Part of the BVA’s mission is to improve the quality of operation of the private equity and venture capital sector and to contribute to the collective observance of high ethical standards by its members.
This Code of Conduct sets forth a number of statements and principles that each member of the BVA is expected to acknowledge and to adhere to in the execution of its activities. Some statements however are only applicable to the providers of private equity and/or venture capital, the so-called full members.
Abiding to this Code of Conduct is a prerequisite to becoming and/or remaining a member of the BVA.
The board of directors of the BVA will monitor compliance of its members with the Code of Conduct and will review any complaints of non-observance of the Code. The board of directors of the BVA is authorised, after due analysis, to impose sanctions if an infringement of the Code is established, including a suspension or cancellation of the BVA membership.
THE BVA CODE OF CONDUCT
- Integrity and trust
All interactions between the members, between members and their investors and between members and their portfolio companies and other stakeholders, shall be based on integrity and trust. Members shall behave in a responsible, honest and trustful way by making clear agreements, honouring them and acting with due fairness. Competitive advantage and business success shall be pursued by excelling in skills and not through unfair practices. Conflicts of interest shall be avoided or properly identified and diligently managed in accordance with applicable legal and professional standards.
- Compliance with laws and regulations
Members shall comply with the applicable laws and regulations in the jurisdictions in which they operate and shall require the same attitude by their portfolio companies.
- Confidentiality
Members shall treat the information they receive from each other, from investors, portfolio companies or target companies as confidential in so much as they are made aware that, or should expect that, the information is confidential. Any disclosure or use of such information shall be restricted to what has been agreed with the owner of such information and as required by applicable laws and regulations.
- Monitoring and control
Members shall put in place procedures and guidelines for internal and external monitoring and control, in their own organisation and in their portfolio companies, adapted to their size and activities and they shall fully cooperate in the implementation thereof.
- Communication
Members shall always communicate, with due regard to confidentiality, adequate information in a way which is clear, transparent and not misleading. Full members shall, in accordance with their respective fund documentation, regularly report on their activities towards their investors in a timely, relevant and adequate way.
- Value creation and active involvement
Full members shall actively support their portfolio companies in creating sustainable value for their stakeholders in a way that also benefits the economy and society. All members shall duly consider environmental, social and governance (ESG) opportunities, factors and risks in their operations, including the BVA Charter for Gender Equity.
- Respecting and fostering the image of the private equity and venture capital sector
As private equity and venture capital have an important role in today’s economy and society, our public image is of utmost importance and members shall abstain from acts that could damage the image of the industry. The BVA’s engagement with regulatory bodies, other stakeholders and society at large requires trust, evidence- and data-based exchanges of industry knowledge. Members shall therefore assist the BVA in the collection of data pertaining to their businesses and portfolio companies so far as they are relevant to the industry and with appropriate safeguards for confidentiality. The BVA shall treat this information confidentially and use such information only in the context of its activities and for the purposes as communicated to the members from time to time. To the extent that the BVA requests the disclosure of commercially sensitive information of its members, the BVA shall ensure that such information is appropriately anonymised, aggregated and/or further processed as required by mandatory law before any further disclosure or use.