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Business ethics and compliance

We aspire to lead the global shift to renewable energy systems and to be distinguished by our ethical approach to business and stakeholder management. We operate in a range of different environments and regularly encounter ethical dilemmas. We work hard to ensure preparedness to deal with these dilemmas in a sound way, in line with our zero-tolerance approach to corruption.

Ethics: good for society and good for business

We believe that high ethical standards are good both for society and for business and are committed to high ethical standards in our business culture and in all our business activities. This commitment is integrated into our Code of Conduct, Supplier Code of Conduct, strategy, and business processes.

We have a zero-tolerance for corruption. We do not offer, give, accept, request or receive bribes or other improper advantages. We also work to ensure fair competition, avoid unethical business partners, protect personal data and prevent all forms of fraud.

We expect all of those who work with and for us to live up to our high ethical standards, and encourage the reporting of concerns from both internal and external parties.

In 2020, we met our goal of zero serious compliance incidents. We are proud to have achieved it, but we do not consider this a completed task. We are constantly striving to ensure a strong ethical culture, and to act on improvement opportunities.

Why it matters

Conducting our business ethically earns us our social and legal license to operate and is an important foundation for our business. It allows us to provide excellent products with integrity and professionalism; to facilitate more partnerships; to win more contracts and attract investments; and to build goodwill with the communities we impact. Ensuring clean business practices is therefore critical for making Statkraft’s energy solutions attractive over the long term. 

Our approach and initiatives

We have built an extensive programme of activities on business ethics and compliance. The programme is risk-based, focusing on high-risk processes such as business development, mergers and acquisitions, and supply chain processes.

Our operations span a wide range of markets, some of which rank high on Transparency International’s Corruption Perception Index. This exposes us to ethical risks and we take particular care to adjust our compliance programme to handle risks in different markets. One example is Brazil, where we have implemented a wide range of measures since we acquired the controlling share of the company we own there. This included hiring of expert resources, frequent training and culture building initiatives.

Key elements of our compliance work

You can read more below about the key elements of our compliance work. We have also included some examples of the efforts taken to build awareness and maintain a strong internal culture on business ethics.

Compliance programme

Our compliance programme includes regular risk assessments focusing on anti-corruption as well as several training and communication initiatives. The compliance programme is regularly updated to reflect new risks identified through risk assessments.

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Reporting of concerns (whistleblowing)

We have an established system for reporting of concerns, and we encourage employees to report concerns when there is suspected violation of Statkraft’s Code of Conduct.

Read more or report concern

Building awareness and culture

A fundamental element of our compliance programme is the continuous effort to building awareness and culture.

Read more