Fair and caring operation is the basis of our management principles
Our common standard of conduct is shaped by our Code of Ethics. The Code of Ethics supports our employees in resolving ethical dilemmas and choosing the right behaviors.
We have also established ethical requirements for our contractual partners. The management of the contractor shall ensure that the activities carried out under their responsibility comply with the ethical requirements. Compliance with ethical requirements is a prerequisite for cooperation and non-compliance may be the basis for cooperation terminaton.
We have set up a separate department to manage the risk of fraud
Considering the scope and volume of the Group's activities, we pay great attention to fraud risk management. In order to reduce the risk of the realization of the risk of fraud and the damage that may occur thereby, we are primarily concerned with increasing the share and effectiveness of preventive measures, while maintaining the ability to detect and respond to fraud operatively. In order to manage the risk of fraud, the Group has established a special department and implemented the principles of fraud risk management in accordance with international standards.
In order to avoid conflicts of interest, Eesti Energia has introduced an economic interest reporting system, according to which employees who may encounter a conflict of interest in the performance of their duties submit a declaration of their economic interests and confirm their independence through regular self-assessments.
We avoid conflicts of interest
A conflict of interest exists where an employee makes a decision in the course of his duties, participates in such a decision or influences the employer's decisions in a way that affects the financial interests of an employee, his/her relatives or related legal entities. Conflicts of interest may arise in the performance of both a contract and a job, as a result of an action or inaction, or while being in different roles at the same time.
We also urge our partners to act impartially in all matters relating to the performance of the contract concluded with us and not to grant, organizations or individuals. It is also not permitted to enter into relationships that could result in an actual or apparent conflict with the interests of Eesti Energia or that could have any negative impact on the partner's freedom of action or decision.
We handle all notifications of potential violations on a confidential and anonymous basis
At Eesti Energia, we have set high standards for reliability, openness and honesty. To do this, we have provided employees, customers and contract partners with the opportunity to submit information about any behavior that they consider illegal, unethical and/or fraudulent. If the notifying person wishes so, we guarantee his/her anonymity. We treat all notifications received as confidential.
We assume that information indicating illegal, unethical and/or fraudulent behavior is always provided in good faith. As a result, we provide protection for all notifiers from possible retaliatory measures (eg suspension or termination of a contractual relationship, downgrading or promotion denial). If the notifier believes that he/she has been the subject of retaliatory measures, the situation should be reported to the Fraud Risk Management Department.
If a person is aware of information that he/she considers to be linked with illegal, unethical and/or fraudulent behavior, he/she must notify about it in one or more of the following ways:
We guarantee transmission of information about risk
Eesti Energia's reputation and the fulfillment of strategic goals depend on the effectiveness of fraud risk management, as property and/or reputational damage through fraudulent actions or inactions can have a significant impact on the Group.
Fraud risk as a risk affecting the achievement of the Group's goals is regularly reported to the Ethics Committee, the Management Board and the Audit Committee.
Ethics Committee aims to ensure the timeliness of the Code of Ethics, advise employees on issues of ethics, and solve cases related to the disregard of the code of ethics. Questions, suggestions or hints can be sent to the Ethics Committee at e-mail address [email protected]. Once a year, a summary of the activities of the Ethics Committee is presented to the Management Board of Eesti Energia.
We keep employees informed about ethical issues
We have proactively provided our employees with information and instructional materials to prevent and/or resolve various situations using various channels (eg internal communication articles, notices on information boards, instructions, etc.).
Our ethical requirements are the basis for cooperation with our partners
We have prepared clear instructions and procedures for our partners, including the establishment of ethical requirements for our contractual partners, compliance with which is a prerequisite for cooperation and non-compliance with which may be the basis for terminating cooperation.
The management of the contractor shall ensure that the activities carried out under their responsibility comply with our ethical requirements.
Unethical behavior can be reported 24/7
Illegal, unethical and/or fraudulent behavior can be reported:
We have included the Corporate Social Responsibility report (CSR) in our Annual Report.