Communication

News

  • The US Department of Justice and the SEC recognize the advances in compliance processes.
  • The decision of US authorities follows the decision of the Brazilian Federal Prosecution Office that certified Braskem’s performance and concluded their monitoring
  • Braskem’s President speaks of the Compliance commitment and highlights the contribution of everyone working for the Company

Braskem complied with all compliance commitments assumed with the US Department of Justice (DoJ) and the SEC (Securities and Exchange Commission), which resulted in the end of the external monitoring in the company. This monitoring had been instituted in 2017, as part of the company’s plea bargain agreements in the investigations of Operation Car Wash. The DoJ and SEC’s decision to terminate the process without the need for extension attests how much Braskem has evolved in its compliance system.

The external monitoring was scheduled to take place for three years and could be extended, but the way the company conducted the Compliance actions internally demonstrated the shareholders’ and the company’s commitment to implement something so important as a priority. “We are sure that ethics, integrity and transparency are present in all our actions, systems and processes, and everyone working here contributes to the continuous improvement of compliance and governance practices,” said Braskem president, Roberto Simões. “We can say that the Compliance program has been the result of a lot of dedication and professionalism of all Braskem teams”, he adds.

In March, the Federal Prosecution Office had also recognized the improvements achieved by Braskem’s compliance program and completed its external monitoring. The Federal Prosecution Office’s decision was based on the certification of independent monitors, who attested the compliance with all obligations undertaken in the agreement entered intobetween the Federal Prosecution Office and Braskem in 2016, and the implementation of additional initiatives recommended by these monitors.

During the independent monitoring process, the company has established policies and procedures, trained 100% of the personnel on compliance matters, and implemented anti-corruption controls, improved processes and tools, established mechanisms to ensure the adequacy and effectiveness of integrity practices, preventing the occurrence of wrongdoing and privileging ethics and transparency in conducting their business, which have been thoroughly evaluated and tested by the monitors.

The monitors’ work included detailed assessments of key elements of an effective compliance program: senior management commitment, risk assessment, training and communication, disciplinary measures, complaint and investigation mechanisms, third party management, financial controls and relations with public agents, among others. “The maintenance and improvement of Braskem’s compliance system are constant. We will continue to evolve, working with determination and always focusing on the ethics, integrity and transparent,” says Everson Bassinello, Braskem‘s director of Compliance.