We are committed to being an ethical, value-based corporate citizen operating fairly and legally in every market.
Ethics and integrity are our foundation
We operate in many different countries, and across cultures, traditions, local laws and regulations. As a global company that does its business based on honesty and integrity, it comes natural to us to have a common set of guiding principles on what we believe to be good business conduct based on our values and applied to all of Grundfos employees in all Grundfos companies.
We are committed to being an ethical, value-based corporate citizen operating fairly and legally in every market, through respecting human rights, operating through a sustainable supply chain and having zero-tolerance to corruption.
The Sustainability Council aligns our commitment to our sustainability framework and sustainability standards across our organisation.
Through the Sustainability Council, we are putting strong focus on our sustainability data, which we aim to be as robust, coherent and documented as our financial reporting. To achieve this, we have introduced several new processes, including:
- Assigned responsibility for all sustainability data gathering to Group Finance
- Developed our sustainability reporting manual
- Implemented a new sustainability data gathering system
Further, executive compensation is tied to our sustainability performance using our Sustainability Index, an internal tool. We will revise our index as we update our targets and KPIs.
Code of Conduct
We believe that honesty and integrity are universal languages that align with our core values. The Code of Conduct applies to all employees of Grundfos in all positions and in all countries.
Read the Code of Conduct and learn how we do business.
Our Human Rights journey
Our work with human rights is an ongoing process, and our human rights due diligence programme ensure that we respect and advance human rights.
Our commitment to respect Human Rights is integrated and communicated across the organisation through our values, group policies and our Code of Conduct.
Supplier Code of Conduct
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.
Just as we stipulate standards of ethical practice for ourselves in a formal Code of Conduct, we have a Supplier Code of Conduct that establishes related requirements for all of our suppliers.
Code of Conduct Governance
Our Code of Conduct is supported by a strong Code of Conduct Governance Framework. Its role is to support and facilitate the overall understanding of our Code of Conduct along with our compliance, which is rolled out by the Group Management to each individual employee.
Grundfos Ethics Committee, an independent body of executive managers appointed by Group Management, is the core element of the framework. Other than continuingly monitoring our compliance with the Code of Conduct, the Ethics Committee is also responsible for Grundfos whistle-blower function which provides employees, board members, and third parties cooperating with Grundfos (such as suppliers, advisers, consultants, business partners, etc.) the means to report suspected breaches of the Code of Conduct. It is our commitment to conduct business based on honesty and integrity.
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.