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, the absolute first in the materiality analysis. Our commitment is reflected in Ifis 4 Integrity, the first 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 October, 2022, 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. In December 2022, the Parent Company’s Model 231 was updated in order to bring out the importance of reform of the Special Part and to proceed according to the ordinary guidelines that characterise the structuring of a Model 231, centred on the identification of existing processes and their formalisation, the mapping of the inherent risks and the preparation or improved explanation of the related safeguards.

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.

Monitors compliance with and approval of the Code of Ethics

Sanctions unacceptable behaviour

Supervisory Board

Coordinates preparation of rules of the Code of Ethics

Promotes the periodic review 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 set up an internal system to allow actions, facts and omissions that may constitute a violation of the law and of internal procedures to be reported, guaranteeing the confidentiality of the personal data of the whistleblower and the person alleged to be responsible for the violation. The system aims to contribute towards guaranteeing a working environment in which staff may report behaviour they deem illegitimate with peace of mind, without the fear of reprisals or discrimination.

Click here to learn more about the procedure.

The reports may concern, for example, actions or omissions, committed or attempted, that may cause financial damage to the Group, harm the health or safety of staff or clients, or of the environment.

The reports are handled by the Head of Internal Audit, who performs the checks required to ascertain the truthfulness of the report, in full compliance with the principles of impartiality, privacy, dignity of the employee and protection of personal data.

No reports were received through the whistleblowing system in 2022.


Discover the Banca Ifis Group Whistleblowing platform.

Violation reporting system annual report

Read the Annual report about the correct functioning of the violation reporting system.