Sustainability governance and compliance
The sustainability governance of the Sandvik Group is grounded in its business strategy, business model, and international frameworks.
Relevant goals are set to address material areas and to efficiently manage related impacts, risks and opportunities. Policies and management systems have been set to ensure financial, environmental and social compliance.
Read more about sustainability governance in the section for Corporate governance
Compliance
At Sandvik, we are committed to conducting our business with honesty, integrity and high ethical standards to meet legal requirements as well as stakeholder expectations.
Our Code of Conduct is designed to guide all employees in their daily activities to ensure that Sandvik is a good corporate citizen and a respectful business partner.
Compliance programs
Sandvik's four compliance programs, addressing anti-bribery and corruption, competition law, trade compliance and data privacy, are an important part of our work. Each of the compliance programs comprises the following elements:
- Risk assessment
- Policies, procedures and controls
- Training and communication
- Technical advice (and implementation)
- Monitoring and assurance
- Breach reporting and remediation
- Reward and discipline
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Anti-bribery and corruption
Our policy on anti-bribery and anti-corruption gives a clear statement; At Sandvik, we do not tolerate Bribery or Corruption of any kind, including Bribery of Public Officials; business to business Bribery or Bribery of private individuals. We are committed to preventing and detecting Bribery and Corruption in our organisation.
The policy applies to all entities and employees within the Sandvik Group, and forms a comprehensive and practical approach to compliance in this complex risk area. In addition, we also expect the same high ethical standards from our business partners with regards to anti-bribery and corruption. Therefore, we have a procedure in place which requires us to conduct risk assessments and due diligence of new intermediaries taking also into account different levels of risks depending on the operations.
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Competition law
With our competition law compliance program, we aim to mitigate risks associated with competition or antitrust laws in all countries where Sandvik operates.
The program relies on frequent e-learning and in-person training for employees who may be exposed to competition law risks in their work. Training in this area is repeated and updated every two years.
Comprehensive competition law guidelines are available for all employees who are also encouraged to seek advice from Sandvik Legal Support teams should they have any doubts about the legality of a business activity.
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Trade compliance
Sandvik’s Trade Compliance program comprises the areas customs, sanctions and export controls. The program monitors trade regulations which form the basis for the Group Trade Compliance Policy and Procedure for the Sandvik group of companies. Further, the program provides training to the organization and oversees a group-wide network of trade compliance operatives and experts.
Compliance to the requirements in the program are monitored and ensured by the corporate internal audit program and the internal controls framework.
As being part of the global trading community we believe it’s important to foster a culture of collaboration and playing fair, contributing to responsible trade and to the development of appropriate trade measures in the world trading community.
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Data privacy
Sandvik Group takes the privacy of the site users and the security of visitors' personal information very seriously.
Sandvik’s privacy statement for customers, suppliers, partners and others, describes the personal information Sandvik collects, the reasons, and gives other helpful information regarding Sandvik’s use of personal data.