Our Values - PDF document

1Our ValuesOur valuesOur management ph
1Our ValuesOur valuesOur management philosophy builds on eight principles, which together constitute the basis for successful growth that combines profitability with accountability. These success factors are summarised as “Our Business Principles” and are the glue that holds the NIBE Group and all of its employees together. It is crucially important that everyone who works for a NIBE company is familiar with this management philosophy, and there should never be any doubt about the principles that underpin our work and permeate the working environment of which each employee is a part.We work to generate valued added for our stakeholders and our vision is to create world-class solutions in sustainable energy. This means that there is no room for compromise on issues concerning quality, sustainable development and social responsibility. To provide some guidance for our employees in these issues we have compiled a number of policies and instructions. We refer to them collectively as “Our Values”, a series of commitments that can be seen as an “ethical compass”

; Gerteric LindquistManaging Director a
; Gerteric LindquistManaging Director and CEOthat complements our eight success factors. The values we embrace are based on international conventions and guidelines, but more importantly, they are also deeply rooted in NIBE’s long and proud tradition of responsible entrepreneurship. Sustainable value creation is something that feels very natural for us. We all share a responsibility towards customers, suppliers, shareholders, employees, the environment and society at large. That’s why I want you as a NIBE employee to familiarise yourself with the guidelines relating to business ethics, the natural environment, the working environment, quality, product safety and corporate social responsibility, and reflect on what we can do to successively develop and extend the concept of sustainable value creation. I am convinced that wherever you are in the world, you will be able to make a first-class contribution with the help of Our Values.Markaryd, Sweden – May 2011


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45Our ValuesAt NIBE Industrier we work to create added value for our stakeholders – but without compromising our commitment to quality, sustainable development and corporate social responsibility. The values we embrace are based on international conventions and guidelines, but more importantly, they are also deeply rooted in NIBE’s long and proud tradition of responsible entrepreneurship.NIBE takes responsibility for the impact that its business activities and products have on society and the natural environment.By living our values, we:• contributetosustainabledevelopment,includinggoodhealthand social well-being• respecttheexpectationsourstakeholders• complywiththerelevantandappropriateinternationalcodes of conduct• integratetheconceptcorporatesocialresponsibilityintothework of the

entire Group and apply it in our relati
entire Group and apply it in our relations with employees, customers, suppliers and other stakeholders.Corporate governanceEffective corporate governance at NIBE is based on responsibility, transparency, ethical behaviour and respect for the law and the interests of our stakeholders. The methods and structures we use to help us to reach our decisions are based on the following principles:• Westrivetofostercorporatecultureembracesandappliestheprinciples of social responsibility.• Wemakeeffectiveusefinancial,naturalandhumanresources.• WebalancethevisionandobjectivestheGroupagainsttheneedsandobjectivesourstakeholdersbothintheshort-termandinthelong-term. • Groupsareunder-represented(gender,race,ethnicorigin)aretobefairly represented in senior positions.• Weholddialoguewithourstakeholdersandlistentotheytosay.• Co-workersdifferentwithinaretheopportunitytoparticipate in decisions relating to corporate social responsibility.• WeregularlyauditandevaluatethewayinwhichtheGroupdealswith corporate social responsibility issues.Responsibility towards shareholdersResponsibility towards

shareholders includes protecting shareh
shareholders includes protecting shareholders’ investments and endeavouring to ensure a sustainable and continually improving return on investments. The guiding principles for good corporate governance seek to create a favourable climate for active, responsible ownership, a well-balanced division of responsibility between owners, directors and operational management, and transparency in dealings with all stakeholders. The relationship between NIBE and the company’s shareholders is founded on the following principles:• Whendecisionsaretobemadeaboutimportantstrategiesandcoursesaction,the effect of these decisions on shareholders’ returns on their investments in the company is always taken into account.• Wekeepshareholdersinformedabouttheoperations,earningsandstrategiesof the NIBE Group. This information always complies with the rules and regulations that apply to the stock exchanges on which NIBE shares are listed. • Wealwaysinformstakeholderstheearliestopportunityanydevelopmentmay be of importance or significance to them.The Annual General Meeting is the NIBE Group&

