption Policy under the principle of zero tolerance for any non-compliance in this area.

The Code of Conduct, which is provided in the protocol for welcoming new employees, also includes the prevention of corruption in all its forms, and is applicable in 100% of the company's business units.

To avoid any type of corruption, this policy establishes a series of guidelines that define actions that are not allowed and that may be subject to corruption: bribery, extortion, facilitating payments and influence peddling, gifts, business courtesies, donations and sponsorships and relationships with third parties.

Further, the Global Risk Committee carries out an analysis of fraud risks, and its different forms are regulated in various policies; and sets specific controls and mechanisms to reduce their likelihood of occurrence. The identified risks are: conflict of interest and internal fraud, private corruption, and fraud and misleading advertising.

It should be noted that in 2019, there have been no acts that have been subject to significant legal actions related to unfair competition, monopolistic practices and against free competition, nor have processes or complaints been opened due to breaching laws or regulations in the social and economic field. Likewise, no case of corruption has been reported on which the Ethics and Regulatory Compliance Committee has had to take action. 

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