Ethics And Compliance
Ethics, integrity and compliance are fundamental Weatherford values. They are core to how we interact with clients, partners and employees.
INDUSTRY RECOGNIZES OUR COMMITMENT TO COMPLIANCE
Weatherford’s Chief Compliance Officer, Interim General Counsel & Corporate Secretary, Natalia G. Shehadeh, won the 2014 Women in Compliance Award for Compliance Officer of the Year.
These unique awards were created to recognize and celebrate the successes, achievements and outstanding contributions that female Compliance professionals from across the corporate spectrum make every day in the world of Compliance.
Our Commitment to an Ethical Workplace and Sustainable Relationships
We recognize that high ethical standards are critical to our growth, health and sustainability. Our commitment to ethics and compliance is led by Executive Leadership, our Office of Global Compliance and forms a part of each employee’s activities at Weatherford.
As an oil and gas service provider employing a global workforce, we require that our employees be treated with dignity and respect and comply with all applicable laws and internationally recognized human rights including the fundamental principles contained in the United Nations Universal Declaration of Human Rights.
Weatherford has zero tolerance for acts of bribery or corruption. Corruption is inherently wrong and obstructs sustainable development, harms society and has a greater negative impact on developing communities. We have high standards, procedures and controls in place to reduce corruption risks and detect unlawful behavior. Understanding the particular risks inherent with the engagement of third-party intermediaries, Weatherford implemented a risk based due diligence investigation process, requires anti-corruption and bribery training and mandates management approval before an intermediary can be engaged on the Company’s behalf.
185 training events globally
All new employees are required to acknowledge compliance policies. We take care to administer translated policies and online compliance training to meet the needs of our global workforce. We also place a strong emphasis on live compliance training and in the past year conducted 185 of these events globally.
Commitment to Employee Reporting Channels
Weatherford strongly encourages employees and members of its supply chain to report suspected wrongdoing through traditional internal reporting lines or through Listen Up, our anonymous hotline operated by an independent third party with access available in over 120 languages. Weatherford does not tolerate any form of retaliation against employees or third parties who raise compliance concerns in good faith or for participating in investigations of suspected wrongdoing. The Company applies appropriate and consistent discipline in compliance with local law when problematic behavior is discovered.
120 languages through Listen Up
Commitment to Oversight and Ongoing Risk Assessment
Compliance reviews are conducted annually based on annual risk assessments and the results of our annual ethics and compliance questionnaire. Our compliance reviews evaluate compliance risk and how the Company’s controls and practices are understood and implemented through extensive employee interviews, books and records reviews and country visits. Risks and opportunities for improvement are identified, reported to management and process change is recommended and implemented where needed in real time.
We are proud to be building a best-in-class compliance organization, committed to continuous improvement with steadfast resolve that a compliance culture be the foundation of everything we do.