Ethics is one of Valeo’s five values. The Group’s longstanding Code of Ethics reflects its absolute commitment to integrity, whatever the country in which it designs, produces, supplies and distributes the Group's innovative high-tech products.

In 2015, Valeo operates in 30 countries, with 82,800 employees. Valeo is therefore more committed than ever to its policy of conducting all its activities with Ethics, integrity and complete respect for the laws and regulations in force.

Valeo’s Code of Ethics is signed by all Group employees and is available in 22 languages. It is the cornerstone of Valeo's Ethics policy.

The Group's Compliance program is built on the same foundations.

« Our ethical commitment and our determination to respect our Compliance program are essential to guarantee the future and the profitability of our Group in the long term.”
Jacques Aschenbroich
Chief Executive Officer

VALEO COMPLIANCE PROGRAM: ZERO TOLERANCE

Objectives of the Group Compliance Program

Complying with the many different sets of regulations under which the Group operates worldwide requires discipline, determination, commitment and leadership. Valeo has therefore put in place a Compliance organization based on several committees and a Group Compliance Program, the purposes of which are to:

  1. define Valeo’s Compliance policies ;
  2. train and inform Valeo personnel about these policies as well as related regulations and risks ;
  3. draw up, lead and enforce Valeo’s Code of Ethics and Compliance policies ;
  4. set up mechanisms to detect, correct and prevent behavior that may result in violations of the laws or regulations governing Valeo operations;
  5. encourage Valeo’s stakeholders to report to management, in strict Compliance with local laws, incidents that they, in good faith, believe :
    - are in violation of laws or of Valeo policies,
    - could have an impact on Valeo or its personnel, image or reputation.

Initially, Valeo is focusing on fighting antitrust practices and corruption.

The Group’s Compliance Organization

The Compliance organization is based on several committees and total commitment from Valeo’s management

Audit & Risks Committee
The Audit and Risks Committee is responsible for ensuring the effectiveness of the risk management and internal control systems. As such, it regularly ensures that Valeo is maintaining a comprehensive program to comply with all laws and regulations governing its business activities, and is conducting its affairs in an ethical and responsible manner.

The Operational Committee 
The Operational Committee, chaired by Valeo’s Chief Executive Officer, defines the directions and priorities of the Compliance Program, allocates the necessary means and resources, and oversees and manages its implementation.

Compliance Department
The Chief Ethics and Compliance Officer initiatives, manages and coordinates the implementation of the Compliance Program at a global, national, local and site level, as defined by the Operational Committee, of which he/she is a member
Reporting to the CEO, Valeo’s Chief Ethics and Compliance Officer has direct access to the Chairman of the Board and to the Audit & Risks Committee, to which the status of the program is regularly presented.
To ensure effective implementation of the program, the Chief Ethics and Compliance Officer works closely with National Directors, Business Group Presidents, the Purchasing Director and Industrial Director, R&D, the HR and Finance Directors, the Legal Counsels and the Internal Control Director. All contribute actively, both individually and via their teams, to the program's effectiveness.
All managers, from all countries and businesses, are thus mobilized to play a key role in advocating the program among teams and make it part of Valeo’s day-to-day operations, at a global level.
This mobilization of the entire leadership team is a natural result of Valeo’s culture of Ethics and its commitment to doing business with integrity.

Group Compliance Program

Policies and Guidelines
Valeo has defined strict policies concerning its interactions with its business partners.
As stated in its Code of Ethics, Valeo complies with antitrust laws in force in the European Union and in each country in which the Group operates. Valeo strictly prohibits the exchange of sensitive business data and illegal arrangements with competitors.
Fighting corruption is also an integral part of Valeo’s policy. A detailed anti-corruption program has been drawn up, covering gifts, entertainment and hospitality offered to customers, suppliers and partners, from both private and public sector. The program also covers relationships with agents, purchasing procedures, M&A due diligences, logistics chain risks, etc.

Resources and support for employees
In order to help Sales, Project and R&D teams in particular to identify inappropriate agreements or discussions involving competitors, and to be proactive in avoiding them, a number of resources have been developed. These include FAQs, Dos and Don’ts, and recommendations for specific Valeo businesses or processes, and are available to all employees. Similarly, an anti-corruption handbook along with FAQs, Dos and Don'ts and procedures for selecting partners and suppliers have also been developed to help people make the right decisions. A set of decision-making tools complete the resources available.

Encouraging responsibility: the Ethics and Compliance portal
Our aim is to provide all employees with the tools required to be proactive and make the right decisions, and to encourage them to turn to the right people at the right time. We have therefore made these tools available to everyone on a user-friendly Ethics and Compliance portal.
Employees are also encouraged to consult their line manager and the Chief Ethics and Compliance Officer and/or the Legal team.

Education awareness, training: the cornerstones of Ethics and Compliance

Education awareness
Education is provided and awareness is developed in a variety of ways, including orientation and induction programs, newsletters, team meetings and training sessions. The Executive Management regularly reminds staff that Ethics and Compliance form one of Valeo's core values.

Training
Training is an essential element of Valeo’s policy.
As to Compliance, it is available in the form of both training sessions and e-learning programs.

Tailored antitrust and anti-corruption training sessions
are held on sites in the local languages. These sessions are mandatory for managers.
E-learning has been developed in 13 languages. It is mandatory for all managers and those who take part in particular projects or operations, in line with Valeo's policies. It is strongly recommended for all other staff, who are regularly encouraged to follow the program.
In addition, special modules have been integrated into Valeo’s Leadership Development programs as well as training geared to specific functions such as sales, supply chain and purchasing.
A Compliance training plan is defined every year. It is implemented and overseen very closely by the Group Training teams and the Compliance team. Failure to participate in mandatory Compliance training may result in disciplinary action.

Alerts: risk prevention
Prevention is crucial. Valeo employees are encouraged to alert their management to a known or suspected violation of applicable laws, regulations, ethical standards or Valeo policies as soon as they become aware of it.
They can inform their Manager, the HR team, the Senior Vice-President Human Resources, the General Counsel and the Chief Ethics and Compliance Officer.

Alerts are treated seriously, objectively and in compliance with local laws.
No employee of Valeo who reports a Compliance issue in good faith will be sanctioned in any way for doing so. Retaliation against whistleblowers is not permitted.
An alert is a serious action. Alerts that are unfounded or are aimed at damaging the reputation of another employee will not be tolerated either.

At Valeo, we believe that everyone’s commitment and contribution to Ethics and Compliance will ensure the Group’s sustained growth and development.


Valeo Business Partner Code of Conduct

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