#146;s highest decision-making body. The
#146;s highest decision-making body. The meeting elects the company’sdirectors,whoarejointlyresponsiblefordividingmanagementandcontroltheGroupbetweentheBoard of Directors, its elected committees and the Managing Director/CEO in accordance with the Swedish Companies Act, other applicable laws and ordinances, the current rules and regulations for listed companies, including the Swedish Code of Corporate Governance, the company’s articles of association, and the board’s and its committees’ internal steering documents.1213Code of ConductOur Code of Conduct, together with the rules for corporate governance and Group policies, constitutes the framework for our business activities. The Code applies to all company employees and directors, regardless of geographical location.\r\f\f&#

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\r\t\f\rRespect for human rightsThe underlying principle here is to show respect for our employees and their human rights. This is what we do to achieve this.• Wedonotdiscriminateagainstemployeeswithregardtoemploymentor working duties on the basis of gender, race, religion, age, disability, sexual orientation, nationality, political opinion, or social or ethnic

origin.• Wedonottoleratetheharassmento
origin.• Wedonottoleratetheharassmentordiscriminationcolleagueorbusiness partner for any reason by one or more of our employees.• Werespecteveryemployee’srighttoberepresentedbytradeunionand other worker representatives, and we respect their right to collective bargaining agreements. • Wepaysalariesandmakeotherpaymentsasagreedandonreward good performance and extraordinary efforts at work. • Weobserveanabsoluteminimumyearsforanyoneemployedin our business operations, but the minimum age for employment in each country may never be below the age at which compulsory schooling finishes. We require suppliers and other business partners to observe the same rule.• Wedonottolerateillegalformsemploymentorforcedlabour,neitherin our own operations nor those of the suppliers and other business partners with whom we work.1Good working conditionsThe underlying principles are to maintain a high standard in the working environment at all the Group’s manufacturing plants, and to contribute to the personal and professional development of co-workers. This is what we do to achieve this.•

Wepreventivemeasurestoreducetherisksandc
Wepreventivemeasurestoreducetherisksandconsequencesaccidentsandindustrialinjuries.• Weunderstandcompetencedevelopmentactivitiescreategood platform on which to build to be able to meet our current and future operational requirements. • Weemployeesopportunitiestodeveloptheirinordertoimprove their professional competence and help to empower them socially and economically. 21819Reduced environmental impactWe believe in the need to apply a holistic view of environmental work in everything from product development activities, manufacturing and choice of materials to transport, product functionality and the potential for recycling at the end of a product’s useful life. How do we put this into practice?• Ouroverridingistomakesureouractivitiesdonota negative impact on the environment or on people’s health. • Wemakeeffectiveusenaturalresources.• Weidentifypotentialriskstopeopleandtheenvironmentandply the precautionary principle. • Wedevelopenergy-efficientproductsandworkwithinternalmeasures to help reduce climate impact32021Sound business ethicsThe relationships betwee

n NIBE and our business partners are bas
n NIBE and our business partners are based on the following values:• Wedemandhonestyandintegrityinallareasouractivitiesandwe expect the same of our business partners.• Itisillegaltoofferoracceptbribes:consequently,allformscompensation to agents, suppliers and partners must relate solely to actual goods or services provided.• Giftsandotherbenefitswhichareofferedaspartconventionalhospitality must not exceed the norms established by local custom and must comply fully with local legislation.• Allemployeesmustavoidconflictsinterestbetweentheirprivate financial circumstances and the company’s business activities. • Allbusinesstransactionsareconductedonbehalfcompany must be clearly reported in the company’s accounts, which are to comply with the rules laid down by the NIBE Group.• AllunitsandemployeesintheGroupmustalltimesserve and comply with the appropriate laws concerning free competition and unfair trading.4Requirements on suppliersWe aim to work only with suppliers who are prepared to comply with our Code of Conduct, meet our quality criteria and accept our busines

