Saudi Gazette – SABIC demonstrated its efforts to reduce corruption and increase transparency at the “End the Corruption Chain” seminar held under the aegis of Riyadh Emir Prince Faisal Bin Bandar.
The seminar marking International Anti-Corruption Day was opened by Khalid bin Abdul Muhaisin, president of the National Anti-Corruption Commission (Nazaha), at King Faisal Conference Hall, Intercontinental Hotel here recently.
SABIC was represented by Fahd Abdul-Razzaq Al-Rashed, counsel, international trade, legal affairs, who presented a paper on “Private-sector efforts to protect integrity and fight corruption”. The paper highlighted SABIC’s efforts to increase transparency and integrity, such as the SABIC Code of Ethics, the Anti-Bribery Guidelines, and the SABIC Business Gifts and Hospitality Guidelines.
Al-Rashed said the Code of Ethics is the basis for SABIC’s working culture and integrity. He said the company will launch a contractors’ management program, which will survey how contractors fight corruption and preserve ethics and integrity.
SABIC’s commitment to increase transparency and its anti-corruption stand have made it the only company in the Arab world to be included in the first quarter list of large companies which make strong anti-corruption efforts. The list accesses the company’s transparency and commitment to fighting corruption, according to the latest Transparency International Report, issued at the end of 2014.
Saudi Basic Industries Corporation (SABIC) ranks as the world’s second largest diversified chemical company. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers. SABIC’s businesses are grouped into chemicals, polymers, fertilizers, metals and innovative plastics. It has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South East Asia and North East Asia. The company operates in more than 50 countries across the world with around 40,000 employees worldwide.