Monday, December 29, 2014

For Sale

To honor commitments Eni makes money by selling assets.

See more at this link.

Monday, December 15, 2014

To pay shareholders, Eni sells assets!

Low oil prices have halted Eni’s plans to fund exploration activities and dividend payments with a major assets sale.

Italy’s Eni has already sold about $6.22 billion worth of assets, primarily from its refining operations.

The company still needs to raise $7.4 billion to fund an exploration program set to run through 2017.

Eni was looking to sell minority stakes in its Mozambique gas field along with a 43 percent stake in services player Saipem and interests in non-core assets.

Selling stakes in its Africa and Asia fields could free up cash and offset delays and spiking costs at the company’s offshore Norway and Caspian sea projects, Reuters said.

Weak oil prices have made it difficult for the company to find buyers willing to pay top dollar for the assets.

With global demand for LNG slowing potential buyers are also becoming more cautious about their investments.

Eni sold a 20 percent stake in its Mozambique gas field last year to China’s CNPC for about $4 billion and is now looking to unload a 10 to 15 percent stake.

The company has reportedly been in talks to sell the stake to the China Huadian Group for about a year.

The discussions have not yet yielded a sale agreement.

Eni said that for every $1 drop in the price of Brent it losses about $124 million.

Eni will crumble! #Ethicsgate #Eni   -   The fall of Babylon (Is 47)

Tuesday, December 02, 2014

It's true!

It's true! Website of Eni is very very good! Access the Webranking Italy 2014 by Lundquist.

But, their business practices... Visit the news of this website!

What? Transparency?

This Transparency International report, Transparency in Corporate Reporting: Assessing the World’s Largest Companies, evaluates the transparency of corporate reporting by the world’s 124 largest publicly listed companies. The report assesses the disclosure practices of companies with respect to their anti-corruption programmes, company holdings and the disclosure of key financial information on a country-by-country basis. It follows on from a 2012 report which focused on the world’s 105 largest publicly traded companies. The report is part of a series of studies based on a similar methodology aimed at assessing the transparency practices of companies, the most recent being a 2013 report on leading emerging market companies.

Global companies have legal and ethical obligations to conduct their business honestly. This requires commitment, resources and the ongoing management of a range of risks – legal, political and reputational – including those associated with corruption. The implementation of a comprehensive range of anticorruption policies and management systems is fundamental to efforts to prevent and remediate corruption within organisations.

Eni is investigated for corruption in various countries including Italy! The former CEO, Paulo Scaroni, and current CEO, Claudio Descalzi, are investigated by "international corruption".

So, how Eni is the first in this ranking?

Tuesday, November 25, 2014

Internal Fraud... One more time!

Another internal fraud involving Eni employees. Tax evasion happened from Toscana but there are also concerns in Liguria, Lombardia, Sardegna e Lazio.

Access the news in full (only in Italian).

#‎ethicsgate‬ ‪#‎eni‬

Saturday, November 08, 2014

The fall of Eni SpA

Eni's stock will plummet! Unethical actions destroy a company! #Ethicsgate #Eni

Eni will crumble! The fall of Babylon (Is 47)

Thursday, October 23, 2014

Eni: now the company is detrimental to consumers for poor service!

News in Italian language

Eni will compensate with a compensation of EUR 25 per head more than 100,000 customers who have suffered disruptions both within the "protection" of the free market gas.

It has established the Energy Authority accepting the commitments presented by the company as a result of disciplinary proceedings initiated for violation of the regulation on the billing frequency (more than 79.000) and delays in sending the Bill for change of supplier (27,000 cases). 

The compensation for all those customers that at the October 31, 2013 (date of commencement of investigation) were interested in inefficiency, still present at December 31, 2013. 

The Authority informs that Eni has also committed to ensuring the automatic extension and the interest-free instalment amounts invoiced, to join for two years at "conciliation Service customers energy" of authority and to promote initiatives to encourage the gas meter reading of the counter. Specifically, reads the note, communications will be to raise awareness of the importance of self-support reading, messages to customers for which there are actual readings or customer self-metre reading for at least 12 months and data capture through post-it on the occasion of the "visit" of reading. 

