Ferrari believes that a business conduct dedicated to ethics and integrity, built on the dignity of every human being, represents a fundamental value of Ferrari Group and a key driver for the success of its business.
As outlined in the Code of Conduct (“Code”), Ferrari “seek(s) to create an environment that promotes values, adheres to and rewards ethical conduct as practiced by all members of our workforce resulting in a cooperative working environment in which the dignity of each individual is respected”.
In order to reaffirm and renew its commitment to safeguard the fundamental human rights set forth by the laws and regulations of each country where it operates and the recognized international standards (“Human Rights”), Ferrari adopted the Human Rights Practice (“Practice”).
The Practice represents a core part of Ferrari’s mission, culture and heritage and emphasizes the Group commitments to respect, protect and promote Human Rights, in particular: (i) in the workplace, operations and activities; (ii) across the supply chain; (iii) in the interactions with Society and local communities; as well as (iv) in any further context in which Ferrari operates.
Through the Practice, Ferrari intends to provide to all Ferrari Workforce members, as well as to all Ferrari’s Stakeholders, the principles, values and guidelines that must be followed to ensure, in all circumstances, the maximum protection of the Human Rights of all the people directly or indirectly impacted by Ferrari’s operations.
As underlined in Ferrari Code of Conduct (the “Code”), Ferrari is committed to the highest standards of integrity, honesty and fairness in all internal and external affairs and does not tolerate any kind of bribery.
In order to guarantee compliance with all applicable Anti-Corruption Laws, Ferrari has adopted an Anticorruption Compliance Program (the “Program”) that consists in an articulated system of rules and controls aimed at preventing corruption-related crimes and that takes into consideration the requirements and guidance of ISO 37001:2016 related to “anti-bribery management system”.
The Anticorruption Compliance Practice (the “Practice”) - inspired by the values and principles described in the Code - is the Program’s milestone and outlines the general rules of conduct that have to be followed not only by Ferrari directors, officers and employees, but also by all those who work, in Italy and abroad, for or on behalf of Ferrari. The rules outlined in the Practice are further deepened in each internal procedure providing anticorruption standards and controls for specific activities at risk.
Ferrari Top Management is fully committed on this matter and plays a strategic role in the full implementation of the Program, ensuring the involvement of all employees and the consistency of their behaviours with the values contained in it (so called “Tone from the Top” / “Tone at the Top”).
As established by the Code of Conduct (“Code”), “Ferrari Group recognizes the paramount importance of a competitive market and is committed to fully comply with any antitrust and other pro-competition legislation in force in the countries where it operates” and “compliance with competition laws is crucial to the Ferrari Group’s reputation”.
It is therefore clear that competition, intended as the market environment that encourages businesses to excel in the quality and availability of their products and services, together with compliance with the applicable competition laws (“Antitrust Laws”), forms an integral part of Ferrari’s corporate culture and represents a core value that contributes to guide the Group’s operational and strategic decisions.
In order to strengthen its commitment to a fair and free competition, Ferrari has adopted the Antitrust Compliance Practice (“Practice”), which is inspired by the principles set forth in the Code and establishes the rules of conduct that must be followed, at Group level, to ensure compliance with Antitrust Laws.
In particular the Practice, with reference to some specific areas deemed sensitive or at risk under an antitrust standpoint, defines the guidelines and fundamental principles that all members of Ferrari Workforce must follow, as well as the actions and potential controls that they shall carry out, in order to prevent antitrust offences.
As underlined in Ferrari Code of Conduct (the “Code”), Ferrari is committed to fully complying with all applicable laws and regulations and its Third Parties are expected to comply with those laws in connection with any activities or business conducted for and on behalf of Ferrari Group.
In order to implement and strengthen the Code’s principles, Ferrari has adopted a Third Parties Compliance Practice (the “Practice”) that outlines the general rules of conduct that have to be followed when dealing with all Third Parties, including active and passive counterparties and any further Third Parties that may do business with Ferrari.
Ferrari indeed is committed to collaborate only with Third Parties that meet certain requirements both in terms of compliance with applicable laws and regulations and in relation to ethics, integrity and transparency. To this purpose, the Practice underlines the importance of a “compliance evaluation” before any business relationships, in order to assess and minimize any potential risks and therefore to protect Ferrari assets, integrity and reputation in an overall and long-term vision.
Third Parties are requested to comply with Ferrari ethical principles and standards and this is a clear and essential contractual commitment in all commercial relationships. In doing so, Ferrari Third Parties become also active parties towards their own employees and their respective third parties in order to disseminate a culture of compliance, integrity and transparency in all business relationships.
Within the international geopolitical framework, increasingly frequently States and competent Authorities adopt regulatory measures that determine bans, prohibitions, and/or other restrictions to third-country governments, companies, individuals, groups of individuals and non-governmental organizations ("Economic Sanctions") in order to manage crisis scenarios and guarantee respect for fundamental rights and freedoms.
Ferrari Group, when engaging in its business, is required to take into consideration, evaluate and respect such measures, with particular reference to those adopted by European Union, United Nations and United States of America.
In this respect, in order to strengthen its commitment to comply with Economic Sanctions’ laws, Ferrari adopted the Sanctions Compliance Practice (“Practice”), which is inspired by the principles set forth in the Code of Conduct and details the main control measures established at Group level.
In particular, the Practice, with reference to some specific areas deemed at risk, defines the rules of conduct that all members of Ferrari Workforce must follow, as well as the actions and potential controls that they shall carry out, in order not to incur any violation of the applicable Economic Sanctions’ laws.
In this respect, Ferrari’s top management plays a fundamental role in the creation of a culture of compliance with the rules in force within the organization, overseeing the adequacy of the Practice and ensuring employees’ behaviors are consistent with the principles contained therein (“Tone at the Top”).
According to the principle of effective communication laid out in the Code of Conduct (the “Code”), “the Ferrari Group recognises the primary role of clear, effective communication in building internal and external relationships and reaching high company standards.” Creating a company climate of fast, open, two-way communication is a fundamental part of our continued success.”
In keeping with this principle, as well as the Group's strategic aims, Ferrari believes that building and honing effective communication and collaboration with its internal and external stakeholders is essential to generating and sharing value, with a view to conciliating interests and expectations.
Specifically, Ferrari seeks to show fairness and integrity in its dealings with others, encouraging positive relationships based on mutual trust with everyone who affects or is affected by its work. Ferrari's approach to engaging stakeholders therefore aims for honest, clear, effective communication and consultation, based on constant dialogue.
Ferrari believes strongly that a multi-stakeholder approach, backed by a strong commitment, is a key element of sustainable, lasting growth, based as far as possible on a fair balance of the interests and expectations of everyone who interacts with the company.
With this in mind, in order to strengthen its commitment, Ferrari has adopted the Stakeholder’s Engagement Practice, which is inspired by the values and principles in the Code seeks to give guide lines on the right methods and forms of interaction with different stakeholders.