Mazars global

code of conduct
Living our values in a changing
world: creating positive change
Contents Living our values in a changing world:
creating positive change

03 Message from the GEB Message from the GEB

04 Who we are A few robust values have been shaping our culture It states the strong beliefs that we share and the
06 The purpose of the code and driving our actions over the course of Mazars’
history. For many of us, these values are implicit,
behaviours we expect from all Mazarians. Much
beyond complying to local laws and regulation,
09 How we act embedded in our DNA. Our core values - quality,
integrity, independence, respect, continuity and
which apply to our professional practices, we
wish to enforce the right ethical principles and
22 Living in a digital connected world responsibility - have been key to our growth and
success. They have guided the way we work with
appropriate professional behaviours that we need
to consistently implement and respect wherever
23 Something happened at work: what do I do? each other, our clients and wider society.These
core values are also essential for the future.
we are, whoever we serve, whenever we act. The
values mean little if they are not lived.
The world is changing rapidly. New technologies Our profession is expected to serve the public
are having unpredictable consequences for interest; we are instrumental in securing a smooth
individuals, companies, governments and society. functioning of companies, the market and the wider
We have to focus more than ever on the public economy. We are also a preferred employer, and
interest. Mazars has a vital role to play in helping we are responsible for welcoming and developing
people and organisations thrive in this new the new generations. Our brand is synonymous for
environment. We want to encourage business quality and trust. Therefore, more than anyone else,
leaders to create a positive shift towards trust, we must ensure that our services reflect the highest
sustainability, transparency and ethical behaviour standards of quality, integrity, responsibility and
in business. respect of all of our stakeholders.
Mazars has grown tremendously over recent years;
we are now more than 22,000, working in over one Everyday. Everywhere.
hundred countries, with a continuous pipeline of
It is our strong wish that everyone at Mazars makes
young recruits every year, eager to work in a fast
this code of conduct theirs. In a fast-changing
evolving profession. Today, all members of the
environment, it is the strongest guarantee of
Mazars team, “Mazarians”, can help us continue
the growth, the success, and, which is most
strengthening our brand and reputation for quality
importantly, the sustainability of Mazars.
through our actions.
It is therefore of primary importance to highlight
our values and the attitudes and behaviours they
Integrity Responsibility Diversity & Respect imply in a clear and comprehensive way. Our code Hervé Hélias
of conduct has been elaborated in this spirit. It is CEO and Chairman
designed to guide people at times of difficulties or of the Group Executive Board
when there are challenges or dilemmas to deal with.
The Group Executive Board and the Group
Governance Council support the implementation
of this code of conduct. The principle of the code
applies to the leadership and partners, to the
managers and recent recruits and from those on
the frontline working with clients to the critical
support team that enables us to do our work.

Technical excellence
Independence Stewardship

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Who we are

Mazars is a positively different firm.

Differentiated by the opportunities we offer "Our story is built on We are accountable for the Collective interest must always
our people, our approach to working with
clients and our passion for responsible strong convictions" public interest prevail over individual interest

business, we are entrepreneurs with a All our services have in common to contribute to In whatever we do every day, in whatever choice
strong European heritage: the public interest. Public interest must always we make, in whatever position we take, we must
• We offer our people a chance to be part of a global guide our actions and behaviours, on a daily basis. ensure that the collective interest of Mazars
adventure, gaining valuable experiences while Under any circumstances, we must have the prevails over individual interests. We are strong
making a difference in a global team; capacity to assess and judge independently to as united teams, not as a collection of individuals,
• We offer our clients a different perspective, serve the public good, even when it might seem beyond geographies and service lines.
combining our global thinking with technical going against Mazars’ short-term interest.
expertise. We deliver trust and create value
• We offer our society an approach to business that
is responsible, recognizing that good business is
good for our society, for our people and for
our clients.
Cultural diversity is a strength for In humanistic values we trust
our organisation
Humanistic values are embedded in our
entrepreneurship culture. Trust, respect for
We are deeply convinced that cultural diversity
individuals, stewardship and solidarity are the
and dialogue are the premier source of wealth and
founding values of Mazars. We give priority to
synergy in our value proposition to clients and
people over processes, we value individual initiative
our people. They are a differentiating asset on the
and we care about everyone having a chance to
market and a talent magnet in our industry.
grow and realise their potential within our Group.
The wealth that we create together must be
distributed fairly.

