Solvay
2019 Annual Integrated Report

GRI Disclosures

Risk description

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.

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 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.