Getinge 2022 Annual Report
Getinge 2022 Annual Report
Introduction
Strategy
Corporate Governance
Annual Report
Sustainability Report
Other information
Contents
The Ethics & Compliance function is a global function (second
pillar) that is responsible for the global Ethics & Compliance
program, sets standards and processes, and monitors the use and
implementation of these. The function also manages the Group's
Speak-Up process (whistleblower function) and performs risk
assessments and internal investigations. The head of the function
reports to the EVP Legal, Compliance & Governance. The regional
Legal, Compliance & Governance teams support and guide the
business managers in their daily work and support the implemen-
tation of processes, standards and tools provided by the global
function. Each region has appointed a designated Ethics &
Compliance coordinator who forms part of the global Ethics &
Compliance network. At each quarterly meeting with the Board's
Audit and Risk Committee, the EVP Legal, Compliance & Gover-
nance presents the progress of the risk-based compliance
program and reports on any incidents and the status of ongoing
investigations. The Audit and Risk Committee regularly monitors
any matters that may require additional focus, as instructed by the
Board. The internal investigation processes are monitored through
quarterly reports to the Ethics Committee.
A training and inspiration program in Responsible Leadership
known as #itstartswithme has been established in the Group to
ensure that all employees feel confident in making long-term and
responsible decisions and to ensure that employees can report
and discuss improprieties and challenges.
Speak-Up process (whistleblower function)
Getinge strives for open and transparent communication,
internally as well as externally. All employees are encouraged to
report any suspected violations of the law or the Group's Code of
Conduct. This reporting can be made through Getinge's Speak-Up
process, which provides an option for anonymous reporting. The
Speak-Up process is available in eleven languages and is available
for Getinge employees as well as suppliers, distributors and other
business partners. Getinge has a strict policy for non-retaliation
when reporting through the Speak-Up process and provides
training to managers about the process for internal investigations
and non-retaliation.
Corporate Internal Audit
Getinge has established an internal audit function called Corporate
Internal Audit. The purpose of the Corporate Internal Audit within
Getinge is to provide independent audit of operational governance
in selected areas, with a focus on effectiveness and risk manage-
ment (third pillar). The annual internal audit plan is based on the
company's thorough risk analysis and function-specific and industry-
related risk assessments. Internal audits are conducted for individual
units and group-wide processes and within thematic areas. Each
year, priority is assigned to a number of units, processes or themes
for auditing, in which improvement areas are identified and graded
based on their potential business impact. For all observations, an
action plan is prepared in collaboration with each business owner.
The Corporate Internal Audit function follows up, together with the
business owner, to ensure that each observation is closed within
the defined time frame.
In 2022, the work to establish the Corporate Internal Audit
function continued internally under Head of Internal Audit who
reports directly to the Audit and Risk Committee and the Committee
Chairman, but belongs to the management team for Legal,
Compliance & Governance.
GETINGE'S PRIMARY RISKS, CONSEQUENCES AND MANAGEMENT
External shocks, such as
geopolitical risks, natural
disasters, terrorism,
pandemics, etc.
Description
These are often quickly escalating
situations that affect large parts of
the world, a country, a region or a
specific site.
Potential consequences
The primary consequence of this type
of risk is that employees could be
injured. There is also the risk of business
interruptions that could have a negative
impact on sales and earnings.
Management
Active business intelligence can detect some of these risks at an early stage and the Group will then have the opportunity to
adapt to the new situation. The process of further enhancing the Group's work on continuity risks continued in 2022. As part
of this process, scenarios based on external shocks will also be included in the risks that Getinge proactively works on.
During the year, parts of the Chinese market went into lockdown as a result of new outbreaks of COVID-19, which caused
certain delivery disruptions. On February 24, Russia invaded Ukraine. In financial terms, the continuing war may have a
negative impact on the development of the Group's earnings and position. It is not possible at the current time to assess the
direct long-term consequences. A potential indirect negative effect is that the supply of natural gas to the Group's plants in
Poland and Germany may be affected. As a result, Getinge has taken mitigating measures.
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