s principles. This is what we do to achi
s principles. This is what we do to achieve this.• WespecifyinourcontractsallsuppliersmustcomplywiththeNIBE Code of Conduct.• Weencouragesupplierstomakeeveryefforttopreventtheirtivities from having a negative effect on people’s health and the environment. We encourage suppliers to introduce certified quality and environmental management systems.• Wemonitortheperformanceoursuppliersandsupporttheirprogress. • Weconsidertakingappropriateactionsupplierfailstomeetcontractual obligation. This can take the form of a demand for corrective action or termination of the business relationship. 5Product quality and product safetyThe underlying principle here is to pay due regard to all the relevant factors that have a bearing on the quality, safety and environmental adaptation of our products. This is what we do to achieve this.• ThroughEnergySystemsdevelopenergy-efficientproductsforheating, ventilation and cooling that, to a great degree, utilise renewable sources of energy.• ThroughStovesdevelopproductswithhighlyefficientcombustion processes that lead to lower fuel consumption

and reduced emissions. NIBE Stoves’
and reduced emissions. NIBE Stoves’ products, which chiefly use renewable energy sources, are to be eco-labelled whenever possible.• Throughcarryoutresearchanddevelopmentworkonnew elements in close cooperation with our customers in order to create products that last longer and require less energy.• Weensureourproductsconformtoagreedstatutoryrequirements,norms and standards regarding health and safety. • Weofferclear,correctinformationabouthowtouseourproductsinanenergy-efficient way. We also provide relevant information about safe, environmentally adapted installation, use, maintenance, storage and final disposal. 6Social commitmentThe underlying principle here is, whenever possible, to become involved in the local communities where we have established a presence.This is what we do to achieve this.• Wemakeanefforttoemployanddeveloplocalemployeesandmanagers.• Wecontributetoactivitiesinthelocalcommunitieswhereour plants and facilities are situated.• Weprioritytosponsorshipagreementsbenefitthecommunities in areas where we have established a presence, at the same time as t

hey reflect and support our values and s
hey reflect and support our values and strengthen our relations with clients and partners. • Wedonotcontributefundstoordeclareoursupportforanyindividual politicians, political parties or political organisations.7TransparencyThe underlying principle here is to ensure that all our communication is open and honest and that we observe the appropriate laws, rules and norms. This is what we do to achieve this.• Weareopenandcorrectwithinthelimitsbusinessconfidentiality permits.• Wemaintaincloserelationswithourstakeholders,basingcommunication on regular contacts, clarity and good ethics. • Asindividualemployees,observetheconfidentialityrulesrelating to information that is owned by the company and our business partners, and information that has the potential to affect the company’s competitive ability, share price and long-term survival. 8PoliciesThe Code of Conduct is a statement of the NIBE Group’s fundamental values and provides a background to the main policies. Group policies on the natural and working environments, quality and communication form the basis for local po

licies that are implemented in individua
licies that are implemented in individual Group companies’ own environmental, quality and work environment management systems. The commitments in the policies drawn up by the individual companies must never fall below the standards established in the Group policies. 3233Environmental PolicyWe work on continual improvements We work preventively and adopt a systematic approach to the management of work environment issues.We inform and train our employees in issues relating to the natural environment and the work environment, and we involve them in our efforts to implement continual improvements. We are committedto introducing certified environmental management systems that comply with ISO 14001 at all our manufacturing units.We follow the relevant laws and comply with other requirementsOur operations are conducted in a way that more than meets the relevant environmental and work environment legislation. We make effective use of natural resourcesThe effective use of energy, water, raw materials and other natural resources is to be one of the hallmarks of our operations.We reduce emi

ssions and minimise risksWe work hard to
ssions and minimise risksWe work hard to minimise waste and emissions generated by our production facilities and other activities. Our aim is to recycle waste as effectively and efficiently as possible. We work to prevent accidents, uncontrolled emissions and exposure to dangerous chemicals. We offer environmentally adapted productsWe offer high-quality, energy-efficient products and solutions that help to reduce climate impact. Our holistic approach to environmental issues guides not only our product development work, but also our choice of materials, transport alternatives, product functionality and the potential for recycling at the end of a product’s useful life. We make demands on our business partnersWhen choosing suppliers, contractors and transport partners, we factor environmental considerations and corporate social responsibility issues into the decisions we make. We offer a good working environmentWe maintain a high standard in terms of the working environment wherever we conduct our operations. We use risk analyses, training and other preventive measures to ensure the

