World Bank lifts SNC-Lavalin sanctions ahead of schedule
SNC-Lavalin has announced that the World Bank Group has lifted sanctions against the company two years ahead of schedule.
The Quebec-based international engineering giant was handed sanctions in 2013 over allegations that the company bribed officials in Bangladesh in connection with a bank-funded project. The sanctions, SNC-Lavalin reported on April 20, had been lifted after the World Bank agreed that the company met all the settlement agreement's terms and conditions.
As a result, SNC-Lavalin and its subsidiaries are 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 president and CEO Ian L. Edwards. "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."
Since the World Bank penalties were imposed, SNC-Lavalin says it has taken significant action and implemented new processes to eliminate corruption. It has created an integrity program that 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, and aims to prevent, detect and respond to the risk of wrongdoing.
It has also appointed a chief integrity officer who reports directly to the board of directors and general counsel, introduced a mandatory annual code of conduct certification for employees, as well as additional targeted mandatory integrity training, launched mandatory integrity checks for all third parties and a supplier code of conduct, and implemented policies and processes on topics such as the anti-corruption and bribery, antitrust and competition, facilitation payments, conflicts of interest, and integrity risk assessments
“We recognize the constructive engagement of SNC-Lavalin Group and the company’s efforts to improve their internal policies and business practices to deter the risk of such misconduct from happening in the future,” a World Bank spokesperson said in a statement.