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Compliance function

Neste conducts its business and operates in compliance with applicable laws, regulations and generally accepted practices for good corporate governance. Neste’s Code of Conduct sets the framework for Neste’s global business operations, and establishes core principles to guide Neste employees in their day-to-day business activities and decisions in the areas of ethical business practices, sustainable operations and protecting people’s health and safety. Neste requires commitment to these principles from its suppliers and business partners, as expressed in the Neste Supplier Code of Conduct.

The purpose of Neste’s Compliance function is to develop, establish, facilitate and oversee compliance procedures and programs aimed to ensure that Neste’s global organisations have effective systems and processes in place for identifying, preventing, detecting and correcting non-compliance with applicable laws, regulations and Neste’s internal rules. The function supports Neste’s management in their responsibility for overall compliance risk management, as well as Neste’s business unit and function management in their responsibilities to identify and manage compliance risks related to their operations. Compliance function works in close collaboration with Neste’s business units, functions and other internal assurance organizations, in particular the Risk Management, Internal Controls and Internal Audit functions.

Compliance function is headed by the Chief Compliance Officer (CCO), who reports to Neste’s General Counsel. The CCO reports on compliance activities on a regular basis to the ExCo and to the Board of Directors’ Audit Committee. Neste has also an Ethics and Compliance Committee, which oversees and steers the management of the ethics and compliance program in Neste. Reports on suspected misconducts received via company’s whistleblowing and other channels are investigated in Neste’s Investigation Group.

Neste has on its website a new whistle-blowing system to all Neste’s internal and external stakeholders, including various actors in its supply chains. Ethics Online serves as a grievance mechanism and enables Neste’s stakeholders to raise possible concerns on Neste’s practices without fear of reprisals. Internal Audit and Compliance functions are responsible for evaluating and investigating cases. The possible irregularities or misconducts are investigated and reported regularly to the Board of Directors’ Audit Committee.