Braskem, the largest petrochemical company in the Americas, has approved the election of three new independent members to the Company's Board of Directors at the Extraordinary General Meeting held on Tuesday (27). They are: Gesner Oliveira, economist, partner of GO Consultores and former president of Cade (Administrative Council for Economic Defense) and Sabesp; Marcelo Lyrio, former president of the ING bank and former partner of Signatura Lazard in Brazil; and Pedro Marcílio, attorney, former director of the CVM (Securities and Exchange Commission of Brazil) and partner of BR Partners.
They are independent executives, with renowned experience in the market. They will be replacing, respectively, Álvaro Fernandes da Cunha Filho, Antonio Britto Filho and Alfredo Lisboa Ribeiro Tellechea, who left the Board to follow personal projects. The new members will complete the remainder of the current term of office until the general meeting that will assess the accounts for the fiscal year ending December 31, 2017. With these elections, the Board of Directors of Braskem will now have seven members, of a total of eleven.
"These changes demonstrate Braskem's commitment to enhancing transparency and independent judgment in line with the Company's commitment to acting in an ethical, fair and transparent manner, in accordance with applicable laws, rules and regulations," said Everson Bassinello, CCO of Braskem.
Continuous evolution in Compliance
Since its creation, less than a year ago, Braskem's Compliance area has structured its processes and strengthened its structure, tripling the size of its team, which now also has Compliance Officers for the United States, Europe, and Mexico. It participates in the UN Anticorruption working group and the ETHOS Integrity and working group.
The Company has also established a Compliance System, with ten measures structured in the pillars of Prevention, Detection and Remediation, as well as structuring a Compliance Improvement Program, consisting of 154 initiatives to improve the environment, 62 of which had been completed as of May year.
Improvements include the outsourcing of the "Ethics Line" complaint channel, which aimed to provide greater impartiality and credibility," said Bassinello. To ensure compliance in the chain, the Company promoted, in early 2017, a corruption risk analysis in 6,600 active third parties (suppliers of goods and services, consulting firms, law firms, etc.), of which approximately 1,000 will be undergoing Integrity Due Diligence by the Compliance area.
"The Board of Directors approved the Compliance Policy, with guidelines that should be practiced in a convincing, responsible and unrestricted manner across Braskem," said Bassinello. We promoted awareness among the Company members through 21 onsite training sessions to 560 members globally, including Board members, leaders and positions of greater exposure - which will be multipliers of Compliance among their teams and partners.
The compliance area also promoted 71 compliance risk assessment workshops, involving 306 leaders in risk identification, analysis, and treatment. Compliance goals have also been defined, coupled with the bonus to managers, thus reinforcing our engagement and commitment to the challenges of the Compliance Program.
Braskem is the largest manufacturer of thermoplastic resins in the Americas, with an annual output of over 20 million metric tons, including the production of other basic chemical and petrochemical products, with an annual revenue of R$55 billion. With the aim of improving the lives of people, creating sustainable solutions in chemistry and plastics, Braskem exports to customers in approximately 100 countries, with roughly 8,000 members, and operates 41 industrial units located in Brazil, the United States, Germany, and Mexico - the latter in partnership with the Mexico-based company Idesa.
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