This code outlines the commitments and ethical responsibilities undertaken in the conduct of the business and corporate activities by collaborators of Enel S.p.A. and its subsidiaries, either as administrators or employees of these companies. Enel endeavours to maintain and develop a relationship of trust with its stakeholders – in other words, with those individuals, groups or institutions whose contribution is required to achieve Enel’s mission or who have an interest in its completion. These are stakeholders who are making investments connected to Enel activities; first and foremost shareholders but also collaborators, clients, suppliers and business partners. In a broader sense, the term “stakeholder” also includes all those individuals and groups, as well as the organisations and institutions they represent, whose interests are influenced by the direct and indirect impact of Enel’s activities. This category also includes the local and national communities where Enel operates, environmental associations, future generations etc.

Unethical behaviour

When doing business, unethical behaviour can compromise the relationship of trust between Enel and its stakeholders. The behaviour of any individual or organisation that seeks to exploit its position of strength to secure the benefits of another party’s collaboration is unethical: it also encourages the adoption of attitudes that are hostile to the company.

The value of reputation and fiduciary duties

A good reputation is an essential, intangible resource. Outside the company, a good reputation encourages investment by shareholders, client loyalty, the satisfaction of suppliers, trustworthiness in the eyes of creditors. It also attracts the best human resources. Within the company, it helps decisions to be taken and implemented without friction and it makes it easier to organise work without bureaucratic controls and excessive wielding of authority. As the ethical code clarifies Enel’s duties with regard to stakeholders (fiduciary duties), observing the code is the basis for assessing Enel’s reputation. The ethical code comprises:

  • general principles on the relationship with stakeholders, providing an abstract definition of the benchmark values in Enel’s activities
  • criteria governing conduct towards all classes of stakeholder, providing the specific guidelines and standards Enel’s collaborators must follow in order to respect the general principles and prevent unethical behaviour
  • implementation mechanisms that describe the system of control for observing the ethical code and for its constant improvement.


The value of reciprocity

This code is inspired by an ideal of cooperation with mutual benefits for the parties involved, while respecting the role of each. Enel therefore requires that all stakeholders behave towards the Group according to principles and rules inspired by a similar concept of ethical conduct.

Validity and application of the code

The ethical code applies to Enel S.p.A. and its subsidiary companies, and is therefore binding with regards to the behaviour of all its collaborators. Enel also requires that all connected or subsidiary companies and main suppliers or subsidiaries act in line with the general principles of this code. The ethical code applies in Italy and abroad, while taking into account the social, cultural and economic differences that exist in the various countries where Enel operates.

External and internal stakeholders, whether employees or clients, suppliers, community representatives and so on, can report here (in a process also known as whistleblowing) any violation or suspected violation, including behaviour and practices that may cause financial damage to Enel, or create prejudice towards it on the part of the Group’s employees or third parties.

(*) In the following, the term "Enel" means Enel S.p.A. and all the companies it controls, directly and/or indirectly. 


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