Our mentality - TenneT...Our mentality TenneT Company Code | 2 Foreword Our profile Vision & mission Core values Brand values Rules of conduct How to live our values All our stakeholders

Foreword Our profile Vision & mission

Values Rules of conduct

How to live our values

Company CodeOur mentality

TenneT Company Code | 2

Foreword Our profile Vision & mission Core values Brand values Rules of conduct How to live our values

All our stakeholders – consumers and society as

a whole, our customers and business relations, our

shareholder, investors and our employees – may hold

TenneT accountable for adherence to the code. The

company code helps translate the company strategy

into the day-to-day work of each employee. Above all,

it is our priority to ensure the safety of our employees

and all other parties involved in our activities.

Our strategy embodies the long-term plans in terms

of the role and ambitions of TenneT and should act as

the trigger for our work. It also forms the basis of our

key principles of behaviour: quality and integrity. These

core values are our internal guide; they should be part

of our company culture, our DNA, and of everyone

who is a part of TenneT. If everyone at TenneT behaves

according to these core values, we can keep our

promise to our stakeholders – to be a strong partner

within the North West European electricity market,

a partner that stands for and acts according to its

brand values: responsible, engaged and connected.

In the TenneT Brand ID you will find more detailed

information on our brand values, our promise to

stakeholders and our corporate story.

Together with the strategy of TenneT, the company

code defines the direction for our work. It clarifies

our objectives and how we achieve them. It does not

spell out in detail how we are expected to behave,

but contains guidelines and indicators to help us

perform our everyday work. The rules in the company

code are generic, rather than an exhaustive list of

do’s and don’ts, serving as a framework to assist

individuals in making their own decisions about

what appropriate behaviour is and what it is not.

The developments in the energy market and the fast

growth of our organisation means there are now far

more stakeholders monitoring our activities. Against

this background we consider complete clarity about

our core values as essential. Together we all form the

TenneT organisation in which each and every one of

us takes their responsibility as an individual and as part

of the team. It means that we can – and indeed must –

hold each other accountable for our activities and

failures to comply with our values.

We hope you will read this with great interest and

reflect on what it means for you personally and how

you can make it work in practice.

Mel KroonCEO

This company code describes how we want to be and act as a company. It applies to everyone employed by or temporarily working for TenneT or any of its subsidiaries in the Netherlands and Germany. TenneT is aware of its role in society and of its responsibility, as written down in this company code. company, one voice

Foreword

One

Foreword



This profile describes who TenneT is, and the tasks we perform in the Netherlands and in Germany. It also provides an overview of our legal structure.

About TenneT TenneT is a leading European electricity transmission

system operator (TSO) in the Netherlands and in

a large part of Germany. In the Netherlands, our

activities are carried out by TenneT TSO B.V. and its

subsidiaries. In Germany, our work is performed by

TenneT TSO GmbH, TenneT Offshore GmbH and its

subsidiaries. We ensure a reliable and uninterrupted

supply of electricity for the 36 million end-users in the

markets we serve. We aim to meet our stakeholders’

needs by being responsible, engaged and connected.

With around 21,000 kilometres of high-voltage lines,

we cross borders and connect countries. TenneT

ranks among Europe’s top 5 TSOs and works closely

with governments, NGOs, trading partners and private

investors all over the world. Our aim is to ensure

that critical infrastructure is developed, realised and

managed efficiently, now and in the future, onshore

and offshore. We are keen to pursue the development

of a North West European electricity market.

As a leading TSO, our main duties are to: 1 provide power transmission services, by

constructing and maintaining a robust

high-voltage grid;

2 offer system services, by maintaining the balance

between supply and demand of electricity 24 hours

a day, 7 days a week;

3 facilitating a smoothly functioning, liquid and stable

electricity market.

TenneT mainly has regulated activities. These activities

are governed by the provisions of relevant legislation in

the Netherlands and Germany. Regulatory authorities

oversee TenneT’s compliance with these provisions.

