Ethics Declaration

MFB Hungarian Development Bank Private Limited Company (hereinafter referred to as MFB Zrt.) has a special role within the Hungarian banking system, and the main purpose of its activities is to further the achievement of national economic goals. Its mission, in accordance with Law XX of 2001 on the Hungarian Development Bank, is to fulfil development and investment tasks requiring national economic and state participation, as well as special development needs and funds management tasks related to the Hungary’s EU accession. MFB Zrt. is an instrument for achieving national economic and development policy goals and an active and proactive actor in the implementation of development objectives, contributing with its activities to balanced economic growth.

One of the priorities of MFB Zrt. is to ensure ethical and responsible operation, and it has therefore drawn up internal regulations intended to

–        set out the main requirements regarding ethics, conduct and behaviour that MFB Zrt. must meet when working with its employees and agents,

–        regulate the principles of fair treatment of customers, the requirement of integrity, and the general prohibition of corruption and gifting,

–        serve as guidance for the principles to be followed during work and the relevance of education and professional trainings, which facilitate the objective and impartial fulfilment of MFB Zrt’s tasks at a high professional standard, and

–        reject – in addition to compliance with the above – all activities which violate the ethics rules and ensure the investigation of any breaches of the ethical rules set out in the guidance.

Ethics regulations are an important part of MFB Zrt’s responsible corporate governance system. Within the control system, the identification of elements of the control environment, including ethical risks, contributes – along with other risk identification tools – to prudent operations, the reduction of reputational risks and the consolidation of corporate culture.

The scope of the Ethics regulations covers all leaders, employees and agents of the MFB Zrt.


Basic ethical principles adopted by MFB Zrt.

Fairness: MFB Zrt. seeks to achieve its goals in a fair, proper and responsible manner, fully respecting the legislative environment, professional ethical expectations and any contracts and agreements it has signed.

Transparency: Transparency is a cornerstone of MFB Zrt’s activities and allows for independent decision making supported by reliable information.

Equal treatment: MFB Zrt. is committed to rejecting all forms of discrimination – including based on sex, age, race, political and trade union affiliation and language – and to respecting the rights of people with disabilities.

Responsible use of resources: MFB Zrt. endeavours to use available resources prudently. In this regard, the desirable conduct is to utilise resources as efficiently as possible and avoid any wasteful and ostentatious behaviour.

Professionalism and care: The employees of MFB Zrt. should perform their work to the best of their abilities, with care, based on objectivity, punctuality and impartiality.

Integrity: All employees of MFB Zrt. must conduct themselves at their workplace with the utmost integrity. Employees of MFB Zrt. must refuse at their workplace any gifts, benefits or favours that could call into question their impartiality or could create the impression of bias, and must not abuse their job positions and may not use them to obtain for themselves or others undue advantages, generate profit for themselves or their relatives or personal acquaintances, or cause undue disadvantages to others.


Budapest, June 2015

MFB Hungarian Development Bank Private Limited Company