Ethics and integrity are essential aspects to develop a society or company solid and consistently. It is an issue that permeates all sectors of society, where poor management can be detrimental to economic and socio-environmental sustainability, while good management of ethics in business and relationships adds and generates value, such as the establishment of a harmonious environment that promotes the development of employees.
For a globalized company like WEG, in addition to internal management, this subject involves the company’s relations with different stakeholders in diferente countries and cultures around the world.
In this context, the establishment of a robust system that is constantly improved in terms of policies, tools and actions is essential to avoid related risks and to maintain continuous and sustainable growth.
Therefore, we use and continuously improve a compliance system, which has specific policies and guidelines, risk mapping and prevention, a reporting system, independence of the area in charge, continuous training of employees in general, and training focused on strategic areas.
We established specific policies aimed at certain topics involving ethical issues.
These policies establish guidelines for each subject to make it clear what we expect and the positioning for each issue, namely:
CODE OF ETHICS PREVENTION AND FIGHT AGAINST CORRUPTION AND OTHER DETRIMENTAL ACTS SOCIAL RESPONSIBILTY PRIVACY MARKETINGRESTRICTED SUBSTANCES AND CONFLICT MINERALS
Within our Corporate Risk Management System and its categories, we can identify risks related to ethics and integrity. Such identification is essential for the monitoring and ocasional mitigation plans for potential risks.
The system is assessed globally and has the following risk categories: Strategic, Financial, People, Compliance & Governance and Processes.
WEG provides regular training for all administrators, members of the Audit Committee, managers and employees who can act on behalf of and authorized by WEG. At the end, they sign the notice of acknowledgment of this policy. The training is global in scope and carried out in Portuguese, Spanish and English.
When new employees are hired, they are trained in the topics covered by the Code of Ethics, which addresses human rights, so that it is accessible and clearly understood by all employees. In 2021, the Code of Ethics was updated, and a copy was given to each employee, who was asked to sign the term of commitment again, in addition to all employees having a distance learning course. WEG seeks to make its employees aware of the importance of the subjects that compose the Code by means of internal communication actions.
The Ethics Channel is one of the tools that reinforces the WEG Compliance Program, which represents the alignment of the company's conduct with values and principles, internal rules and what is established in society in terms of laws and customs. In a transparent and secure manner, the Ethics Channel establishes a way for direct, secure communication and treatment of information in absolute confidentiality.
The channel is available to employees as well as WEG’s business partners, and it is open 24 hours a day, seven days a week.