Arab News, Aug 6, 2022 | Muharram 8, 1444
SABIC drives compliance training business ethics programs to boost corporate governance
RIYADH: Saudi Basic Industries Corp. and anti-bribery firm Trace International
have successfully provided compliance training to 4,500 third-party business
partners since July last year to advance corporate governance in the
organization.
According to SABIC vice president of legal affairs Naveena Shastri, each of the
company’s third-party business partners, which included suppliers, distributors
and contract workers, were trained in four to five compliance training sessions,
totaling 20,000 sessions.
Of the 20,000 sessions, 18,090 sessions constituted temporary employees. The
company also trained 44.3 percent of its temporary workers in the first half of
2022.
A total of 619 training sessions were conducted for SABIC’s suppliers in the
second quarter of 2022.
“In any place we operate, we develop ecosystems where doing business with
integrity is the norm,” said Shastri.
The program offers face-to-face or online training in Arabic, with training
materials and formats updated regularly.
By doing this, Shastri said that the company could ensure that its small and
medium business partners understand the company’s compliance concepts.
All SABIC employees are required to attend comprehensive compliance training,
refresher courses, and special training on specific topics, such as antitrust
legislation, fair employment practices, and trade controls, to build the proper
foundation for ethical compliance, she added.
In addition, Shastri pointed out that SABIC led the implementation of a global
trade system that allows automated compliance screening of customers with
applicable international trade sanctions.p>
Due to the company’s commitment to corporate governance and ethics, the chemical
manufacturing major was awarded the
Compliance Leader Verification for 2022 and 2023 from Ethisphere, a global
leader in defining and advancing ethical business practices, Shastri said.
It was the company’s second consecutive year to receive the award following
November 2021.
In previous sessions for its suppliers, the speakers elaborated on the
importance of an ethical business model and why stakeholders — both global and
regional — are increasingly seeking evidence of effective compliance practices.
The company has been collaborating on this front with compliance organizations
such as the Pearl Initiative and Nazaha, the Oversight and Anti-Corruption
Authority in Saudi Arabia.
Often facilitated by nongovernmental organizations, SABIC also plays a crucial
role in cross-industry collaboration.
It participates in several global, multilateral anti-corruption initiatives,
including the annual Business 20, the official business dialogue forum of the
Group of 20 nations and the World Economic Forum.
Due to the company’s size, it ensures that the e-learning courses reach the
right people in its supply chain and that trainees have the tools to follow up
if necessary. “The company builds capacity, awareness, and knowledge in
countries where some of these are new compliance concepts, and sets standards
that its suppliers must follow to participate in business activities with
SABIC,” Shastri concluded.