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Corruption continues to be a significant risk for companies operating in Mexico despite a growing demand for more transparency and good corporate governance from civil society. Poor enforcement of local anti-bribery laws coupled with a lack of public sector accountability places a greater onus on companies to take proactive steps to address corruption.
As most corruption cases involve the activities of third parties, multinational companies doing business in Mexico typically require their business partners to complete rigorous due diligence reviews which can be daunting and repetitive for local Mexican companies.
In 2012, Energy Corporation Mexico S.A. was asked by an industry-leading company in the power generation sector, headquartered in the United Kingdom, to complete Tcertification, a comprehensive third-party review administered by Ethixbase360 that fulfills international compliance requirements and is widely considered the gold standard in anti-bribery due diligence. With their dedication to excellence and transparency, Energy Corporation Mexico agreed to complete the review which required disclosing detailed ownership, business, financial, and reputational information, implementing a Code of Conduct, and completing anti-bribery training. With executive buy-in, they completed the review in less than a month, quickly meeting the due diligence requirements of their UK-based business partner and benefiting from the ability to share their report with other existing and prospective global partners.
As Tcertification must be renewed annually to remain in good standing, seeing the value in maintaining their report, Energy Corporation Mexico has continued to update (and pay for) their report on an annual basis since their initial review in 2012 (which was paid for by the requesting company).
“Energy Corporation is proud to be the preferred industrial partner for companies around the world in part because of our unwavering commitment to transparency and good corporate governance demonstrated through Tcertification. Our Tcertification report helps us maintain and build transparent communication with our business partners and establish trust. It is fundamental to our business and highly valued by our global partners, “ said Bruno Salmerón Murga, Director of Energy Corporation Mexico.
“The concept of shared-cost due diligence, epitomized by Tcertification, was established in 2012 to help both multinational companies and their third-party intermediaries meet increasing due diligence demands. Energy Corporation was one of the first companies in Mexico to complete Tcertification setting a new standard of compliance and paving the way forward for other companies. In addition to this pioneering move, they have renewed their Tcertification annually, never missing a renewal deadline, which takes serious executive commitment especially during times of change, budget cuts, or other business challenges,” said the CEO of Ethixbase360, Peter Sweetbaum.
Over the years, many companies have asked Energy Corporation Mexico for their Tcertification report which they have been able to easily share through Ethixbase360’s Intermediary Directory, a publicly searchable database of Tcertified entities utilized by multinational companies to find business partners who share their commitment to commercial transparency.
By investing in their own due diligence, Energy Corporation Mexico provides its business partners with more value and is bringing transparency and accountability to the energy sector in Mexico.
