Word: petrofina
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Dates: during 2000-2009
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...response to the company's critics?" A lot of people - inside and outside business - are wondering the same thing. Welcome to Big Oil's latest innovation: the ethics road show. Total, one of the world's top five oil companies - formed by Total's 1999 merger with Belgium's Petrofina and then with French rival Elf Aquitaine - is bringing this traveling philosophy seminar to its subsidiaries in 35 countries across the world, from Angola to Belgium. (It will make a stop in the U.S. next year.) The goal is to drive home to managers everywhere that Total, with $122 billion...
...into implementing and monitoring the new anticorruption laws. Elf itself is no longer the cozy handmaiden of the French state it once was; it has been privatized by the French government and is now part of TotalFinaElf, the result of mergers among France's Total and Elf and Petrofina of Belgium. The firm is trying to keep a low profile while the trial continues, and senior management isn't commenting. Still, it's a sign of the times that the corporation recently put in place audit controls to detect possible corrupt payments and is implementing a code of ethical conduct...