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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2021-04-20 C$ 27.30
Recent Sedar Documents

SNC's 2013 sanctions lifted early by World Bank

2021-04-20 07:32 ET - News Release

Mr. Ian Edwards reports

SNC-LAVALIN ANNOUNCES THE EARLY LIFTING OF ALL WORLD BANK SANCTIONS

The World Bank Group has granted an early lifting of all sanctions previously imposed on SNC-Lavalin Group Inc. in 2013 for a period of 10 years. This decision, which followed a rigorous assessment and monitoring process by World Bank authorities and the independent monitor, confirms that SNC-Lavalin has met all the settlement agreement's terms and conditions. The company and its subsidiaries will now be able to bid, win and carry out work on projects financed by the World Bank, the African Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, and the Inter-American Development Bank.

"Since 2012, SNC-Lavalin has done its homework. Over nearly 10 years, we evolved through honest reflection, hard work and a sustained commitment by and toward all our employees, leading to the integration of integrity best practices," said Ian L. Edwards, president and chief executive officer of SNC-Lavalin. "Given the scale of the collective challenges we must all face to revitalize the global economy in a sustainable way, SNC-Lavalin will continue to put its teams' expertise and talent at the service of communities, so that they remain at the forefront of societal change. We will no longer let yesterday's events define who we are today and what we intend to achieve tomorrow."

A world-class integrity program

SNC-Lavalin's integrity program aims to prevent, detect and respond to the risk of wrongdoing. It aligns with the principles of international organizations such as Transparency International, the Organisation for Economic Co-operation and Development, the United Nations Global Compact, and the World Bank, as well as the U.S. Department of Justice Resource Guide to the U.S. Foreign Corrupt Practices Act.

Since 2012, SNC-Lavalin has taken significant action and implemented new processes, including:

  • The appointment of a chief integrity officer who reports directly to the board of directors and general counsel at the operational level (2013);
  • The renewal of the management team and board members (since 2012);
  • Mandatory annual code of conduct certification for employees, as well as additional targeted mandatory integrity training to ensure a good understanding of the program (since 2012);
  • A compliance investigation team separate from the internal audit function, for all alleged violations by employees, former employees, partners, suppliers and subcontractors (2013);
  • Mandatory integrity checks for all third parties (2014);
  • A supplier code of conduct (2017);
  • The inclusion of integrity in the overall assessment of employees entitled to the annual incentive plan (2014);
  • A reporting line operated by an independent service provider to report integrity concerns anonymously and confidentially (since 2012);
  • The implementation of stringent policies and processes on topics such as the anti-corruption and bribery, anti-trust and competition, facilitation payments, conflicts of interest, related compliance training, and integrity risk assessments (since 2013).

"Since 2012, SNC-Lavalin's management and thousands of employees worldwide have been at the forefront of the many changes implemented. A strong culture of integrity has been established through the commitment of all to common values, implementation of rigorous internal controls to ensure compliance, as well as the application of corrective measures," said Dr. Hentie Dirker, chief integrity officer, SNC-Lavalin. "Thanks to this journey, we now have a robust integrity program and stay abreast of the latest trends in the field to continuously improve its content."

An integrity program recognized by independent third parties

In addition to the early lifting of sanctions imposed by the World Bank, the Ethisphere Institute, a global leader in defining and raising the standards of ethical business practices, also announced in January, 2021, that SNC-Lavalin had earned the coveted compliance leader verification for 2021/2022, extending the earlier 2019/2020 verification.

Additional information:

  • End of administrative arrangement: The administrative arrangement signed in December, 2015, with Public Services and Procurement Canada under the new integrity regime allowed SNC-Lavalin to continue contracting with or supplying to the government of Canada. An independent monitor was appointed to ensure that the company complied with the agreement's terms and conditions, which it did. As of December, 2020, SNC-Lavalin was no longer subject to this administrative agreement.
  • Continued collaboration with the independent monitor: Pursuant to the 2019 settlement of charges related to activities that occurred 10 to 20 years ago, SNC-Lavalin continues to work with an independent monitor responsible for reporting on the company's integrity program until December, 2022. A summary of each report is published on SNC-Lavalin's website and each recommendation is given special attention to optimize the current integrity program.

About SNC-Lavalin Inc.

Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world. SNC-Lavalin connects people, technology and data to help shape and deliver world-leading concepts and projects while offering comprehensive innovative solutions across the asset life cycle. The company's expertise is wide ranging -- consulting and advisory, intelligent networks and cybersecurity, design and engineering, procurement, project and construction management, operations and maintenance, decommissioning and sustaining capital -- and delivered to clients in four strategic sectors: EDPM (engineering, design and project management), infrastructure, nuclear and resources, supported by capital.

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