Alvotech is committed to strong and transparent corporate governance. Our corporate governance framework – along with our internal controls and policies – is intended to support sustainable financial performance and long-term value creation for all of our stakeholders including shareholders, patients, employees and other stakeholders.
Alvotech’s Board of Directors has recently been expanded as the company transitioned from being privately held to being publicly listed. The expansion has also led to increased gender diversity in the Board which is now composed of 38% female members.
Our Board of directors and affiliated committees are keenly aware of the importance of strong corporate governance and its impact on sustainable business practices. The Board is intent on creating a Sustainability Committee governed by an approved charter to oversee sustainability and corporate responsibility matters at the board level. The Board expects this to be in place before the end of 2022. One of the chief goals of the Sustainability Committee will be to work with management to establish sustainability goals and objectives for 2023 and beyond. The Sustainability Committee will join the existing Board committees that cover Compensation, Audit in risk, as well as Nominating and Corporate Governance.
The Alvotech team works in a mission-driven environment that fights to expand patient access to biologic medicines in the form of more affordable biosimilars. However, to effectively deliver on that mission, we must conduct our business to the highest ethical standards and ensure compliance with all applicable laws and regulations. Alvotech has implemented a Code of Business Conduct that applies to all directors, officers and employees of the company as well as other relevant and related individuals including contractors and partners. As a company we are committed to ethical and compliant behavior, which helps limit business risk and helps ensure continuity of the enterprise.
At Alvotech we view whistleblowing as an essential tool to strengthen accountability and combat corruption. A well designed and well implemented whistleblowing system can encourage people to report corrupt practices, which in turn strengthens Alvotech’s oversight systems and helps reduce corruption in the long term. Alvotech whistleblowing policy’s purpose is to create a corporate environment that encourages any officer, director, or employee of Alvotech, without fear of retaliation, to report in good faith potential violations of law, Alvotech’s Code of Ethics and Business Conduct, other Alvotech guidelines and policies, by any person or entity, including both company personnel and third parties.