Our project is a long-term endeavour

Mazars has always been and can only be an

entrepreneurial project with a long-term vision:
we are the only European-originating firm in
the audit and advisory profession with a global
reach, serving all ranges of clients from the
large corporate to the small and medium size
Clients
entities. Our partnership model was designed We create
to serve this long-term vision and to allow a shared
safe and sustainable financial independence Society value
and secure the stability of our organisation. through
our ethical
culture and
behaviour

Mazarians

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The purpose of the code

We are commited to living

Mazars’ values

Some attitudes are key to adopting The code is a practical guide to what is
the right behavior. In living our values, expected from us as Mazarians. It will help
we encourage: us navigate difficult choices and make the
right decisions in line with our values. It
Title
• Open-mindedness and curiosity - so we can
explains how we live our values and highlights
understand the challenges our clients face;
some of the mistakes and behaviours we
• Innovation and creativity - our human ingenuity
should all avoid.
helps us find answers to our clients’ challenges;
• Collaboration and co-construction - we recognise
that we do not have all the answers and work with
others to tackle big challenges;
• Collective ambition and team spirit - we are most
successful when we work as one team;
• Flexibility and agility - we adapt quickly to
new challenges.
We encourage you to hold colleagues to account and
speak up when you encounter ethical dilemmas or
difficult situations. This is how we can make sure we
all comply with the code. We explain how you can do
this at the end of this document.
The code explains how we should live our values in
practice. It helps us to foster a great culture within
which everyone wants to work. Applying this to our
own behaviour is fundamental.
The reputation and brand of Mazars is demonstrated
on the ground by each one of us every single day. If
our conduct and behaviour fall short of our values, we
risk damaging our reputation undermining the trust
that people put in us.
As a firm, we take all breaches seriously and
undertake appropriate action to uphold the code
wherever necessary.

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 How we act

In a digital and connected world

Integrity Independence
Act with Integrity Think independently
Mazars’ success is based on our We are trusted advisers. Our advice is
relationship of trust with our clients objective and unbiased. We value our
and stakeholders. To keep and independence from any relationship
cultivate this trust, we must always that could distract us from acting to
be honest and straightforward. the highest professional standards.

Technical excellence Diversity & respect

Deliver outstanding quality Respect people
We always aim to deliver outstanding Our strength lies in the people working
work. We innovate and develop with us. We treat everyone with
our people to meet our clients’ and respect, so they feel valued for their
stakeholders’ evolving needs. diversity, unique perspective
and contribution.

Responsibility Stewardship
Be accountable Shape the future
We take responsibility for our personal Mazars is a sustainable business. We
and professional conduct. We care about build long-term relationships, develop
our impact on the communities we work our people, encourage entrepreneurship
in and seek to make a positive difference. and plan for succession.

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How we act How we actt
Integrity Integrity

Act with integrity Questions & answers

• Faced with difficult decisions, we always Question: Question:
endeavor to do the right thing; My uncle, who works at a big company, asks me My senior/manager instructed me to make changes
• Our fees are fair, reflecting the quality to personally perform tax consultancy services for to the work done which I felt it is not right technically
of the services rendered and the the company. I know the com-pany is an important or ethically. What do I do?
responsibilities undertaken; prospect for Mazars. What do I do?
Answer:
• We respect the confidentiality of our clients,
Answer: Discuss the situation with other members of the
employees and other people we work with;
You should refer the opportunity to the relevant team, including the partner. They may help you
• We avoid situations that could create
account manager or partner or business line lead at to confirm if it is indeed not right technically or
conflicts of interest;
Mazars. We always avoid situations that could create ethically. If you are still concerned raise the
• Some of our services and client industries
a conflict of interest or prevent us from giving an matter with the risk management partner or
are regulated. Mazarians know these rules
objective and impartial opinion. the ethics hotline.
well and always respect them;
• We never make a personal or undue profit
from our relationships; Question:
• We do not poach Mazars clients as Mazars performs an accounting assignment for
personal clients; a client. The Chief Financial Officer asks for a
• We do not accept personal benefits from complementary proposal for tax calculation. Having
clients, suppliers or subcontractors, decided the fees are too high, he offers you two-
unless the value is inconsequential and thirds of the amount if you perform the service
acceptance would not be perceived to personally. What do you do?
impact our objectivity;
• We do not use confidential information for
Answer:
You should decline the offer. We do not accept
personal gain;
• We do not work with people or
assignments in a personal capacity to compete
with Mazars.
“Mazars’ success is based
organisations whose values and practices
go against our own. Nor do we accept on our relationship of
engagements that help them avoid laws or
their consequences; trust with our clients and
• We never engage in bribery or
corrupt practice. stakeholders. To keep
and cultivate this trust we
must always be honest and
straightforward."

