Economic Impacts and Business Principles

Material Topic: Economic Impacts and Business Principles

Creation of direct and indirect economic value through OMV business activities, as well as compliance with anti-corruption and other legal requirements

Key GRIs

• GRI 201: Economic Performance 2016
• GRI 205: Anti-corruption 2016
• GRI 206: Anti-competitive Behavior 2016
• GRI 415: Public Policy 2016
• GRI 419: Socioeconomic Compliance 2016

NaDiVeG

• Corruption prevention

Most relevant SDG

OMV is defined by the way our people behave. 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 the most stringent 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, for enhancing long-term value for shareholders, and for strengthening stakeholder confidence.¹ Read more in our separate Corporate Governance Report

OMV’s Code of Conduct and Code of Business Ethics publicly lay out our commitments to responsible and ethical business conduct. OMV’s Code of Business Ethics sets out a zero-tolerance policy on bribery, fraud, theft, and other forms of corruption, and prohibits any support of political parties or donations to them. This Code applies to all employees. It is designed to comply with the standards set by both national and international anti-corruption legislation (mainly the OECD Anti-Bribery Convention and the UK Bribery Act). OMV is a signatory to the UN Global Compact and adheres to the OECD Guidelines for Multinational Enterprises. These Guidelines reflect the government expectations of responsible conduct by businesses. They cover all key areas of business responsibility, including bribery, competition, and taxation. OMV has also published a separate Tax Policy.

Governance

Ultimate responsibility for ensuring the ethical conduct of OMV while generating economic value lies with the Executive and Supervisory Boards. Responsibility for economic impacts and business principles is not centralized in one department, but rather distributed across various departments. For instance, the OMV Compliance Management System is implemented Group-wide through collaboration between central management units and local compliance officers in all countries in which OMV operates.

The Group’s approach to tax and the risks related to it are monitored by the tax function (as part of Group Finance) and overseen by the CFO and the Supervisory Board. Tax compliance is generally dealt with by finance managers, and at legal entity level by local tax managers, shared service centers, or external tax advisors. OMV’s Compliance and Tax departments report to OMV’s CFO.

International and Governmental Relations is the OMV Group’s interface with the relevant political and public administration decision-makers. It informs stakeholders in Austria as well as at EU and international level about OMV’s business, so that they understand how the oil, gas, and chemical industry works, the challenges it faces today, and the contribution it will make in the future. Relationships with stakeholders are sustainable and based on transparency and mutual trust. International and Governmental Relations reports to OMV’s CEO.

The Company’s management is committed to establishing and maintaining an ethical standard of trust and integrity in our day-to-day business. Our senior management signs a Compliance Declaration to confirm that their conduct is in line with the Code of Business Ethics. New members of senior management also receive onboarding to introduce OMV integrity standards. Once a year, all managers and employees in particularly exposed positions must also sign a conflict of interest and business ethics conformity declaration.