NEW YORK, April 20, 2021 / PRNewswire / – LRN Corporation, a pioneer in ethics and compliance (E&C) working with more than 700 companies worldwide, and Promigas SAESP (BVC: PROMIG), the leading company in the gas industry natural in Latin America, today announce a new record for corporate governance in the energy sector. Through its ongoing efforts to elevate an ethical corporate culture for its more than 3,000 employees, an initiative launched with LRN in 2014, Promigas has implemented and measured changes in its corporate behavior to set a new standard of industry.
In the latest LRN analysis, Promigas outclassed the energy industry benchmarks for the majority of factors that make up an ethical culture and significantly overshadowed some benchmarks. Promigas outperformed its peers by 43% for employee responsibility and 36% for motivation. The company now also aligns closely with the world’s leading value-based companies, achieving 93% for employee responsibility and 92% for motivation. Industry benchmarks are available from LRN in its Ethical Culture Assessments and the How to report.
Through its partnership with LRN, Promigas has access to clear evidence that its values-based approach to business operations delivers real results. Not only does Promigas surpass its peers in Latin America but also in industry at large and in a statistically compelling manner. LRN assessment tools and the LRN consultancy relationship give Promigas the ability to interpret data in a meaningful way. This in turn feeds into interventions in its training programs and corporate culture to build on strengths and invest in areas of opportunity, including those that minimize risk.
“We differentiate ourselves by the way we act, the way we make decisions, the way we behave. Investing in our ethical culture is a key aspect of our corporate governance, ”says CEO Eric Flesch. “The way we perform, the way we think and the way we make decisions isn’t just a theory in a PowerPoint, it’s part of our DNA.”
CEO of LRN Kevin michielsen note: “We are delighted to see these results and the progress made by Promigas in redefining leadership in the energy sector and for the region. LRN has long believed that surpassing yourself is the key to outperforming the competition. Promigas is the perfect illustration of this. “
While some organizations seek to operationalize ethics and compliance after a scandal or on the basis of regulatory guidelines, Promigas has proactively prioritized its ethical culture as a critical area of differentiation. At the heart of its approach has been an effort to align its workforce to embrace its corporate values as the basis of how the business operates, governs and directs. Maintaining and strengthening this reputation as a responsible company is therefore a strategic issue for the company. LRN was a key partner in their journey, which is summed up in a case study with Promigas.
Following the launch of the LRN cultivation program at Promigas in 2014, evaluations were carried out in 2017 and 2020. At the latest, evaluation gains were observed compared to previous internal results as well as to the benchmarks of industry. For example, data shows a 21% increase in the willingness of Promigas executives to accept personal responsibility for mistakes. Modeling this type of behavior at the top of the organization sets an example for everyone in the organization.
“Measuring the impact of an ethics and compliance program on employee behavior is critical when evaluating effectiveness,” says Ty Francis MBE, LRN Advisory Director. “Our Ethical Culture and Program Assessment (ECPA) is a proprietary tool that gets to the root of employee behavioral choices at work and assesses the impact of your program on those choices (or not). By providing an ‘MRI’ of the how your culture actually works in practice, ECPA measures impact and provides a roadmap to correct weaknesses before they degenerate into faults. ECPA meets the expectations of regulators and enables teams to ‘ethics and compliance prioritize scarce resources.
Companies interested in assessing their own ethical cultures and improving their results should contact a consultant for advice. consultation. Investors and analysts interested in learning more about Promigas are invited to a Investor Day to April 29, 2021.
About LRN Corporation
LRN’s mission is to inspire performance based on principles. Since 1994, LRN has helped more than 25 million people in more than 700 companies around the world navigate complex legal and regulatory environments simultaneously and make ethical decisions, and has also helped hundreds of companies promote cultures ethical, responsible and inclusive. LRN’s combination of practical tools, education and strategic advice helps companies translate their values into concrete business practices and leadership behaviors that create sustainable competitive advantage. In partnership with LRN, companies do not have to choose between principles of living and maximizing profits, or between improving reputation and growing revenues: all are the product of principled performance. . As a global company, LRN works with organizations in over 100 countries. Learn more about https://lrn.com.
Promigas is one of the oldest natural gas and energy companies in Latin America with over 45 years of experience. It has an investment portfolio made up of more than 20 companies, dedicated to the transport and distribution of natural gas, as well as LNG (liquefied natural gas). It also has activities in the distribution of electricity, services to large industries and the production of electricity and non-bank financing through the Brilla brand. Learn more about https://promigas.com
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SOURCE LRN Corporation