In 2016, an internal and external shareholder consultation has resulted in 4 material economic topics.
Fugro values engagement with its stakeholders, supports them with extensive information on performance and progress, and actively seeks the opinions and ideas of its stakeholders through regular consultations. This includes customer satisfaction surveys, management reviews with key customers, internal and external audits, meetings with shareholders, works councils, governments, local communities, and contacts with research and development partners including a broad range of international universities and participation in standard setting organisations.
Fugro’s key stakeholders are its customers, employees, capital providers (shareholders, bond holders and banks), suppliers, governments, technical universities, industry societies and local communities.
Business ethics and anti-corruption
Fugro is committed to conduct business in an ethical and responsible way. Business decisions are based solely upon legitimate business considerations. Fugro devotes a lot of effort towards promoting the appropriate behaviour throughout the organisation and the prevention of bribery and corruption, and takes appropriate measures when required.
Fugro’s code of conduct provides the translation of Fugro’s values into its day to day business activities. The purpose of the code is to provide guidance and support in order to conduct business ethically, comply with the law and maintain Fugro’s reputation. The code has the OECD Guidelines for Multinational Enterprises as reference. The code is applicable to all employees, subcontractors and other business partners.
The code of conduct is linked to Fugro’s speak-up procedure which encourages employees to speak up without retaliation in case of an observed irregularity. Fugro’s employees are protected when reporting suspected irregularities of a general, operational or financial nature in any operating company, worldwide.
As Fugro promotes responsible behaviour throughout the supply chain, it requires suppliers and subcontractors to comply with its code of conduct, and conduct their business in an honest and ethical manner. Fugro has prepared a specific supplier code of business principles which will be introduced in 2017.
As part of Fugro’s anti-bribery and corruption programme, Fugro has a procedure that provides for the screening of existing and new agents by an independent third party and a web-based self-assessment (for more details see Risk management). Agents are screened every second year and the screening rate is 100%.
Regulatory and legal compliance
Fugro is committed to adhere to applicable (inter)national and local laws and regulations. To ensure compliance with all relevant laws, regulations, and expectations in society at large, Fugro monitors with key employees of its operating companies (through signed compliance forms) if they are aware of the content of the code of conduct and handle accordingly and if any irregularities have been raised against the company.
Fugro has an independent internal audit department to monitor adherence to legal and regulatory requirements on a continual basis.
Fugro is committed to competing fairly and ethically within the framework of applicable anti-trust and competition laws. Fugro believes in honesty, integrity, and fairness in all aspects of its business and expect the same in the relationships with all those with whom it does business. Operating companies are encouraged to compete vigorously for business, but always fair, in compliance with the law and on the merits of its products and services.
Sustainable innovation and services
Innovation is a key strategic driver for Fugro to support long term value creation for all its stakeholders. Through innovation, Fugro’s portfolio of technology and services is continually enhanced. This is important to secure Fugro’s competitive position and to create economic benefits, to increase opportunities for clients to enhance the sustainability of their projects, to provide services that directly support projects targeting sustainable energy and use of sustainable resources and to improve the sustainability of its own services.
Fugro has fifteen research & development centres around the world. In 2016, Fugro spent around 2% of its revenue on research & development and technology innovation.
As part of its research and development programmes, Fugro generates significant intellectual property. Fugro applied for 17 (families) of patents for new inventions and 15 patents have been granted in 2016. Since 2013, Fugro has filed 132 patents applications worldwide.
Scientific partners are important stakeholders for Fugro. A significant part of Fugro’s technology is developed in close cooperation with its clients. Moreover, joint research and development activities are carried out with universities and institutes across countries in which Fugro works to develop new technologies and as part of Fugro’s commitment to local communities.