Risk arises from a potential failure to comply with:
- Solvay’s Code of Business Integrity and all supporting policies and procedures,
- Laws and regulations in the jurisdictions in which Solvay operates.
- Failure to implement good governance in a joint venture,
- Direct or indirect involvement in human rights violations,
- Intentional misstatement of financial reporting,
- Corruption and by-passing of internal controls.
Prevention and mitigation actions
Solvay’s Code of Business Integrity, policies, and procedures:
- Has been updated and supplemented, and the new version has been deployed in early 2020, and
- Applies to all employees, critical suppliers, and majority-owned joint venture partners.
- In addition, Solvay has deployed several training courses and communication actions to address behavioral risks.
Specific training courses to mitigate specific risks include:
- Anti-bribery and anti-corruption, Anti-competition, and the Gift & Entertainment Tracking System Policy,
- Human Rights in Business Policy: implementation, governance and training,
- The Group-wide Speak Up program for reporting non-compliance, either directly to management or to a third-party helpline.
2019 main actions
- More than 96% of employees received training on Solvay’s Code of Conduct. A new Code of Conduct, renamed the Code of Business Integrity, has been launched in January 2020.
- A Global Human Rights Committee has been appointed to oversee implementation, compliance, and training on the Group Human Rights policy.
- More than 97% of pre-identified leaders and employees in sensitive positions have attended Anti-Bribery and Anti-Corruption (ABAC) training.