Governance

Befesa’s commitment to sustainability is reflected across the entire organisation: at the Board level, in corporate functions and the business units as well as across all management levels.

Befesa’s Board of Directors and senior management dedicate significant time and resources to managing the key aspects of sustainability, including the development of sustainability policies and best practices.

On a monthly basis, these policies and practices are reviewed, key objectives are settled and reviewed, and KPIs are monitored to ensure that our risk and control systems are adequate.

Board

Our senior management team consistently delivers results through long standing industry expertise, entrepreneurial spirit and a focus on operational excellence as well as governance and compliance processes.

For our full list of board members and experience, please visit the corporate governance page.

Corporate governance

Compliance

Compliance is an essential part of the culture of integrity at Befesa. We are convinced that success and sustainable, profitable growth can only be achieved if everyone in the company is focused upon integrity, high moral values and respect for sound environmental, social and governance practices.

Befesa Compliance Management System

1. General Compliance Approach

  • General Compliance Policy
  • Risk identification and risk management via updated risk map and continuous risk monitoring

2. Code of conduct

3. Internal procedures

  • Internal communication and authorisation system that represents the internal rules of Befesa

4. Complementary specific compliance policies

  • Anti-corruption & anti-bribery
  • Anti-money laundering
  • Anti-trust
  • Conflict of interests
  • Environmental, health & safety and quality
  • Group security dealings code
  • International sanctions
  • IT
  • Equality, diversity and inclusion
  • Confidentiality & industrial and intellectual property

5. Monthly messages & training

  • Monthly messages to employees covering diverse compliance topics
  • Online platform for compliance training
  • Guidelines of conduct brochures available

6. Others

  • Internal controls
  • Supplier Code of Conduct
  • ISO Certifications: 9001, 14001, 14064, 45001 & 50001
  • Insurances: coverage of detected risks
  • General data protection regulation

Suppliers

Befesa promotes and expects business integrity, compliance with applicable laws and adherence to internationally recognized environmental, social and corporate governance standards within our own organization and among our business partners. The result of such a commitment is this supplier’s code of conduct (“Supplier Code of Conduct”).

This Supplier Code of Conduct applies to all Suppliers that must adhere to its content in order to maintain commercial relationships with Befesa.

Supplier Code of Conduct – BEFESA – English

Supplier Code of Conduct – BEFESA – Spanish

Supplier Code of Conduct – BEFESA – German

Supplier Code of Conduct – BEFESA – French

Supplier Code of Conduct – BEFESA – Chinese

Supplier Code of Conduct – BEFESA – Turkish

Supplier Code of Conduct – BEFESA – Korean

Supplier Code of Conduct – BEFESA – Swedish

Whistleblowing channel

Compliance with laws and internal regulations to avoid legal risks and their consequences is a top priority at Befesa.

How it works

Actions and conditions that may endanger Befesa and its related third parties must be detected before being carried out. We encourage you – as employee or external partner – to bring Befesa awareness of them through our Whistleblowing Channel while keeping your anonymity and confidentiality.

The Whistleblowing channel allows you to report any action against Befesa causing:

  • Anti-competitive behavior
  • Corruption, bribery, conflict of interest
  • Unfair employment practices
  • Non-compliance of environmental regulation
  • Fraud, falsification of documents
  • Illegal payments, money laundering
  • Other criminal matters
  • Harassment at workplace
  • Europe/Global privacy laws
  • Report/Case management
  • Phone line with local greeting
  • Reports in local languages and English
  • Web page with local language
  • 24/7, 365 days a year

You can find more information in the Whistleblowing Channel brochure:

Download brochure

 

Compensation

For Befesa to maintain and apply transparent and detailed reporting on the compensation of the Board of Directors is an element of good corporate governance. The remuneration of the members is governed by our remuneration policy which has been approved by the AGM on 18 June 2020 and discloses all relevant information according to Article 7bis of the Luxembourg law of 24 May 2011 on Shareholders Rights, as amended. In addition, Befesa discloses each year detailed information on directors’ compensation in its Annual Report.

Auditors

The consolidated financial statements of Befesa and the statutory annual statements of Befesa S.A. are audited every year by a Big four external audit firm in compliance with all audit requirements and standards. The external auditor is appointed and approved by the Annual General Meeting of Befesa.

Befesa also has an independent internal audit team that reports directly to the Audit Committee. The Audit Committee approves the annual internal audit programme, which covers financial and non-financial information.

The financial statements and internal controls of Befesa and its subsidiaries are internally audited on a periodic basis -at least once every year-, providing Befesa’s shareholders with additional confidence regarding the financial information published every quarter.

Additionally, compliance with ethical standards and ESG policies are also included in the scope of Internal Audit reviews.

The results and progress on internal audit works are reported to the Audit Committee on a quarterly basis, which then reports to the Board of Directors of Befesa.

Taxes

Befesa advocates the development of sound regulations and internal procedures to combat financial crime, including tax evasion.

The key principles are as follows:

Befesa undertakes its tax affairs on a basis that generates sustainable value while meeting applicable legal and regulatory tax requirements.

Befesa gives due regard to the intent and spirit of tax laws, the places and the social context within which it operates, and the reputation of Befesa with the public, tax administrations, regulators and political representatives.

IT Security

Cybercrime and cyber risks are a business threat that is becoming increasingly common and can pose immense challenges to all companies in the current business environment.

Befesa’s IT security and cybersecurity strategies rely on best-in-class cybersecurity technologies and a cybersecurity training programme, to increase cybersecurity awareness within the organisation.