Good governance
What we do
Fagron considers good governance vital to conducting business. It is a guideline that helps ensure a responsible way of doing business and carrying out activities.
The topics that we find important:
- Compliance with laws and regulations
- Corruption and bribery
- Fair tax policy
- Grievance mechanism
- Product quality and safety
Our efforts on good governance contribute to SDG 8 (Decent work and economic growth) by our efforts to achieve annual turnover growth.
Compliance
Fagron operates in more than 20 jurisdictions worldwide. We aim to comply with legislation in all jurisdictions where we operate. The businesses are responsible for compliance with local legislation. At the Group level, we pay specific attention to compliance by Fagron NV and our holding company Fagron BV (our global services centre) as well as compliance in terms of product quality and safety (see Product Quality and Safety).
Our annual target:
- 0 compliance issues at Fagron NV and Fagron BV.
Corruption and bribery
Fagron attaches great importance to transparency and fair trade. We do not tolerate bribery or other forms of corruption (including facilitating payments) in our business operations. Corruption and bribery can lead to unfair pricing of pharmaceutical products that are an integral part of the health care systems in the markets in which Fagron operates. Fagron contributes to fair trade by acting against corruption and bribery.
Our Code of Conduct describes Fagron’s expectations for its management and employees regarding compliance with laws and regulations as well as ethical conduct regarding, among other things, corruption, bribery and human and labour rights.
Our annual target:
- 90% of employees have followed the annual Code of Conduct training.
Fair Tax policy
The way in which Fagron deals with taxes has a direct influence on the communities in which we operate. Fagron sees the payment of taxes as part of the creation of sustainable long-term value for all stakeholders. Tax evasion results in communities missing out on tax income that is needed to be able to operate. Fagron strives to comply with the letter and spirit of the tax laws in the countries in which we operate. In view thereof, we rely on internal and external tax experts to stay informed of changes in tax legislation. Our tax policy is based on the principle that we pay taxes worldwide based on the economic value of activities. We believe it is important that tax payments end up in the regions and communities in which we operate.
Grievance mechanism
Fagron attaches great importance to a transparent and honest culture in which employees can openly ask questions and express their concerns or criticism. A culture where integrity is valued, reduces the risk of abuse and irregularities. Fagron has a grievance mechanism where employees can express grievances concerning the way that Fagron conducts business on any of the topics described in Fagron’s Code of Business Conduct. A properly functioning grievance mechanism reduces the risk of corruption and bribery as well as the risk of unwanted behaviour.
Fagron believes it is important that all employees know how the grievance mechanism works and that access to the grievance mechanism is as easy as possible. To ensure this goal, the annual Code of Conduct training explicitly addresses the grievance mechanism and in due course, all employees will have access to a confidential counsellor.
Our target for 2025:
- All employees have access to a confidential counsellor.
Product quality and safety
As a worldwide market leader in pharmaceutical compounding, Fagron applies a strict policy on product quality and safety. A product that does not meet all quality specifications can, in the worst case, cause (severe) side effects in end users. Product quality and safety is therefore a priority for Fagron. Fagron uses an extensive supplier selection procedure to ensure 100% traceability of our pharmaceutical raw materials.
Our annual goal:
- Deliver products that meet all quality and safety requirements.
