The overarching approach to VMware governance is rooted in our EPIC2 values. With integrity at the heart of our values, we strive to be consistently bold yet humble, competitive yet fair, and decisive yet respectful. We build and protect trusted relationships with our customers, partners, shareholders and our people.
Our corporate governance practices provide a framework for operating VMware in our stakeholders' best interests and the requirements of law. VMware is committed to managing our affairs consistent with the highest principles of business ethics and corporate governance requirements.
Our approach to materiality began in 2019 with a comprehensive review of potential topics for evaluation. After a thorough analysis of industry trends, investor inquiries, customer insights, and peer benchmarking, along with input from external IT sector experts and internal stakeholders, we determined the twelve issues most relevant to our business. We prioritized topics based on their potential impact on our business—whether financial, reputational, market, or other—and their influence on decisions made by key stakeholders. While we also planned for a new decade of goals for VMware, we considered the potential outcomes we could accelerate with these material issues, which ultimately helped inform our ESG Strategy.
Customer privacy and data security continue to present complex and challenging issues for organizations everywhere. New and emerging privacy and security legislation place-specific regulatory obligations on organizations, while cyber-attacks are rapidly growing in sophistication and scope. VMware is passionate about privacy and data security and has developed comprehensive procedures and controls to help protect our customers and their infrastructures and our own.
A culture of ethical conduct and compliance is key to maintaining a sustainable business. This culture is core to VMware’s commitment to integrity which underpins our Business Conduct Guidelines (BCG). These guidelines specify standards of behavior that go beyond just complying with the law by requiring all employees, directors and executive officers of VMware and its subsidiaries to uphold our shared corporate values: to build and protect trusted relationships with customers, partners, shareholders and the communities within which we operate.
We all share a role in the global fight against bribery and corruption. To help protect against these threats, we’ve established an anti-corruption program that outlines policies, programs, training, and risk and control evaluation centered around embedding anti-bribery management into every facet of our business. We leverage risk assessments to drive process and control refinement, identify targeted training opportunities, and implement program enhancements, where necessary. In 2019 we launched a compliance campaign titled "We All Own It", focused on driving accountability for ethics and compliance issues at a personal level.
Our Government Relations and Policy team partners with governments and public officials to champion our technologies, our products and services, our customers, our employees, and our global communities. VMware engages globally to expand its leadership and influence on critical public policies and advocates for our business priorities. Government Relations works with all levels of government on public policies relevant to our core business and core values, and Government Relations partners with trade associations and industry organizations that share in our vision and policy objectives.
We enhance the trust of our stakeholders by transparently disclosing our environmental, social and governance (ESG) policies and metrics. Our voluntary reporting is informed by the following frameworks: the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the ten principles of the United Nations Global Compact (UNGC).