Reputation and social risks
stems from events that may affect the perception of the LOTOS Group and the value of the LOTOS brand. As most of the risks in each business segment may affect this perception and value of the LOTOS brand, they are evaluated in the context of both finance and reputation. As both evaluation criteria are equally important, risks with a potentially significant effect on reputation are subject to detailed analyses, and mitigation plans are developed in accordance with relevant risk management rules.
relates to the environment of the LOTOS Group and its employees. In 2013, we commenced implementation of the 2013-2015 Effective and Rising Programme to increase efficiency and support the continued dynamic development of all LOTOS Group companies. However, we realize that the planned changes, in particular those involving restructuring, may give rise to concerns and the disapproval of employees and our immediate social environment. For this reason a series of meetings was held between LOTOS Group employees and the Board of Grupa LOTOS as well as the Management Boards of its subsidiaries to discuss the Programme's objectives and address any doubts and concerns. The majority of the employees who participated in these voluntary meetings expressed a good understanding of the changes being implemented at the Company.
I understand the key objectives of the 2013-2015 Effective and Rising Programme (%)
As the process moves forward, we continue to engage in open communication about the Programme and its individual projects.
is construed at the LOTOS Group to mean an intentional act or omission which constitutes a violation of the applicable laws, committed to secure unlawful gains or resulting in a loss for the Company, including any forms of corruption. To minimise this risk, we take a systematic approach to misconduct prevention, consisting in comprehensive and organized efforts to identify and assess the risk. Under the Misconduct prevention system implemented at the LOTOS Group, solutions for preventing and identifying misconduct and minimising its consequences have been put in place. The system is subject to an annual survey as part of the Company's organizational maturity assessment, the results of which testify to the effectiveness of the solutions applied.