In addition, as a result of requests made by associations of consumers and small businesses in the market test, i.e. the publication of the commitments that the parties may submit their comments-for Eni has added an additional commitment, or to pay compensation of EUR 10 to all customers in "protection" gas that after November 1, 2013 have suffered or will suffer a delay of invoicing not yet ceased to December 31, 2014.

Original text by Griddle Music

Tuesday, October 14, 2014

Eni is defeated in law suit against a whistleblower!

After killing the whistleblower in Brazil - who, following the words and the spirit of the company´s Code of Ethics, reported a millionaire scheme of corruption and internal fraud at the brazilian subsidiary - the giant Eni tried to terrorize,silence and kill the whistleblower in Italy filling a lawsuit for slander and offence, and demanding a compensation of € 30 million.

However, the judge of the Civil Court of Rome, did not accept the wily attempt of disqualifying and denigrating the whistleblower, and gave a unfavorable decision to Eni, besides ordering them to pay € 32.000.

Now, the lawyers of the whistleblower, in Brazil and in Italy,  have already studied reasonable judicial measures against Eni so that, finally, he can rescue and restore his name,  image,  honor and  reputation and, evidently, recieve from Eni the fair compensation for all the damage (moral and material) endured by him over the past 13 years.

This whistleblower was a victim of his own report and has had his professional life destroyed by a company which  did not and does not follow its own Code of Ethics.

David´s fight against the giant dog  of six paws will be continued!

The details of this story are available at this LINK and this blog.

Douglas Linares Flinto
Funder & CEO

NOTE: This LINK you access the full sentence.

Sunday, October 12, 2014

Eni è sconfitta nella causa contro un whistleblower!

Dopo aver ucciso il whistleblower in Brasile – che, in conformità con le parole e lo spirito del Codice Etico della azienda, ha denunciato un regime di corruzione milionario e frodi interne nella filiale brasiliana – il gigante Eni ha cercato di spaventare, ha cercato di far stare zitto e tentò di uccidere il whistleblower in Italia in un azzione giudiziale per calunnia e diffamazione, e chiedendo i danni di € 30 milioni.

Tuttavia, il giudice del Tribunale Civile di Roma, non ha accettato il subdolo tentativo di squalificare e denigrare il  whistleblower e ha dato sentenza sfavorevole alla Eni, oltre condannarla al pagamento di € 32.000.

Ora, gli avvocati del whistleblower, in Brasile e in Italia, già studiando misure giudiziarie applicabili contro la Eni, di essere finalmente in grado di salvare e ripristinare il suo nome, la sua immagine, suo onore e la sua reputazione e, naturalmente, ricevere il necessario compenso della Eni per tutti i danni (morali e patrimoniali) sofferti a lungo di questi più di 13 anni. 

Questo whistleblower è stato una vittima della propria denuncia, avendo avuto la sua vita professionale distrutta da una aziendaa che non ha cumpiuto e non compie e rispetta il proprio Codice Etico.

Continua la lotta di david contro il cane gigante di sei zampe!

I dettagli di questa storia sono disponibili a questo LINK e tutto questo blog.

Douglas Linares Flinto
Funder & CEO

Friday, October 10, 2014

Await the next post ... Bomb!

Await the next post ... The news will drop like a bomb in the kennel of the six-legged dog!

Wednesday, October 08, 2014

Make a difference! Make a whistleblowing disclosure!

You can report irregularities and illegal acts of Eni this blog. 

Make a whistleblowing disclosure! Make a difference!

Image of site

Tuesday, October 07, 2014

Armanna reports. Eni disqualifies him... Always the same strategy!

An ex-executive of Eni SpA, Vincenzo Armanna, spent 11 hours testifying to Milan Prosecutors in the case involving the payment of bribes in Nigeria (OPL 245), with the current CEO of Eni (Claudio Descalzi) and the ex-CEO of Eni (Paolo Scaroni).

