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SNC-Lavalin reiterates company’s progress accomplished in ethics and compliance since 2012

by ahnationtalk on November 25, 20151342 Views


SNC-Lavalin reiterates company’s progress accomplished
in ethics and compliance since 2012

SNC-Lavalin welcomes the publication of the Commission of inquiry on the construction industry report (“the Commission”)

Following today’s publication of the Commission’s report, SNC-Lavalin (TSX: SNC) welcomes the recommendations contained herein. As announced in February 2014, SNC-Lavalin underscores its commitment to working with the government of Quebec to reach a settlement that is comprehensive, final and fair.

“Today, our ethics and compliance program is a benchmark in the engineering and construction industry, and is an integral part of our daily activities,” said Neil Bruce, President and CEO of SNC-Lavalin. “Respect for and maintenance of our ethical standards is crucial to the efficient and profitable operations of our company. Our clients and partners recognize our concrete actions, our numerous efforts and our very tangible progress accomplished over the last three years.”

Back in February 2014, the Autorité des marchés financiers (AMF) recognized the strength of SNC-Lavalin’s internal control mechanisms to prevent fraud and corruption, and granted the company the necessary certification to do business with Quebec’s public sector organizations.

A number of reinforcements have been made to SNC-Lavalin’s ethics and compliance program since 2012, which align with some of the recommendations included in the Commission’s report. These include:

  • the implementation of a policy relating to competitive practices;
  • the introduction of a Whistleblowing policy;
  • the appointment of compliance officers for all business sectors;
  • mandatory training and annual certification for all employees with respect to compliance;
  • continuous updates to the Code of Ethics—two updates have been completed in the past two years;
  • and the introduction and enforcement of a policy regarding political contributions.

The company’s ethics and compliance program is based on international best practices. This program is divided into three components: prevention, detection and response. Each of the elements, over 65 actionable items, help ensure the company meets its commitment to ethics and compliance issues. A list of these can be found here:

Irrespective of the conclusions of the Commission’s report, SNC-Lavalin has stated publicly, on frequent occasions, its willingness to reach a comprehensive, final and fair settlement with the Government of Quebec and its institutions. The process to achieve this is through the Voluntary Reimbursement Program, which came into force on November 2, 2015, under the Act to ensure mainly the recovery of amounts improperly paid as a result of fraud or fraudulent tactics in connection with public contracts. Companies and individuals have until November 1, 2016, to apply to the program.

About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 50 countries, SNC-Lavalin’s employees are proud to build what matters. Our teams provide EPC and EPCM services to clients in a variety of industry sectors, including oil and gas, mining and metallurgy, infrastructure and power. SNC-Lavalin can also handle financing as well as operations and maintenance services to ensure comprehensive project management.

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