This code expresses the ethical commitments and responsibilities fulfilled in the performance of business activities and corporate operations by all staff members of Enereon Group, meaning both the executives and the employees, in every sense of the term.

Enereon aims to develop a relationship of trust with its investors and customers, meaning those categories of individuals, groups or institutions which play a role in the accomplishment of Enereon's mission.

Investors and Shareholders are those who make investments tied to the activities of Enereon, meaning, first and foremost, the shareholders, followed by staff members, clients, suppliers and business partners. In a broader sense, the term refers to all those individuals or groups, as well as the organisations or institutions which represent them, whose interests are directly or indirectly affected by the activities of Enereon: this means the local and national communities in which Enereon operates, as well as environmentalist associations, future generations etc.

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Unethical conduct

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Unethical conduct in daily business activities compromises the relationship of trust between Enereon and its investors.
Unethical behaviour - which favours attitudes of hostility towards the Group -includes attempts on the part of anyone, either an individual or an organisation, to reap the benefits from the contributions of others by exploiting positions of power.

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The value of a good reputation and fiduciary duties

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A good reputation is essential for Enereon Group.
A good reputation in external relations favours investments by shareholders, client loyalty, the recruiting of the best human resources, supplier's peace of mind and reliability in the eyes of creditors. In terms of internal affairs, a good reputation makes it possible to take decisions and implement them without friction, organising work activities without bureaucratic controls and an excessive use of authority.
Given that the code of ethics clearly states the specific duties of Enel towards its stakeholders (fiduciary duties), it is proposed that observance of the code is used as the term of comparison for judging the reputation of the company. The code of ethics consists of:

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• The general principles governing relations with investors and shareholders, which determine, in an abstract manner, the reference values for judging Enereon's activities;

• The criteria of conduct in relations with each category of shareholder, which generate the specific guidelines and standards that our staff members are required to follow in order to comply with the general principles and prevent the risk of unethical forms of behaviour;

• The mechanisms of implementation, which form the system of control designed to ensure the observance and continuous improvement of the code of ethics.

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The value of reciprocity

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Inherent in the code is an ideal of cooperation meant to work to the mutual advantage of the parties involved, in accordance with the role of each. With this in mind, Enereon requests that each shareholder deal with the Group according to principles and rules based on a similar idea of ethical conduct.

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Validity and application of the code

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The code of ethics applies to all the companies of the Enereon Group, meaning that it is binding for the conduct of all the staff members of those companies. In addition, Enereon requests that the conduct of all its associated or subsidiary enterprises, as well as its chief suppliers, comply with the general principles of the present code.
The code of ethics is valid both in Italy and abroad, albeit in accordance with the cultural, social and economic differences in the various Countries where Enereon operates.
In fact, should the standards of environmental protection, social security and work safety, as well as the economic and regulatory treatment of staff members, be lower in the Countries where Enereon operates than is normally the case in Italy, then Enereon shall undertake to guarantee an ongoing and appreciable improvement in the levels offered locally, in keeping with the principles of this code.