Material Topic: G1 Business Conduct
Material Sub-Topic: Corporate culture
Sub-topic disclosed for NaDiVeG: Corruption and bribery, including prevention, detection, training, and incidents related to corruption and bribery
Cultivating a corporate culture that prioritizes innovation, sustainability, integrity, transparency, and a supportive work environment, and compliance with anti-corruption and other legal requirements
Relevant SDGs:
SDG targets:
16.5Substantially reduce corruption and bribery in all their forms
Corporate Culture
Our corporate culture is rooted in our core Values: “We Care,” “We’re Curious,” and “We Progress.” Our Values underpin our culture and signal what’s important. Building a corporate culture based on these Values could provide us with a competitive advantage, enable new and better ways of working, and help guide us toward a sustainable future. We integrate our Values into everything we do, from the way we conduct our meetings to how we connect with others outside our teams and incorporate external thinking across OMV. Our Values are also part of our HSSE and well-being programs. Through our regulations, actions, and resources, we strive to uphold a healthy corporate culture with a high level of integrity. We provide guidance to all employees on the expected behavior at OMV and in interactions with stakeholders. Acting ethically and with integrity is a fundamental aspect of OMV’s corporate culture and guides decision-making at all levels of the organization.
To foster our corporate culture and evaluate the integration of our Values, we regularly engage with employees through various initiatives and feedback mechanisms, including the biennial Pulse Check survey, training programs, and internal communication channels such as our intranet. This ensures that our Values are deeply ingrained and reflected in our daily activities and long-term strategic goals. This approach aligns with our transformation strategy, fostering an environment where innovative, ethical, and responsible behaviors thrive. Through our values-driven corporate culture, we also remain a strong employer in the sector and foster a positive working environment and employment opportunities, which creates an actual positive impact for our employees and the stakeholder groups we interact with. For details on our material impact related to G1 Business Conduct, see SBM-3 Material Impacts, Risks, and Opportunities and Their Interaction with Strategy and Business Model.
Business Ethics and Anti-Corruption and Anti-Bribery
Conducting business sustainably and ethically is crucial for OMV in creating and protecting value in the long term, in building trusting partnerships, and in attracting customers and the best suppliers, investors, and employees. We strive to comply with all applicable legal requirements in areas such as anti-corruption and tax law, and to be transparent and implement sound corporate governance to ensure ethical behavior. The principles of corporate governance are a key element for the sustainable growth of the business, enhancing long-term value for shareholders, and strengthening stakeholder confidence. While the OMV Group is headquartered in Austria, a country with high standards of business ethics, we also operate in several countries in the Middle East, North Africa, Asia-Pacific, the Americas, and Europe that are defined as high risk by the Transparency International Corruption Perceptions Index. We strive to avoid the risks of bribery and corruption that are specific to our sector. We also highly value our reputation. Therefore, our main priority is ensuring uniform compliance with our business ethics standards wherever we operate. Ultimate responsibility for ensuring the ethical conduct of OMV lies with the Executive and Supervisory Boards.
Maintaining ethical standards is a key principle that guides our business decisions. Commitment to this objective is embedded at all levels of the OMV Group, from top management to every employee. Our business partners are also expected to share the same understanding of and commitment to ethical standards. Every Company activity, from planning business strategy to daily operations, is assessed for compliance with ethical standards such as the Code of Conduct (CoC), the Code of Business Ethics, and the Ethics & Integrity Policy (see G1-1 Corporate Culture and Business Conduct Policies).
OMV is a signatory to the United Nations (UN) Global Compact, and we believe that sustainability starts with our value system and a principles-based approach to doing business. The Ethical Business Practices strategic focus area brings together our commitments and actions relating to the integrity of our employees and business partners. Establishing a culture of integrity is the basis for the further adoption of the UN Agenda for Sustainable Development, whether that is achieved by promoting local economic development through local procurement, or ensuring that our public policy engagement and work with suppliers is in line with OMV’s climate commitments.