Piaggio & C. S.p.A. has the conviction that the ethics of its business management is to be pursued in conjunction with the success of the enterprise. (Code of Ethics, art. 1)

Piaggio & C. has adopted a Code of Ethics since 2004 for the Organisational Model pursuant to Italian Legislative Decree 231/2001. The Code of Ethics was last updated in 2017, with the introduction of an article on safeguarding human rights, aimed in particular at preventing "modern slavery". Through this article, the company expresses its commitment to recognising and ensuring the utmost respect for the principles that protect human rights, as shared at international level and articulated in a number of international conventions. In particular, respect for personal dignity, for the individual and the prohibition of any type of discrimination. These principles, already embraced by the company as they are implicit in its code of ethics, have been described more specifically, in order to align the code with the ethical and social values that inspire the Piaggio Group's activities. The company also issues a Modern Slavery Statement annually, designed to ensure that the Group's activities comply with the regulatory provisions set out under the Modern Slavery Act 2015, as issued by the British Parliament and which all companies operating in the UK must observe. The Code of Ethics, available online at (www piaggiogroup com/Governance), is in force at all Group companies and clearly and transparently sets out the principles and values which the entire company organisation takes inspiration from:

  • complying with the laws of countries where Piaggio operates;
  • dismissing and condemning unlawful and improper behaviour;
  • preventing breaches of lawfulness, constantly achieving transparency and openness in managing the business;
  • seeking excellence and market competitiveness;
  • respecting, protecting and valuing human resources;
  • pursuing sustainable development while respecting the environment and rights of future generations. 

The Group's Code of Ethics sets out the social and ethical responsibilities of each member of the company's organisation. In particular the ethical and social responsibilities of senior management, middle management, employees and suppliers are defined in order to prevent any party acting in the name of and on behalf of Group companies, from adopting a conduct that is irresponsible or unlawful. The articles of the Code of Ethics also set forth an important principle on how to manage relations with policy makers: “The Company does not make contributions or offer advantages and/or benefits to political parties and trade unions or to their representatives or candidates without prejudice to compliance with applicable law." All employees and suppliers are required to sign and respect the Group's Code of Ethics in order to be able to work with Piaggio.

Based on the specific nature and significance of India, the following have been prepared and in effect for some years now at the Indian affiliate:

  • the Code of Business Conduct & Ethics;
  • the Whistle Blower Policy, specifically designed to protect and guarantee whistle blowers of alleged breaches of the Code, and protect the Code's effectiveness;
  • a Policy on the Prevention of Sexual Harassment of women in the workplace.

Organisational model pursuant to Legislative Decree no. 231/2001

The internal audit and risk management system of Piaggio & C. is completed by the Organisational, Management and Control Model for the prevention of crimes pursuant to Legislative Decree no. 231/2001 (“Model"), which Piaggio & C. has adopted since 2004 and which was last updated as approved by the Board of Directors on 26 July 2019. The Model starts with the Code of Ethics, followed by general principles of internal control and guidelines for conduct, and is divided into two parts.

The first part is general, and includes an overview of the legal framework, followed by an introduction to the Model's function and operation within the Company; sections are also included on the disciplinary system, as well as a description of the role, composition, functioning and duties of the Supervisory Body. Compliance with Law 179/2017, an entirely new section was introduced in 2018 with regulations on whistle-blowing designed to protect workers that report unlawful activities and irregularities that come to their knowledge during their work.

To guarantee the confidentiality of the identity of the person reporting information, the Company, in compliance with applicable legislation, believes that the management of reported information must involve the Supervisory Body appointed pursuant to Legislative Decree no. 231/2001. The system to protect whistle blowers, introduced by Law 179/2017 and implemented by Article 6 of Legislative Decree 231/2001, indirectly assigns the Supervisory Body the task of receiving and managing information reported on alleged offences and breaches of the Model or Code. The Company has therefore set up two communication channels: one via fax (0587.219027) and an IT channel via the dedicated SB e-mail address (organismodivigilanza@piaggio.com). The second, "special" section of the Model formalises specific decision-making protocols for "sensitive processes" in relation to the individual categories of offences the section refers to.

The Model pursuant to Legislative Decree 231/2001, which is widely distributed by e-mail to all Piaggio Group employees in Italy, and published on the company Intranet, is constantly monitored and periodically updated. Piaggio & C. has also established a “Fraud Policy” with information channels for receiving, analysing and processing reported fraud that may involve employees, directors and partners of Piaggio and Group Companies. The policy is another instrument that the Piaggio Group has adopted to prevent infringement of the principles of lawfulness, transparency, fairness and loyalty which inspire the Model 231/2001. The Model is available on the corporate web site (www.piaggiogroup.com) in the section Governance/Governance System.

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