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How we act How we actt
Diversity & Respect Diversity & respect

Respect people Questions & answers

• We value diversity. Everyone has a place at Question: Question:
Mazars, regardless of gender, race, sexual My manager seems to have a negative attitude to My team says they’re under too much pressure. I
orientation, religion, geographical, social or a new team member. I’m concerned it appears to don’t know how to deal with the situation. I have so
cultural origin; be based on the manager’s dislike of their religion. much to do myself that I don’t see many solutions.
• We trust the people we hire, and give them What should I do? What can I do?
responsibility and opportunities to take on
Answer: Answer:
new challenges;
There is no place for such prejudices at Mazars. Firstly, talk to your team to explore ways you could
• We set realistic expectations;
You should talk to your HR manager/team so they deal with the situation together. If you’ve exhausted
• We help our people acquire new skills,
can act before the situation escalates. all options, discuss the situation with your partner
expertise and experience;
so wider solutions can be considered. These could
• We look after our teams;
include sharing resources, reconsidering your
• We give each other honest and Question: priorities and taking a different approach to
constructive feedback; Mazars performs an accounting assignment for
the work.
• We pay attention to each other and to a client. The Chief Financial Officer asks for a
ourselves and act as one team; complementary proposal for tax calculation. Having
• All Mazarians are evaluated and decided the fees are too high, he offers you two-
compensated according to their skills thirds of the amount if you perform the service
and the quality of their work. Everyone is personally. What do you do?
recognised for their contribution;
• We listen carefully to consider
Answer:
How you feel is important. You should explain
different perspectives and respect
every person’s views;
your views calmly to the team member. If this
direct approach makes you uncomfortable, you
“Our strength lies in the
• We provide a safe and respectful
working environment;
can seek advice from your line manager or the HR
manager/team.
people working with us. We
• We trust one another to make the
right decision. treat everyone with respect,
so they feel valued for their
diversity, unique perspective
and contribution."

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How we act How we actt
Independence Independence

Think indepentently Questions & answers

• O ur partners and staff are free to make Question: Question:
professional judgements without external I’m working on an assignment in the luxury goods A client invites me to a sports event. It’s great,
pressure or management intervention; industry. The client gives me a silk scarf as a because I’ll have better seats than I can afford.
• We make sure that we do not become over Christmas present. He always does it for his preferred A team member tells me I should decline the
dependent on any client. If a client makes suppliers. Can I accept this gift? invitation. Are they right?
up a significant part of our income, we take
Answer: Answer:
action to preserve our objectivity;
No. You shouldn’t accept gifts of significant value. Yes, they are right to be concerned as you can only
• We value different opinions;
Thank the client but explain you can’t accept the gift accept a gift or invitation if it’s of inconsequential
• We do not accept gifts from clients or
because of Mazars’ policies. value. Think about the value of the invitation and
suppliers, or offer gifts to our clients or
the perception of other people of your objectivity if
suppliers unless they’re of inconsequential
you accept it. If you are ever in doubt, consult your
value and acceptance would not be Question: manager and in any cases, report the invitation to the
perceived to impact our objectivity. A major client is preparing to go public. Mazars is
engagement partner.
helping with the IPO. A team member realises the
client has failed to mention a significant risk in the
filing document. When I bring this up, the client says
it isn’t important. They threaten to stop the ongoing
engagement and not pay our fees for the work
already done. What do I do?
Answer:
You should immediately report this to the partner
responsible. This situation carries professional and
reputational risks for us, so it isn’t acceptable.
“We’re trusted advisers.
We should not give in to pressure that could cause a
breach of professional ethics.
Our advice is objective and
unbiased. We value our
independence from
any relationship that
could distract us from
acting to the highest
professional standards."

