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Business principles
Find our Code of Conduct, policies and other business principles.
Code of Conduct
We believe that honesty and integrity are universal languages that align with our core values. The Code applies to all employees of Grundfos in all positions and in all countries.
Read the Code of Conduct and more about our governance.
Supplier Code of Conduct
Read about our suppliers Code of Conduct, and how we work with suppliers along the global supply chain to ensure they comply with our standards. Our focus is on cooperation, accountability and sustainability audits.
People principles in Grundfos
We have an essential role to play in protecting the working conditions, human rights, safety, and wellbeing of our employees and continually play an active role to support local communities across the world.
We strive to be a socially responsible employer, community member, and global citizen, and this is also reflected in our work with Diversity and Inclusion, health and well-being of our colleagues, reduced work capacity, and long-term sick leave.
Human rights policy
In Grundfos we recognise and acknowledge that business have the responsibility to respect human rights. Our commitment to respect human rights applies to all Grundfos employees in all Grundfos companies.
Inclusion in labour market
Grundfos provide tailor-made programmes as well as professional and personal skill enhancement to individuals in order for them to gain work experience. Read more on our Diversity and Inclusion page
Legal Compliance
As a global company that does its business based on honesty and integrity, we are committed to promoting the development of a culture that supports respect for Human Rights.
On our Ethics page you will find an overview of our Code of Conduct work, as well as a mention of our legal compliance within anti-corruption and competition law.
UK Modern Slavery Act
Learn more about our response to legislation such as the UK Modern Slavery Act but more than anything to increase transparency and share our journey.
Grundfos Group Policies
The Group Policies are only in force if they do not conflict with local legislation in countries where the Group has local operations.
These policies apply to all companies that bear the Grundfos name.
Export Control and Sanctions Compliance: Download (pdf)
Global Tax Principles [1]
Our Purpose
We pioneer solutions to the world's water and climate challenges and improve quality of life for people.
Our Values
Everything we do is guided by our Values: sustainable, open and trustworthy, focused on people, independent, partnership and relentlessly ambitious. These values enable us to have confidence that we can achieve long-term, sustainable growth.
Our Group Policies
The Grundfos Group Policies state:
“As regards to tax, Grundfos runs its business responsibly and plays an active role in society. This means that Grundfos will act as a responsible citizen and will strive to ensure a fair and reasonable allocation of the group profit in the jurisdictions/communities where Grundfos is present as well as being in compliance both for direct and indirect taxes.”
Our Tax Principles
In line with our Purpose, Values and Group Policies, we apply the following principles globally as well as locally:
1. We ensure compliance with applicable laws and regulations;
2. We have an open and transparent dialogue with the tax authorities and seek predictability in tax positions and engage in dialogue with relevant stakeholders on tax matters;
3. We maintain an internal tax function with the necessary professional skills ensuring tax compliance;
4. We train our broader organisation to work in line with our Code of Conduct supporting tax compliance;
5. We maintain processes and systems to support that we are tax compliant;
6. Transactions within the Group are undertaken on an arm’s length basis and in accordance with applicable OECD principles. We seek to reduce the risk of double taxation;
7. We consider tax as a factor – among others – when making business decisions and will only operate in tax havens for commercial reasons[2];
8. We evaluate the opportunities for incentives and reliefs offered by the authorities to support economic development;
9. We actively identify material uncertain tax positions and manage these based on a structured risk assessment;
10. Where there is complexity or uncertainty in relation to particular tax risks we may collaborate with external professional advisors.
Governance
The Audit Committee on behalf of the Board of Directors has approved these global tax principles 24 August 2020 and oversees the management of taxes globally.
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[1] The assertions made in this statement apply across all of the jurisdictions in which we operate, including the UK. In particular, we regard this statement as satisfying our specific UK disclosure obligation under Schedule 19 of FA16.
[2] Grundfos does not operate in tax havens based on EU and OECD lists of non-cooperative tax jurisdictions.
Approach to taxes
In Grundfos we pioneer solutions to the world’s water and climate challenges and improve quality of life for people.
Everything we do is guided by our values: sustainable, open and trustworthy, focused on people, independent, partnership and relentlessly ambitious. These values enable us to have confidence in achieving long-term, sustainable growth.
We see taxes as an essential part of a well-functioning society. We recognize that taxation is a tool to help financing achievements of the UN Sustainable Development Goals.