At ArcelorMittal good corporate governance means committing to best practice standards
Good governance is a guiding principle at ArcelorMittal. Our definition of good governance has three main elements.
First, it means ensuring compliance with the external regulations and reporting requirements that come with being a listed company.
Second, good governance is about having a continuous dialogue with our stakeholders, and strictly following our internal company policies and procedures on issues such as risk management and responsible sourcing.
Finally, good governance has a wider definition in the sense of being a good corporate citizen. This means acting appropriately in our position as a major multinational organisation and fulfilling the objectives of our governance and corporate responsibility agenda.
Our approach to compliance
Nothing is more important to ArcelorMittal’s success than our ethical values. Our shared regard for the highest standards of honesty and integrity is one of our key assets.
We cannot live up to our core brand values – sustainability, quality and leadership – without integrity.
Regardless of the economic or financial environment in which we operate, ArcelorMittal must uphold the highest standards of integrity in all our actions, and our regard for these standards ensures that the company remains strong and successful.
To ensure we reach those standards, ArcelorMittal is governed by a board of directors and managed by a Group Management Board, assisted by a management committee. We continually monitor US, European Union and local legal requirements and best practices and make adjustments to our corporate governance controls and procedures when necessary.
In terms of compliance with external regulations, we go far beyond the formal requirements in areas such as the way we interact with our shareholders, the genuine independence of our board and the standards of behaviour we ask of all our employees at every level.
Daily management and strategy implementation are delegated by the board of directors to the Group Management Board.
The quality and transparency of our disclosures are a particular priority in the way we approach governance. We have commissioned various investor relations surveys to assess how well we live up to our ambitions in this area, which we have incorporated into our key performance indicators.
We are committed to adopting best practice standards in terms of corporate governance in our dealings with shareholders, and aim to ensure good corporate governance by applying rules on transparency, quality of reporting and balance of powers.
We are also committed to good governance in terms of ethical and transparent corporate behaviour. We aim to maintain a reputation for honesty and integrity in all our management practices and business transactions. We have a code of business conduct that applies to all employees of ArcelorMittal and its subsidiaries worldwide.
Our compliance programme entails compliance policies and procedures, periodic compliance training, compliance assessments, quarterly compliance certification by senior management and quarterly reporting to the group audit committee.
Transparent governance is also a core requirement of our global corporate responsibility strategy. ArcelorMittal operates across four continents, both in developing countries and established markets. Our reputation for responsible and ethical business practice is vital to our ability to operate successfully in these different countries and cultures, and is therefore a key factor in our continuing success.
Our corporate responsibility governance structure is designed to make the business quick to respond to issues that arise through stakeholder engagement, specifically in weighing up social, environmental and ethical risks.