Our governance procedures are centered around our Code of Business Ethics. This guides our approach to ethical conduct, as do our dedicated principles and standards, including our Code of Conduct. The Code of Business Ethics is signed off by the OMV Executive Board.
The Code sets out a zero tolerance policy towards bribery, fraud, theft and other forms of corruption and covers:
- Conflicts of interest
- Bribes and facilitation payments
- Intermediaries and lobbyists
- Gifts and hospitality
- Competition and anti-trust law
- Trade control and embargoes
The Code applies to all employees, without exception and was revised in 2016.
The Code of Business Ethics is designed to comply with the standards set by Austrian, as well as international anti-corruption legislation (mainly OECD Anti-Bribery Convention and UK Bribery Act).
Compliance management at OMV
Our compliance organization supports the implementation of our standards and monitors the compliance of all our operations with laws and regulations, together with all other matters that relate to our Code of Business Ethics.
It consists of a Compliance Department with group-wide responsibility and is assisted by a Corporate Affairs and Compliance Department at OMV Petrom. The dedicated cross-regional compliance organization comprises 42 compliance experts and ensures that OMV standards are consistently met across the Group.
OMV’s Compliance Management System
OMV was the first organization in Austria to conform to the comprehensive IDW Assurance Standard 980. The system’s certification was granted in 2013.
Risk analysis of compliance
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’s risk exposure.
Bi-annual risk analysis is part of the Enterprise Wide Risk Management system and is conducted in cooperation with local compliance officers and the Risk and Insurance Management Department, with a focus on business ethics.
Code of Conduct (PDF, 8,0 MB)
Business Ethics brochure (PDF, 8,9 MB)