1.3.2. Values, principles and standards

GRI 102-16, GRI 102-17, GRI 102-26

For Elia Group SA/NV, long-term success is defined by acting in the interest of society. This is reflected in the company’s vision: “A successful energy transition for a sustainable world”.

The Elia group is committed to ensuring it has solid corporate governance practices in place, as outlined in its group-wide Code of Ethics. The latter aims to ensure that staff and the group act in accordance with the ten principles of the UN Global Compact in the areas of human rights, labour standards, environmental protection and anti-corruption. In line with this, Elia Group SA/NV and 50Hertz Transmission GmbH have expressed their commitment to responsible corporate governance practices by signing the United Nations Global Compact (UNGC) – the leading U.N. initiative which encourages businesses to adopt sustainable and socially responsible policies that are aligned with the 2030 Sustainable Development Goals. Both companies are also committed to and actively work on topics included in the 10 Principles of the UNGC (see Section 2. Strategy).

Code of Ethics

Integrity and ethics are a critical aspect of our internal interactions. The Board of Directors and the Executive Management Board regularly communicate about these principles to clarify the mutual rights and responsibilities of the company and its employees. These rules are communicated to all new employees, and compliance with them is formally included in employment contracts.

The Code of Ethics (published in 2021) and all associated policies define what the Elia group considers to be proper ethical behaviour. They establish a set of clear principles which seek to avoid any conflicts of interest. They also seek to ensure that employees do not violate any laws regarding the use of privileged information, market manipulation or suspicious activities. Senior management consistently ensures that employees comply with internal values and procedures and, where applicable, takes appropriate action, as set out in company regulations and employment contracts.

Acting in as honest and independent parties when interacting with all stakeholders is an important guiding principle for all our employees. The Code of Ethics explicitly states that Elia Group SA/NV prohibits bribery in any form, the abuse of prior knowledge and market manipulation. Elia Group SA/NV and its employees do not accept gifts or hospitality to gain any competitive advantages. Facilitation payments are not permitted by Elia Group SA/NV. Disguising gifts or hospitality as charitable donations is also a violation of the Code of Ethics.

In addition, the Code of Ethics ensures that discrimination is not tolerated within the organisation; it prohibits all forms of racism and discrimination and promotes equal opportunities for all employees through fair assessments of their work. This applies regardless of an individual’s ethnicity, gender, religion, political opinion, social origin, age, sexual orientation or physical ability. Elia Group SA/NV’s internal policy on discrimination and equal opportunities is based on the International Labour Organization’s Convention C111 on Discrimination. Lastly, the Code of Ethics seeks to ensure that staff use and treat the IT systems and data they have access to in a confidential manner, in line with data protection requirements.

Code of conduct

Following the entry into force of European Regulation (EU) No. 596/2014 on market abuse, Elia Group SA/NV amended its Code of Conduct, which aims to prevent staff (including individuals with leadership responsibilities) from breaking any laws regarding the use of privileged information and market manipulation.

The Code of Conduct lays down a series of regulations and communication obligations for transactions undertaken by staff in relation to their Elia Group SA/NV securities, in accordance with the provisions of the Market Abuse Regulation and the Act of 2 August 2002 on the monitoring of the financial sector and other financial services. This Code of Conduct is available on the organisation’s website here.

Corporate Governance Charter and internal rules of procedure of the Board of Directors, the Board’s advisory Committees and the Executive Management Board

The Corporate Governance Charter and the internal rules of procedure of the Board of Directors, the Board of Directors’ advisory committees and the Executive Management Board can be found in the organisation’s online document library here.

The responsibilities of the Board of Directors and of the Executive Management Board are described in detail in the Articles of Association of the company and are therefore not reiterated in the internal rules of the Board of Directors and the Executive Management Board. In March 2021, Elia Group SA/NV finalised a new version of the Corporate Governance Charter in order to comply with the group’s new structure and governance; these were changes undertaken following the introduction of the new Belgian Code of Companies and Associations and the 2020 Corporate Governance Code.

Supplier Code of Conduct

All parties involved in procurement must comply with Elia Group SA/NV’s Supplier Code of Conduct and all related regulations. Elia Group SA/NV’s Supplier Code of Conduct is published both internally and externally (Elia Transmission Belgium SA/NV and 50Hertz Transmission GmbH) and is based on four pillars: confidentiality; non-discriminatory treatment of suppliers; transparency; and avoidance of conflicts of interest. Employees involved in procurement and payment processes are regularly provided with training and awareness-raising sessions related to these topics.

Cultural Behaviours

To encourage a shift in organisational culture, the Make A Difference (MAD) programme was launched. MAD includes six key behaviours, which represent the corporate culture that we want our employees to embody. They form the basis for the way we all approach our work - both internally (in teams and departments) and externally (with partners and stakeholders outside the Group).

The MAD behaviours are a prerequisite for delivering on our vision and mission and for our continued positive impact on our stakeholders and the energy value chain.

These behaviours are modified and adapted for staff at Elia Transmission Belgium SA/NV and 50Hertz Transmission GmbH, in order to accommodate local differences in culture. The six core values reflect fundamental principles that are deeply rooted across the Elia group. These six behaviours form the basis or our Code of Ethics, and the guidelines and principles that drive all of Elia group’s activities.

Feedback

We give feedback to and ask for feedback from colleagues at all levels of the Group. In this way, we show appreciation for their work and strive for continuous improvement. Simplification

We consider the ways in which projects can be simplified, eliminating unnecessary complications in what is already a very complex environment. One Voice

We have open and constructive debates before taking a decision. Once a decision is taken, everyone commits to it fully and is united in their understanding of and communication about it. Co-creating the future

We are aware of the radical changes occurring in our sector (such as digitalisation and decentralisation) and play an active role in shaping them. One company

Each employee’s responsibilities transcend the boundaries of their own job or department. All members of staff consider issues from a company-wide perspective and support the choices made by Elia Group as a company. Impact

We carry out our work and projects in the best possible way by focusing on the actions that make a difference and have a tangible impact on areas including safety, the system, society, the environment, and our performance.