Besides the regulated activities, TenneT also engages

in certain unregulated activities. TenneT Holding B.V. is

directly responsible for these activities, which support

the energy market, helping to ensure it is operated

smoothly and efficiently. TenneT holds a 50% interest

in BritNed, a merchant cable operator that manages

the electricity interconnector between the Netherlands

and Great Britain. Also, TenneT owns shares in

APX, a North West European energy exchange,

and manages part of the infrastructure required to

send and receive broadcasting and telecom signals

in the Netherlands (NOVEC).

For 36 millionend users

Our profile

Our profile

Who we are and what we do



A vision is a company’s perspective on the future.

In our vision we describe how we expect our business

environment to develop. For TenneT this is the energy

market. Therefore, TenneT’s business outlook is

mostly affected by the transformation of the North

West European energy market. The transformation

refers to the integration of renewable energy as

well as to the coupling of the European energy

markets. While the national grids in Europe were

only loosely connected in the past, today – and

even more in the future – there is a trend to connect

them. In technical terms this is done by building

interconnectors and in economical terms by providing

platforms for international energy trade.

Although this transformation is largely driven by

political decision making, it is up to TenneT and other

market parties to keep working on new technical

solutions and conditions to guarantee the security of

electricity supply in a changing market environment.

Our vision & mission

Vision & mission

TenneT’s vision

Our society has decided on the large-scale introduction of renewable energy, the generation of which has changed the dynamics of supply. At the same time, the dependence on electricity increases further, which demands continuous reliability levels. To cope with these developments, the European electricity market needs to become more integrated. Sound market design, technical and operational innovation, storage solutions and adequate grid capacity are all required to continue to match supply and demand across borders.

Society’s dependence on electricity is increasing further



Mission A mission is a company’s purpose. For TenneT, this is

related to our task “to keep the lights on in the markets

we serve”. This will require us to both maintain today’s

balance between electricity supply and demand

and contribute to the further development of a stable,

integrated, and sustainable North West European

electricity market.

For this reason, we are investing more than ever before

in our transmission infrastructure. We are building

thousands of kilometres of new transmission lines in

order to integrate renewable energy and to transport

it to the customers. To build these lines, we are

proactively encouraging dialogue with the people living

in the areas affected by new planned transmission

lines. Together we try to find the best possible routes

for new transmission lines. At the same time, we are

testing innovative technologies to reduce as much as

we can the number of new lines, whilst at the same

time meeting the requirements of the energy transition.

We are working together with our neighbouring

TSOs and other stakeholders to enhance the security

of electricity supply in the North West European

energy market.

Vision & mission

TenneT’s mission

To provide security of electricity supply in the markets we serve and to pursue, as a leading Transmission Systems Operator, the development of an integratedand sustainable North West European electricity market.

An integrated and sustainable European electricity market



What drives us in our daily work

TenneT has two core values: quality and integrity.

Quality Quality guides us in everything we do, as we work

to meet the need for uninterrupted electricity at

a reasonable price. We apply the highest safety

standards, and work as efficiently as possible.

Quality is, of course, a broad term, with many different

meanings, including:

• technical:designing,buildingandmaintaining

a reliable grid

• operational:workinginasafeandefficientmanner

• social:providingthebestpossiblesecurity

of supply at a reasonable price

The pursuit of quality is not always clear-cut:

it sometimes requires a ‘balancing act’, e.g. between

highest quality and affordability. We want to deliver

the best quality, but have to make sure that we provide

transmission services at a reasonable price for our

customers. This also requires us to work efficiently.

But regardless of price, there are two principles we

will never compromise on:

1 Security of supplyOur modern society is completely dependent on

a continuous supply of energy. It is TenneT’s overall

duty to provide a stable and safe transmission system

to keep the energy supply up – whatever external

influences might arise.

