Business Ethics

Through ITAB’s Code of Conduct, all employees have a clear set of regulations for areas such as business ethics.

The ITAB Group’s Code of Conduct stipulates our rules and regulations for areas such as business ethics. ITAB regularly reviews and evaluates internal checks in all subsidiaries, which provides reasonable assurance of appropriate and effective operations, reliable financial reporting and compliance with laws and regulations. According to the Code of Conduct, ITAB has a zero tolerance policy regarding all forms of bribery and corruption. 

The managing director of each individual company within the ITAB Group is responsible for ensuring compliance with local regulations. All of ITAB’s employees are covered by the Group-wide Code of Conduct and have confirmed in writing that they will comply with the Code. The Code of Conduct emphasizes the importance of each and every employee, that the Group should offer a safe and healthy working environment and that ITAB is continuously working to reduce its environmental impact. It also states that ITAB stands for straightforward, honest communication and that all employees have to respect commercial confidentiality. If an issue relating to business ethics arises at company level, the Group has established a procedure for how employees should report this directly to the Group and how such issues will be handled. 

No known cases of corruption were reported in the Group in 2020. ITAB has also conducted separate reviews and training in respect of anti-corruption, primarily in countries where the Group is deemed to face the greatest risks for breaches of business ethics. A separate Group-wide Supplier Policy containing the fundamental business ethics requirements that ITAB imposes on its suppliers was launched at the end of 2017. In order to ensure that ITAB is in compliance with GDPR, employees who handle personal data as part of their work have completed a separate training programme. 

ITAB’s tool for internal control is based on the COSO framework. This is a framework for evaluating a company’s internal control over financial reporting. The framework streamlines the work on the internal control. The internal audit programme is revised regularly, primarily on the basis of business risks. The internal audit also covers the follow-up of the Group’s sustainability programme and the Code of Conduct.