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The Value of Ethics

We are committed to ensuring transparency and fairness in business management, promoting a corporate culture based on legality, ethics and integrity.

In managing our activities, we are committed to observing the fundamental principles of correctness and consistency, with a view to:

  • Create a corporate culture aimed at achieving the best economic result in compliance with ethical principles;
  • Respond to the expectations of shareholders and all stakeholders;
  • Protect the reputation of Group companies.

Corporate integrity and the fight against corruption represent a fundamental issue for us, covered in the materiality analysis. Our commitment is reflected in Corporate integrity and ethics, a pillar of sustainability strategies.

Code of Ethics

The Code of Ethics represents the “manifesto” of the corporate culture of Banca Ifis and the other Group companies, intended both for information/training of collaborators and for the dissemination of this culture to all stakeholders.

The Code of Ethics, updated for the last time on February, 2024, sets out the principles, values, rights, duties and responsibilities of Group companies.

It establishes rules of conduct for day-to-day operations as well as reference standards and behavioural norms aimed at strengthening business decision-making processes and guiding the conduct of all employees.

In line with the principles of the Code of Ethics, all Group people must behave ethically in relations with colleagues, customers, debtors, suppliers, competitors and public institutions. All the stakeholders, also suppliers, are committed to respect the Code of Conduct’s and the Organization Model’s principles. Illegal or unethical behaviour, including with reference to legal provisions, codes and internal regulations, is not acceptable.

Organisational, Management and Control Model

The Code of Ethics is an integral part of the Organization, Management and Control Model envisaged by Legislative Decree 231/2001, i.e. the set of principles, rules, provisions and organizational schemes that constitute a control and monitoring system for sensitive activities, in order to prevent the commission of the offenses envisaged by the aforementioned Legislative Decree (the “231 Model” ). We are convinced that adoption of the Model 231 can be a valid tool for raising the awareness of employees and collaborators, encouraging correct and linear conduct when carrying out activities.

The Model 231 was adopted for the first time in 2004 and is constantly updated to take account of regulatory changes.

Supervisory Body

The task of supervising Model functioning and observance is entrusted to the Supervisory Body (“OdV”) and to the supervisory bodies of the subsidiaries where present, with autonomous powers of initiative and control.

The Supervisory Body also has the task of supervising compliance with and application of the Code of Ethics, taking any disciplinary action and promoting periodic review of the Code.

The Board of Directors has decided not to entrust the duties of the Supervisory Body to the Board of Statutory Auditors: the SB is composed of a Statutory Auditor, the Heads of the Internal Audit and Compliance departments and two independent directors, one of whom serves as President. The SBs of the Parent Company and of the subsidiaries have autonomous powers of initiative and control.

Supervisory Board

Defines initiatives to disseminate knowledge of the Code of Ethics

Coordinates the development of rules and procedures that implement the directives of the Code of Ethics.

Promotes the periodic review of the Code of Ethics

Oversees compliance with the Code of Ethics and activates sanctions through the designated corporate functions

Reports to the Board of Directors on the activities carried out and the issues related to the implementation of the Code of Ethics

Members of the Supervisory Body


The Organisation, Management and Control Model and the Ethical Code also lay down the guidelines for preventing the risk of commission of the crimes of corruption and extortion.

The Code of Ethics establishes that in the management of relations with the Public Administration it is forbidden to promise or offer public officials or employees payments or goods to promote or advance the interests of the Group when stipulating and awarding contracts, granting and managing authorizations, collecting credits also from the tax authorities, performing audits or controls or in the context of judicial procedures.

All employees must know and comply with the rules on combatting corruption.


We have defined an internal reporting system for violations of the rules that harm or may harm the public interest or the integrity of Banca Ifis Group companies (Whistleblowing), guaranteeing the confidentiality of the person making the report, the person reported and the person mentioned in the report.