Volvo Cars’ Compliance & Ethics Program
At Volvo Cars, the Compliance & Ethics Office supports the business operations in conducting business in a responsible and ethical way by developing, implementing, and maintaining the Compliance & Ethics program. The work is led by the Chief Compliance & Ethics Officer that reports directly to the General Counsel, as well as continuously to the Global Compliance Committee of the Executive Management Team. Further, the Chief Compliance & Ethics Officer reports on a regular basis to the Audit Committee of the Board of Directors and ensures that adequate compliance training is provided to the Board of Directors.
The focus of the Compliance & Ethics program lies on anti-corruption, data protection, trade sanctions & export control, and competition law. It consists of ten elements that have been designed on the basis of internationally recognized guidelines describing “effective compliance program” and “adequate procedures”, such as the US Sentencing Guidelines, the UK Bribery Act Guidance as well as guidance from Anti-Trust Offices throughout Europe.
The ten elements of Volvo Cars’ Compliance & Ethics Program
1. Tone from the top and culture
2. Risk Assessment
3. Compliance & Ethics Organisation
4. Compliance & Ethics Framework
5. Training, awareness & communication
6. Due Care
7. Internal reporting and Investigations
8. Enforcement, Disciplinary Actions and Incentives
9. Monitoring and Audit
10. Program Assessment and Continuous Improvement
The Compliance & Ethics Framework
The Compliance & Ethics Framework consists of our Code of Conduct, our 12 Corporate Policies as well as their related directives and guidelines. Our Code of Conduct reflects Volvo Cars’ culture and way of doing business in a responsible manner, by putting the emphasis on our values and commitments in addition to focusing on the requirements set out in our corporate policies.
Our Code of Conduct
We are a company with a purpose: For Life. To give people the freedom to move in a personal, sustainable and safe way. Our strong commitment to sustainability includes conducting business in an ethical manner. In other words, it’s not just about what we do, but how we do it.
This is part of our culture and simply our way of doing business responsibly. Acting ethically is not only the right thing to do, it is also good for our brand, reputation and business. It creates value and will help us attract and retain the best talents. Our Code of Conduct is intended to inspire and guide us in our daily activities and be the base for how we act.
Together we are: Convinced by our purpose. Guided by our values. Empowered by our culture. We do what's right for our business, our people, the planet and the wider community.
We care about people – we are human-centric. We value differences and all aspects of diversity to innovate and create the best solutions.
We care about society and the environment – we protect what's important to you and the generations to come, always.
We care about our business partners – we are strongest as a team.
We take precautions and follow our policies – we don't cut corners.
We encourage a culture of openness where employees can raise their genuine concerns – we embrace honesty, transparency, respect, empowerment and authenticity.
OUR CODE OF CONDUCT
Corporate Policies
Volvo Cars Board of Directors have adopted 12 Corporate Policies, that builds on the commitments of Our Code of Conduct and sets out the main principles that apply for everyone working at, or with, Volvo Cars. The principles stated in the Corporate Policies are further operationalized and detailed in their related directives and guidelines.
Volvo Cars' expectations from its business partners
Our commitment to responsible business stretches beyond our Group, and we aim to demonstrate our commitment to integrity, business responsibility and trust throughout our value chain.
The Code of Conduct for Business partners articulates a vision of responsible business behaviour and sets forth the business principles that Volvo Cars requires all its Business Partners to abide by in the course of their business relationship with Volvo Cars.
CODE OF CONDUCT FOR BUSINESS PARTNERS
Speak up - Culture
We encourage a culture where everyone working at, or with, Volvo Cars feel comfortable speaking up, raising questions or concerns about ethical issues or cases of non-compliance, without fear of retaliation. If you want to report a violation of Our Code of Conduct, please visit our Tell Us Reporting Line for more information.