"The revision of these policies fits in the general principle that guides the Board of Directors of Sonangol E.P. regarding the company's culture and the objective of making Sonangol E.P., a company with transparency indexes at the level of world best practices," revealed the Chairman of the Board of Directors of Sonangol, Sebastião Martins, in a statement quoted by the Economic Journal.
The note also states that with the aim of "ensuring immediate results of good governance of society, as is the purpose of the ongoing project to regenerate Sonangol E.P., the Compliance area of the company now has the level of Management having as responsibility to ensure, both at corporate level and Business Units, the implementation of the Compliance Program, which aims to strengthen organizational culture, leverage business, protect and help improve the reputation of the company".
In addition to updating anti-corruption and bribery policies, the oil company has also reviewed the 'anti-fraud', 'conflict of interest', 'gifts and offerings' and 'non-retaliation' policies, which are part of the ethical corporate conduct, which sets out the principles and duties by which its employees should be governed.
Sonangol has seen its name involved in some controversial cases, which has tarnished its reputation. In the 'Luanda Leak's' case, the oil company's name is associated with Isabel dos Santos, who is said to have made a transfer of some $115 million in public funds to Dubai while serving as chairman of Sonangol's board of directors.
Recently, the name of the oil company was associated with the case of Manuel Vicente, former vice-president, who is said to have profited three billion dollars from the transaction of two oil blocks that had been transferred at zero cost by Sonangol.