Responsible procurement
Aegon is committed to high standards and we expect the same from our suppliers.
Minimum requirements for conducting business with Aegon apply to all procurement activities conducted by wholly or majority-owned companies in which Aegon has management control. Our Vendor Code of Conduct (VCC) sets out clear, transparent, and non-discriminatory minimum standards of conduct for our vendors.
Our partners and suppliers are required to recognize and build processes to comply with applicable laws and ethical business practices in jurisdictions where they operate or conduct business. This includes taking steps to communicate the VCC within their own organizations, and, in particular, to employees or sub-contractors working directly with Aegon.
More widely, we expect our suppliers to align with Aegon’s ethics, values, and standards. This includes adhering to Aegon’s Statement on Human Rights and avoiding complicity in the abuse or violation of internationally proclaimed human rights standards. Furthermore, we ask our suppliers to acknowledge and minimize their environmental impact wherever possible, and to provide fair compensation for any ecological damage they cause.
Selection and assessment
These standards are integrated into our selection process for vendors and we actively monitor their performance and compliance with those standards. All suppliers seeking qualification for Aegon’s Supplier Register must meet general requirements regarding their ethical and professional suitability, as well as specific business, financial, technical, and organizational criteria.
Our auditing processes
Aegon uses auditors and rating services to independently assess our vendors’ performance and to verify any responses they give. Any vendor who falls short on its commitment is required to take steps to improve its performance.
Working together to benefit society
Our approach to responsible procurement helps us manage the associated risks. We also want to go further: we prefer selecting and working with vendors that actively seek to improve the way in which they manage social and environmental impacts beyond the minimum standards.
Through engagement and aligning action plans, we expect and encourage our vendors to make positive changes to their operations and products for the benefit of wider society and the environment.
How are we doing?
We publish information about responsible procurement in our Integrated Annual Report and in non-financial performance benchmarks that regularly assess our environment, social and governance (ESG) performance and practices.