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CITGO Releases First-Ever Report on Environmental, Social & Governance Initiatives
HOUSTON For the first time ever, CITGO Petroleum Corp. released a report detailing its environment, social and governance (ESG) initiative.
Titled
A Clear Direction Forward, the report represents a significant shift in CITGO s approach to corporate responsibility reporting, with an increased emphasis on ethics and governance accountability, according to the company. CITGO has never been more dedicated to our core values of environmental stewardship, integrity, respect, fairness, social responsibility, operational availability and competitiveness, said CITGO President and CEO Carlos Jordá. This report shows those CITGO core values at work.
Jordá cited improved corporate governance as a particular area of emphasis.
ABA-ROLI Senior Program Officer, Asia reliefweb.int - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reliefweb.int Daily Mail and Mail on Sunday newspapers.
Tuesday, January 5, 2021
Over the last two decades, U.S. Foreign Corruption Practices Act (FCPA) enforcement has steadily increased regardless of the political climate or administration in power. FCPA penalties and settlements hit record highs during the last four years, with 2020 and 2019 being the two largest years ever for FCPA enforcement in terms of total penalty amounts. The two previous years were also in the top ten.
We anticipate that the incoming Biden administration will actively pursue enforcement of financial crimes, corporate fraud prosecutions, and increased regulatory oversight. Financial and economic crises, such as the current conditions caused by the COVID-19 pandemic, generally increase corruption. Given the new administration and economic backdrop, we expect a continued increase in FCPA enforcement in the coming years.
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