Standards applied by the Bank

Mission, Vision and Values

Our corporate social responsibility activities and principles are embodied by the Bank’s plans and the Group’s updated growth strategy for 2015-2017. It is the priority of the Bank to conduct its business in a sustainable way on the basis of trust and observance of ethical principles and openness and dialogue with all Stakeholder groups.

Ethical Standards

Internal codes of conduct are guidelines setting the standards for professional and ethical conduct. Every employee must become familiar and observe the rules prescribed by the Code of Ethics and the Book of Standards in everyday work. [GRI 102-16]

The Bank Millennium Code of Ethics +

The Bank Millennium Code of Ethics  describes the values and general principles that should provide guidance to the Bank’s employees and business partners in their cooperation with the Bank. The document contains the requirements that should govern relations with the internal and external environment (including clients, suppliers, the market) and the rules relating to the observance of human rights and to the running of business activity in a transparent and honest manner (including ethical lobbying, ban on corruption, rules for representing the Bank in contacts with public institutions and political parties). The Code also describes a procedure for reporting unethical behavior through the Whistleblowing system.  [GRI 102-17]

Every employee is obligated, by completing a mandatory e-learning course, to become familiar with the Code, confirm its knowledge and apply the rules included in the Code in their daily work.

Employees undergoing a Code of ethics training

Employees undergoing

a Code of Ethics training

2016 2015* 2014
Management staff 734 (92%) 16 (2%) 733 (86%)
Other employees 4073 (78%) 349 (7%) 5134 (96%)

* only new employees were trained in 2015

[GRI 205-2] [GRI 412-2] 

The Code of Ethics is also provided to the Bank’s suppliers. Every supplier taking part in a tender procedure must undertake to observe the rules included in the Bank’s Code of Ethics, by signing a representation to that effect.

Books of Standards for Bank Millennium Group employees +

Books of Standards for Bank Millennium Group employees – are collections of good practices which, when observed, will ensure high quality of service for clients and ethical selling and facilitate cooperation between employees.

Compliance policy +

The laws, principles and standards pertaining to compliance concern matters such as: observance of appropriate market behaviour standards, managing conflicts of interest, fair treatment of clients and providing them with appropriate advice. More

External regulations observed by the Bank

The Bank conducts its operations on a regulated market and observes the legal principles and the regulations applicable to banks. From the vantage point of the subject of this report, the following regulations must be mentioned:  [GRI 102-12]  [GRI 102-16]

Code of Ethics in Advertising +

defined by the Advertising Council is a set of principles that should govern the behavior of advertisers in Poland. The employees of Bank Millennium, when making decisions related to advertising, are formally obligated to observe the provisions of the Code.

Best Practices for WSE Listed Companies +

corporate governance principles supporting efficient management, effective oversight, respect for shareholder rights and transparent communication with the market. In 2016 the Bank observed the corporate governance principles set forth in that document. The only exception was the absence of two-way real-time communication during the Shareholder Meeting. In the Bank’s opinion, observation of this principle would entail technical and legal risks, which could prevent a proper and efficient course of the shareholder meeting. More

Best Practices in Banking +

issued by the Polish Bank Association, describe the rules of behavior of banks to their customers and other banks, the rules of behavior for a bank employee and also principles to govern advertising, personal data processing and handling of customer complaint and claims.

MIFID Directive +

The Bank observes the requirements of the MiFID Directive (Markets in Financial Instruments Directive), the aim of which is to protect clients’ investments, increase consistency and transparency of operation of banks and increase competition on the market for financial instruments.

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