Governance
CEZ Group's values are the basis of the corporate culture on which we have grown over the years. The values represent shared beliefs and desired conduct expected of all our employees. Embedded in key governing policies, these values are naturally integrated into the company. As a result, the values positively influence the internal atmosphere, external perception, customer satisfaction, and business results of CEZ Group.
Diversity and equal opportunities
We will reach 30 % female representation in management.
Business ethics
We will increase the frequency of employee training in the Business Ethics, training at least 95 % of employees annually from 2022 onwards.
Safety
Performance
Innovation
Expertise
CooperationWe encourage employees to put the principles at the forefront of their daily working lives. In doing so, employees create synergies innate to CEZ Group and help to implement our strategy and vision. Accordingly, we attempt to set the right values and principles to create the right work environment and build a strong team.
CEZ Group management promotes ethical values in all business activities and conduct. Management clearly states its objective in two primary documents: the Code of Conduct Policy (Code of Conduct) and the Compliance Management System Policy.
The Code of Conduct sets forth ethical rules for employees and members of CEZ Group’s statutory bodies. The Compliance Management System Policy sets out the responsibilities, conditions, and tools for ensuring compliance with legal obligations and ethical standards in CEZ Group. Details of practical measures (e.g., training, prevention of conflicts of interest, whistleblowing, investigations) are part of the subsequent internal guidelines.
The Board of Directors of ČEZ, a. s., accepts full responsibility for compliance with the adopted ethical standards. This responsibility includes, among other things, the creation of appropriate conditions, adequate resources, effective governance structures, and control mechanisms.
First published in 2015, the Code of Conduct exists in two publicly available versions. The basic version, the Decalogue, summarizes the most important principles regarding stakeholder relations. The unabridged version, the Alphabet, supplements the Decalogue with rules for observing the Code of Conduct. Both documents undergo regular reviews to reflect legislative demands and best practices.
The Code of Conduct is binding for all employees. New employees must review the Code upon hiring. Since 2022, subsequent training takes place annually (previously once every two years), with a target of at least 95% of staff participating. In 2023, 98.17% of employees of CEZ Group companies, whose training is provided by the Human Resources Development Department of ČEZ, a. s., received training on the Code of Conduct.
We respect the sustainability agenda adopted by the Czech government in the strategic Framework Czech Republic 2030 and we apply two key principles of the United Nations 2030 Agenda: quality of life and sustainability. The Czech strategic framework is based on seventeen global sustainable development goals (SDGs) adapted by the United nations member States in 2015. We link the selected global topics to CEZ Group’s sustainable development strategy. In 2015, countries adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals.
We are aware of our role in society and the responsibility this role inevitably entails. Our management emphasizes ethical principles in all employee and supply chain conduct. Through sound business ethics and relations, we strive to pave the way for trust with both shareholders and stakeholders. Currently, we are systematically reviewing all policies under the Policy Matrix ESG Initiative, which will expand the matrix with specific measures and targets.
In accordance with the CEZ Group's interest, management systems are being introduced to support corporate management. These management systems are certified by accredited certification bodies or verified by independent bodies designated for this purpose, in accordance with the expectations of stakeholders. Certification of individual companies within the CEZ Group promotes transparency and communication to the general public and other stakeholders.
The Sustainability Report is prepared in accordance with globally recognized reporting frameworks to meet the highest standards of transparency. We use the fundamental version of the Global Reporting Initiative (GRI) 2021 standards, Sustainability Accounting Standards Board (SASB) standards for energy companies and electricity producers, and metrics and disclosed information from the World Economic Forum (WEF). For a significant portion of Scope 1, we report greenhouse gas (GHG) emissions in line with independently verified emissions under the EU Emissions Trading System (EU ETS). For the remaining part of Scope 1, Scope 2, and Scope 3, we use the GHG Protocol.
We respect the sustainability agenda adopted by the Czech government in the strategic Framework Czech Republic 2030 and we apply two key principles of the United Nations 2030 Agenda: quality of life and sustainability. The Czech strategic framework is based on seventeen global sustainable development goals (SDGs) adapted by the United nations member States in 2015. We link the selected global topics to CEZ Group’s sustainable development strategy.
In 2015, countries adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals.
CEZ Group has had a long history of promoting diversity. In 2014, we were one of the first signatories of the European Diversity Charter in Czechia. Following the Diversity Charter, we are committed to maintaining a workplace environment open to all, irrespective of their gender, race, skin color, nationality, ethnicity, religion, disability, age, sexual orientation, political affiliation, or trade union membership. We support equal opportunities for women and their full and effective participation in decision-making at all levels of private and public life. In December 2021, the Board of Directors adopted a Diversity and Inclusion Policy, binding for all CEZ Group companies. The policy declares a culture of diversity, respect, trust, equal opportunities, and workplace dignity. The policy outlines a comprehensive approach to the company’s diversity goals.
We have absolute respect for human rights and clearly declare our stance in the Code of Conduct. We operate only in countries with a strong human rights legal framework. Each country in which we operate is a signatory of the International Labor Organization conventions, and respect for human rights is a norm in CEZ Group. As a UN Global Compact participant, we duly subscribe to its principles. We reject forced or compulsory labor and child labor in our entire value chain. As an employer, we strive to maintain social peace. We recognize the importance of the right to freedom of association and collective bargaining, occupational health and safety, and fair and satisfactory working conditions. At the same time, we only work with suppliers who also subscribe to these principles.
Partnerships for the Goals
We have partnered with multiple organizations to increase our reach and create synergies through cooperation. In Czechia, we are members of Association of Social Responsibility, Business Leaders Forum, and Business for Society. Globally, we joined UN Global Compact, UN CEO Water Mandate, Science Based Targets initiative (SBTi), and Carbon Disclosure Project (CDP). We have joined the Pride Business Forum Memorandum and signed a Memorandum on Cooperation in Climate Protection, the Energy Sector, and Certain Related Areas with the Czech Ministry of the Environment to support national efforts in reaching SDGs by 2030.