Our Code of Conduct outlines the ethical behavior, business practices, and relationships with internal and external stakeholders within our working environment. We should treat existing and potential customers, suppliers, employees, investors, other business partners, and the communities in which we operate in the right way.
This Code of Conduct (referred to as the “Code”) helps us live our core values in our daily work and provides guidance for our actions.
The Code of Conduct should provide guidance in relation to:
How we respect human rights, both inside and outside the company
How we maintain good business ethics
How we ensure our business is conducted in an environmentally responsible manner
This Code applies to all employees worldwide of Piab Group (Piab) and its board members. Furthermore, our business partners, including suppliers, consultants, and independent contractors, must adhere to standards similar to those set out in this Code. Our suppliers and those they conduct business with, including employees, subcontractors, and other third parties, should establish and maintain appropriate management systems and actively review, monitor, and modify their management processes and business operations to ensure they align with the principles outlined in this Code of Conduct. English is the official language of Piab, and all our policies are available only in English, except for this Code of Conduct, which will be translated into the local language of each location where we operate.
This Code is divided into several key areas: Business Ethics and Integrity, Social Ethics, Environmental Responsibility, and Governance of the Code. Where relevant, this Code refers to more detailed policies or guidance documents at group and/or local levels. If any local policies and guidance documents differ from or conflict with our Code of Conduct, this Code shall take precedence.
1. Business Ethics and Integrity
Compliance with Laws
We and our business partners comply with applicable laws, standards, and other legal requirements in the countries where we operate. We are aware of the ongoing development of international regulations and social standards and continuously adopt regulations and standards relevant to our business.
Competition
We are committed to fair competition. We shall comply with laws protecting competition, particularly antitrust laws and other regulations governing competition. The company and its employees must never engage in any anti-competitive activities, such as illegal price-fixing or market-sharing. Further details are specified in our Antitrust Instructions.
Anti-Corruption and Anti-Bribery
We are committed to combating all forms of corruption, including extortion and bribery. None of our employees, suppliers, or business partners shall engage in such illegal activities or be negligent regarding them. We use appropriate means to promote transparency, integrity in transactions, responsible leadership, and corporate accountability. We shall comply with applicable criminal laws regarding corruption. Further details are specified in our Anti-Corruption Instructions.
Gifts and Entertainment
Neither Piab employees nor anyone acting on our behalf shall directly or indirectly solicit, offer, or accept gifts, gratuities, special allowances, or benefits that could influence the recipient’s judgment or be deemed unreasonable in the circumstances. However, we also recognize and accept that occasional, small, and appropriate gifts or hospitality within the scope of business can positively impact our business relationships. Further details are specified in our Anti-Corruption Instructions.
Non-Complicity
We cooperate with customers and business partners to observe situations where our products and services might be used for illegal purposes. Detailed trade compliance policies support these principles.
Confidentiality
Piab and our employees keep the business secrets of our business partners confidential, and vice versa; we require our business partners to keep Piab’s information confidential. Disseminating confidential information to third parties or the public is prohibited. In accordance with applicable laws, the duty of confidentiality continues after the termination of any employee’s employment relationship with the company. For our business partners, the duty of confidentiality also continues after the relationship with Piab ends.
Company Assets
All Piab employees are duty-bound and share the responsibility of protecting company assets from loss, damage, misuse, and destruction. Company assets shall not be used for personal purposes or to support activities outside Piab’s business.
2. Social Ethics
Human Rights
We support and respect internationally recognized human rights protections and ensure that the company’s activities (e.g., our cooperation with suppliers) do not contribute to human rights abuses. In practice, this means:
We comply with applicable legal requirements related to human rights.
We identify, prevent, and address actual or potential human rights abuses.
Discrimination and Harassment
We and our business partners condemn discrimination in recruitment and employment. No existing or potential employee shall be discriminated against based on grounds such as race, color, gender, sexual orientation, marital status, pregnancy, parenthood, religion, political opinion, nationality, ethnic background, social origin, social status, disability, age, or union membership. We oppose psychological, physical, or sexual abuse, as well as verbal harassment or abuse. We safeguard integrity, privacy, and freedom of expression.
