Governance

Corporate Governance

Corporate responsibility governance and compliance

Exel Composites is committed to exercising high standards of integrity and following ethical business principles through its corporate values, Anti-Corruption Policy and Code of Conduct. Based on the principle of separation of powers the Board of Directors is Exel Composites’ highest governance body in relation to sustainability issues and is responsible for the management of the company and governs risk management through a risk management policy.

The Board of Directors makes quarterly risk assessments as part of the review and approval process of each set of half year financial reports, business reviews and annual financial statements. Risk factors are also considered in connection with any future guidance disclosed by the company. The material sustainability topics are validated by the Board of Directors and the related reporting of Exel Composites is annually reviewed alongside the publication of the company’s Annual Financial Report and signed by the Board of Directors.

Internal communication on corporate values

In 2018 focus was put on discussing the meaning of Exel Composites’ corporate values in different internal forums and through a communications campaign across the Group. The corporate values as they are today – customer focused, integrity, One Exel, caring and innovative – were originally defined through workshops and internal discussions conducted across Group locations in 2015.

Internal Code of Conduct initiative to increase awareness

A revised version of the Code of Conduct was adopted in spring 2018. In connection to this update and the value of “Integrity” in particular, an information initiative was carried out to increase awareness and understanding by all Exel’s employees of the Code of Conduct and the Anti-Corruption Policy, and the process to report misconduct. During the initiative internal information sessions, among other, were organized in all Exel locations. All in all 96% of all Exel employees were covered by this initiative. The Code of Conduct and Anti-Corruption Policy were also translated to selected key languages and integrated as part of the recruitment process across the Group. This aims to ensure that all new employees are also aware of the company’s ethical principles as they start in their role.

Anti-corruption and bribery

Exel Composites does not tolerate bribery or corruption in any form as stated in its Code of Conduct and Anti-Corruption Policy. Any violations could constitute serious damage to Exel’s business and reputational loss. Out of Exel’s operations mainly China is assessed for risks related to corruption.

In 2018 the company was not informed of any incidents of corruption nor Code of Conduct violations. There were also no pending legal cases regarding corruption brought against the company or its employees. In 2018 there was one contact via the “Report misconduct”-form regarding a former employee in China. The report was investigated and resulted in no actions necessary.
 

Exel Composites Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland