Global Compact – Verdo’s work with the UN principles for corporate responsibility

Verdo supports and respects the ten principles of the UN Global Compact for corporate responsibility. The principles provide a joint ethical and practical framework for corporate social responsibility and are based on international conventions and agreements. For example, the OECD Guidelines, the ILO Conventions on International Labour Standards, the UN Guiding Principles on Business and Human Rights (UNGP) and the Rio Declaration are all represented in the principles.

Respect for human rights

At Verdo, we strive to integrate and respect the universal human rights set out in national law and international conventions, covering discrimination, forced labour, child labour, a safe and healthy working environment, labour rights and other factors.

All employees must be treated equally and with dignity and respect, and Verdo commits to not discriminate in any way based on race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status or background. Furthermore, no distinction must be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs.

It is Verdo’s policy that our partners and suppliers must comply with the adopted human rights conventions.

Employee conditions

Employee conditions concern the work performed by employees at Verdo, or on behalf of Verdo by suppliers or subcontractors. Verdo follows the ILO conventions and complies with the existing national legislation regulating the labour market.

Verdo offers terms of employment and working conditions that comply with national legislation, including the freedom of employees to organise themselves in peaceful associations at their own discretion. We work to eliminate discrimination in our work and employment relationships (see the section below on remuneration).

As noted earlier in this report, we have a strong focus on the social, psychological and physical well-being of employees in the workplace. We weight health and safety at work highly. Our employees are our most important resource. The personal development of employees is therefore a high priority. We also undertake to ensure working hours that comply with the existing legislation and/ or the ILO Convention.

Verdo also follows the UN guidelines on child labour, and does not tolerate any form of child labour. Nor does Verdo tolerate any form of human trafficking or modern slavery, including forced labour, debt bondage or bonded labour. Employment relationships must be voluntary and based on mutual consent without any threat of punishment.

Verdo respects the right of employees to receive a fair wage, in order to give themselves and their families a decent existence. We observe at least the minimum wages set by legislation or, where appropriate, an industry standard established on the basis of collective negotiations – whichever is highest. In addition, we comply with all other acts and regulations governing wages, benefits and compensations.

Anti-corruption and anti-bribery Verdo has a zero-tolerance policy towards activities of a corrupt or dishonest nature.

We undertake to refrain from all forms of corruption and bribery, be it direct or indirect, including extortion, fraud, facility payment or money laundering. We also distance ourselves from all types of abuse of entrusted power for the purpose of private gain, such as embezzlement, fraud, facility payment and abuse of office.

Verdo has a constant focus on this area, and we are aware that we operate in countries where there is a greater risk of bribery and corruption than in Denmark.

To date, we have primarily considered this in our Trading division, as this is

Statutory statement on data ethics under section 99 d of the Danish Financial Statements Act.

Data ethics

Report on the company’s data ethics policy

Verdo has not formulated a data ethics policy, as we do not currently collect and process data in a way that, in our view, requires consideration beyond compliance with applicable law, including GDPR, and Verdo’s general guidelines.

For example, Verdo has policies on GDPR and IT use, and we are constantly working to ensure regulatory compliance.