stc's Compliance and Ethics Program and activities strive to promote a culture of integrity, that encourages ethical behavior and compliance with external/internal rules and regulations.
stc's Compliance team reports to stc’s GCEO, Board Audit Committee and Board of Directors on a regular basis Compliance findings update and Program’s progress.
stc is currently in the process of unifying the Ethics Compliance Program across all stc Group’s subsidiaries. As part of this activation, leaders have attended ethical leadership workshops to understand the importance of the program and the role leaders play in impacting the ethical culture in their respective companies.
In 2022, stc along with other leading organizations in the region set up an Anti-Corruption working group, in collaboration with the Pearl Initiative, an independent, non-profit organization working to improve corporate accountability and transparency in the Gulf Region. The working group will collectively address challenges in corporate governance and business integrity in MENA region and will also serve as a platform to build capacity in the region to drive effective practices in business integrity. Further, the program focuses on building the business case for anti-corruption in the Gulf region and supporting businesses to embed culturally relevant solutions to drive better internal integrity practices.
إIn addition to this, throughout 2023, stc will be working independently with the Pearl Initiative to develop an Anti-Corruption Best Practices program with the aim to highlight corruption and the importance of due-diligence, accountability, and transparency in business operations.
Furthermore, stc relies internally on training and awareness to elevate the organization’s culture of integrity. In addition to a basic integrity training, which provides a high level overview of the stc Code of Ethics, employees and contractors undertook advanced integrity training in 2022. The intention for making this training available was to create a curriculum for stc’s employees, based on their job function and risk exposure.
The compliance team also partners with stc’s Academy, to increase compliance and integrity culture impact of the organization in the present and also elevate stc’s future ethical leadership culture. The Academy has collaborated with Spain’s IE University, and together with staff from the University, this year, the compliance team has conducted in person ethical leadership training for stc’s emerging leaders. Participants including employees who will moving to the next level of their career journey as section managers, directors and senior leaders.
As we progress forward on our compliance journey, we continue to commit ourselves to continually improving stc’s compliance program and setting an example of ethical leadership for other organizations in the region.
