OMV leads the way in Compliance Management
July 1, 2013 - 10:00 am (CET)
- OMV is Austria’s first listed company to hold a certified Compliance Management System in line with IDW Assurance Standard 980
- Compliance management subject to international scrutiny
OMV’s Compliance Management System is the first in Austria to conform to the stringent, comprehensive IDW AssS 980. The areas of anti-corruption, laws governing capital markets and competition as well as trade embargos were subject of a year-long external examination for adequate design, implementation and effectiveness.
OMV operates in numerous countries with a variety of different cultures and laws and upholds equally high compliance standards across the Group. This is why, almost ten years ago, OMV addressed the issue of compliance and in 2011 set up a dedicated cross-regional Compliance Organisation. 42 compliance experts are currently employed throughout the Group to ensure that the OMV standards are implemented equally across the board and comply with the law in every country. "This certification marks the successful completion of the development and implementation of our Group-wide compliance management. It proves that our compliance principles are effective at identifying any infringements early on and averting them, as well as pinpointing improvements", says OMV Chief Compliance Officer Robert Eichler, who managed the certification internally at OMV. The approaches to anti-corruption, laws governing capital markets and competition, as well as trade embargos are audited and assessed on site not only in Austria, but also in Romania, Bulgaria and Kazakhstan.
Assurance Standard 980 was adopted by the Institute of Public Auditors in Germany (IDW) in April 2011 and describes the seven central elements for a Compliance Management System as well as laying down the framework for a standardized audit. The key elements are a compliance culture and communication. "Compliance is not an end in itself. A compliance culture which is upheld by every employee across every management level is essential in order to secure sustainable business success and the long-term future of the company", says Robert Eichler. The certification process was carried out by KPMG, with CHSH lawyers acting as advisors to OMV. The certification covers all Group companies except Turkish subsidiary Petrol Ofisi, into which compliance management will be integrated in the next two years.
With Group sales of EUR 42.65 bn and a workforce of around 29,000 employees in 2012, OMV Aktiengesellschaft is Austria’s largest listed industrial company. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.12 bn boe as of year-end 2012 and a production of around 303,000 boe/d in 2012. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 103 bcm in 2012. With a trading volume of around 528 TWh, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and as of the end of 2012 approximately 4,400 filling stations in 13 countries including Turkey. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.