Live from Aramco: campaign promotes ethics awareness
Kingdomwide awareness effort highlights ethics, insider trading, anti-corruption and more.
Looking to enrich employees’ knowledge in procurement and supply ethics, Procurement and Supply Chain Management (P&SCM) – in collaboration with Internal Auditing and Corporate Compliance – recently conducted a Procurement and Business Ethics Live Streaming Awareness Session for customers Kingdomwide.
The campaign focused on five critical areas, including:
- Supply Chain Code of Conduct
- Ethics and Conflict of Interest
- Fraud and Corruption
- Insider Trading.
The campaign, conducted for three weeks over Shahed, invited 12,000 employees Kingdomwide to participate.
The Supply Chain Code of Conduct
While discussing policies and procedures related to employees involved with external parties on daily business activities, the session looked to strengthen ethical behavior throughout the supply chain and minimize the possibility of unethical practices due to negligence and unfamiliarity. Mohammed Alabdulhadi and Ahmad Alhudaifi from the P&SCM Compliance Group emphasized the need and importance of a Supply Chain Code of Conduct that applies to all supply chain stakeholders.
The attendees were also reminded to complete the new Supply Chain Code of Conduct e-Learning course, which is mandatory for all employees involved in procurement and supply chain operations.
A presentation by the Corporate Business Ethics Office (CBEO) focused on conflicts of interest and why ethical behavior is important for the employee and the company, with Jarod Pepper sharing real-life examples of unethical scenarios in recent years and their often significant consequences.
Fraud and corruption
Kazi Rahman from Internal Auditing explained the many facets of fraud, touching on ethical dilemmas while providing a valuable checklist to address such cases. Speakers also shared tips on how to detect red flags through the various procurement stages and how to address such scenarios. Multiple case studies were shared with participants to explain the company’s policies toward such practices.
This presentation reminded employees that they may not trade in the securities of any company, particularly Aramco or its subsidiaries, if they possess material nonpublic information. Information is material if it would influence the investment decision of a reasonable investor. Information is nonpublic if Aramco has not widely shared the information. Examples of material, nonpublic information were presented by Brian Webb from Corporate Compliance.
This presentation generally informed attendees about the anti-bribery laws applicable to Aramco, noting that relevant laws are not limited to the Kingdom, but also the laws of other countries where the company conducts business. William Rice and Mugdha Kelkar from Corporate Compliance discussed company policies implemented to combat improper behavior, such as General Instructions on Gifts, Meals and Entertainment, Sponsored Travel, and Integrity Due Diligence. Finally, the presentation offered examples of penalties imposed on other multinational companies who’ve been found to have violated relevant anti-bribery laws.
All presentations were concluded by discussing the importance of reporting unethical practices.
Similar campaigns are planned for 2021, extending to external parties including Aramco suppliers and contractors.