When leaving the Prosecution, Armanna told his story to the Italian newspaper "La Repubblica". This story was a bomb in the kennel of th scared and cornered six-legged dog!

Now, using the same strategy as always, Eni is trying to disqualify the whistleblower saying Armanna was dismissed for noncompliance to Eni's Code of Ethics.

Want to know what's the next step of the evil six-legged dog?

Eni will most likely process Armanna for "slanders" and "defamation" demanding a compensation of millions of Euros for the damages suffered...

How do we konw this? It was thust that Eni acted against Douglas Flinto, David Melfa and Giuseppe Marano. In addition to the Captain Gianni Franzoni

No one can confront this giant... His reaction is always to try and shoot down his opponentes!!!

It's very funny! When convenient, the company gives due prominence to Eni's Code of Ethics... 

... This is the Eni's Way!!!

Wednesday, October 01, 2014

The investigations become more intense... It's a lot of rot!

UPDATED: Eni, the Italian oil and gas giant, has pledged "full cooperation" with the authorities after it was revealed that a former marketing chief and a current manager are being probed for alleged tax evasion.

Rome prosecutors say Angelo Caridi, the former head of refining marketing, and manager Angelo Fanelli, falsified invoices related to excise duty on orders of liquified petroleum gas (LPG), according to a report in Corriere.

A businessman named Roberto Turriziani was also allegedly involved in the fraud, which reportedly allowed the men to “deceive tax authorities for years” and was instrumental in creating a secret "slush fund".

Investigators on Tuesday searched the headquarters of Eni Servizi, a subsidiary in the Lombardy town of San Donato Milanese, as well as seven homes owned by Caridi in Rome, Reggio Calabria, San Donato and Anzio.

Caridi, 67, is said to have played a “pivotal” role in the tax fraud, which prosecutors estimate exceeded €2 million.

“But we estimate the damage to the State is much higher; this is a focus of the ongoing investigations but also to identify how the money was re-used.”

In a statement to The Local, Eni said it is paying "great attention" to the investigation, which got underway two years ago, and assured "full cooperation" with the authorities.

The company added that the case related to “a relatively small industrial activity carried out by the former head of the refinery and marketing division.”

Although Caridi is now retired he is still remains on the staff books of subsidiary Eni Servizi, earning him a “fee” of €193 million a year.

A spokesperson for Eni was unavailable for comment when contacted by The Local.

Original text by The Local.

Learn more in Eni's Way: Now is systemic tax evasion in Italy 

There are so many irregularities, illegal activity and violation of the Eni's Code of Ethics... The six-legged dog is rotten at the core!

Friday, September 26, 2014

The inspiration of the Director of Eni

Very good the article by Luigi Zingales about the Holy Father: "The lesson of management of Pope Francis".

The content of article should be the inspiration to the actions and conduct of the Eni's Board, including Dr. Zingales!

Wednesday, September 24, 2014

Scaroni... He is back!

The ex-CEO of the biggest Italian company, Paolo Scaroni, is back! However, he is back on the news in the event of "international corruption" involving the payment of bribes in Argelia by Saipem, a company controlled by Eni SpA.

The prosecution of Milan says they have strong evidences that part of the money paid as a bride, ended up in bank accounts of relatives of Eni's ex-number #1.

Amazingly, the major Italian newspapers didn't report more of this unfortunate episode involving Eni's management. Does anyone make a guess?

The former CEO of the six-legged dog defends himself: "not have any illegal money in the "Paolo Scaroni Trust"...  Time will tell!

Check the full story on Reuters Italy.

Monday, September 22, 2014

If Descalzi is a honest man...

This Sunday (9/21), Eni's CEO vented in the Italian newspaper "La Repubblica", in an interview with Gad Lerner, to try and rescue his name, honor, image and reputation in the episode involving OPL 245, in Nigeria.

Claudio Descalzi "screans to the world" that he "isn't a dishonest man" and that he "can't sleep at night".

Eni's CEO is suffering what one of the company's ex-employee is suffering for 13 long years!!!

