“I would like to learn more about the development of ethical culture in the PZU Group. It was mentioned a number of times in the last year’s report. However, the issue itself seems to refer to a much broader spectrum, because nowadays ethical matters are rapidly growing in importance, especially in the world of finance. It seems to me that you are doing much more in this field than presented in the report. Please elaborate”. „The development plan of corporate culture and corporate governance”
Navigation Map Download our best practices
Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
In the CHAPTER
GRI
- 102-7 Scale of the reporting organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 201-1 Direct economic value generated and distributed
- 102-13 Membership in associations and organizations
- 102-40 List of stakeholder groups engaged by the reporting organization
- 102-42 Basis for identification and selection of stakeholders engaged by the organization
- 102-43 Approach do engaging stakeholders, including the frequency of engagement by stakeholder type and group
- 102-44 Key issues and concerns raised by stakeholders and the organization’s response, also by reporting them
In the CHAPTER
GRI
- 102-8 Data pertaining to employees and other persons working for the organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 404-1 Average number of hours of training per year per employee
- 404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and facilitating the retirement process
- 404-3 Percentage of employees subject to regular assessments of work quality and professional development reviews, by gender and employment category
- G4-FS16 Initiatives to enhance financial literacy by type of beneficiary
In the CHAPTER
In the CHAPTER
GRI
- 103-3 Evaluation of the approach to management
- 307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
- 301-1 Raw materials/materials used by weight and volume
- 302-1 Energy consumption by the organization, taking into account the types of raw materials
- 302-4 Reduction of consumption of energy
In the CHAPTER
GRI
- 102-9 Description of the supply chain
- 102-11 Explanation of whether and how the precautionary principle is addressed by the organization
- 102-15 Description of key impacts, opportunities and risks
- 102-16 Organization’s values, code of ethics, principles and norms of behavior
- 102-17 Internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 102-5 Organization’s form of ownership and legal form
- 102-18 Organization’s supervisory structure along with the commissions that report to the highest supervisory body
- 205-1 Actions assessed in terms of threats associated with corruption
- 205-2 Communication and training on anti-corruption policies and procedures in the organization
- 206-1 Legal steps taken against the organization for cases of violating the principles of free competition and monopolistic practices
- 405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
- 406-1 Total number of discrimination cases and corrective measures taken in this regard
- 419-1 Non-compliance with the law and socio- economic regulations
In the CHAPTER
GRI
- 103-2 Approach to management and its elements
- G4-FS13 Access points to sparsely populated areas that are less economically developed
- G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
- G4-FS15 Policies for the fair design and sale of financial products and services
- 417-1 Internal requirements concerning the labeling of products and services and information regarding them
- 417-2 Incidents of non-compliance with regulations and voluntary codes concerning the labeling of products and services and information regarding them
- 417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
Read more:
- Client at the center of attention
- Innovations
- Responsible sales
- Insurance
- Banking and strategic partnerships
- Working conditions
- Employee development
- Knowledge sharing
- Enhancing safety
- Health
- Improvement of living conditions in local communities
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Products and adaptation to climate change
Business model
Employee
CSR
Environment
- Ethical foundations of business operations
- Preventing corruption and conflict of interests
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk management, taking into account non-financial risk
- Risk appetite
- PZU Group’s risk profile
- Reinsurance operations
- Polish and Baltic States insurance sector compared to Europe
- Regulations pertaining to the insurance market and the financial markets in Poland
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- International operations
- Contribution made by the market segments to the consolidated result
Risk and ethics
Market
Business
Financial results
Read more:
- Client at the center of attention
- Employee development
- Health
- Cultural patronage
- Practical challenges in managing direct impact
- Ethical foundations of business operations
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk appetite
- PZU Group’s risk profile
- Risk vulnerability
- Capital management
Business model
Employee
CSR
Environment
Risk and ethics
Read more:
- New approach to sales
- Working conditions
- Employee development
- Diversity and respecting human rights
Business model
Employee
Risk and ethics
Read more:
- Client at the center of attention
- Medical services (Health)
- Working conditions
- Enhancing safety
- Health
Business model
Employee
CSR
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Diversity and respecting human rights
- Medical services (Health)
Environment
Risk and ethics
Business
Ethical foundations of business operations
Reporting problems of an ethical nature - “all of us have a duty to act in accordance with the highest ethical standards and the law. We are obligated to report all our doubts regarding problems of an ethical nature and activities in violation with the law and internal regulations. We acknowledge that this information is conveyed voluntarily and in good faith. In circumstances evincing doubts we may approach our immediate supervisor or report the same to the Whistleblowing System in operation in PZU Group entities.”
“Our STABILITY is a very important value provided to our clients. Everyone who has chosen PZU’s offer may be sure that it is starting cooperation with a secure and trustworthy company, an honest business which offers reliable products. The image of a stable company is not developed or bought fast - it represents years of hard work and millions of decisions. Stability is also important for PZU employees - for whom it stands for care about their professional development, career opportunities in the company, and secure forms of employment.”
Comment made during a dialogue session
“How does the PZU Group deploy a culture of ethics? What are the key challenges in this area and what will the Group focus its efforts on over the next one or two years?”
