Ethics and Compliance

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Code of Ethics

The Vallourec Code of Ethics defines Vallourec’s values (integrity and transparency, high standards and professionalism, performance and responsiveness, respect for people and collective commitment) and principles for action (fighting corruption, protecting Vallourec’s assets, establishing a relationship of trust with customers and suppliers, respecting employees, and living in the community) with regard to its employees, customers, suppliers, and stakeholders.

In 2016, an amended version of the Code of Ethics was adopted and deployed within the group in order to strengthen Vallourec’s commitments with regard to the fight against corruption and compliance with competition laws while maintaining Vallourec’s values and principles for action.

Ethic

Much like the principles for action and the code of conduct that stem from them, these values demonstrate our commitment to conduct our business activities in an ethical manner and in accordance with the applicable laws and regulations."

Philippe Crouzet Chairman of the Management Board
“Vallourec is a leader in premium tubular solutions primarily for the energy markets as well as for other industrial applications.  

We are proud of this position: it demonstrates our partners’ confidence in our ability to provide premium products and services in accordance with our values of integrity, transparency, high standards and professionalism, respect for people, collective commitment, and performance and responsiveness. 

Much like the principles for action and the code of conduct that stem from them, these values demonstrate our commitment to conduct our business activities in an ethical manner and in accordance with the applicable laws and regulations. 

Since the adoption of our Code of Ethics in 2009, we have made every effort to strengthen our internal Code of Conduct—specifically with regard to the fight against corruption and respect for free competition—with the consistent aim of achieving operational excellence at all levels. As a result, every employee is required to strictly observe these rules, since Vallourec does not tolerate any violation of them.” 

Vallourec values

Vallourec is based on strong values.

The Vallourec Code of Ethics is not a regulatory document for these values, but rather it defines the principles that guide Vallourec’s business activities in accordance with these values.

 

Integrity and transparency

Integrity has to be the foundation of all of Vallourec’s decisions and practices. In internal relationships, transparency—the source of trust among all Vallourec employees—requires a clear, objective, rapid flow of information. 

High standards and professionalism

High standards and professionalism are the basis of Vallourec’s success on a globalized market that requires a higher level of performance with each passing day. Its ambition to achieve sustainable growth is founded on these values. 

Performance and responsiveness

Customer satisfaction for both internal and external customers is the key to Vallourec’s long-term success. It is based on the constant innovation, quality, and performance of Vallourec products and services. It requires responsiveness to the evolution of the markets. Vallourec’s ability to adapt is one of its strengths. Its competitiveness and the longevity of its relationships with its customers are founded on this ability.

Respect for people

Respect for people, their dignity, their diversity, and the variety of their cultures is at the heart of the commitment made by Vallourec teams. It makes everyone’s life richer and contributes to everyone’s performance. Respect starts with safety, which is Vallourec’s top priority.

Collective commitment

All Vallourec employees collectively contribute to its development. This shared objective is based on solidarity, loyalty, an ability to listen attentively, a sense of responsibility, and teamwork.

Vallourec principles for action

Vallourec is committed to conducting its business activities throughout the world in accordance with the applicable international, national, and local laws and regulations. In 2010, Vallourec also joined the United Nations Global Compact.

Fighting corruption


Vallourec fights corruption in all its forms: whether active or passive, direct or indirect, conducted by a private individual or by a public figure. To this end, Vallourec established a set of instructions to be applied by its employees in order to perform strict internal monitoring of gifts and invitations, donations to charitable organizations and sponsorships, and lobbying while prohibiting the financing of political parties.

Protecting company assets

In order to protect its assets, Vallourec pays special attention to managing conflicts of interest, protecting confidentiality, preventing insider trading, ensuring the accuracy of retranscribed management documents, and protecting assets from damage, theft, or misuse. 

Establishing a relationship of trust

Vallourec has established a relationship of trust with its customers and suppliers, notably, by ensuring respect for fair competition among companies on the market. This relationship of trust created by Vallourec is also strengthened by balancing and monitoring relationships with business partners such as suppliers, subcontractors, customers, sales agents, and intermediaries. Relationships with sales agents and intermediaries are governed by contract following an audit and compliance with internal rules. Lastly, Vallourec is committed to respecting the laws and regulations governing restrictions on the export of products and services.

Respecting employees

Vallourec remains committed to principles of social responsibility in the context of its relationships with employees and undertakes to comply with the applicable laws on personal data protection and the proper use of digital tools. 

Living in the community

As an international company, Vallourec cares about respecting human rights and fundamental universal principles that protect employees’ dignity, liberty, and respect; protecting the environment; and respecting local communities.

Anti-Corruption Code of Conduct

The Vallourec Anti-Corruption Code of Conduct reinforces Vallourec’s commitment to its fight against corruption. Addressed to Vallourec employees as well as all of its partners, it specifies and describes behaviors that can be characteristic of acts of corruption or influence peddling using practical, concrete, and clear examples. It also indicates the proper way to behave if confronted with actions or situations that could mark acts of corruption or influence peddling.

Vallourec Integrity Line

In 2018, the group set up Vallourec Integrity Line, an alert system—accessible online 24/7 and available in eight languages—that enables actions or behaviors that conflict with the values and principles set forth in the Vallourec Code of Ethics to be reported from anywhere in the world. Vallourec Integrity Line can be accessed by not only Vallourec employees and intermittent and external partners but also customers, suppliers, service providers, and other external stakeholders.  

ETHIC Certification Intelligence

In 2018, Vallourec’s anti-corruption program was certified by ETHIC Intelligence, an internationally renowned, independent certification agency. This certification indicates that the program is capable of preventing, detecting, and reducing the risk of corruption

Vallourec: United Nations Global Compact partner

Vallourec has been a United Nations Global Compact partner since 2010. It has committed to promote and uphold the 10 fundamental principles of the United Nations Global Compact, which concern human rights, working conditions, the environment, and the fight against corruption. These principles constitute the international standard with regard to CSR commitment.

The authorities at Global Compact France have considered Vallourec to be at the “Advanced” level since 2016. This means that, worldwide, Vallourec belongs to the 10% of companies that are the most advanced with regard to compliance with Global Compact principles, including the principle on corruption prevention