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Ethical approach focused

on continuous improvement

The Group has a dedicated governance structure that

ensures its values and ethics rules are applied at the

operating level. In particular, the Privacy, Ethics &

Compliance Department establishes and coordinates

(together with its network of correspondents within

the Maisons) LVMH’s ethics policy with regard to

the fight against corruption and money laundering,

personal data protection, compliance with interna-

tional sanctions and respect for human rights. The

Group’s progress is regularly presented to the Board

of Directors’ Ethics & Sustainable Development

Committee, whose role is to ensure compliance with

the values on which the Group bases its actions.

The Group’s ethical approach is underpinned by four

key priorities for action:

Identifying risks

Risk analysis exercises are regularly carried out on the

Group’s activities, particularly with regard to the fight

against corruption and respecting human rights, as

part of the Group’s vigilance plan. These risk maps

enable the Maisons to better manage their risk and

ensure that their ethics and compliance systems are

rolled out effectively.

Preventing risks

The LVMH Code of Conduct, which serves as a common

core of ethics for the Group and its Maisons, outlines

the rules to be followed by all employees as they go about

their work. The Group worked on revising the Code

in 2023 to reflect its heightened commitments to

ethics, integrity, social responsibility and respect for

the environment. This new Code of Conduct was

published in early 2024.

LVMH also requires its partners to adhere to the

principles set out in its Supplier Code of Conduct with

regard to business ethics, labor standards and environ-

mental compliance.

Lastly, particular emphasis is placed on training

employees in order to guide their actions on a daily

basis and, more generally, to foster a culture of ethics

within the Group and its Maisons.

Detecting compliance failures

Any employees and stakeholders who have any ethical

concerns are invited to make this known or ask for

advice. In addition to the existing reporting channels

within the Maisons, the Group’s employees and stake-

holders have access to LVMH Alert Line, an online

whistleblowing platform for securely and confidentially

reporting any situation that may constitute a violation

of laws, regulations or internal rules of conduct.

To ensure that the ethics-related measures it has

implemented are effective and efficient, the Group

has established a series of specific checks proportion-

ate to its risks, particularly with regard to the fight

against corruption and money laundering, and ensuring

compliance with international sanctions.

Correcting compliance failures

Should any compliance failures be detected, corrective

measures are taken and action plans are implemented,

with the aim of continuously improving the ethics pro-

gram. Employees who violate the Group’s internal rules

will be subject to disciplinary sanctions that may

include dismissal.

Fair, responsible relations

with our partners

Supporting our partners is a key strategic priority for

LVMH, as we aim to build long-term relationships

underpinned by our shared quest for excellence

and the ambition to establish a set of common ethical

principles and guidelines. To this end, the Group has

developed a comprehensive approach aimed at

ensuring that our partners and suppliers adopt environ-

mental, workforce-related and social best practices,

while raising their awareness of and providing training

on issues specific to their own activities. LVMH and its

Maisons work with them as part of a collaborative

approach, offering support through audits and, where

necessary, action plans. LVMH continued to carry out

a high number of audits at supplier production sites, with

2,021 audits conducted in 2023. The Group also trained

the buyers for its Maisons to ensure that the compre-

hensive responsible purchasing process is successfully

followed. In addition to the responsible purchasing train-

ing provided at the Maisons, a Group-wide responsible

purchasing training program was launched in Europe

in 2022 and expanded to include North America

andAsia in 2023 and will continue in2024 LVMHs

responsible sourcing policy also includes initiatives

that provide suppliers with support and training