Odebrecht S.A. continues to enhance its compliance system and corporate governance model and, as a way to express its public commitment, became a signatory to the Business Pact for Integrity and Against Corruption, an initiative of the Ethos Institute of Business and Social Responsibility.
By becoming a signatory, the Group undertakes to disseminate broadly Brazil’s anticorruption legislation among its Team Members and Stakeholders to ensure full compliance with all provisions. It also commits to combat any form of bribery, to uphold the law and transparency in contributions to political campaigns, to ensure the transparency of our information and to collaborate with investigations, if necessary. Today, 420 Brazilian companies are signatories to the business pact.
The commitments undertaken by the pact’s signatories are monitored on an annual basis to lend visibility and transparency to business practices and strengthen the pact, which helps support companies’ planning. In addition to contributing to the country's sustainability, companies that adopt measures to foster integrity and ethical conduct are less exposed to the occurrence of corruption. In addition to becoming a signatory to the pact, Odebrecht S.A. will participate on the Working Group for Integrity and Against Corruption, which promotes policies to foster integrity, combat corruption and mobilize companies and business groups.
In June, the Odebrecht Group became a signatory to the UN Global Compact, an initiative that encourages companies to adopt good governance practices. Other companies in the Group are already signatories to the Global Compact: Braskem, Construtora Norberto Odebrecht, Odebrecht Ambiental, Odebrecht TransPort, Odebrecht Agroindustrial and its engineering and construction subsidiaries in Angola and the Dominican Republic.
Participating in joint actions through associations with other companies and organizations is a way to express the commitment of the Group's Leaders to share their experiences, to influence and be influenced by good practices and to foster improvement in market conditions and business environments.
The action is aligned with the new guidelines of the Odebrecht Group, which is enhancing its compliance system by adopting international best practices. The actions already implemented include mandating that a minimum of 20% (minimum of two) of the Board of Directors be formed by independent directors. In addition, a Compliance Committee was created at Odebrecht S.A. that is formed by directors and the position of Chief Compliance Officer (CCO) was created at Odebrecht S.A. The same measure will be adopted at the various Businesses. Braskem, Odebrecht TransPort, Odebrecht Oil and Gas and Construtora Norberto Odebrecht have already selected the professionals to exercise this position in its structure.