employees can carry out their duties at
employees can carry out their duties at work in a safe and healthy way. We are open and transparent in the information we provideWe are openandobjectiveinthewayreportourprogressinsustainabledevelopment, and we follow established international guidelines for doing this.3435Quality PolicyOur customers can rely on usThe basic principle is that all our customers can always have full confidence in us and our products. That is why we place so much emphasis on quality as an integral part of the Group’s corporate culture and everyday operations. Quality assurance plays a crucial role for the future development of the Group and is a decisive factor behind our customers’ choice of NIBE’s products and services. We must meet customer expectations of quality and, where possible, surpass them.We have our sights set on “zero errors”Quality control is based on the “zero errors” principle at every single stage in all our processes.Development work aims to create products that meet customer expectations in the right way and that can be manufactured according to the &#

148;zero errors” principle. The

148;zero errors” principle. The “zero error” principle is to be integrated into purchasing, production, distribution and service. The principle must be verifiable. We work on continual improvements Our employees are given training in quality issues and share a responsibility to take an active role in the work of implementing continual improvements.Second only to the measures we take to protect people and the environment, quality issues are given top priority whenever a fault or defect is discovered or when there is a risk of a fault or defect occurring. All NIBE companies work systematically to ensure that their operations are well organised and well run. The quality systems at our production and R&D units are to be certified to comply with ISO 9001 or an equivalent quality management system. We make demands on our suppliersThe quality criteria relating to the products and services that the Group buys in from external partners or outsources to sub-contractors must correspond to the criteria that we require our own operations to meet.A supplier’s quality management p

rocesses are evaluated before we sign an
rocesses are evaluated before we sign any agreements. We clearly state our quality criteria and carry out regular evaluations to determine compliance.We regularly evaluate the market’s and individual customers’ perceptions of the quality of NIBE’s products and services, and document the results. We react swiftly to the results of these evaluations. 3637Communication PolicyOur communication is open and credibleThe basic principle is to communicate in a way that is open, credible and ethical. communicateinwayhelpstheGrouptoachieveitsobjectivesandreinforces our stakeholders’ confidence in the Group. Our internal communicationWhenever possible, our employees shall be the first to be informed about any news – good or bad – that relates to NIBE.The purpose of internal information is to motivate employees and create an understandingfortheGroup’sobjectivesandactions.Information is to be clear and direct, as part of a process that aims to give each individual a better understanding of their role in the process as a whole.Our external communicationThe purpose of

external information is to reinforce th
external information is to reinforce the image of NIBE as dynamic, credible partner and an employer that takes its social responsities seriously.We want the outside world to have a good understanding of the Group’s values and the activities it carries out. Pro-active external communication gives us the opportunity to set the agenda in areas that are important to us. All employees must observe the relevant rules relating to confidential information. This applies equally both to information that concerns NIBE and to information that concerns our partners. How our Code of Conduct and policies are implementedEvery employee will receive a personal copy of “Our Business Principles and Our Values” and must understand and act in accordance with these basic principles. Overall responsibility for the Code of Conduct and for monitoring compliance with the code rests with the Group’s Chief Executive Officer. In practice, the CEO delegates the practical, day-to-day aspects of this responsibility to each legal unit within the Group. The NIBE Group carries out training and distr

ibutes information that supports the int
ibutes information that supports the introduction of the Code of Conduct in all operational units.Managers are responsible for including the Code of Conduct in the training programme for employees. Managers must act in a way that sets a good example to employees and to others in terms of living up to the rules and regulations contained in the Code of Conduct. 40NIBE is an international heating technology company with business operations organised in three separate business areas, NIBE Element, NIBE Energy Systems and NIBE Stoves.Our vision is to create world-class solutions in sustainable energy.Our mission is to offer energy technology products and lutions that combine high quality with innovation. This work builds on the NIBE Group’s wide-ranging expertise in the fields of product development, manufacturing and marketing.Industrier AB (publ)Box 14 · SE-285 21 MARKARYD, SWEDEN · Tel +46 433–73 000 www.nibe.comFBR GB 639447 NIBE Industrier AB 110835 Production NIAB · Photos Jerry Gladh, Micke Persson, Daniel Eriksson, Lucky Look and others · Printing Mixip