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How we act How we actt
Responsibility Responsilility

Be accountable Questions & answers

• W e treat our clients’ challenges as if they Question: Question:
were our own; I realise I’ve made a mistake. A partner is signing off I found out that one of my direct reports made
• We always behave professionally; on the work, so I’m concerned I’ll get into trouble if I a mistake in his work and I have not checked it
• We comply with all the firm’s mandatory own up to it now. What should I do? thoroughly. What should I do?
processes and training requirements;
Answer: Answer:
• We take responsibility for our own
It’s your duty to take responsibility for your work, Accept the responsibility too. Take the lead and work
professional and personal development and
including any mistakes. Speak to the manager or with this staff member towards finding a solution
keep our skills and knowledge up to date;
partner and correct the mistake as soon as possible. and resolve the issue together.
• When in doubt, we consult with other people;
You won’t be criticised for bringing it to our attention
• We assess the risks for our clients and the
because you’ve helped avoid a serious problem by
firm before we act;
owning up to your mistake as soon as you found out
• We hold ourselves personally accountable
about it.
and take ownership of what we do;
• We do not submit work performed
incorrectly or that is incomplete; Question:
• We respect and support internationally I haven’t finished an assignment, because the client
proclaimed human rights. was late providing information I needed. I’m on
another engagement for the next three weeks, so I
don’t know if I can finalise the work. What do I do?
Answer:
In a team, everyone is responsible for working
together to help meet our clients’ deadlines.
It is your responsibility to let your manager or
“We take responsibility
partner know about the issue and work with them
to find a solution.
for our personal and
professional conduct. We
care about our impact on
the communities where we
work in and seek to make a
positive difference."

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How we act How we actt
Technical excellence Technical excellence

Deliver outstanding quality Questions & answers

• W e have rigorous arrangements in place Question: Question:
to make sure we always deliver top I have a lot of work to do and I’m booked to attend I found out that one of my direct reports made I think
quality work; a mandatory training session. Client work is more an assignment hasn’t been done properly.
• We are focused on where we bring value to important than training, so I won’t attend. Am I right? The manager has assured me everything’s fine, but
the client or to the public; I’m not convinced. What can I do?
Answer:
• We always tell the truth and do not
No. You need regular training to maintain your Answer:
hide anything;
knowledge and acquire new skills. The quality of Discuss the situation with other members of the
• We only accept assignments we have the
our work depends on it. If you’re having difficulty team, including the partner. They may know the
skills, experience and capacity to deliver to
juggling client work and training, speak to your client and engagement better than you do.
a high standard;
manager or partner. They can help you work out If you’re still concerned, raise the matter with the risk
• We provide comprehensive training,
a solution. management partner or the ethics hotline.
so our people are equipped to deliver high
quality services;
• We seek feedback from our clients and use Question:
it to improve our service; I’m overloaded with work and having trouble
• We welcome feedback from regulators and meeting my deadlines. I fear the quality of my work
other stakeholders; will suffer. The manager tells me the client would like
• We encourage our people to provide regular additional work done to tight deadlines. I’m sure I
feedback on the quality of work and to raise won’t manage. What can I do?
any concerns about the quality of our work;
• We do not accept engagements when
Answer:
You should explain your situation to your manager or
unreasonable conditions are imposed;
• We deliver what we promise;
partner. They can help you set priorities and discuss
with other managers and partners how the work can
“We always aim to deliver
• We innovate so that our services can meet
our clients’ changing requirements without
be accommodated.
outstanding work.
compromising our values;
• We apply all of the principles and policies We innovate and develop
set out in Mazars’ manuals.
our people to meet our
clients’ and stakeholders’
evolving needs."

