Energy bundled with our code of ethics
To manage such a big organisation like the TAURON Group, it is extremely important to streamline its structure and specific processes. The Group’s structural model calls for one leading company to operate in each business area to optimise the operations in each element of the value chain.
TAURON Polska Energia, a joint stock company listed on the Warsaw Stock Exchange since 30 June 2010 is the parent company.
As at 31 December 2015 the shareholding was as follows:
As at 31 December 2015, the composition of the Management Board of TAURON Polska Energia was as follows:
- Remigiusz Nowakowski – President of the Management Board
- Marek Wadowski – Vice-President of the Management Board for Economics and Finance
- Jarosław Broda – Vice-President of the Management Board for Strategy and Development
- Kamil Kamiński – Vice-President of the Management Board for Corporate Affairs
- Piotr Zawistowski – Vice-President of the Management Board for Commercial Affairs
Profiles of Management Board members and the composition of the company’s Supervisory Board are available on TAURON’s website.
In 2015, two changes were made to the Management Board of TAURON Polska Energia. The timeline of those changes and the Group’s key events in the reported period are included in here.
As at 31 December 2015, the TAURON Group’s key companies, in addition to the parent company, included 15 subsidiaries subject to consolidation. Moreover, TAURON Polska Energia holds, directly or indirectly, shares in 42 other companies. The full list of entities included in the consolidated financial statements.
In 2015 processes were implemented to streamline the organisational structure further. Detailed information may be found in the Annual Report.
The Group’s corporate values form a bond across this diverse organisation: openness, responsibility, professionalism and cohesion
In 2015 – as a result of updating and amending the Code of Ethics through new provisions on diversity and forming a closer link with the TAURON Group’s Sustainability Strategy – the definitions describing individual values were modified.
These corporate values are known to each employee and they are included in the TAURON Group’s Code of Business Ethics applicable to all Group companies. An Ethics Commission operates in each company. Any and all infringements of this Code of Ethics may be reported to the Ethics Commission.
The role of the Ethics Commission is to launch investigation proceedings and resolve any and all issues. Anonymous reports submitted to the Ethics Commission by email or via the post box in each company are also analysed. Each person reporting an infringement of the Code of Ethics is protected and if he/she wishes to remain anonymous, this must be ensured.
All TAURON Group employees are obliged to observe the rules of the Code of Ethics. At any time, it is possible to refer to its provisions since its full text is available on Tauronet under the “Ethics and values” tab. Moreover, each new employee is obliged to review the Code of Ethics and confirms this fact by submitting the relevant declaration.
In 2015 in TAURON Dystrybucja, TAURON Dystrybucja Pomiary and TAURON Dystrybucja Serwis a manual called “Values in action” was developed by the Organisation Development Office, dedicated to all their employees. The manual was prepared based on questionnaires examining the perception of values in the organisation and material collected after the workshop on “Values in processes conducted during the Second Conference of TAURON Dystrybucja Management. The aim of implementing this manual is to support the process of consistently building the organisational culture in the distribution business area and to assist employees in developing common behaviour standards within the course of performing their business duties.
In 2016 – as a result of updating the TAURON Group’s business strategy, including the re-definition of corporate values – the wording of the Code of Ethics is planned to be modified. As a co-creator and signatory of the “Vision of sustainable development for Polish business 2050”, exerting a significant impact on the local and national environment, TAURON intends to continue focusing on issues associated with ethically conducting its business.
In 2015 in TAURON Dystrybucja, TAURON Dystrybucja Pomiary and TAURON Dystrybucja Serwis a manual called “Values in action” was developed by the Organisation Development Office, dedicated to all their employees. The manual was prepared based on questionnaires examining the perception of values in the organisation and material collected after the workshop on “Values in processes conducted during the Second Conference of TAURON Dystrybucja Management.
The aim of implementing this manual is to support the process of consistently building the organisational culture in the distribution business area and to assist employees in developing common behaviour standards within the course of performing their business duties.
In these times of rapid changes, active risk management is a key element of organisation performance. This process is particularly important in the implementation of corporate strategy and involves identifying potential deviations from the TAURON Group’s targets and increases the probability of attaining them, enabling risk level control to neutralize them if they materialise.
The process controlling risk-taking is centralised and risk management in TAURON is based on three pillars:
- enterprise risk management,
- commercial risk management,
- financial and credit risk management.
Area management is supported by the enterprise risk management system (ERM) comprising all elements of the value chain. All employees participate in the risk management process. ERM is based on documents adopted for application: Enterprise Risk Management Policy in the TAURON Group, Portfolio Management Policy in the commercial activity of the TAURON Group, Risk Management Policy in the commercial activity of the TAURON Group and Credit Risk Management Policy in the TAURON Group.
In the risk management process, the Risk Committee plays a special role as a team of experts that constantly and continuously initiates, analyses, monitors, controls, supports and supervises the operation of the corporate risk management system in the TAURON Group. The committee comprises persons with adequate knowledge of the Company and its environment as well as the required qualifications and powers. Their role is to define risk management norms and standards in the Group and to supervise the effectiveness of the process. The Risk Committee contains two separate teams for commercial risk and financial and credit risk. The relevant organisational unit at TAURON Polska Energia fulfils operational functions in the risk management process.
In 2015, the risk management process in the regulatory area was updated by introducing a system of risk limits for individual areas in the TAURON Group and for individual operational risks within these limits. For individual key risks, early warning indicators were defined and acceptance, mitigation and escalation thresholds were determined for those indicators. The conducted measures within risk response were made conditional on the current value of these indicators.