SABIC focuses on reducing corruption and increasing transparency

(MENAFN- Arab News) Saudi Basic Industries Corporation (SABIC) demonstrated its efforts to reduce corruption and increase transparency at the "End the corruption chain" seminar held with the support of Riyadh Gov. 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) in Riyadh on Dec 9.
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 corporation's code of ethics anti-bribery guidelines and 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 is launching 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.