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How we act How we actt
Stewardship Stewardship

Shape the future

• We put the interest of Mazars and
Mazarians before our own interest;
• We build long-term relationships with our
clients by:
• dedicating time to understand their
environment, activities and concerns,
• listening to their feedback,
• We transfer experience and skills by
coaching our teams as we work;
• We value collective success and help each
other win and deliver new business;
• We make sure the risks we take are
assessed and properly controlled;
• We encourage new ideas that improve the
value and quality of our services, working
environment and the tools our teams use;
• We work every day to protect and improve
Mazars’ reputation;
• We are committed to the sustainable
development of both Mazars and the
communities where we operate. We “Mazars is a sustainable
implement policies to:
• increase diversity, business. We build long-
• help everyone find the right
work-life balance, term relationships, develop
• decrease our business’
environmental impact through, for our people, encourage
example, waste minimisation,
• We help Mazarians in need; entrepreneurship and plan
• We help people who want to do
community work. for succession."

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Living in a digital connected world Something happened at work:
what do I do?

Data has become one of the world’s most precious resources. It is

transforming every profession and industry.

We have to protect our data and that of We use emails carefully and appropriately. Analyse It is important to share your concerns.
our clients. We must use it with due care Before sending an email, ask yourself: Ask yourself a few questions. Mazars’ reputation is at stake. Our actions
and comply with all laws and regulations should always comply with the law and our
• Is an email the most appropriate way • Do the actions I am concerned about comply with
governing data protection: values. We encourage you to speak up when
to communicate in this situation? the law, Mazars’ global code of conduct or any
you encounter ethical dilemmas.
• We are all responsible for cybersecurity; • Am I sending it to the right person? professional rules?
• We avoid risky situations and protect client data as if • Am I handling confidential • If nothing is done, could these actions negatively
it were our own; information appropriately? affect Mazars reputation and image or have
• We take proactive measures to keep our documents, financial and judicial consequences?
computers and other devices containing personal Question: • What would be the consequences if the actions
and confidential information safe; I received a strange email that seems to be a I am questioning were not dealt with and the
• We never disclose personal or professional phishing or a scam. What should I do? consequences reported in the press?
confidential information on social media. • What would my colleagues, family and friends
Answer: think if I do nothing in the situation?
A cautious approach is to be adopted and the email
Social media is an important means of should be directly forwarded to the IT support team Consult
communication. But we must be mindful of for proper handling of the threat. Protecting our To help you to conclude the analysis or to confirm
what we post. To avoid problems, ask yourself: system starts with each and every user. it, we encourage you to consult. Depending on the
• Is the information confidential? situation you can:
• Is it appropriate in a professional environment?
• Discuss with more experienced team members;
• Is it politically neutral?
• Talk to a partner or the management unit leader;
• Would someone outside the firm consider it
• Contact the HR manager/team;
relevant and appropriate?
We should avoid posting anything that could harm
"Remember, emails • Consult with risk management or the ethics hotline;
Remember to stay professional and respect
our reputation.
are important documents. confidentiality.
We respect free time and make sure everyone can
disconnect. We are careful when we send email You should keep the Report
You can make a report through Mazars’ alert system
out of working hours. We do not impose responses
outside office hours and make sure that no one feels tone professional." if you:
obligated to answer emails during their free time. • Witness an act that breaks the law or goes against
When emailing at these times is exceptionally and the principles in this code;
unavoidably necessary, we discuss with the team, • Suspect such an act has or is about to take place.
explain the reasons and define what is expected from
Mazars will investigate and take any measures we
the team members.
deem reasonably necessary to protect the firm, our
employees and partners.
If you act in good faith, Mazars guarantees we will
not take disciplinary or retaliatory measures against
you. This applies even if an investigation proves the
facts in your alert to be inaccurate.
www.mazars.com/Complaint-form

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Mazars is an internationally integrated partnership,
specialising in audit, accountancy, advisory, tax and
legal services.* Operating in nearly 100 countries and
territories around the world, we draw on the expertise
of more than 47,000 professionals – 30,000+ in
Mazars’ integrated partnership and 17,000+ via the
Mazars North America Alliance – to assist clients of all
sizes at every stage in their development.
*Where permitted under applicable country laws

www.mazars.com

©2023