We ensure that our supply chain complies with legal, ethical and social requirements, while also finding opportunities for environmental improvement and economic efficiency.
We are committed to ensuring that all Third Parties we work with share our values and standards. We work closely to with our suppliers to encourage higher standards, for example through our work on Responsible Sourcing of Palm Oil (RSPO)
- Third Party Due Diligence
All potential customers and suppliers are screened to ensure that they are not currently on any global sanctions or debarred lists. We also undertake due diligence on our agents, distributors and certain consultants that may include the collation of data via completion of questionnaires, risk screening and interviews.
The level of due diligence conducted depends on risk factors such as third-party type, territory and business division. We routinely put accounts on hold where there are any compliance related questions or concerns and only release them when the issues are resolved and will terminate contracts for compliance related reasons where necessary.
As part of our efforts to continue to streamline and improve efficiency, our new automated due diligence platform called ComplianceDesktop was launched in January 2017. The platform moves us away from a paper-based process to an online platform, improving the visibility, efficiency, traceability and record keeping of the process. All Third Party due diligences are now conducted via the new platform and feedback on the new process has been positive.
- Third Parties compliance training
All medium and high risk Third Parties (agents, distributors and consultants) are required to complete our anti-corruption online compliance training. If training is not completed within the notified timeframe, we place the Third Party on hold, meaning that no sales orders can be processed. If training is still not undertaken within a reasonable extension period set by our Legal and Compliance Department, then the relationship is terminated.
- Managing procurement responsibly
In 2016, we partnered with EcoVadis, a supplier sustainability evaluation rating platform, to assess our key global suppliers. The platform enables us to assess the relative environmental, ethical and social risk of suppliers as compared with over 44,200 global companies.
In 2017 we conducted assessments of our suppliers operating in high environmental, social and governance risk countries. The aim being to ensure that suppliers in these regions were able to demonstrate that they are managing risk well through policies, practices and performance.
Overall, the Innospec supply chain has continued to score better than the EcoVadis average.
In 2018, we will incorporate EcoVadis assessments as part of the new evaluation process for all new Innospec suppliers, whose forecast spending is agreed thresholds.
In addition all potential customers and suppliers are also screened to ensure that they are not currently on any global sanctions or debarred lists. We also undertake due diligence on our agents, distributors and certain consultants that may include the collation of data via completion of questionnaires, risk screening and interviews. The level of due diligence conducted depends on risk factors such as third-party type, territory and business division.
- Conflict Minerals
We are committed to the responsible sourcing of materials, which includes ensuring that conflict minerals are not ‘necessary to the functionality or production’ of our products, as defined under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Our most recent conflict minerals statement along with our supplier expectations can be found via the link below.
Click below for further information.