Risk description

Risk arises from a potential failure to comply with:

  • Solvay’s Code of Conduct and all supporting policies and procedures;
  • Laws and regulations in the jurisdictions in which Solvay operates.

Examples:

  • 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 Conduct, policies, and procedures:

  • It applies to employees, critical suppliers, and majority-owned joint venture partners;
  • Solvay deployed several training courses and communication actions to address behavioral risks.

Special 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;
  • Group-wide Speak Up program for reporting non-compliance, either directly to management or to third-party helpline.

2018 main actions

  • More than 80% of employees received training on Solvay’s Code of Conduct, and a large variety of languages was added to web-based training catalog for the Code of Conduct;
  • A Global Human Rights Committee has been appointed to oversee implementation, compliance, and training on the Group Human Rights policy;
  • More than 1,800 leaders and employees in sensitive positions attended Anti-Bribery and Anti-Corruption (ABAC) training.