What Is the Code of Ethics
The Code of Ethics was first published in 2007 and is revised every three years with the involvement of people of Hera and selected stakeholders. It represents a trust-based agreement and outlines the ethical conduct expected of everyone who contributes to the company’s activities in any capacity, in line with Hera’s values and principles. It serves as a guide for those who wish to actively pursue the Group’s purpose and mission.
The Code sets forth the commitments and responsibilities that people of Hera undertake in carrying out all company activities.
The Code of Ethics: our guiding principle
The importance Hera places on the Code of Ethics stems from its recognition of the benefits it brings in three key areas: increased internal cohesion and consistency in individual behavior, which in turn lead to greater organizational efficiency and a positive corporate reputation among its stakeholders.
The Code of Ethics, based on Article 8 “Validity of the Code,” establishes a three-year validity period for the document, at the end of which it is subject to review and possible revision.
Following the first review in 2010, triennial updates have been implemented, leading to the current sixth revision of the document.
In this latest update of 2026, greater emphasis has been placed on topics such as the digital transition and artificial intelligence, the company’s social role, the importance of dialogue and trust between Hera and local communities, and Hera’s environmental responsibility in its commitment to Net Zero emissions, circular economy, resource regeneration, and resilience of managed services. Furthermore, with regard to Hera’s people, the value of intergenerational dialogue has been affirmed, along with the importance of the link between well-being, professional and personal development, and productivity. Finally, it was deemed necessary to emphasize everyone’s role in the implementation and dissemination of the Code.
Integrity and anti-corruption
The sustainable growth of companies is often threatened by the risk of corruption.
Thanks to the new UNI ISO 37001 standard, all companies and organizations now have an additional tool to actively contribute to the fight against corruption. The directive, which is adopted on a voluntary basis, envisages a certification that is issued only if certain conditions are met.
The Hera Group has achieved this significant certification after a careful study conducted by company working groups on certain intervention areas. By involving the company structures that work with sensitive processes, we were able to achieve compliance with the standard's requirements.
The Group has therefore defined a specific Anti-Corruption Policy, a Training Plan and a Compliance Department within the Supervisory Body.
Achieving this certification further enhances the effectiveness of the tools our multi-utility already uses to address possible corruption cases, including the 231 Organisation and Management Model that governs the liability of organisations for administrative offences caused by crimes.
Our anti-corruption system is therefore composed of:
- Our Code of Ethics;
- Our Quality and sustainability policy;
- A Model for the prevention of corruption that supplements the existing "Model 231", which already covered the types of corruption included in Italian Legislative Decree 231/2001;
- Our guidelines for fraud prevention and management;
- Periodic audits and training activities to prevent fraud and corruption;
- A whistleblowing system to handle reports of both corruption and offences that are potentially significant in relation to the 231 Model;
- CEI ISO 37001 certification
The ethical value of Hera's stock
In order to emphasise the consistency between our management actions and the principles embodied in the Group's mission, we are committed to providing investors, analysts and lenders with all the information they need, in a transparent and correct manner.
In addition, we work to ensure that the shared value that is generated and the environmental, social and corporate governance results achieved through our general approach to sustainability is transferred to the value of our stock.