 
          PANDORA ETHICS REPORT 2015
        
        
          At PANDORA, we combine
        
        
          our strong heritage of crafting
        
        
          stylish, contemporary and
        
        
          high-quality jewellerywith
        
        
          a strong commitment to
        
        
          corporate responsibility,
        
        
          which has been part of our
        
        
          DNA since the beginning.
        
        
          Ethical considerations
        
        
          are solidly integrated into
        
        
          our entire value chain, andwe believe that our visionof
        
        
          becoming theworld’smost loved jewellery brand is closely
        
        
          linked to being a good corporate citizen.
        
        
          In 2015, we have exceeded our ambitious commercial
        
        
          goals –while continuing to improve our performance
        
        
          within responsible business practices.This dedication
        
        
          and achievement on the part of mymore than 16,700
        
        
          colleagues is something of which I am extremely proud.
        
        
          During the course of the year, wewere recertified by the
        
        
          Responsible JewelleryCouncil (RJC), once again confirming
        
        
          that wemeet or exceed the highest ethical standards
        
        
          within the industry. Additionally, we implemented a new
        
        
          Code of Ethics throughout the organisation and our people
        
        
          worldwide received training in our ethical aspirations and
        
        
          expected conduct within areas such as business integrity,
        
        
          human andworkers’ rights and environmental stewardship.
        
        
          We also reachednewhighs in the recycling and reuse of
        
        
          our craftingwaste, and intensified the communication of
        
        
          our ethical performance toour consumers.
        
        
          As always, responsible business practices are awork in
        
        
          progress.With this report, we once againdeclare our
        
        
          commitment to theUNGlobal Compact Principles and
        
        
          share the effortswemake to craft our product with integrity,
        
        
          provide proper working conditions for our people and
        
        
          minimise our environmental impact on the planet.
        
        
          I hope youwill enjoy the read.
        
        
          Anders Colding Friis
        
        
          President &Chief ExecutiveOfficer
        
        
          CEO STATEMENT
        
        
          2
        
        
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