Our key focus areas:
Legal compliance
Understanding that honest, ethical and transparent conduct is vital to our success and reputation. Every employee plays an essential part in complying with local and national laws, rules and regulations. Implementation of robust operating systems and processes that protect the security of the company, its employees, information and intellectual property.
Third-party management
Verifying that our supply chain complies with legal, ethical and social requirements, while also finding opportunities for environmental improvement and economic efficiency.
Our Governance Structure
A clear and effective governance structure has been established to oversee, monitor and report on our activities. Our Legal Compliance team comprises highly experienced experts who advise on a wide range of issues, from anticorruption measures to export controls and trade sanctions. External advisors provide additional support on specific issues when required.
In 2023, the Board approved changing the Nominating, Corporate Governance Committee (NCGC), a sub-committee of the Board, to the Nominating, Corporate Governance and Sustainability Committee (NCGSC) to reflect their responsibility in oversight of Innospec’s corporate sustainability program including the identification, assessment and mitigation of associated risks.
Every quarter our Nominating, Corporate Governance and Sustainability Committee (NCGSC), a sub-committee of the Innospec Board, meets with the Legal Compliance team to review our compliance program and performance. Key compliance issues are also shared and discussed with our Compliance Steering Group (CSG) at their quarterly meetings. This group is comprised of key business leaders across our organization. This enables NCGC feedback to be promptly fed back into the business, legal compliance matters to be discussed and improvements implemented.
In 2023, Innospec’s Senior Vice President, Production (Oilfield Services), Head of Global Supply Chain (Fuel Specialties), Global VP Supply Chain (Performance Chemicals) and Global IT Director joined the CSG.
Policies and Procedures
All our compliance policies and procedures are formally reviewed every two years and updated where applicable. Interim reviews also take place as and when the need arises. This ensures our compliance program is efficient and continues to support our corporate governance needs.
Governance in Practice
We have robust systems and procedures in place to ensure our employees, third-party representatives, suppliers and other stakeholders act legally, responsibly and ethically.
Learn MoreManaging Procurement Responsibly
Ensuring our supply chain complies with legal, ethical, environmental and social requirements is key to the sustainability of our business.
Learn MoreInformation Security
The digital transformation of our world is helping us make better, more timely decisions and work more efficiently across all areas of our business. Maintaining high standards of security to avoid loss or corruption of data is critical.
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Sourcing
We recognize the role we must play in driving market transformation in the use of sustainable palm oil and other natural commodities.
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