Hydro's alumina refinery, Hydro Alunorte, was analyzed for its transparency in local language by Transparency International (TI), a global NGO that focuses on combating corruption.
TI analyzed Hydro according to its "Transparency in Corporate Reporting" (TRAC) methodology, and the result showed a score of 0.7 points, on a scale of 0 to 10, for transparency in the regional language. The requested documents were published in local language after Hydro became aware of the scoring methodology.
The Hydro Code of Conduct, the Integrity Program and the country report are also now available in Portuguese. The Hydro Code of Conduct is currently under review, and translations into other languages will be made publicly available when the revised code is finalized.
“Hydro operates transparently in all of our operations. We realized that we should also pay more attention to making relevant information available in the local language, ”said the head of Hydro's Extra-Financial Corporate Reporting, Kirsten Margrethe Hovi.
In September 2017, Hydro Alunorte was asked to answer a questionnaire on transparency with a focus on its operations, available in Portuguese and English. Hydro responded to the questionnaire using references to publicly available information on the website www.hydro.com and provided relevant references to all questions that were applicable to the refinery.
On time, it was informed by TI that references in English would not be accepted. As an immediate response, Hydro made the most relevant public documentation available in Portuguese on its Brazilian webpage and sent an updated response to TI. As this happened the following day at the entity's request, these updates were not taken into account in the survey.
“Hydro has a long and good relationship with IT and we see that they play a very important role in fighting corruption and improving transparency,” said the head of corporate Compliance, Lars Kolbjørnsen.
In the report, TI states that items published by Hydro after the deadline would have improved the assessment and the score.
"(...) Hydro Alunorte published items that would possibly improve its assessment, however, the additions were inserted after the deadline (October 6, 2017) and therefore were not considered for scoring purposes. in any case, as the objective of the survey is to improve the level of corporate transparency, Transparency International understands that Hydro has achieved its objective ", states the report.
About the survey:
The 100 largest companies in Brazil were included in the survey, along with the 10 largest banks, based on the Valor 1000 yearbook of the 1,000 largest companies in Brazil. The survey covered three areas: anti-corruption programs, organizational structure and financial data.