Since 2010, Vestas has been a signatory to the Partnering Against Corruption Initiative (PACI). PACI is a business driven global anti-corruption initiative within the World Economic Forum. The signatories to PACI firmly believe that corruption cannot be countered without leadership and commitment from the top management.
While the United Nations Global Compact offers a principles-based approach to fighting corruption, based on its 10th principle, PACI offers an implementation framework, developed by companies for companies - the UN Global Compact recognizes PACI as a means of implementing its 10th principle.
In addition to providing a framework for the design and implement of effective policies and systems to prevent, detect and address corruption, PACI also offers a platform to help companies benchmark internal practices against global best practice through peer exchange and learning and level the playing field through collective action with other companies, governments and civil society.
Vestas Code of Conduct set forth a zero tolerance policy towards any form of bribery which is required under the PACI principles.
Since becoming a signatory to PACI, Vestas has developed further supporting guidelines and procedures to implement the PACI principles and will continue these efforts during the coming years.
In particular, Vestas has recently developed an anti-corruption due diligence program for its business partners which will be implemented throughout Vestas during the coming years.
As part of Vestas’ anti-corruption initiatives and as part of the Code of Conduct, Vestas has established a process for registering gifts, entertainment and hospitality. All Vestas employees are obliged to report when certain criteria are met.
Approval from a manager or executive is needed when the value of the received gift, entertainment or hospitality reaches a certain level.
In addition, Vestas has introduced a more stringent procedure for gifts, entertainment and hospitality of government officials as these activities often create concerns due to very strict limitations in some countries and gifts, hospitality and entertainment that might be considered acceptable between two private businesses may be viewed as unacceptable between a business and a government official.
