The Code and the local and international legislation and regulations
The NLB Group pursues its development strategy and updates its codes which regulate the standards of conduct in the NLB Group in accordance with its orientations and by keeping abreast with the development.
The members of the NLB Group are obliged to regularly (at least once a year) carry out the training of all employees in the field of the Code, as wall as regularly and actively promote it, raise awareness, train and inform about the contents of the Code, as well as provide explanations regarding their use in specific situations faced by the employees.
The Code sets out the standards of conduct and behaviour of NLB Group employees, as well as expectations from its business partners and other stakeholders. In the event of a conflict between the provisions of this Code and the requirements of the national legislation, the NLB Group will accordingly harmonise the Code with the local regulations and, while doing so, suitably comply with the rules stated herein, following the strictest criteria relevant in the case at hand.
The Code does not regulate all questions that we face in our daily operations in the NLB Group. It is essential to follow the purpose, spirit and text of this Code. Our objective must be to do what is “right” and not only what is permitted. More detailed guidance for the NLB Group employees is prescribed in guidelines and other internal acts of the respective NLB Group member, following the spirit and purpose of this Code and the requirements of the local regulations as well as the specifics of the cultural and social environment in which it operates.
The NLB Group operates in sectors that are highly regulated.
The NLB Group operates in sectors that are highly regulated because of the urgency to ensure financial stability and prevent system risks. The NLB Group is aware that compliance is the foundation of its business.
Every employee is expected to be familiar with the international standards, applicable laws, rules and regulations in all areas, and professional standards that they have to be acquainted with in the course of their work.
Unfair business practices and similar intolerable actions have a negative impact on our clients' trust and harm the reputation of the NLB Group, and may expose us to regulatory measures, fines or other negative consequences. Therefore, all employees in the NLB Group are personally obligated and responsible to act in line with the applicable regulations, internal rules and procedures, and instructions and to follow the spirit, purpose and the rules specified herein.
