Business Ethics Story - Governance
Business ethics is a critical aspect of contemporary organizations, as it is imperative to act ethically and responsibly. By integrating business ethics principles into the sustainability strategy, companies can not only meet regulatory standards but also establish a more sustainable and responsible business.
Learn more about our efforts on this strategic topic in the interview by Patricia Simoen, our CSR Manager.
Responsible Business Conduct for the PGS Group
Our company is currently preparing for the Corporate Sustainability Reporting Directive (CSRD) and focusing on the European Single Reporting Standard (ESRS). We also follow the OECD Guidelines and UN Global Compact principles to ensure responsible business conduct.
We employ several instruments to ensure that our workforce behaves ethically, including a thorough revision of our code of conduct, providing a robust Speak Up Mechanism, targeted ethical training for specific groups, (such as competition legislation, …). Strengthening our risk assessment practices is of utmost importance, with particular emphasis on enhancing our understanding of potential risks related to adverse impact of human rights, corruption and data protection.
New regulation requirements
In light of the upcoming CS3D legislation, we are actively preparing to comply with its requirements, which will further strengthen our commitment to a sustainable supply chain. Additionally, we closely monitor the recently introduced EU Deforestation Regulation (EUDR). This regulation expands upon and intensifies the former EU Timber Regulation, setting broader and stricter criteria to prevent deforestation and ensure legality. In response, we have updated our due diligence systems, informed our suppliers of these new requirements, and are conducting a thorough review of our supply chain to ensure full compliance.
Endorsement
We believe that certifications and ratings are essential instruments to ensure our stakeholders that our efforts are not only intentional. As such our company participates in the Ecovadis rating system to measure our sustainability performance. We recently obtained ISO 90001 and ISO 45001 certifications at all our production sites in Belgium. We now have started the administrative process for ISO 14001 as well. We extend the implementation of these standards to other countries, and our aspiration is to obtain certification there in due time.
Although we recognize the importance of these endorsements and their reflection of genuine efforts, we encourage our business partners to employ rational judgment when requesting them. Questionnaires, certifications, ratings and similar instruments hold significant value, but they should not be overly burdensome and restrict our actual journey towards sustainability by merely serving administrative purposes.
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Should you require further information or have any inquiries pertaining to our sustainability initiatives, we invite you to reach out to us at CSR@pgsgroup.com.