Comment made during a dialogue session
“The PZU Group is the largest financial group in Poland, comprising a diverse range of entities operating in many markets (insurance, banking, investment, health care and other). The development of a culture of respect, in the organization and on the part of cooperating entities, for the principles and requirements of business ethics, law, soft law and fair relationship with clients and consumers is a continuous process. For many years now PZU has been setting the highest market standards in Poland in this respect. A mature organization responds proactively to changes in its environment - both internal and external - by consistently adapting its resources and activities to current needs. The compliance area in the PZU Group is organized in a similar way - we exercise foresight about the future and adapt our activities to needs and identify potential gaps and threats that may have an impact on our organization’s compliance in the future; we also focus on continually raising awareness of our employees. It is only such a pro-active approach that can guarantee a culture of dedication to achieve a shared objective, while abiding by our values and ethics.”
The ethics management system in the PZU Group has been established and operates based on group agreements and practices. It is an integrated set of values, rules of conduct, tools, including procedures and regulations for employees and the personnel responsible for managing the system, supported by adequate communication with, and education of, employees. Individual companies in the PZU Group have a range of separate policies, procedures and practices in this area. This system comprises, inter alia:
- values and rules of conducts, including Best Practices of the PZU Group, Alior Bank Code Of Ethics and the Pekao Group Code Of Ethics,
- procedures, policies and organizational arrangements,
- a system of reporting irregularities and potential malpractice (the so-called Whistleblowing System),
- educational and communication activities addressed to employees and suppliers.
The Best Practice Collection is the foundation of ethical standards in the PZU Group. Its aim is to develop a consistent organizational culture of the company in all key aspects of its operation.
The Best Practices define behaviors and conduct towards all stakeholders of the company, based on respect and trust. At the same time, this document serves as a common denominator of corporate culture, for all members of the Group. Thanks to the consistent compliance of our fundamental principles, all our activities and processes are carried out based on coherent assumptions, thus ensuring a high operating standard throughout the Group.
BEST PRACTICE
The New Best Practices of the PZU Group were introduced in 2018. This document is a uniform model of the standards observed by all PZU Group entities, except for the Armatura Kraków Group and Ardea Alba in liquidation (formerly PZU Asset Management); and the Alior Group, and Pekao, which operate the Alior Bank Code of Ethics and the Pekao Group Code of Conduct. The PZU Group Best Practices are a collection of values and principles that the employees should be guided by.
The PZU Group’s Best Practices describe the fundamental rules of conduct of employees, giving examples of many situations, e.g.:
- conflict of interest,
- handling sensitive information,
- receiving potentially inappropriate gifts,
- sales of a product with inherent compliance risk,
- investment of private funds in PZU shares,
- public provision of information or writing a blog,
- and many other.
| Values of the Group PZU | Our promise to the client | Our promise to the em-ployee |
| Stability |
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| Honesty |
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| Innovation |
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| Responsibility |
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Both Alior Bank and the other Alior Group companies operate a Code of Ethics, which regulates, inter alia, the relationship of the company and its employees to clients, ethical behavior and respect for the law. Furthermore, Alior Bank has implemented an Environment Policy applicable to a workplace free from undesirable conduct. The Policy applies to all Alior Bank employees and is a reflection of the Employer’s fulfillment of the obligation to prevent and counteract undesirable conduct in the workplace, in particular discrimination, mobbing, and harassment, including sexual harassment. The employees took part in a training “Undesirable Conduct in the Workplace”, which discussed behaviors that are considered objectionable and what to do if they are observed. Another implemented policy is the Policy of Unfair Selling Prevention, in order to manage the risk of misselling and improve the quality of the Bank’s products offering process.
The Pekao Group operates a Code of Conduct, designed to ensure the highest standards of service and protection of reputation by the Group’s employees.
The principles of the Code of Conduct are as follows:
- treat everyone with respect and dignity,
- respect human rights,
- protection of reputation,
- standards of communication,
- occupational health and safety,
- protection of assets
- financial reporting,
- care for natural resources,
- responsible marketing and promotion,
- protection of legally protected information,
- counteracting money laundering and financing of terrorism,
- consumer protection,
- fair competition and prevention of monopoly practices,
- confidential information and market abuse,
- management of conflict of interests,
- counteracting corruption.
PZU Group’s ethical culture is developed in line with the needs of the Group’s entities, taking account of the scale, character and type of their operation and local laws.
The PZU Group deploys its ethical culture by creating system-based solutions at the PZU level. As the parent company, PZU sets and develops the standards of conduct, and then recommends them for deployment in the other Group companies. The companies then implement the solutions and standards of conduct recommended by PZU, abiding by the so-called principle of proportionality and adequacy, i.e. the scale, character and type of their activities, provisions of local law and purposefulness of a given solution in the company’s operation; they report compliance risks back to PZU, with due respect for legally protected secrets ensured.
PZU emphasizes building of compliance awareness among its employees, by developing an organizational culture of the PZU Group based on ethical values which reflect the fundamental principles of compliance. The most important events in this area include:
- PZU Compliance Week - z regular event designed to build and improve the awareness of PZU Group employees as regards the local and European regulatory environment and key information about the compliance function, in and easy to understand form, including expert talks, training, knowledge contests, as well as individual and group compliance knowledge tournaments.
- PZU Compliance Newsletter - a quarterly which presents, in an easy to understand form, current regulatory challenges faced by the PZU Group, as well as selected market events which may be interesting and useful for all PZU employees in their daily work, as well as standards of conduct enforced in the PZU Group.
- Compliance Network - regular meetings addressed to the personnel responsible for compliance in the PZU Group companies. The meetings are designed to acquaint the compliance professionals with the most important developments in the area of compliance.
- Training: e-learning and classroom courses, including for newly-hired employees.
