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Saudi Arabia’s chemical firm SABIC has long believed in the value of a strong ethics and compliance program to strengthen its sustainability commitment and global reputation. The company has witnessed a growing trend among investors who are looking to reallocate capital to companies that prioritize ethical business practices and reduce risk from an environmental, ethics, governance, and social perspective.

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The company had recently been awarded a Gold Medal by Paris-based sustainability ratings provider, EcoVadis. The award recognized SABIC’s robust Ethics and Compliance Program, which the company integrates into all its ongoing processes.

During the most recent assessment, SABIC received an overall score of 72/100, ranking it amongst the top 5 percent of companies manufacturing basic chemicals, fertilizers, and nitrogen compounds, plastics, and synthetic rubber. Additional rankings placed SABIC among the top 2 percent in ethics and top 7 percent in environment in this industry sector.

A general view shows the Saudi Basic Industries Corp.(SABIC) Headquarters in Riyadh, Saudi Arabia, Sunday, April 18, 2010. (Reuters)

Ecovadis – which has been assessing SABIC’s sustainability and CSR performance for many years –evaluates companies on the basis of their performance in relation to sustainable procurement, ethics, labor & human rights compliance, and environmental performance.

SABIC has also received the Ethisphere Compliance Leader Verification, which is valid through 2024. The verification process for this award follows a deep-dive review of all aspects of a company’s compliance and ethics program and ethical corporate culture advancement, including more particularly its ethics program structure and oversight, training and communication, policies and procedures, risk measurement, monitoring and investigating misconduct, disciplinary measures and ethical corporate culture.

The rigorous review process and verification obtained shows that the compliance efforts of SABIC and its stakeholders exceed benchmark expectations.

Since 2013, SABIC has participated in the annual G20/B20 policy process on anti-corruption. In 2022, it was part of the Indonesian B20 Integrity and Compliance Task Force. In the Middle East, SABIC is also part of an organization called the Pearl Initiative, a UAE based NGO that seeks to share and advance best practices on compliance and governance. Under the umbrella of the Pearl Initiative, SABIC has hosted many workshops for students and SMEs in Saudi Arabia to address workplace biases, empower women and share best practices in the fight against corruption.

By continuing to conduct business ethically and drive compliance throughout its supply chain, SABIC is well on its way to fulfilling its vision to be the preferred world leader in chemicals.

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