Fair competition

The VELUX Group adheres to the Competition Law Compliance Policy laid down by our owner, VKR Holding A/S. All general managers commit to the Policy by signing the Competition Law Compliance Declaration every year.

Every year, all senior managers commit to a strict, unambiguous policy regarding anti-corruption, fair competition and tax payment.

Policy and goals

Competition:
Fair competition is essential for economies to function effectively and to ensure the best outcomes for our customers. The VELUX Group has a comprehensive competition programme with the aim to ensure that all our sales companies avoid anti-competitive behaviour and observe the necessary rules and regulations. Our leading position in the market makes this programme critical to our business.

The VELUX Competition Law Compliance Policy describes our approach to customers and competitors on the market, and deals with our approach to mergers and acquisitions, and other relevant issues. The policy sets up a compliance programme that includes the following compliance measures:

  • Information and training, e.g. individual training, workshops, seminars and e-learning programmes on antitrust and competition law
  • Guidelines, procedures (including approval procedures) and instructions
  • Personal annual declarations of compliance to be signed by all General Managers
  • Competition law reviews by the Group General Counsel of our parent company and his team (hereinafter referred to as the “Group General Counsel”)
  • Legal due diligence at all mergers and acquisitions
  • Approval of essential trade documents (including trade conditions, sales & delivery terms, distribution & licence agreements, co-development contracts, and sales and delivery terms) by the competition law specialists of the Group General Counsel

The Group General Counsel monitors competition law compliance, issues instructions and guidelines, and continuously assesses compliance procedures.

Tax:
The VELUX Group acts with integrity and transparency in tax matters. Our approach is guided by our Tax Policy, which applies to employees as well as consultants and advisors involved in tax issues. 

Anti-corruption:
The VELUX Group applies a zero-tolerance approach to corruption. Our Anti-Corruption Policy guides employees in their everyday work. The policy requires management to ensure that bribery does not occur, to formulate local guidelines for receipt of gifts and entertainment and to avoid facilitation payment. 

Activities 

Competition: 
The Group General Counsel of our parent company and his team carry out competition law compliance audits. They also train general managers, sales managers and other relevant employees in the VELUX Group’s Competition Law Compliance policy, and in the competition law compliance guidelines and instructions. It is compulsory for all our senior managers to complete our competition law compliance e-learning and make sure the policy is implemented within their area. Annually, all general managers sign a declaration to verify that no breach of competition law has occurred during the year.

Tax:
The VELUX Group does not enter into projects without substance in which the only objective is to create tax benefits for the participants; nor will the VELUX Group register in countries known as tax havens (as listed by OECD) unless there is a sound business reason for doing so. 

The Danish VELUX companies are included in the mandatory joint taxation with VKR Holding A/S and the other Danish companies owned by VKR Holding A/S. Corporation tax of the VELUX Group’s Danish joint taxation income is paid by VKR Holding A/S. 

Anti-corruption:
We train managers and employees in the VELUX anti-corruption policy and guidelines. It is compulsory for all our senior managers to complete our anti-corruption e-learning and make sure the policy is implemented in their area. 

Performance

Competition law compliance

General Managers signing Annual Declaration

Anti-corruption training

Senior managers completing anti-corruption e-learning course

All our relevant senior managers have signed our competition law annual declaration and been through our anti-corruption training to ensure fair competition.

Next steps
Our programmes in competition law compliance and anti-corruption have been in place for a number of years. We will maintain them and continue our focus on complying with them.

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