SABIC releases 2013 Sustainability Report, highlights progress on sustainability value creation and capital management

July 1, 2014 2:54 pm

SABIC released its 2013 Sustainability Report today, entitled ‘Creating Lasting Value’, reflecting the company’s commitment to continuously create more sustainable business processes and more value for its stakeholders.

The report shares the latest information on the company’s progress on various dimensions of sustainability value creation. It highlights performance in creating economic value, protecting natural capital, developing human capital and building social and community relationships.

Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC said, “This is our third report and it reflects the company’s ongoing journey toward achieving the highest level of sustainable performance possible. Our mission is to become more efficient in reducing our consumption of finite materials and our environmental footprint while, at the same time, aggressively pursuing our strategy of enabling others to operate in a more sustainable manner through our innovative product portfolios.”

Commenting on the report, Mohamed Al-Mady, SABIC Vice Chairman and CEO, said that the sustainability process is a never ending process for SABIC, saying “We have moved forward in many areas, but we still have much to do. We will continue to be transparent in providing a yearly review of our actions, comparing our results against stated goals and utilizing globally accepted criteria to provide uniform measurement of our performance. Our commitment to sustainability is shared across all divisions of the company – it is focused on making a positive impact at every stage of the product life cycle. Our responsibility starts with supply chain decisions and continues through our production processes, distribution, customer applications and product end-of-life.”

On the sustainable role played by SABIC products, Al-Mady said: “Our mandate and goal has always been to ensure the betterment the communities in which we operate. We are constantly working on finding ways to innovate across the lifecycle for the benefit of our customers and stakeholders. We look at human capital development and organizational relationship development as high priority areas for improvement in every business function.”

Among the highlights of the 2013 Report are: SABIC’s approach to developing the highest standards of ethics, integrity, and compliance throughout its global business culture.

Accounting of the company’s progress in achieving previously identified goals and actions, providing a transparent review of the successes and challenges for the company during the year; Analysis of risks and opportunities considered most important for the company and its stakeholders; Linkage of SABIC’s sustainability strategy to its 2025 business strategy; SABIC’s impact on economic growth through its economic value creation for Saudi Arabia and the other regions around the world where it operates; SABIC’s portfolio of products and their impact on the sustainability needs of key markets; Progress toward our environmental footprint goals and a new metric around our use of recovered CO2 as a feedstock; Major improvements in contractor safety; The vital contribution of employee volunteers to our Corporate Social Responsibility; Proactive Product Safety processes that seek to advance the science of our products; and application of sustainability across the critical supply chain processes of our business and the benefits achieved.