Ethics & Compliance

At Tenova we believe in leading by example. We recognize that the leadership position we’ve earned in the metals industry comes with important responsibilities.

Roberto Pancaldi
Roberto Pancaldi
Tenova CEO

“Ethically-responsible conduct is a key component of our success. We act in compliance with the rules of the countries where we operate and promote them in local communities. The Tenova Anti-Bribery Policy is an example of the way we encourage correct, fair and transparent behaviors throughout our company. Ultimately all of our efforts to promote good corporate governance are aimed at protecting our most precious asset: Tenova’s healthy corporate culture.” 

We aspire to be a trustworthy partner for our stakeholders and a driver for virtuous behaviors within our industry. That’s why we’ve chosen to adopt comprehensive, far-reaching internal policies that govern both the behavior of our employees and our relationships with outside stakeholders. 

Our Code of Conduct governs employee behavior, guaranteeing ethical and responsible conduct company-wide. Our Tenova Anti-Bribery Policy outlines values, principles and responsibilities that we adopt to fight corruption. 

As part of our ongoing commitment to fair and transparent business practices, in 2017 we joined MTI (the Metals Technology Industry Initiative). With the support of Basel Institute on Governance, MTI provides a forum for members to develop anti-corruption compliance practices and safeguard fair competition in the metals industry. 

“The MTI initiative allows us, together with other market leaders, to set fair business behaviors as a key pillar of our business model. We’re convinced customers should choose our products and services based exclusively on their inherent qualities and features, and our ethical approach reflects that belief.” 

Giorgio Melega
Giorgio Melega
Tenova CLO

Internal Controls

Overseen by the Compliance Committee, our internal control system is designed to reinforce our existing compliance-oriented corporate culture. The system consists of a set of principles, rules and procedures designed to guarantee efficient and effective management of all business processes. Our Compliance Department supports the company, defining the system’s processes and controls, while our Internal Audit Department provides independent, objective analysis designed to monitor system effectiveness

Internal controls

“Only by acting ethically can we guarantee sustainable, long-term success for our customers, stakeholders and the communities in which we operate. That’s why every Tenova employee is held personally responsible for maintaining, promoting and improving ethical corporate culture.”

Samantha Amico
Samantha Amico
Compliance Manager

Code of Conduct

Our Guiding principles for managing and conducting business in an ethical and respectful manner are set out in our Code of Conduct.

Compliance Italy - 231 model

Tenova S.p.A. adopted an Organization, Management and Control Model in accordance with the requirements of Italian D.Lgs. 231/2001 and the criteria established by main Trade Associations; it is defined and tailored on specific compliance risks of Tenova S.p.A., identified through periodic risk assessment activities.


All Tenova employees are required to conduct business activities in compliance with existing rules, internal regulations and guidelines. Every employee is expected to honor our Code of Conduct, including avoiding conflicts of interest, immediately notifying (in writing) the company of potential issues, and acting at all times in a transparent, proper and honest manner in order to best protect the company’s interests. 

Whistle Blowing 

Under established Tenova whistle-blowing procedure, reports can be submitted by Tenova personnel (employees, managers, directors, etc.) and/or by external parties.

These reports can address issues of conduct relating to entities, employees and external collaborators with which the company operates or maintains business relations. In the below documents, you find all necessary information to submit a report.


“Transparency and integrity are core values at Tenova, fundamental for making sure we earn and maintain our stakeholders’ trust. That’s why every one of us is committed to promoting a company culture based on ethical behavior and full transparency.”  

Barbara Bellanova
Barbara Bellanova
Head of Internal Audit