Compliance
Developing neighbourhoods and housing units involves extensive contact with a range of stakeholders such as customers and employees, but also public authorities, suppliers as well as shareholders and banks, who are particularly important. Bonava’s ability to operate in the market is dependent on the confidence of its stakeholders.
Predicting risks and being proactive in preventing the realisation of risks is crucial for the company’s brand and profitability. Bonava’s procedures for internal control of risks and compliance are important for ensuring the application of the precautionary principle and principle of continuous improvement. Raising the alarm about potential irregularities is encouraged as a way of helping the company, and anyone who does so has the expressed support of Bonava’s top management. Whistle-blower protection is established directly in the Code of Conduct.
Bonava’s programme for compliance with the Code of Conduct includes training modules and different tools to help employees make the right decisions. Ethical guidelines offer help concerning the most frequently asked questions, such as how entertainment and hospitality, personal gifts, conflicts of interest and competition legislation are to be managed in an ethically correct manner. We also have some 20 ethics advisers appointed in all business units and centrally for the Group, with access to a shared forum and legal competence.
Tax revenue is crucial for social progress in the markets where Bonava operates, and ultimately facilitates the creation of happy neighbourhoods where people have the highest quality of life. We also consider assuming tax responsibility to be an issue of trust. Bonava contributes to society’s tax revenue primarily through corporate tax and other own taxes and fees, such as property tax or fees, transaction fees and social security contributions, but also indirectly through VAT and employee withholding taxes. We have a policy of avoiding tax risks.
Governance
Bonava’s internal regulations and processes are defined in our Code of Conduct as well as our policies and business management system. The Code of Conduct has been updated to clarify responsibilities in relation to Bonava’s sustainability agenda, values and principles for human rights, fair labour conditions, environment and anti-corruption. Everyone employed by Bonava is encouraged to turn to their ethics adviser as soon as any ambiguities arise as to what is the correct action for complying with Bonava’s values and Code of Conduct. Our Ethics Committee, which consists of experienced employees from all business units and from the Group centrally, conducts regular meetings to discuss current ethical topics for the purpose of improving our procedures and continually strengthening the compliance programme.
Bonava’s SpeakUp system, a whistle-blower function, enables employees and individuals outside the company to report suspected breaches anonymously via the internet or by phone. The system is run by an independent service provider.
Bonava manages its financial and non-financial risks using an integrated procedure with a Risk Committee that is led by Bonava’s Head of Risk and Compliance and includes the CFO, the Group Head of Legal, the Group Head of Strategy and the Group Head of Sustainability. Every year, the Risk Committee carries out an annual cycle in which all risks are reviewed for the materiality analysis, and all business units and central Group functions are involved in evaluating all the company’s control functions in order to manage the risks. Over the long term, risks are evaluated as part of the annual review of Bonava’s sustainability agenda. Our Annual and Sustainability Report shows examples of scenario analyses for long-term climate risks.
Communication and training about anti-corruption policies and procedures
All of Bonava’s employees undergo web-based ethics training, which includes guidance on anti-corruption and avoiding conflicts of interest. This is followed up on a quarterly basis to ensure that new employees do not miss this step of the onboarding process. Bonava has launched a new training format for group discussions that replaces the earlier physical training sessions that were led by the ethics counsellors. This provides opportunities for discussions and practical experience in handling ethical dilemmas.
The ethical guidelines are presented and communicated on the intranet. There are notice boards at all of Bonava’s work sites which are used to convey the Code of Conduct, ethical guidelines and our values. In the supplier requirements that are included in all contracts with new suppliers, we specify the requirements for compliance with the UN Global Compact, our Code of Conduct and ethical guidelines, including counteracting corruption.
Evaluation
In addition to carefully investigating all reported suspicions of deviations from the code of conduct and various types of incidents, Bonava annually monitors the distribution of questions to the ethical advisers, in order to identify the need for further support in the business and education.GRI standard for sustainability reporting
Bonava reports annually for the GRI indicator 205-2 Communication and training about anti-corruption policies and procedures, 205-3 Confirmed incidents of corruption and actions taken, 206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices, 307-1 Non-compliance with environmental laws and regulations, and 419-1 Non-compliance with laws and regulations in the social and economic area.