Doing the right thing
Announcing the ethics and regulatory compliance framework.
The hallmark of any successful business is decent and ethical behavior by its employees. And we all have our own perception of what ‘doing the right thing’ may mean both in our personal lives and at work. But, in an ever-changing world, we often need help and guidance to successfully navigate our way through the many ethical and legal complexities we face.
That is why the launch of the Ethics and Regulatory Compliance Framework (ERCF) is important for Saudi Aramco. The ERCF is a body of corporate Policies and associated General Instructions designed to clearly communicate to all personnel what is expected of them when it comes to acting ethically and adhering to various legal requirements in the business environment — or more simply put, “doing the right thing.“
Over the coming months, the Policies and General Instructions that comprise the ERCF will be shared with all personnel on a phased basis, separately introducing one compliance area at a time. In all, the ERCF consists of 12 Policies and 19 General Instructions (GIs), which provide practical guidance across seven (7) specific compliance areas.
Ethical standards at core of business
Our Code of Business Conduct, the foundation of the Ethics compliance area and of the ERCF itself, establishes at a high level the ethical standard applicable across the program. The policies and GIs for the other six (6) compliance areas set out the specific procedures that will be implemented and followed by all personnel. Such controls include, for instance, a procedure for reporting gifts offered to personnel by vendors or contractors, or the rules that personnel must understand and follow when buying and selling Saudi Aramco shares.
To ensure that appropriate support and resources are available to personnel during the introduction of the various ERCF topics, the Company designed and is implementing a change management process to facilitate a smooth transition. “The change management process for introducing the ERCF to personnel has been designed in such a way to bring awareness in a phased, staggered approach to allow for comprehensive training and workshops so that all stakeholders understand and are able to implement the ERCF framework,” said Nayef Otaibi, Manager, Organization Consulting Department.
One of the most critical enablers of our past and future success is the ethical behavior of our employees and the integrity of our organization.
— Amin Nasser
Training to implement
As part of the change management process, the Corporate Compliance Department, together with the Organization Consulting Department, are spearheading a broad communications initiative to raise employee awareness regarding the ERCF. All personnel will receive communications in the near future regarding the implementation of the ERCF, together with links to resources and information concerning required training and other local and virtual events, such as ERCF workshops and webinars.
The importance of the ERCF to Saudi Aramco’s reputation in the global market cannot be emphasized enough. As stated by Amin Nasser, Saudi Aramco’s President & Chief Executive Officer:
“One of the most critical enablers of our past and future success is the ethical behavior of our employees and the integrity of our organization. No company can be a leader unless its people demonstrate consistent ethical conduct and close adherence to its core values. That’s why we have set high standards of personal and professional behavior for ourselves as well as those with whom we conduct business.”
That sentiment is further reinforced by the ERCF’s principal proponent, Nabeel A. Al Mansour, Saudi Aramco Senior Vice President, General Counsel and Corporate Secretary:
“As the Company continues its transformation and expansion into new businesses and markets around the world, it is critical that we maintain and expand upon our already rigorous approach to regulatory compliance and continue to conduct our business in an ethical way.”
An ERCF summary presentation titled “All-Hands – Aramco Group ERCF Overview” with brief commentary regarding the Policies and GIs can be found on the ERCF Sharek webpage at: https://sharek.aramco.com.sa/orgs/30032426/ERCF/Presentations/210603%20All%20Hands%20-%20Aramco%20Group%20ERCF%20Overview.pdf
Each of the ERCF Policies, including the Code of Business Conduct, and the ERCF GIs (when published) can be found at: https://sharek.aramco.com.sa/orgs/30032426/ERCF/
For additional information, or for general inquiries related to the ERCF, please contact ERCF-Help@aramco.com, or contact your local legal support team.