The administrative, management, and supervisory bodies at OMV are crucial in ensuring ethical business conduct within the Group. The Executive Board (EB) sets and upholds OMV’s ethical standards, while both the Executive and Supervisory Boards (SB) hold ultimate responsibility for ensuring OMV’s ethical conduct while generating economic value. Members of these boards possess substantial expertise in business conduct matters, as they receive comprehensive training from the Compliance team on all relevant compliance topics. This covers, inter alia, inclusion of the members of the Executive Board in the target group for the Business Ethics e-learning program and Compliance onboarding training sessions. Furthermore, there are regular meetings with the entire EB and with each individual member of the EB, regular Audit Committee meetings with the SB, and meetings with the chairman of the SB, during which compliance-related matters are reported and discussed.
Responsibility for managing the IROs related to economic impacts and business principles is distributed across several departments rather than being centralized in one. For instance, the OMV Compliance Management System is implemented Group-wide through collaboration between central management units and local compliance officers in all countries in which OMV operates. The Group’s approach to tax and the risks related to it are monitored by the tax function (as part of Group Finance) and overseen by the CFO and the Supervisory Board. Tax compliance is generally dealt with by finance managers, and at legal entity level by local tax managers, shared service centers, or external tax advisors. OMV’s Tax Compliance functions and departments report to OMV’s CFO. For more information, see Economic Impact. The responsibility for defining and embedding our corporate culture within the company lies with the People & Culture (P&C) team, which reports directly to the OMV Group Senior Vice President (SVP) of P&C. The final endorsement of the values and policies that guide our corporate culture lies with the Executive Board. For more information, see S1 Own Workforce.
The Company’s management is committed to establishing and maintaining an ethical standard of trust and integrity in our day-to-day business. Our senior management signs a Compliance Declaration to confirm that their conduct is in line with the Code of Business Ethics. New members of senior management also receive personal onboarding conducted by Compliance to introduce OMV’s integrity standards. In addition, once a year, all managers and employees in particularly exposed positions must sign a conflict of interest and business ethics conformity declaration.