If Descalzi, indeed, is a honest man, a worthy man, a honored man and a man of character, he will examine, in every detail, the story of Douglas Flinto, fired in 2001, after reporting to the presidency of Agip  Brasil, corruption and internal fraud, complying with Eni's Code of Ethics.

Eni killed the whistleblower in Brazil and is trying to do the same in Italy, suing this ex-employee for slander and defamation, and demanding  30 millions (?!?!).

If Descalzi is a honest man, he will make Eni rescue and restore the name, the honor, the reputation and the dignity of Douglas Flinto.

Meet the repercussions of this case:

Friday, September 19, 2014

Time to stop the airbrushing: reaction to latest Eni corruption investigation needs investigating itself

Last week was a bad week for the Italian oil giant Eni. Within hours of news breaking that its newly-appointed CEO,Claudio Descalzi along with the company, are under formal investigation for corruption relating to a Nigerian oil deal the share price plummeted. Although since recovered, and despite Eni’s denials of the allegations, on the day, it wiped some $1.4 billion off Eni’s share value.
The story as it unfolded in the Italian press was worthy of a Hollywood film script. A Nigerian oil minister who awarded an oil field to himself, cashing it in for $1.1 billion when it was sold to Eni and Shell. Nigerian and Russian middlemen fighting over their spoils in the UK and US courts. Empty shell companies that appear to exist only on paper. Cash to the value of $190 million (held by the minister’s company and a middleman) being frozen in the UK and Switzerland by an Italian prosecutor. Wire-tapped telephone conversations. Valiant Western NGOs exposing the alleged corruption.
Told as a Hollywood story of Westerners uncovering bribes allegedly being paid to corrupt Nigerians, some unpalatable elements of this story get lost.
For this is not just a story about corrupt Nigerians. The allegation has also been made by the Italian prosecutors and in the UK High Court that Eni officials attempted to arrange kickbacks from the deal. Not that you would know this from the bulk of the press reports and public reactions. It should be noted that this allegation has been denied by Eni, who were not part of the UK High Court proceedings. In those proceedings, the allegation was emphatically rejected by the judge for lack of evidence and the unreliability of the source. See Eni’s statement and its responses to allegations in more detail which it gave in writing at its AGM, both are available on its website.
It does not fit with the lazily racist line (repeated by internet trolls and mainstream commentators alike) that Western companies are only tainted by corruption because they are forced to pay bribes by corrupt Africans, Asians and Latin Americans.
It is far more comfortable if the story is retold with the focus placed on corrupt Nigerians. Thus the reported reaction of one Eni shareholder: “It’s not great news but I’m afraid this is standard stuff in countries like Nigeria”.
Nor is this a story that is just about Europeans moving to prevent corruption, though prosecutors have finally acted by freezing funds. But this is a story about Western courts holding their noses whilst presiding over disputes between the would-be beneficiaries of what are clearly tainted deals. A story about Western financial institutions enabling the transfer of corruptly-obtained funds. This is a story about Westerners, notably companies such as Shell, moving heaven and earth to try to dismantle legislation that would make corruption harder by forcing companies to disclose their payments to governments. You wouldn’t know any of this from the press coverage.
And it is not a story that is just about Western campaign groups exposing corruption. It is also a story  (covered nowhere in the press) of Nigerian anti-corruption activists demanding, often at great personal risk, that politicians and corporations profiting corruptly from Nigeria be held to account – and that the West must address its own role in facilitating and, yes, promoting corruption in Nigeria and elsewhere.
It was a Nigerian activist, Dotun Oloko, who, along with us, pressed for the case to be investigated in Italy and the UK. And the existence of the UK investigation into the Eni-Shell oil deal only came to light when Nigerian groups protested outside the UK High Commission in Nigeria.
Nobody, least of all Nigerian activists, disputes that Nigeria is now a kleptocracy. But it is a kleptocracy fuelled directly by the activities of foreign companies and officials. Indeed, it thrives primarily in those sectors of the economy where multinationals are most prevalent. And it relies on the most important actors and actions in corruption stories being omitted.
It is time for the airbrushing to stop. Time for the Italian public to build an anti-corruption politics that insists on looking in the mirror.

