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Code of ethics

TESTATA Codice etico

Code of ethics

Contenuto 1 - Code of ethics

The Code of ethics: our reference point

Our company purpose is embodied in the Code of ethics, which is a reference point for us and all the people we work with. The Code of Ethics contains the goals we strive for and was adopted by all our subsidiaries in 2007.

What is a Code of ethics?

A Code of ethics is one of the instruments of a company’s corporate responsibility. It is instrumental in implementing practices of good conduct, a reference point, and a guide for all those who work at Hera and those who have stakes in its achieving its purpose and mission.

It expresses the commitments and responsibilities Hera employees assume in executing all company activities.

It aims to direct individual behaviour and the management of activities according to the purpose, the mission, the ethical values and operating principles defined to build a positive corporate reputation through unequivocal behaviour and the satisfaction of stakeholder needs.

As per Article 8 "Validity of the Code", a Code of ethics is valid for three years, after which it must be reviewed and revised if necessary. After the first review in 2010, the second update was carried out in 2013, the third in 2016, the fourth in 2019 and the fifth in 2022.

A fair environmental and digital transition, the personal and professional well-being of the people working at Hera, the care for our most vulnerable customers and the importance of dialogue and listening are also some of the elements that characterise the latest update of the Code, which saw the involvement of all the Hera Group's workers.

Our goal

The goal of our Code of ethics is to foster virtuous behaviour for the benefit of Hera people, customers, suppliers, investors, communities and the environment and to strengthen our reputation.
As required by the Qualification System, since 2006 we have shared our Code of ethics with all our suppliers: in fact, the contracts drafted by the Group' companies include termination clauses in the event of failure to comply with its principles.

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Contenuto 2 - Code of ethics

Ethics and Sustainability Committee

The Ethics and Sustainability Committee has the task of monitoring the dissemination and implementation of the Code of Ethics and of exercising the functions of supervising the sustainability aspects associated with the exercise of the company's business. In particular: receives reports of violations of the Code and evaluates whether or not a proceeding can be opened, monitors the implementation of sustainability policies, formulates, at the request of the Board of Directors, an opinion on specific sustainability issues, examines the corporate procedures on social and environmental matters, and examines in advance the sustainability report to be submitted to the Board of Directors.

Who is it composed of?

The Committee is made up of 4 members, including at least one independent director of Hera Spa, the Director of the Shared Value and Sustainability Department and at least one external member who is an expert on social responsibility and sustainability.

In the meeting of the Board of Directors of Hera S.p.A. of 10 May 2023, the members of the Ethics and Sustainability Committee were appointed:

  • Alice Vatta, Director of Hera S.p.A. with the functions of President
  • Francesco Perrini, Director of Hera S.p.A.
  • Filippo Maria Bocchi, Head of the Shared Value and Sustainability Department of Hera S.p.A.
  • Nicoletta Tranquillo, expert in corporate social responsibility (external member)

who will remain in office until the date of approval of the Financial Statements for the year 2025.

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Contenuto 3 - Code of ethics

Reporting to the Ethics and Sustainability Committee: how to submit a report

N. 2019 2020 2021 2022
Workers 4 3 3 5
Customers 7 5 3 2
Suppliers 2 3 1 1
Other stakeholder 2 6 0 1
Totale 15 17 7 9


In 2022, 9 reports were received by the Ethics and Sustainability Committee. Two reports came from customers, five from workers, one from suppliers and one from other stakeholders; 271 reports have been examined by the Ethics and Sustainability Committee since 2008.

The five reports from workers concerned the health and safety of workers, time management and agile working, and the appreciation of employees and collaborators. The reports received from workers were all closed as at 31 December 2022. Following the investigations, the Committee did not find any violations of the Code of Ethics. The Committee contributed by facilitating dialogue between the worker and the company and verifying the conformity of the reported conduct with the Code of Ethics. For some of the issues that were raised, the reports were referred to the appropriate department, in accordance with Article 73, "Limits on the competence of the Committee”.

The two reports received from customers concerned the clarity and completeness of a reply to a complaint (and subsequent repeated complaint), the timeliness in resolving the issue raised by the customer through the complaint, and the clarity and completeness of a business communication to customers. As at 31 December 2022, all complaints received from customers were closed. Following the investigations, the Committee did not find any violations of the Code of Ethics. The Committee contributed by facilitating dialogue between the whistle-blower and the company, by promoting improvements in processes towards internal departments and by ensuring that the report procedure was correctly closed. In relation to one report, the Committee suggested that Hera Comm provide greater clarity and completeness in its business communications to customers.

The Committee received a report from a supplier relating to the issue of social responsibility in tenders (Article 52), in particular a request to modify the tender conditions set by the Hera Group. The preliminary investigation was concluded and the Committee did not find any violations of the Code of Ethics, since the supplier's request was not acceptable because it constituted a conditioning of the offer during a tender procedure. Some aspects of the report were not addressed, in accordance with Article 73, "Limits on the competence of the Committee”.

A final report received from a citizen (other stakeholders) was related to the issue of relations with the community and citizens (Article 66), in particular with regard to the management of a report made by the citizen through a call centre and the Rifiutologo app for a damaged dumpster. Following the investigations, the Committee did not find any violations of the Code of Ethics. The Committee contributed by verifying compliance with the time frames set out in the internal procedures and by investigating the way in which reports are handled through the Rifiutologo app and the call centre. The Committee acknowledged the error and highlighted the data on the number of reports received by the Rifiutologo and the call centre in 2022, thus showing the company's willingness to implement Article 66 of the Code of Ethics.

In the area of sustainability, in 2020 the Committee had selected three areas of action for the three-year assignment as indicated hereunder: re-planning of the training procedure of the Code of Ethics 5.0, update of the framework and of the Creating shared value reporting, and monitoring of the implementation of the Recommendations of the Task Force on Climate-related Financial Disclosure.

In accordance with the shared work plan, during the course of 2022 the Committee discussed the draft sustainability report and examined its main contents in advance of the Board of Directors, it discussed the Group's four sustainability reports (Building the future together, Energies for the climate, In good waters and On the trail of waste), further discussed the 2021 reporting under the European Taxonomy for Sustainable Finance, the update of the Group's Green Financing Framework and the first taxonomy-compliant green bond issued in 2022 and oversaw the process of updating the Code of Ethics.

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Hera SpA, Viale Carlo Berti Pichat 2/4, 40127 Bologna, Tel.051287111 www.gruppohera.it