2 SafetyWe will never allow compromises concerning people´s

safety. We´re constantly reminding ourselves and the

people we work with of our safety principles. TenneT

recognizes that safety leadership relies on processes

that are managed as efficiently and effectively as

possible. In other words, our safety performance

is a reflection of our operational excellence.

TenneT believes that the key to success lies

in acknowledging that all stakeholders share

responsibility for realising this safety vision.

Our core values

Core values

Our vision and mission describe what we want to achieve and what our long-term plans are. Our core values describe what we expect our management and employees to do to achieve these goals. Our core values provide firm principles of behaviour that we must honour and for which we need to hold each other accountable.

Firm principles of behaviour



Integrity reflects our moral principles, which include being open,

honest and respectful towards each other.

It describes how we perform our tasks as a leading

European TSO. Integrity, like quality, is a broad term

and includes the following principles:

• beingopenandhonesttowardseachother

• treatingconfidentialinformationandcompany

assets with due care

• honouringagreements:weperformthetasks

we have agreed to do and are transparent

in how we do them

• actinginanimpartialmannerandtreatingallmarket

participants in the same way (for example granting

non-discriminatory access to our transmission grid)

• balancingtheinterestsofourdifferentstakeholders

to find the best solution for all parties

• maintainingconsistencyinourbehaviour

and decisions

Acting with integrity applies to each individual

employee and to TenneT as a whole. We are personally

responsible for our behaviour and its consequences,

and TenneT

is collectively responsible for our way of working and

the security of supply in the markets we serve.

Core values

Our intrinsic

standards for behaviour



The brand values are also a guideline for our behaviour. After all, our external commitments must also

be realised internally. Overall, they help our employees to explain what TenneT stands for and what value

TenneT brings to them.

ResponsibleIn the dynamic North West European electricity market, we offer society and businesses

our full commitment to maintaining grid stability and enhancing the high-voltage infrastructure,

enabling the large-scale use of renewables.

EngagedWe are intrinsically driven by the technical, operational and societal challenges of the energy

transformation and the pursuit of a North West European electricity market.

ConnectedMeeting the current and future needs of society, businesses and consumers requires

a concerted effort of all stakeholders. We take initiative, are transparent and connect internally

as well as externally.

Our brand values

Brand values

Our core values quality and integrity are our internal principles, our intrinsic standards for behaviour. By defining brand values, we add an external promise: how do we want to address stakeholder needs and how do we want customers, governments, suppliers, communities and other stakeholders to perceive us? What value do we offer to stakeholders?

The promise to our stakeholdersThe ‘stakeholder value proposition house’The stakeholder value proposition house shows how our strategy and values interlock, by mapping these concepts out as a building: Our vision and mission are positioned at the top, our core values are our fundamental principles. Brand values are the pillars, expressing our promise, telling our stakeholders what they can expect from us.

Brand values

Energy transition,

Security of electricity supplyIntegrated NWE energy market

Strategic priorities 2014-2015 Strategy

Responsible Engaged Connected

Quality (i.e. safety, efficiency) and Integrity Core values

Vision / mission



The rules exist to provide clarity about what we

can expect of each other and what we can hold

each other accountable for. These rules of conduct

contain pointers on how we should treat each other

as colleagues and how we should act towards our

stakeholders. They provide a framework of basic

principles, rather than being an extensive list of

do’s and don’ts.

Besides its rules of conduct, the company has various

other rules that apply to specific situations, such

as the ‘werknemersreglement’ in the Netherlands,

a kind of handbook for employees. As part of its

‘Organisationshandbuch’, TenneT has in Germany

the ‘Verhaltenskodex’. The rules contained in that

code apply solely to TenneT Germany, in addition to

the more generic codes listed below that apply to the

entire TenneT workforce. You can find all documents

on the intranet.

The rules of conduct provide a framework and are

derived from the following basic principles:

1 Share responsibility on safetyWe work in a sustainable, safe and healthy way.

Our safety policy must be clear to all our employees

and contractors.