Text by Simon Taylor is co-founder and Director of Global Witness

NOTE: This piece by Global Witness and Re:Common originally appeared (in Italian) in Il Manifesto on 18 September 2014, available here.

Wednesday, September 17, 2014

Letter from the CEO of Eni ... Time will tell!

Last week, the Public Ministry (PM) put the new CEO of the largest Italian company holding hands with his predecessor. The reason? The supposed bribe payments in Nigeria that may characterize the crime of "international corruption", something abominable by the SEC in the USA.

The PM also investigates whether these managers of Eni have pocketed part of the big money, featuring fraud, unjust enrichment and noncompliance to standards of conduct described in the company's Code of Ethics.

This unfortunate situation has placed (once again) in doubt the conduct of the executives of Eni and evidenced the inertia of the Board of the company that appears to have a total lack of independence of the Major Shareholder: the government of Italy.

To defend himself from the accusations and prevent further damage to his reputation, Claudio Descalzi wrote a letter to all his subordinates scattered to the four corners of the planet. This letter was published in the Italian site "La Mescolanza" on October 16.

The most striking things in this letter from the CEO of Eni are two phrases:

. We operate correctly and ethically as we always do

. No one knows how we operate at Eni better than you

But if these affirmations were true, the stories of former employees would be very different! Douglas Flinto and Gianni Franzoni wouldn’t have their lives destroyed by Eni after being unfairly dismissed in retaliation for having reported, to the internal channels of the company, unethical acts of Eni’s managers.

The investigations in Italy and London will continue and time will tell whether the acts of the executives of Eni were based on honesty, integrity of conduct and in the words and spirit of the Eni’s Code of Ethics. Otherwise, they may cause a fatal indigestion in the six-legged dog!

Sunday, September 14, 2014

Eni is a shame to Italy...

Eni is a shame to Italy just like Petrobras is to Brazil: political interference in the management, corruption and bribery, internal fraud and unjust enrichment, and the Corporate Governance exists only to fulfill International Standards, because the members of the Board don’t control, don’t investigate and don’t dismiss the bad managers.

These companies, besides not comply the words and the spirit of its own Code of Ethics, are not part of the "World Business Ethics".

Friday, September 12, 2014

Fixers: Who are they?

Bribes, Favors, and a Billion-Dollar Yacht: Inside the Crazy World of the Men Who Do Oil Companies' Dirty Work

When big oil companies like Exxon-Mobil and Chevron set their sights on a prime new oil reserve in Africa, Asia, or the Middle East, the first phone call they make usually isn't to the government office putting it up for sale. Instead, they ring up one of their contacts in a small, elite group of so-called "FIXERS", a shady cabal of a few dozen well-connected billionaires who hold the strings on the market for the world's most valuable commodity. The fixer gets a fat fee and a straightforward assignment: Do whatever you need to do to get us those oil rights.

Unlike the US, where oil rights are held by individual property owners and leased to mining companies, in most developing nations oil rights are held by the government, and getting them means having a personal relationship with the right ministers—and knowing how to grease their palms. Since the mid-1900s, oil companies have relied on fixers to do their dirty work, crisscrossing the globe with a Rolodex stacked with the calling cards of corrupt heads of state. In the end, we get cheap oil, oil companies get plausible deniability, and the leaders of some of the world's most oppressive regimes get astronomically rich.

Ken Silverstein is a veteran journalist who has spent the last several years finagling his way into the traditionally hyper-reclusive world of oil fixers, gaining unprecedented access to many key players and amassing a portfolio of outrageous tales of bribery, exploitation, and obscene wealth. His book, The Secret World of Oil, hit shelves in May 2014.

Text by Tim McDonnell

Meet the interview that the author gave to Mother Jones about the book. Click here.

Thursday, September 11, 2014

Now is the new Boss... Of course!!!

