Business integrity strengthens the global economy
Corruption is a burden to the global economy. The World Bank estimates that worldwide more than USD 1,000 billion are paid in bribes each year, and that global economic growth could be as much as 3 percentage points higher without corruption. The World Bank's calculations also indicate that corruption constitutes an additional cost to foreign direct investments of no less than 20 percent.
Consequently, various stakeholders are increasingly asking companies to account for their position on corruption and the internal systems they have in place to prevent bribery, among other things. The Sarbanes-Oxley Act in the USA is one example of this. Another one is the United Nations Global Compact, which added a new principle in 2004, requiring companies to work against corruption alongside the existing principles on human rights, labour standards and the environment.
A clear position and transparency
As a global company with activities in many countries, Novozymes wants to show that it is possible to grow a healthy global business based on values such as responsibility, accountability, openness and honesty. This way of doing business has characterised Novozymes for many years and will continue to do so. Consequently, we have launched a new initiative in the area of business integrity as part of our sustainability work.
The outcome is a clarification of our values in the form of six integrity principles (see below). These principles have been integrated into our global quality management system. By doing so, we want to create further transparency in the way we do business. We also want to prepare employees to deal even better with ethical matters.
The principles constitute a combination of mandatory global principles and framework principles, which are clarified locally. For example, we state that Novozymes neither offers nor accepts bribes under any circumstances. At the other end of the scale is the exchange of small symbolic gifts at business visits and similar events. Cultural traditions vary widely, and therefore we have established local upper limits for gifts.
More than just words
We have developed training material and carry out training of selected employee groups. Furthermore, all employees have access to guidance and to raising concerns about possible breaches of our integrity principles anonymously. A particular Committee on Business Integrity is responsible for managing implementation.
Novozymes' six integrity principles:
Bribes:
Novozymes neither accepts nor offers bribes in any form.
Facilitation payments:
Novozymes strives to avoid such payments.
Money laundering:
Novozymes does not contribute to money laundering. All financial transactions must be documented.
Protection money:
Novozymes does not pay protection money.
Gifts:
The value of gifts given and received must not exceed locally defined triviality limits.
Political and charitable contributions:
Novozymes does not make financial contributions to political parties. Charitable contributions are subject to various restrictions.