Saudi Basic Industries : SABIC Recognized by Ethisphere with Compliance Leader Verification™

SABIC has earned the Compliance Leader Verification for 2022 and 2023 from Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This is the second consecutive Compliance Leader Verification for SABIC, confirming the continued strength and depth of the company's ethics and compliance program.

The Compliance Leader Verification process involved the rigorous review of SABIC's ethics and compliance program and corporate culture on 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.

"We are honored to receive the Compliance Leader Verification recognition from Ethisphere, affirming that our ethics and 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."

"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."

The assessment included completing the Ethics Quotient® (EQ) questionnaire covering all critical elements of an effective program; benchmarking against the practices of leading ethical companies, 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, followed by ongoing enhancement actions during 2021. In all areas that were evaluated, SABIC performed to a very high standard.

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 also leverages Ethisphere's and other organizations' various educational programs, networking, and benchmarking opportunities to strengthen its ethics and compliance program and build compliance leadership capacity internally and externally with its key stakeholders.