More transparent, more sustainable and more innovative: the new Prosegur Code of Ethics
Prosegur has just approved and published a new version of its Code of Ethics and Conduct, an updated series of guidelines for behaviour, principles and values for the entire workforce, based on the development of the company's commitments in recent years.
Prosegur has designed its Code of Ethics as a living document, which is gradually updated to reflect the changes taking place in the company and in society as a whole. This year a new version has been launched, which replaces the one in force since 2013 and includes new content in harmony with the present of the company and its future forecasts.
We are talking about a profound renewal, given that it reflects the new social context that has been consolidated in recent years, with such impactful phenomena as the digital transformation and the boom in technologies such as big data and Artificial Intelligence. It also covers the global rise in ESG (environmental, social and good corporate governance) criteria, as well as the impact of increasingly exhaustive regulations in these areas, a new framework that requires efforts with regard to compliance, ethics and transparency to be stepped up.
Strategic conduct manual
"This is an essential document, because it guides the appropriate behaviour that is expected of all Prosegur professionals and reflects our commitment to act every day in accordance with common principles and standards across all activities and in our relations with stakeholders. And also because it is a key pillar and an ethical reference for governance and the compliance programme", says Miguel Soler, who is responsible for the update process in his capacity as Global Director of Internal Audit and Regulatory Compliance.
Accordingly, the new code reflects the development of company, market and society from different content modifications:
Furthermore, the brand DNA is adapted —"we make the world a safer place by taking care of people and companies, keeping us in the vanguard of innovation"—, to the new values of the company —" we care about people; we think positive; and we are unstoppable", as well as the five principles of its leadership model —"passion for the customer; results orientation; transformation and innovation; team spirit, and responsibility and commitment".
And at the same time it adapts to the development of business and the new management of the company recently, as well as to regulatory changes and to the best practices of the global private security market.
Unpublished or much more developed content
To this end, new content is introduced for the first time or developed in greater detail than in the previous version. The Code has also been drafted using a simpler and more accessible language.
For example, everything to do with sustainability has been incorporated or updated to continue reducing environmental impacts, as well as protection of personal data and privacy, prevention of new models of money laundering and financing of terrorism, intellectual and industrial property rights. A very significant new development is the introduction of the new Whistleblower Channel to report breaches of the Code, and the proper and secure treatment of the company's information or the responsible use of disruptive technologies such as Artificial Intelligence have also been taken into account. "AI offers many benefits to users", explains Soler, "but it also requires us to think about its control and specific methodologies to prevent the potential risks of a bad application".
Consequently, the updated document becomes "a new suit tailored to the values that are mutually shared and accepted at Prosegur", according to Soler. "At the moment it is consolidated, such a declaration of intent generates a positive force, a source of ethical culture that employees must always accept. In this way, it solves many governance problems and doubts and helps to interpret situations. A simple reading can clarify how to act both internally and externally. For example, in relations with customers and suppliers.
Involvement across the entire company
Given that its scope is total and permeates the company in all its businesses, markets and staff from top management to the last employee, it was logical that the update process should also be transversal and inclusive. "We have carried out a complete 360º internal exercise, with ideas and contributions from all the businesses, areas such as the Human Resources, Economic-Financial, Purchasing, Legal, Investor Relations, Innovation and Compliance units... As well as, of course, from the Sustainability and Corporate Governance Committee itself, with the final approval of the Board of Directors".
The following steps also indicate this application of the Code throughout the company. In addition to dissemination via all possible channels, from corporate emails to websites and intranets, the team responsible for the update has designed a global training programme to ensure a maximum level of knowledge and thus aspire to a maximum level of compliance. Now it's the turn of its target audience: the approximately 150,000 Prosegur employees.