2 The way we treat informationInformation is treated with care, in the context of both

internal and external communication. We recognise

that certain information is strictly confidential, but

equally we recognise that some information must be

public or must be disclosed publicly in accordance

with the law, our internal guidelines and the company’s

instructions.

3 Our dealings with third partiesWe are careful in our dealings with third parties,

always seeking to maintain an independent position

and avoiding conflicts of interest. We behave in

a service-oriented way towards our customers.

4 The way we behave towards each otherWe are open, honest and respectful towards

each other.

5 Respect for the lawWe follow procedures transparent and unambiguous.

We comply with all applicable laws and regulations.

6 The way we treat company propertyWe treat company property with due care and are

responsible for its proper use and maintenance.

These basic principles are considered in more detail

on the following pages.

Our rules of conduct

Rules of conduct

Our rules of conduct are based on our core values quality and integrity. They also mirror our brand values: responsible, engaged and connected.

Framework of basic principles



1 Share responsibility on safety

A safe working environment Our aim is to reduce the number of work-related incidents and

accidents to zero and eliminate any activities that may harm the

health and well-being of our own employees, and the employees of

contractors that work for us.

We follow transparent and unambiguous safety procedures.

We use personal protective gear whenever appropriate and work

only with inspected and well-maintained tools and machinery.

We give feedback to, and invite feedback from, colleagues about

our safety behaviour.

Health and safety instructionWe ensure that our safety knowledge is up to date and attend

appropriate safety courses and instruction meetings.

Mandatory notificationWe report all health and safety issues, all accidents and near

accidents and all environmental and other incidents to the direct

manager and the Corporate Safety and Security department.

IdentificationWe ensure that we are able to identify ourselves to others at

all times and that visitors are also able to identify themselves.

We wear our company passes so that they are clearly visible.

2 The way we treat information

ConfidentialityWe do not disclose any technical, financial, operational or other

information/data without TenneT’s permission. Nor do we make

information available to third parties if we know or may reasonably

be expected to suppose that information/data is confidential or

secret. We treat employees’ personal details with appropriate care.

The sourcing and supply of informationPotentially sensitive useful information/data or insider knowledge

that we obtain through our operational activities is used only for

the fulfilment of our responsibilities and not for our own or other

purposes. We do this in accordance with the law, our internal

guidelines and the company’s instructions. We provide information

only to those for whom the information is intended and we do so

objectively and conscientiously. We observe the law, our internal

guidelines and the company’s instructions if we disclose publicly

any data about our operations that may result in a commercial

advantage or disadvantage.

Preferential treatmentWe are always completely impartial. We do not give preferential

treatment to any market parties.

3 Our dealings with third parties

Contractual relationsIn our dealings and communications with third parties, we are

objective, transparent, service-oriented, business-like, clear and

even-handed. We record our transactions in a transparent and

accountable manner, in accordance with the relevant procedures

set out in the applicable European laws and regulations. We always

provide goods and services on terms consistent with market

norms, without discriminating between group companies or

other market players.

Conflicts of interestWe keep our private and professional interests strictly separate.

We avoid all conflicts of interest and all situations that might be

thought to involve a conflict of interests.

Outside activitiesWe do not involve ourselves in any outside activities that could

influence the way we perform our activities at TenneT, or that may

conflict with TenneT’s interests. We inform our direct manager

about any outside activities we have.

Promotional giftsTo avoid conflicts of interest, we do not accept gifts or invitations if

anything is expected in return. We inform our direct manager about

any gifts offered to us and any invitations we receive. Furthermore,

we do not give gifts or show other favours to business contacts

without prior management permission.

Representing TenneTWe are polite in our communications, conduct and appearance.

Rules of conduct


Foreword Our profile Vision & mission Core values Brand values How to live our valuesRules of conduct

4 The way we behave towards each other

Honesty and respectWe are honest and civil with one another. Whatever our position,

we are professional and respectful in our dealings with our colleagues

and treat them as our equals. We abide by decisions taken.