Italian prosecutors are investigating the chief executive of oil and gas company Eni, Claudio Descalzi, over the suspected payment of bribes to secure an oil contract in Nigeria, a report said on Thursday (September 11, 2014)

The Corriere della Sera newspaper said the state-controlled energy giant is suspected of having paid 190 million dollars to an intermediary linked to former Nigerian Oil Minister Dan Ete to secure extraction rights over the Opl 245 oil block.
Eni was not immediately available for comment, but the newspaper report said the company had previously denied any wrongdoing in the Nigeria deal.
At the time of the deal, in 2011, Descalzi was head of Eni's Oil division. He was promoted to chief executive in April, replacing Paolo Scaroni, who is also being probed over allegations of international corruption.
Corriere della Sera said that acting on a request from prosecutors in Milan, a court in Britain had frozen two bank accounts worth 110 and 80 million dollars respectively, belonging to the Nigerian intermediary who allegedly received the bribes.
On the Milan stock exchange on Thursday, company shares were down by more than 1%, the worst performance of the day.
Text by Times Live.

Is the Board of Directors of Eni regulated by the "Best Practices" of Corporate Governance or is a bunch of conniving people?
Where is Eni's Board?  What is the use of the Code of Ethics Eni?

Wednesday, September 10, 2014

Where is Greenpeace Italy?

They say that the dog is a man's best friend! But, this does not seem be the case for six-legged dog!

Eni SpA contradicts its own Code of Ethics, not only on issues involving the management of business, but also for the communities where the company operates.

In the Code of Ethics is imperative:

Development of local Communities

Eni is committed to actively contribute to promoting the quality of life, the socio-economic development of the communities where Eni operates and to the development of their human resources and capabilities, while conducting its business activities according to standards that are compatible with fair commercial practices.

. Eni’s activities are carried out in the awareness of the social responsibility that Eni has towards all of its Stakeholders and in particular the local communities in which it operates, in the belief that the capacity for dialogue and interaction with civil society constitutes an important asset for the company. Eni respects the cultural, economic and social rights of the local communities in which it operates and undertakes to contribute, as far as possible, to their exercise, with particular reference to the right to adequate nutrition, drinking water, the highest achievable level of physical and mental health, decent dwellings, education, abstaining from actions that may hinder or prevent the exercise of such rights.

. Eni promotes transparency of the information addressed to local communities, with particular reference to the topics that they are most interested in. Forms of continuous and informed consultancy are either promoted, through the relevant Eni structures, in order to take into due consideration the legitimate expectations of local communities in conceiving and conducting corporate activities and in order to promote a proper redistribution of the profits deriving from such activities.

. Eni, therefore, undertakes to promote the knowledge of its corporate values and principles, at every level of its organization, also through adequate control procedures, and to protect the rights of local communities, with particular reference to their culture, institutions, ties and life styles.

. Within the framework of their respective responsibilities, Eni’s People are required to participate in the definition of single initiatives in compliance with Eni’s policies and intervention programs, to implement them according to criteria of absolute transparency and support them as an integral part of Eni’s objectives.

Health, safety, environment and public safety protection

Eni’s activities shall be carried out in compliance with applicable worker health and safety, environmental and public safety protection agreements, international standards and laws, regulations, administrative practices and national policies of the Countries where it operates

. Eni actively contributes as appropriate to the promotion of scientific and technological development aimed at protecting the environment and natural resources. The operative management of such activities shall be carried out according to advanced criteria for the protection of the environment and energy efficiency, with the aim of creating better working conditions and protecting the health and safety of employees as well as the environment.

. Eni’s People shall, within their areas of responsibility, actively participate in the process of risk prevention as well as environmental, public safety and health protection for themselves, their colleagues and third parties.

However, Eni is systematically degrading the environment, contaminating the water, soil and air in various Italian cities, and causing diseases (and deaths) in the population, including defenseless children.

Learn some examples (Italian language):


Saturday, September 06, 2014

Eni's Board stop Eni's Way!

The Eni's Way of conducting business is lamentable and contrary to the Eni's Code of Ethics! 

Eni's Board stop Eni's Way!

Tuesday, September 02, 2014

Why is not Eni SpA afraid of anything?

In the USA there is exemplary punishment for companies. The government is strict and SEC is active, and both are feared by companies... In Italy is quite different!!! 

