Responsible procurement

Aegon is committed to high standards and we expect all our suppliers to adhere to similar good working standards and business ethics, contributing to sustainable economic development everywhere.

To help maintain these standards across our global business, our Vendor Code of Conduct (VCC) applies to any organization that contracts with us to supply goods or services.

Vendor Code of Conduct

Our VCC sets out clear, transparent, and non-discriminatory minimum standards of conduct for the company's vendors for the business relationship with Aegon.

All our vendors must comply with applicable laws and regulations. They are expected to honor applicable industry standards, international treaties, and internationally accepted standards and agreements relevant to their activities. This enables us to manage the most material business conduct, social and environmental risks associated with the procurement of goods and services.

Selection and assessment

We integrate these standards into our selection process for vendors and apply a risk-based approach to assess performance and compliance with these minimum standards and preferred behaviors.

To promote ongoing adherence to the standards as laid out in the VCC, our vendors are expected to be aware of, understand and build processes to comply with applicable laws and ethical business practices in jurisdictions where they operate or conduct business.

Our auditing processes

Aegon has the right to use auditors and / or EcoVadis ― a provider of holistic sustainability rating services ― to independently assess performance and verify responses given by our vendors. A vendor who falls short on its commitment to one or more standards is required to take steps to improve the 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 manage social and environmental impacts beyond the minimum standards.

Through engagement and aligning action plans we expect and encourage our vendors them 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.