The Company's “Responsible Corporate Citizenship” is reflected in its engagement in international transparency initiatives (UN Global Compact), national working groups and, more generally, in its commitment to ethical business practices and good corporate governance. MYTILINEOS is formally committed to the 10th principle of the UN Global Compact, according to which it works against corruption in all its forms, including extortion, bribery, and facilitation payments. Such principle acts as a catalyst in the development of the ethical culture throughout the Company.
Actual positive impacts
Anti-corruption and bribery as well as Business Ethics are essential issues for MYTILINEOS because they can:
The Company's operation is based on transparency, placing emphasis on its firm commitment to zero tolerance to corruption and bribery in its business, implementation of Codes of Conduct, and avoidance of unfair business practices that prevent fair competition.
Potential negative impacts
Potential negative impacts MYTILINEOS recognizes that corruption, bribery, fraud, violation of fair competition, and money laundering undermine the ethical environment of any business. Potential impacts include human rights abuses, adverse environmental impact, indirect engagement in unfair practices, especially in countries with high corruption rates, and obstruction of wealth distribution and economic growth of the countries. Such phenomena are a major obstacle to Sustainable Development, with a disproportionate impact on poor communities, eroding the social structure.
As a result of its activity in developing countries with high energy needs that, according to the annual Corruption Perceptions Index of Transparency International, present a high risk of corruption, MYTILINEOS may be exposed to facilitation payments or other benefits to local partners, in order to pursue the unimpeded operation of its projects. Any deviation from the Company's principles and ethical practices endangers the good reputation, credibility, trust of social partners and, by extension, its financial results and ability to undertake projects.