Corporate governance refers to the rules and practices that govern the relationships between a company’s managers, shareholders and employees, as well as those to the customers, business partners, institutions and communities it is in contact with. Good corporate governance ensures fairness, transparency and responsibility.
Good corporate governance has a direct influence on our reputation. Safeguarding it is a high priority for us, so our holding company Marquard & Bahls has developed various guidelines and procedures to preserve it and prevent non-compliant actions. They include our Code of Conduct and the group-wide internal whistleblowing system, along with a Code of Conduct Team and procurement guidelines.
Our Code of Conduct is based on 16 principles, which are divided into four chapters that are divided into the four overall chapters Business & Finance, Safeguarding, Integrity and People. They provide a uniform set of values, along with guidance for how individuals are expected to behave in the context of the Marquard & Bahls philosophy.
In addition to the Code of Conduct and the guidelines mentioned above, there are other specific guidelines. For example, our Social Media Guideline helps employees to communicate on social media effectively and in line with legal requirements.
As part of the reorganization at the Marquard & Bahls holding company, there is a separate Compliance department, whose task is to identify compliance risks, develop appropriate compliance programs, and implement them through practical measures such as training. The focus is here on prevention of corruption and bribery, money laundering and fraud, as well as on competition law and sanction-related topics. Compliance topics have already been covered by various departments – on group level – for years. The Compliance department will coordinate closely with these departments on all compliance-related topics and define interfaces.