Sabic Review

Corruption remains a threat to global business

In a 2013 report assessing the corporate anti-corruption and reporting practices of 100 multinational firms from emerging markets, Transparency International has ranked Sabic 11 out of 100 firms in overall score, and first among Middle Eastern ones

SABIC has voiced strong concerns over corruption prevailing in today’s global business environment and has expressed its full support to the efforts of Saudi Arabia and Saudi firms in adopting world-class anti-corruption policies and best practices.

“Corruption poses a serious threat to the development of sustainable business enterprise and is a major obstacle towards economic growth,” Mohamed Al Mady, Sabic CEO, says.

Addressing an elite gathering of government representatives, delegates from state-owned enterprises, and executives from global companies, Al Mady says that Sabic could offer guidance to other companies by sharing its anti-corruption methodologies under its business compliance programmes. He was speaking at the Forum on Best Practices for Protecting Integrity in Business and Combating Corruption in Riyadh. The event was organized by Saudi Arabia’s National Anti-Corruption Commission (Nazaha), and the Pearl Initiative, a non-profit organization developed in cooperation with the United Nations Office for Partnership.

“Sabic believes that business compliance programs can serve as models for others.  By sharing our anti-corruption procedures, we intend to lead by example.  Furthermore, we can offer suggestions and guidance to others who are new to this area, to make their journey easier. We will endeavor to support the efforts of companies in the kingdom in achieving world-class anti-corruption processes and procedures.”

Sabic has constantly been engaged in anti-corruption activities and has pledged to continue to support Nazaha’s efforts to fight the menace head-on.

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