Ethisphere Recognizes SABIC with Compliance Leader Verification™
Ethisphere’s Compliance Leader Verification (CLV) recognizes organizations with an outstanding commitment to achieving a best-in-class ethics and compliance program.
Scottsdale, AZ –November 15, 2021 – Ethisphere is pleased to announce that Saudi Basic Industries Corporation (SABIC), a global diversified chemicals company headquartered in Saudi Arabia, has earned Ethisphere’s Compliance Leader Verification for 2022 and 2023. This is the second consecutive Compliance Leader Verification for SABIC, confirming the continued strength and depth of SABIC’s Ethics and Compliance Program.
The Compliance Leader Verification process involves the rigorous review of the company’s Ethics and Compliance program and corporate Culture in six key areas: Program Resources and Structure; Perceptions of its Ethical Culture; Written Standards; Training and Communication; Risk Assessment, Monitoring and Auditing; and Enforcement, Discipline, and Incentives.
The assessment includes completing the Ethics Quotient® (EQ) questionnaire covering all critical elements of an effective program; benchmarking against the practices of companies with leading programs; and extensive document review and interviews with executives and stakeholders. In SABIC’s case, it also included the completion of a global all-employee Ethical Culture survey in 2020 to assess employee perceptions across eight pillars of an Ethical Culture, followed by ongoing enhancement actions during 2021. SABIC performed very well in all evaluation areas.
“The Ethisphere review team was very impressed by how SABIC had advanced its program in several key areas, including the expansion of its Ethics Champion Liaison program, the investment in managers and the anticipated roll-out of a new conflicts of interest disclosure tool,” stated Jodie Fredericksen, J.D., Senior Compliance Counsel of Ethisphere. “These achievements are notable at any time and more so during a time of global disruption due to the pandemic.”
“We are honored to receive the Compliance Leader Verification recognition from Ethisphere affirming that our Ethics & Compliance program effectively exemplifies world-class compliance standards,” said SABIC’s Chief Counsel Compliance, Bo van Zeeland. “It reflects the continuous hard work and commitment of all employees in SABIC to raise the bar on our program and build a strong Ethical Culture.”
For several years now, SABIC has been a member of Ethisphere’s Business Ethics Leadership Alliance (BELA), a community of 350 companies sharing leading practices on ethics and compliance. SABIC leverages Ethisphere’s and other organizations’ various educational programs, networking, and benchmarking opportunities to strengthen its Ethics & Compliance Program and build compliance leadership capacity internally and externally with its stakeholders.
Ethisphere® is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere also helps to advance business performance through data-driven assessments, benchmarking, and guidance. Learn more at ethisphere.com. Follow us on Twitter @Ethisphere
More information about Ethisphere and the Compliance Leader Verification is available at https://ethisphere.com/what-we-do/leader-verification.