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Governance

Vision 2030

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.

Our governance targets
  • 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.

The following principles represent our corporate values:
SafetySafety
PerformancePerformance
InnovationInnovation
ExpertiseExpertise
CooperationCooperation

We 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.

Results of 2022
0/0Responsible Water Stewardship

CEO Water Mandate – CEZ Group is the first Czech company to support the CEO Water Mandate Initiative, committing to sound and sustainable water management.

0/0New Nuclear Unit

ČEZ, a. s., started public procurement for project development of new nuclear unit in Dukovany nuclear power plant.

0/0Largest Interactive Data Tool in Europe

CEZ Group is the first Czech company to launch a public online ESG library and data tool, which provides the most comprehensive data of all European utilities.

0/0Board of Directors

Each member of the Board of Directors received ESG-related certifications from Berkeley, Diligent Institute, and Prague University of Economics and Business.

0/0European Investment Bank

European Investment Bank provided a loan for modernization of electricity distribution grid and uptake of new connection of renewables.

0/0Record Sum

CEZ Group expects to pay over CZK 100 billion in dividends, income taxes and levies on revenues from generation to the Czech state.

0/0Cyber and Information Security

Temelín nuclear power plant was successfully inspected by the National Office for Cyber and Information Security.

0/0Reporting on SDGs and TCFD

CEZ Group issued the first TCFD Report and a stand-alone SDG Report.

0/0Pride Business Forum Memorandum

CEZ Group signed Pride Business Forum Memorandum.

0/0Certificate for Strategy in Diversity

ČEZ, a. s., received the Silver Certificate for Strategy in Diversity from Business for Society, the largest platform for sustainable business in Czechia.

0/0Due Diligence

ČEZ, a. s., conducted over 1,000 compliance checks as part of due diligence for the Code of Conduct.

0/0No Corruption

CEZ Group had zero incidents of corruption.

Code of conduct
Code of conduct

CEZ Group management promotes ethical values in all business activities and conduct. Management clearly states its objective in two main 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. 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.

The Code of Conduct exists in two publicly available versions: the basic version - the Decalogue and the unabridged version - the Alphabet. Both documents undergo regular reviews to reflect legislative demands and best practice.

The Code of Conduct is binding on all employees. New employees must review the Code upon hiring. From 2022, the frequency of training was adjusted to an annual basis with at least 95% of staff participating.

Commitment to Ethical Conduct.

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Commitment to Governance

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.

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 line with globally recognized reporting frameworks to meet the highest transparency standards. We apply the Core option of Global Reporting Initiative (GRI) Standards 2020, the Sustainability Accounting Standards Board (SASB) standard for electric utilities and power generators, and the World Economic Forum (WEF) metrics and disclosures. We report Greenhouse Gas (GHG) emissions in line with independently verified emissions under the EU Emissions Trading System (EU ETS) for a substantial part of Scope 1. We use GHG Protocol for the remaining part of Scope 1, Scope 2, and Scope 3.

SDGs
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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.

Main SDGs
Gender Equality
Gender Equality

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.

Peace, Justice and Strong Institutions
Peace, Justice and Strong Institutions

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.

Other SDGs
  • 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.

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