As a public Company, we have a responsibility to provide clear information about our financial and economic performance as well as strategic direction.
Timely financial and non-financial reporting must be conducted in compliance with the applicable reporting frameworks, laws and regulatory requirements.
This is fundamental to build trust with our shareholders, investors and stakeholders, based on integrity, accountability, and sound corporate governance.
What does it mean?
Recordkeeping and other accounting duties must respect the national accounting frameworks and tax regulations applicable in each jurisdiction, following standardized corporate policies and procedures.
We must provide the users of our financial information with a set of high-quality financial statements, which provides a true and fair view of our financial position at reporting date and our economic performance on a given reporting period.
Regarding financial reporting, ST has defined disclosure controls and procedures to make sure that all economic, contractual and financial transactions are:
- Promptly communicated;
- Properly authorized;
- Timely reported.
Regarding external reporting, ST aims for the same level of quality. We provide transparent disclosures on Environmental, Social, and Governance metrics*.
* In line with the European Sustainability Reporting Standards and the Corporate Sustainability Reporting Directive.
How we do the right thing?
Our Do’s
- We adhere to applicable accounting standards and policies, enacted laws and regulations, ensuring that all financial and non-financial information is disclosed in a clear and consistent manner.
- We ensure that all financial and non-financial reports are accurate, complete, and provide a true and fair view of ST’s financial position, economic performance and non-financial performance and objectives.
- We implement internal controls to ensure the accuracy and reliability of financial and non-financial reporting.
- We make sure that all financial and non-financial information is disclosed in a clear and consistent manner.
- We engage with shareholders in a responsible and ethical manner, providing information that aligns with legal, regulatory and corporate disclosure requirements.
- We conduct regular audits and reviews, including on the effectiveness of our internal control over our financial reporting, to uphold strong corporate governance and accountability.
Avoiding reporting unfaithful information in practice
Because real life is rarely as clear-cut as theory, here are the answers to a few questions you might have.
I work in sales and have had a great month, far exceeding my sales objectives. Another big contract has just been signed and I thought that it would be a good idea not to process it until next week so it would count towards next month’s sales quota. I think this is okay because the Company is still doing business, and I shouldn’t be penalized for getting new business early. Is this okay?
No. All our transactions must be properly recorded in a timely manner. You must process the contract following the standards procedure and not delay it until next week.
We succeed based on the accuracy and timeliness of information and we all need to contribute to proper accounting practices.
I’ve received a request to alter financial data to meet my department quarterly targets. What should I do?
Refuse the request and immediately report the incident to the Ethics Hotline. Altering financial data is unethical, illegal and against ST policy.