Business ethics

Statkraft is firmly committed to doing business in accordance with the highest standards of ethically responsible behaviour and has zero tolerance for corruption.

Our commitment

Statkraft´s commitment to a high level of integrity is clearly stated in the Code of Conduct, owned and approved by the Board of Directors. The Code of Conduct describes how we conduct business at Statkraft and applies to anyone acting on behalf of a Statkraft Group company. Statkraft has also adopted a group requirement document on business ethics that provides further details. Our policies leave no doubt as to our position on corruption: we work against all forms of corrupt practices, including bribery and facilitation payments.

Statkraft endorses the ten principles of the United Nations Global Compact, which include a clear standard for business ethics. As a member of the Global Compact, we report annually on our progress on embedding our business ethics culture in all parts of our organisation.

Challenging arena – firm position

According to the United Nation’s Global Compact, corruption adds 10% to the total cost of doing business globally, and a staggering 25% to the cost of procurement contracts in developing countries. Statkraft is present in a wide range of markets. Some of these rank high on Transparency International’s Corruption Perception Index, and particular care is taken to mitigate corruption risks in these markets. Corruption risks constitute a serious threat both to our business environment and to the societies in which we operate. Active and continuous mitigation of these risks is therefore essential.

Actions 2013

Statkraft has had a long-standing commitment to business ethics, and is committed to continuous improvement of preventative efforts. In 2012, a decision was made to further strengthen the group's anti-corruption work, which resulted in a range of new activities being implemented throughout 2012 and 2013.

Examples of these activities include training of employees, through in-person training and e-learning, performing background checks on potential partners and integrating relevant clauses in contracts. In order to facilitate consistent and systematic handling of ethical issues, each business unit in Statkraft now also has an Integrity Manager, while an Integrity Officer has been established at corporate level.

Statkraft has completed important anti-corruption efforts throughout 2013. Special attention has been given to developing dilemma-based training modules and implementing these in parts of the organisation where risks pertaining to corruption are perceived to be greatest.

Another area of focus in 2013 has been the development of new guidance tools designed to assist Statkraft employees in handling ethical dilemmas as well as documenting how such dilemmas are handled. Implementation of the new guidance tools will continue in 2014, supplementing the existing anti-corruption handbook and e-learning program.

One of the new guidance tools: a Quick Guide on business ethics in Statkraft.

Responsible supply chain

In 2013 Statkraft took steps towards ensuring efficient implementation of the Supplier Code of Conduct (SCoC) in its wider supply chain. Based on a systematic and risk-based approach, a management system is now in place to ensure improved performance with regards to corporate responsibility in the supply chain. The system specifically aims at further improving the work with prequalification and assessment of potential suppliers, the requirements to be included in tender processes, and the monitoring and auditing of suppliers. In 2013 a review of a number of suppliers was completed, and follow-up inquiries were made to ensure that the corporate responsibility criteria are safeguarded.

Whistleblower channel

Statkraft is concerned with ensuring transparency as regards dilemmas and ethical issues, and has established the Integrity Helpline, where employees can seek advice as regards interpreting Statkraft’s code of conduct and desired behaviour. Statkraft's code of conduct emphasises that employees have both the right and duty to blow the whistle when discovering legal or ethical violations, either through the line management or to the independent whistle-blower channel of the corporate audit unit. In 2013, the corporate audit unit received two whistle-blower cases. The handling of both cases has been concluded.

In development projects, any complaints from stakeholders are registered and handled in line through projects grievance mechanisms.