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- Business principles
Find our Code of Conduct, policies including human rights, modern slavery statement, legal compliance and Group policies, and other business principles.
Code of Conduct
We believe that honesty, transparency and integrity are universal languages that align with our core corporate values. Our Code of Conduct applies to all employees of Grundfos, in all positions and in all countries.
Supplier Code of Conduct
Just as we stipulate standards of ethical practice for ourselves, we have a Supplier Code of Conduct that establishes related requirements for all of our suppliers.
People principles in Grundfos
We play an essential role 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. Wherever we are in the world, our aim is to create a safe and inclusive workspace.
Legal compliance
We do our business based on honesty and integrity, and are committed to promoting the development of a culture that supports respect for Human Rights.
On our Governance pages, discover our ethical, value-based approach to operating fairly and legally in every market.
Modern Slavery Statement
Our commitment to respecting human rights extends to critical topics and specific laws and regulations. Discover our response to legislation such as the UK Modern Slavery Act, Australian Modern Slavery Act and Norwegian Transparency Act.
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.
Grundfos – Our 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:
- We ensure compliance with applicable laws and regulations;
- 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;
- We maintain an internal tax function with the necessary professional skills ensuring tax compliance;
- We train our broader organisation to work in line with our Code of Conduct supporting tax compliance;
- We maintain processes and systems to support that we are tax compliant;
- 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;
- We consider tax as a factor – among others – when making business decisions and will only operate in tax havens for commercial reasons;
- We evaluate the opportunities for incentives and reliefs offered by the authorities to support economic development;
- We actively identify material uncertain tax positions and manage these based on a structured risk assessment;
- 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 5 December 2023 and oversees the management of taxes globally.
[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. In Poland we have published our tax principles on the local Grundfos website to ensure compliance with specific local requirement in local language. The local tax principles are in line with our global tax principal.
Approach to taxes
We see taxes as an essential part of a well-functioning society. We recognise that taxation is a tool to help financing achievements of the UN Sustainable Development Goals.
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