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Ethical code

…“Employees are biggest asset. If you’ll take care of your employees, they will take care of your customers.”…Leonardo BUSI – Elenos CEO and Founder


Corporate Governance: an integral part of our operations

Our company

Itelco has committed to conduct every aspect of its business with integrity, complying with the rule of law and showing due respect for the interests of others.

Our company culture is based on strong, shared core values, which are continually reinforced among our employees and form the foundation upon which all of us perform our work and conduct our day-to-day activities. Living those values creates the environment for ethical and responsible behaviours across every part of the company.

We also have a long-established and well-defined corporate governance framework to guide how we go about our business, as we believe good governance benefits suppliers, customers, employees, consumers and society at large. Indeed, everything that we do as a company – from developing strategy, to making decisions, to defining how we should operate and act – is guided by that framework, which includes our Code of Business Conduct, Group Policies and Procedures, Risk Management principles, Assurance activities and our Core Values.


Itelco requires all of its businesses to comply with the laws and regulations of the countries in which they operate, to behave as good corporate citizens and to respect human rights.

All Itelco employees must comply with our Code of Business Conduct, which sets out common rules of business behaviour. The Code of Business Conduct covers working conditions, discrimination, confidentiality, conflicts of interest, financial reporting, obeying the law, bribery and corruption, human rights, including child exploitation, and environmental issues.

And the Code is fully reflected in the Business Conduct for Suppliers agreement, which we require our suppliers to follow when engaging in activities on our company’s behalf.


It is our belief that by joining forces with people and organizations who share our objectives, we magnify the positive impact on society.

Itelco has adopted the United Nations Global Compact since 2004 and is committed to its 10 principles on human rights, labour, the environment, and anti-corruption.

Specifically in relation to human rights, our commitment to the UN Global Compact means that we support and respect activities to safeguard international human rights within our sphere of influence, and strive to ensure that neither we, nor any party working on our behalf, is an accomplice to human rights abuses.

Regarding labour, we uphold freedom of association and the effective recognition of the right to collective bargaining, and support the elimination of forced and compulsory labour, the abolition of child labour and the elimination of discrimination in respect of employment and occupation.


Itelco is committed to ensure that our suppliers act responsibly and we have clear requirements when it comes to behaviours and ethical standards.

Itelco requires suppliers to follow our Business Conduct for Suppliers (BCS) agreement, which defines our requirements in the areas of labour practices, occupational health and safety, environmental management, ethical behaviour and business integrity.

Under the BCS, our suppliers commit to adhere to certain fundamental principles and business rules, which reflect our own Code of Business Conduct, including:

  • maintaining full compliance with local law, including laws related to slavery and human trafficking
  • respecting internationally proclaimed human rights, such as the UN Declaration on the Rights of the Child
  • preventing discrimination in the workplace
  • providing fair employment terms
  • ensuring safe and healthy working conditions
  • precluding forced labour of any kind
  • endorsing freedom of association and the right to collective bargaining for employees;
  • avoiding any corrupt practices such as fraud, extortion or bribery; and
  • cooperating with reasonable assessment processes requested by Itelco.

The BCS also requires our suppliers to operate with care for the environment and to take a precautionary approach to environmental protection in sourcing, manufacturing and transport activities.

As part of our efforts to ensure that our supply chain meets our commitments towards our corporate citizenship aspirations, we perform risk assessments of our supply chain focused on specific risk areas, including human rights, slavery and human trafficking, using information gathered by our employees and from third party service providers. The risk assessment process with respect to our suppliers includes the following:

Current supplier base: An annual risk assessment of existing suppliers is performed by Itelco designated employees.

Sourcing: A risk assessment is performed for potential new suppliers by Itelco designated employees.

Event-driven: A risk assessment is also performed by Itelco designated employees when certain key events happen, e.g. when a supplier introduces a new site or production process.

Continuous risk assessment: All employees in contact with suppliers are required to report on an ongoing basis any findings associated with specific risks. Findings are reported to top management, and actions decided and taken as appropriate.

Itelco reserves the right to verify any supplier’s compliance with the BCS through one, or a combination, of several assurance processes. Such assurance processes can include a requirement for the supplier to report relevant data into a third party data-exchange system and/or pre-announced inspections by Itelco or third party auditors.

If, through an audit, risk assessment or other means, we become aware of any actions or conditions not in compliance with our BCS, we have the right to demand that the supplier take corrective measures. We also reserve the right to terminate any purchase or other agreement with the supplier.