Responsible procurementSustainability

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.

Vendor Code of Conduct

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

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 Vendor Code of Conduct 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

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. 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

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.