Freedom of Association
We and our business partners respect employees’ right to freely choose to form or join trade unions and to represent an organization, in accordance with applicable local laws.
Forced Labor
We and our business partners shall not engage in or support forced labor, bonded labor, or compulsory labor, nor accept any practice involving deposits from employees or confiscation of employees’ identity documents. Employees are free to leave their employment after providing reasonable notice as required by law and contract.
Child Labor
We and our business partners do not permit child labor (under 15 years of age) or any form of exploitation of children and adolescents (under 18 years of age). Employees under 18 shall not perform any work considered hazardous. All local regulations must be followed.
Labor Practices
We and our business partners are committed to providing fair remuneration and working conditions for all employees. Working hours should be determined according to current national laws or industry standards but must never exceed 48 hours per week. All employees are informed and have the right to understand the basic terms and conditions of their employment.
Health and Occupational Safety
Piab and our business partners shall comply with national and international regulations to ensure occupational health and safety in the workplace. By supporting risk analyses, training programs, and other preventive measures, we ensure our employees can perform their work in a safe and healthy manner.
Product Safety
We apply risk analysis, corresponding mitigation measures, and strict procedures in our operations, and maintain a high level of expertise in the application fields of our products, thereby enhancing the safety of our products in use. We comply with all relevant EU directives (CE) concerning safety and are also committed to adhering to directives in other markets.
Community Land Rights
We accept and support that the land rights of communities and indigenous peoples will be protected and promoted.
3. Environmental Responsibility
We recognize that environmental responsibility is a prerequisite for the survival and prosperity of all living beings. Therefore, for us, environmental responsibility means considering environmental factors in the design, production, and sale of our products. We and our business partners always comply with existing environmental regulations.
Environmental Protection
We promote sustainable development in all aspects of our business, meeting the requirements and standards of environmental protection, and act in an environmentally conscious manner at all locations where we operate. In this context, we strive to seek environmentally compatible processes and use our planet’s resources prudently.
Sustainable Products
We strive to optimize our products from the perspective of material usage and functionality, aiming to minimize the negative environmental impact of the materials used and the energy consumption in their application fields. We are also committed to making our products fully recyclable. All materials used in our products must comply with the latest REACH and RoHS directives and should not contain any conflict materials as defined by EU regulations on conflict materials and the US Dodd-Frank Act.
Operations
We conduct our business and provide our products in a way that minimizes our environmental impact. The overall goal is to reduce the environmental impact associated with our activities, products, and services. Therefore, we adopt a preventive and cautious approach to environmental challenges.
C. Governance of the Code
This Code is approved by the Piab Board. All employees should be familiar with our Code of Conduct and other policies relevant to their work and apply them in their jobs. To this end, all employees must annually complete online training on this Code and other policies and instructions to understand and put them into practice. Managers are responsible for ensuring that all employees within their organization are familiar with this policy and, where applicable, incorporating necessary parts into local rules and procedures, in addition to complying with what is required by local legislation. Compliance with this policy will be monitored and audited.
Upon request, business partners must demonstrate to us their compliance with this Code of Conduct or a similar code by providing information and/or allowing Piab or its representatives access to their premises.
Violations of the Code
Violations of this Code of Conduct will always be taken seriously, and violators may face disciplinary action, up to and including termination of employment. Furthermore, violations of the law could lead to significant criminal fines, prison sentences, and/or civil damages for us or individual employees.
Our business partners are solely responsible for full compliance with this Code of Conduct or a similar code, and they should notify Piab Group if they identify violations of this Code in their operations.
Practical Guidance
In our daily work, we may occasionally encounter situations not explicitly covered by our Code of Conduct or other policies and guidance documents. Often, this is a matter of common sense or prior experience. If we are unsure whether an action is correct in a specific situation, we should ask ourselves or discuss with colleagues the following questions:
Does this action appear legal?
Am I setting a good example by doing this?
Could I potentially create dependency on someone because of my actions?
Have I made a decision or taken an action that would withstand media scrutiny?