Fair competition and anti-corruption

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

Policy and goals

 


Fair competition

Fair competition is essential for economies to function effectively and to ensure the best outcomes for our customers. The VELUX Group runs a comprehensive competition programme to ensure that all our companies adhere to international and national regulations and to prevent any form of anti-competitive behaviour. Our leading position in the market makes this programme critical to our business.

The VELUX Group Legal Policy and the VELUX Group Competition Law Compliance Policy describe our approach to customers and competitors and deal with our approach to mergers, acquisitions and other relevant issues. The policies set 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 in connection with 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.

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 Legal Policy and the VELUX Group Competition Law Compliance policy and in the compliance guidelines and instructions.

Tax

The VELUX Group does not enter 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 the 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.

We train managers and employees in the VELUX anti-corruption policy and guidelines.

Performance

In 2017, the Group General Council carried out 100% competition law compliance audits.

Every year, all general managers sign a declaration to verify that no breach of competition law has occurred during the year.

Every year, all VELUX senior managers complete our anti-corruption e-learning and make sure the policy is implemented in their area.

Next steps

On 1 January 2018, a whistle-blower programme was launched. Any criminal or illegal activities can be reported to the whistle-blower system.

In 2018, a new programme to ensure Competition Law Compliance in connection with online sales will be launched.

Anti-corruption training

Percentage of general managers

Annual Declaration signatures

Percentage of general managers