Code of Ethics

Discover the responsibilities that Enel Green Power undertakes to respect, to guarantee the best ethics and transparency of all processes.


This code expresses the ethical commitments and responsibilities fulfilled in the performance of business activities and corporate operations by the staff members of all the companies of the Enel Group (*), meaning both the executives and the employees, in every sense of the term, of these enterprises.

Enel aims to maintain and develop a relationship of trust with its stakeholders, meaning those categories of individuals, groups or institutions which play a role in the accomplishment of Enel's mission, or which, in any event, have an interest in the pursuit of that mission.

Stakeholders are those who make investments tied to the activities of Enel, 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 Enel: this means the local and national communities in which Enel operates, as well as environmentalist associations, future generations etc.

Unethical conduct

Unethical conduct in the performance of business activities compromises the relationship of trust between Enel and its stakeholders.
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.

The value of a good reputation and fiduciary duties

A good reputation is an essential intangible resource.

A good reputation in external relations favours investments by shareholders, customer loyalty, the recruiting of the best human resources, peace of mind for suppliers and reliability in the eyes of creditors. In terms of internal affairs, a good reputation contributes to taking decisions and implementing them without friction, organising work activities without bureaucratic controls or an excessive use of authority. Given that the Code of Ethics clearly states the specific duties of Enel towards its stakeholders (fiduciary duties), observance of the Code shall be a benchmark for judging the reputation of Enel.

The Code of Ethics consists of:

  • the general principles governing relations with stakeholders, which determine, in an abstract manner, the reference values for judging Enel’s activities;
  • the criteria of conduct in relations with each category of stakeholder, which generate the specific guidelines and standards that Enel employees are required to follow in order to comply with the general principles and to prevent unethical behaviour;
  • the implementation procedures, which delineate the system of control to ensure the observance and continuous improvement of the Code of Ethics

The value of reciprocity

Inherent in the Code is an ideal of cooperation working to the mutual benefit of the parties involved, in accordance with the role of each. For this reason, Enel requests that each stakeholder deal with the Group in accordance with principles and rules based on a similar idea of ethical conduct.

Validity and application of the code

The principles and provisions contained in the present Code of Ethics have as their target the members of the Board of Directors, of the Board of Statutory Auditors and of the other control bodies of Enel SpA and of the group of companies that it controls, as well as managers, employees and associates linked with the Group by way of contractual relations of any type, including occasional and/or solely temporary contracts.

 Enel further requires that all businesses which are affiliated or in which it holds an interest as well as its main suppliers and partners conduct themselves in compliance with the general principles of the present Code. The Code of Ethics is applicable both in Italy and abroad, with due regard for the cultural, social and economic differences prevailing in the various countries in which Enel operates.

(*) From this point forward, the term “Enel” shall refer to all the companies of the Group

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