NEWARK, Del., March 29, 2010 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) has illustrated its commitment to compliance by designing and implementing enhanced compliance procedures in respect of work it undertakes with third parties across the globe.
During the Oil for Food and Foreign Corrupt Practices Act ("FCPA") investigations, Innospec wanted to ensure that it would not become embroiled in another such investigation in the future. In accordance with the enhanced procedures that were implemented during that time, all third party agents, distributors, joint venture partners and consultants that Innospec wishes to do business with are required to undergo a rigorous due diligence and risk assessment process to determine if they will be granted approval to do business with Innospec. Now that those investigations have been resolved, these procedures continue with additional purpose.
These procedures were devised by Innospec's Legal and Compliance Department in conjunction with external advisors. Innospec's recently appointed Chief Compliance Officer, David Williams, said, "The enhanced procedures we have implemented serve to both heighten awareness within Innospec as to the absolute importance of compliance, and to protect Innospec and its employees from any incident occurring in the future."
Innospec employees worldwide have received training on the enhanced procedures and the general risks facing the business. This training is refreshed periodically by a comprehensive, online compliance training program covering various governance and FCPA issues to keep employees' knowledge and understanding up to date. The online training is delivered through Integrity Interactive. "The steps Innospec has taken are critical to ensuring that its extended enterprise not only understands the law but that it is essential to comply with the Company's high standards of business conduct," explained Tom Anderson, CEO of Integrity Interactive. "A critical step in the process is to train and certify their suppliers and partners, as well as their employees, as to how they are expected to conduct business. We are pleased to report that not only has Innospec conducted a comprehensive training program, but their completion rates are well above their peer benchmarks, showing the commitment that Innospec and its employees have made to compliance."
Patrick Williams, Innospec's President and Chief Executive Officer, said, "I firmly believe that full legal compliance is the very minimum acceptable requirement for running our business. With our newly enhanced compliance procedures, I am confident that not only are we in a great position to do business in the challenging global environment, but to safeguard Innospec and its employees from any future risks at the same time."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1,000 employees in 23 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Innospec's Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. Innospec's Active Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Household, Industrial & Institutional; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
About Integrity Interactive Inc.
Integrity partners with leading global companies to develop design and implement best practice ethics and compliance programs that improve employee performance, protect brand image, and reduce legal risks. Our comprehensive solutions combine strategic advisory services, training and communications, certification and disclosure, and workflow management tools to inform, encourage and monitor ethical behavior by employees and business partners. Integrity's ethics and compliance experts have worked with hundreds of the world's great companies, and our programs have been used by millions of employees on six continents. For more information about Integrity, please visit www.i2c.com
Forward-Looking Statements
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