Inappropriate interpersonal behaviourWe avoid all inappropriate forms of behaviour towards our

colleagues. Any form of behaviour that compromises the personal

integrity of another person is considered inappropriate.

5 Respect for the law

Laws and regulationsAs a minimum we make sure we are familiar with all applicable

European and national laws and regulations, as well as all company

guidelines and (work) instructions, and comply with them.

A safe working environmentWe permanently strive to reduce risk on safety issues and see

this as a responsibility for every employee. We follow transparent

and unambiguous safety procedures. We use personal protective

gear whenever appropriate and work only with inspected and

well-maintained tools and machinery. We give feedback to,

and invite feedback from, colleagues about our safety behaviour.

Health and safety instructionWe ensure that our safety knowledge is up to date and attend

appropriate safety courses and instruction meetings.

Mandatory notificationWe report all health and safety issues, all accidents and near-

accidents and all environmental and other incidents to the direct

manager and the Corporate Safety and Security department.

IdentificationWe ensure that we are able to identify ourselves to others at

all times and that visitors are also able to identify themselves.

We wear our company passes so that they are clearly visible.

6 The way we treat company property

Due care and attentionWe show due care and attention for company property made

available to us and are responsible for its proper use and

maintenance. We follow the guidelines regarding use of the internet,

e-mail, social media, telephones and company or lease cars, as well

as any other relevant guidelines that are published on the intranet.

Looking after company propertyWe do not leave company property or information unattended and

take appropriate precautions to minimise the risk of loss or theft of

such property and information. If company property or information

is lost or damaged, we report the matter to the direct manager

without delay. In the event of company property or information being

lost, stolen or damaged as a result of an employee’s malicious act

or gross negligence, TenneT may seek compensation from the

employee concerned.



Our core values and brand values drive our vision

on our people and organisation, which is internally

known as ‘Empowered by You’. The vision is based

on the following principles: we value our technicians,

other professionals and support staff. We develop

ourselves to our full potential and focus on achieving

results. We try to inspire and enable each other to

realise our mission and strategy. Each of us can make

a distinctive contribution to the realisation of our

strategy and is valued for that. By living our values.

All TenneT employeesThe most important aspect is that the behaviour of

all employees, including managers and the Board is

consistent with the core values and brand values.

Employees are encouraged to give feedback to, and

invite feedback from, colleagues about their behaviour.

ManagersManagers are responsible for providing a safe and

healthy working environment, in which employees are

able to contribute responsibly and safely to developing

and improving the organisation. Managers are

expected to set a good example in this regard.

They also have a duty to speak to their staff about

behaviour that is inconsistent with the company code

and to take any appropriate action.

Compliance OfficerTenneT has two Compliance Officers, one in

the Netherlands and one in Germany. Within the

organisation, they are responsible for supervising

the functioning of and compliance with the company

code. You can find the name and contact details of the

Compliance Officer on the intranet in the Netherlands

and in the ‘Verhaltenskodex’ for Germany.

CounsellorTenneT Netherlands has a Counsellor (vertrouwens-

persoon), to whom problems can be reported in

confidence. These problems may be brought to the

attention of appropriate people within the organisation

anonymously. Employees should also be aware of

the Whistleblower’s Charter, which is posted on the

intranet. You can find the name and contact details

of the Counsellor on the intranet. At TenneT Germany

the Compliance Officer also fulfils the role of Counsellor.


Clarity about what we stand for



Try asking yourself these questions:How would I feel if a colleague behaved in this way?

Would I like to be treated in this way?

If I do this, will I feel bad about it afterwards?

Is this consistent with TenneT’s standards and values?

How would I feel if this was published in the (social) media?


Documents

Our mentality - TenneT...Our mentality TenneT Company Code | 2 Foreword Our profile Vision & mission Core values Brand values Rules of conduct How to live our values All our stakeholders