And that's the reason why Eni SpA is not afraid of anything!!!

New York (AFP) - September 2, 2014Oil services company Halliburton said Tuesday it would pay a $1.1 billion settlement over its role in the 2010 Gulf of Mexico oil rig blowout that led to the United States' most disastrous oil spill.
Halliburton said the money would be paid to the Gulf fishing industry and other victims of the Deepwater Horizon disaster, including some claims made in suits against oil giant BP.
Under contract with BP, Halliburton constructed the cement casing of the offshore deepwater Macondo well that blew out on April 20, 2010, killing 11 people.
The blast sank the BP-leased Deepwater Horizon drilling rig and sent millions of barrels of oil gushing into the Gulf of Mexico over 78 days, soaking shores in several states, killing wildlife, and shutting down the fishing industry on much of the US gulf coast.
In 2013 Halliburton was fined for destroying evidence relating to the accident.
BP has been fined tens of billions of dollars for the oil spill, and Halliburton said some of the fine announced Tuesday was its share of the nearly $8 billion April 2012 settlement BP made with class-action plaintiffs.
Another portion was punitive damages against Halliburton, mainly from the gulf coast fishing industry.
Halliburton, based in Dubai and Houston, said it has already set aside $1.3 billion to cover potential damages in the case.

Friday, August 29, 2014

Conflicts of Interest: Current CEO and ex-CEO

  1. Eni’s management and employees shall avoid and report any conflicts of interest between personal and family economic activities and their tasks within the company;
  2. Use of one’s position in the company, or of information, or of business opportunities acquired during one’s work, to one’s undue benefit or to the undue benefit of third parties;
  3. In any case, Eni’s management and employees shall avoid any situation and activity where a conflict with the Company’s interests may arise, or which can interfere with their ability to make impartial decisions in the best interests of Eni and in full accordance with the principles and contents of the Code, or in general with their ability to fully comply with their functions and responsibilities. Any situation that may constitute or give rise to a conflict of interest shall be immediately reported to one’s superior within management, or to the body one belongs to, and to the Guarantor. 

Why is the former chief executive of the oil company Eni, now Deputy Chaiman of the Rothschild Group, was called to sell the assets of SAIPEM, a subsidiary Eni?

Why the Board of Directors of Eni SpA has not prevented this conflicting situation?

Monday, July 28, 2014

Eni and CSR: Giant or Dwarf?

Companies need to honor, with dignity and character, its "Social Role", especially, those companies in which they have a nation's government as the "Owners of the Business".

Brazil and Italy have this kind of company: Petrobras and Eni are the largest companies in operation in their countries and both have the State as the main shareholder. Therefor, the government occupies most of the chairs in the Board, including the Chairman. With this, the government determines the directions that the company has to follow and the way the executives should lead businesses, in compliance with the responsability of the "Corporate Governance".

Companies like Petrobras and Eni have, indirectly, the Brazilian citizens and the Italian citizens as the main owners of these companies! However, unlike Eni, Petrobras fulfills its "Social Role" under the baton of the government's "Strong Hand".

In Brazil, with the goal to keep the inflation on the rigid control, keeping the companies and the purchasing power of the Brazilian worker, the government "forces" Petrobras to sell fuel below the cost of production, imposing to this Giant, stratospheric financial losses year after year, and devaluations of shares and a steep drop in Petrobras' "market value", ie, the Brazilian government prioritizes the population at the expense of shareholders and the market.

In Italy, it looks like it's happening the exact opposite! This is what indicates a "General Strike" 29/7/2014) called by Italian unions based on the intention of reducing Eni's investments in Italy with closing refineries and consequently the dismissal of thousands of workers. This decision of Eni will affect a lot of cities' economy leaving only the "environmental liability"of decades of degradation and pollution that is affecting the population as a disease.

If the Italian government doesn't reguire that its largest company fulfill its "Social Role", Eni will continue to be a "Giant" but it will be a "DWARF" when it comes to “Corporate Social Responsibility” and “Business Ethics”.