Business Ethics

Business ethics permeates all our activities. Our value system, expressed to the full in the Code of Ethics, guides the conduct and management of the company in compliance with the principles of correctness and transparency, taking into consideration sustainability and corporate responsibility.

Business ethics represents a fundamental principle of our operations, also considering the strategic importance of the sector we operate in and the widespread nature of our activities across the country.

The ethical-reputational side, which we put before specific business needs, guides the definition of our strategic and operating choices, and represents a lever to ensure sustainable growth over the long term, at the same time ensuring the results expected by shareholders and sharing the value generated with all our stakeholders, also in environmental and social terms. In fact, one of the key factors of the Group’s reputation is its ability to conduct its business with fairness, propriety, transparency, honesty and integrity, in compliance with laws, regulations and international standards.

Adherence to the Code of Ethics and the ethical standards required to carry out the business guides the management choices of our Board of Directors, the behaviour of our people and relations with our suppliers.

The Code of Ethics is an integral and irrevocable part of the Organisation and Control Model pursuant to Legislative Decree 231/2001, which ensures the prevention of offences by directors or employees to benefit the company.


Tax Strategy and Tax Control Framework

The Fiscal Strategy has the objective of guaranteeing the correct determination and payment of the taxes due by law and overseeing the fiscal risk, understood as the risk of incurring in the violation of tax regulations or of operating in contrast with the principles or with the aims of the tax system.

Our Code of Ethics

A key element for defining a good corporate governance system, the Code of Ethics represents the value system underlying the group’s ethical culture and guides the conduct of business activities based on the principles of sustainability and corporate responsibility.


We consider corruption to be a serious threat to the development of economic and social relations, and we oppose it both in relations with public officials and with private individuals. Our commitment to tackle any form of corruption has led to us obtaining UNI:ISO 37001 certification for our anti-corruption management system.

Whistleblowing procedure

The Procedure for handling reports defines a process for the receipt, analysis and determination of actions to be taken for presumed irregularities regarding the Code of Ethics, Model 231 and current regulations. To this end we have also provided a specific online form to ensure the anonymity of the whistleblower.

Relations with suppliers

The supply chain is of strategic importance in the performance of our operations and we interact with suppliers in a transparent way. We ask our suppliers to take note of the Model 231, comply with legislation and adhere to the principles of the Code of Ethics.

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