2024 Universal Registration Document

General and financial elements

This approach, which identifies and assesses the potential risks and gross impacts of VINCI’s activities without taking account of the risk management measures in place, differs from the analysis presented in this chapter, which assesses the residual risks that may be faced by the Group

Risk identification Risk management procedures
Risk identification
  • Infringement of the Group’s ethical principles
  • Infringement of anticorruption regulations
  • Infringement of competition rules

Possible consequences:

  • Damage to the Group’s image and reputation
  • Erosion in the trust of investors, customers or partners
  • Exclusion from public contracts
  • Fines
  • Contract cancellation
  • Difficulty in responding to calls for tender

Risk management procedures
  • Strong commitment of management at the highest level
  • Dissemination and endorsement of the Code of Ethics and Conduct and the Anti-corruption Code of Conduct by managerial personnel
  • Development of a network of ethics and compliance officers
  • Structured governance:
    • The seven-member Ethics and Vigilance Committee (of whom five are members of the Executive Committee) supervises the deployment of compliance procedures covered by the Code of Ethics and Conduct, in particular with regard to the following areas:
      • preventing corruption;
      • avoiding the infringement of competition rules;
      • reporting of serious violations of human rights and fundamental freedoms, harm to human health and safety, or damage to the environment resulting from Group activities.
    • The Ethics and Compliance Club, which includes the Ethics and Vigilance Director, the General Counsel, the Chief Audit Officer, as well as representatives of each of the business lines and divisions, keeps close tabs on ethics-related legislation and promotes best practices.
    • The GDPR Representatives Club supports the business lines and ensures the Group complies with Regulation (EU) 2016/679 on data protection and privacy, known as the General Data Protection Regulation (GDPR).
  • Specific training programmes and awareness campaigns
  • Assessment of third-party integrity (customers, suppliers, subcontractors, service providers)
  • Whistleblowing systems, including VINCI Integrity, the online system for the submission of internal reports on infringements
  • Internal controls and audits of corruption prevention measures

A detailed description of VINCI’s internal system for the management of ethics risks is provided in section 4, “Business conduct”, of chapter E, page 268.
1.7 Financial and economic risks
1.7.1 Changes in the economic and tax environment
Risk identification Risk management procedures
Risk identification

a) Deterioration of the economic environment in markets where VINCI operates

  • Weakening of demand
  • Rising levels of competition
  • Cost and availability of energy and raw materials
  • Increase in inflation
  • Tax changes

Risk management procedures
  • Diversification of the Group’s business lines
  • Geographical diversification of the Group’s activities
  • Potential order intake tracking
  • Monitoring of order book and margins
  • Responsiveness and agility of Group companies, made possible by VINCI’s decentralised model
  • Insertion of price adjustment, tax neutrality or review clauses in contracts
Risk identification

b) Harsher tax provisions or unanticipated changes in tax policy

  • Impact on bids submitted to customers, margins for Group companies and the valuation of external growth transactions
  • Tax compliance risks (late filing of returns, inaccurate returns or omissions in returns) or technical tax risks (lack of formalisation, misinterpretation of rules, etc.) that may have a reputational impact as well as adverse financial consequences

Risk management procedures
  • Commitment by the Group to meet its tax obligations, in full compliance with applicable local and international laws
  • Monitoring of changes in tax policy by finance departments at Group companies and the holding company
  • Participation by the Group in the Company Partnership Service programme put in place by the French tax authorities and similar services established by tax authorities in other countries, with the aim of securing VINCI’s tax positions