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Compliance function

Neste is committed to high ethical standards and conducts its business and operates in compliance with applicable laws, regulations and generally accepted practices for good corporate governance. Neste’s Code of Conduct, which was renewed in 2021, sets the framework for Neste’s global business operations, and establishes the ethical practices to guide Neste employees in their day-to-day business activities and decisions. Neste also requires suppliers and other business partners to comply with applicable laws and expects them to follow equivalent ethical business standards as stated in the Code of Conduct, as further described in our Supplier Code of Conduct. 

The purpose of Neste’s Compliance function is to develop, establish, facilitate and oversee compliance procedures and programs aimed at ensuring 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 organizational unit management in their responsibilities to identify and manage compliance risks related to their operations.

The compliance function works in close collaboration with Neste’s business units, functions and other internal assurance organizations, in particular the Risk Management, Internal Control and Internal Audit functions. The 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 also has 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 the company’s externally operated and other reporting channels are investigated in accordance with applicable laws and Neste’s internal Misconduct Investigation Standard.

In addition to other reporting channels, Neste has also an externally operated misconduct reporting system, Ethics Online, available 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 concerns related to alleged misconduct in Neste’s practices. Neste’s Investigation Group is responsible for evaluating and investigating such reported cases. Neste has a non-retaliation policy for concerns reported in good faith. Neste’s main principles and policy followed in internal misconduct investigations is described in the company internal Misconduct Investigation Standard. The possible irregularities or misconducts are reported regularly to the Board of Directors’ Audit Committee.