Vallourec is committed to treating all partners fairly and to creating a working environment based on the fundamental values and principles outlined in the Group's Code of Ethics. Vallourec focuses particularly on:
The health and safety of its employees
training and motivation through skills development, leverage of expertise, promotion of talent and
Listening to and understanding the expectations of the communities around the sites where the Group operates
Selecting a network of reliable and responsible suppliers
Vallourec's training policy aims to combine the aspirations of individual employees with the needs of the business. Almost half the time spent in training is dedicated to improving skills while safety takes up a third of the time, on average.
Vallourec's remuneration policy is fair and motivating and includes profit sharing arrangements.
Since 2008, Vallourec has been offering annual employee share plans in its sites around the world. As at 31 December 2016, its employees held 3.50% of the Group's share capital.
Wherever Vallourec operates, the company complies with international conventions and national legislation and adapts to local customs.
In consultation with the social partners, Vallourec management has drawn up in 2008 the “ Principles of responsibility applicable within the Vallourec Group. "
Vallourec meets its individual and institutional French and foreign
shareholders on a regular basis in order to build close trust-based relations. The
Shareholders' Meeting is one of the key highlights in this ongoing dialogue that the Group intends to nurture, but exchanges continue throughout the year, with meetings and conference calls with investors. Vallourec regularly organizes informational meetings for individual shareholders, namely as part of its Shareholder Club. Vallourec likewise takes part in Socially Responsible Investment (SRI) events. These meetings are contributing to the Group's sustainable development drive.
The Investor Relations and Financial Communications team provides accurate, precise and true information through a number of complementary channels, namely the Activity report, letters to shareholders and the Investors section on the Vallourec website.
Vallourec places a high priority on the impact of its activities on local populations. Local purchases, which accounted for 45% of mass purchases in 2016, reinforce local industrial development. In addition to this direct economic impact, the Group undertakes actions to promote education, health and development.
Vallourec’s Purchasing function benefits from a strong and centralized governance. It has deployed tools and processes shared by all Group entities. This structure is based on an analysis by type of purchase to facilitate the implementation of synergies and the monitoring of suppliers' selection.
All of these new processes take into account Corporate Social Responsibility (CSR) criteria, sustainable development, ethical conduct and safety. In 2016, pursuant to this policy, Vallourec:
See also Sourcing
If you observe behavior that runs contrary to the values and principles of the Code of Ethics, you can report it using Vallourec Integrity Line, the new reporting system the Group accessible at the following adress:
2017/2018 Activity report
Vallourec takes part in the EU Raiselife project