The stc code of ethics and business conduct
At stc, Integrity is at the heart of everything we do - in every transaction, with every stakeholder and everywhere we do business.
Our commitment to Integrity is embodied in our Code of Ethics and Business Conduct that is aptly titled "Integrity takes us forward". Our Code guides the way we do business and holds us accountable to the highest ethical standards. 'Integrity takes us forward' reflects stc's values of Dynamism, Devotion, Drive and is the foundation of our Ethics and Integrity program. The Code covers 16 specific and common integrity risk areas, states stc’s policy with respect to these risk areas; and provides clear guidance and practical advice to employees and our external stakeholders on how stc and its representatives should conduct business. The 16 areas in the Code are classified under 4 themes: Customer and Communities, the Marketplace, Investors and the Workplace.
stc’s leadership is committed to fostering a work culture where employees feel comfortable raising integrity concerns and reporting potential violations of our Code of Ethics. stc does not tolerate or condone any person retaliating or taking any adverse employment action against someone for either raising an integrity concern in good faith or participating in and cooperating truthfully with a compliance investigation.
stc also encourages our customers, business partners, regulators, investors, suppliers and other stakeholders to raise any unethical behavior or legal violations on stc’s part by sending an email to – speak-up@stc.com.sa. stc takes all integrity concerns seriously and promptly follow up on them. In addition, our Supplier Code of Conduct sets the ethical standards for our suppliers and contractors and other representatives.
stc has also pledged to raise business standards and contribute to transparency, accountability and ethical business practices as a proud member of the World Economic Forum’s 'Partnering Against Corruption Initiative' community - a leading global business voice on anti-corruption and transparency.
Our employees and external stakeholders expect stc to act transparently and collaborate ethically. As we enable the digital transformation of the MENA region, we aspire to exceed those expectations and strive to set the example of ethical leadership.
The executive oversight of Ethics Issues is conducted by the Business Integrity Committee
The Business Integrity Committee, an executive body, is entrusted with overseeing Ethics Issues and Integrity Performance within our organization. Chaired by the group's Chief Regulatory and Compliance Officer, it comprises members who occupy the senior-most positions from key departments including HR, Compliance, Audit, Legal, Risk, and Regulatory Business Integrity.
The Committee operates under a clear Work Charter, approved in March 2023.
Reports generated by the Committee are submitted directly to the stc group CEO. However, it's important to note that the CEO cannot amend any decisions made by the Committee, ensuring the integrity of its processes. Among its responsibilities, the Committee reviews reports from ethics and business integrity investigations, offering recommendations as appropriate. Additionally, it provides strategic guidance to the Business Integrity General Department. Furthermore, the Committee also oversees the implementation of annual awareness, communication, and training initiatives pertaining to ethics and business integrity at the group level. On a quarterly basis, the Committee submits reports to the stc group Board Audit Committee and the stc group CEO, fostering transparency and accountability throughout our organization.
