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, 2014 - Oil 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.

Conflicts of Interest: Current CEO and ex-CEO

The Code of Ethics of Eni SpA says:

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?

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”.

The Six-Legged Dog's bowels exposed

Member of Italian Parliament exposes the bowels of the six-legged dog.

Unbelievable... The Italian media does not give news on this subject! Why?

Will Eni's biggest shareholder not take any action? Why?

Click play and know the answer.

Open Letter to Eni's Board

To

Eni SpA

Chairwoman of the Board Eni SpA

Italy

c.c. Board of Directors, Board of Auditors, Management and other Eni's Stakeholders

Dear Ms. Emma Marcegaglia,

Today is completed two months since the Shareholders' Meeting of Eni Spa confirmed you as members of the Board of Directors of the company. With this, all of you have joined the Corporate Governance which  has the main responsability to be Eni's Ethics Guardian, ensuring, obeying and enforcing the words and spirit of Code of Ethics Eni.

Today is also completed thirteen years of my Life Defining Moment, an english expression to define something that marked someone's life forever!!!

In 2001, after fulfilling Eni's Ethics Code, reporting to the board of your brazilian subsidiary a millionaire scheme of internal corruption and fraud, exceeding US$ 18 millions per year, I was fired in "retaliation", which is a forbidden attitude and condemned by Code of Ethics Eni itself.

Now, regardless of the judgment that shall be rendered these days by the Civil Tribunal of Rome, in action for slander and defamation that Eni filed against me (?!?!), demanding a indemnity of US$ 100 millions (?!?!), your company will have to me an Eternal Moral Debt, because Eni, when trying to kill the whistleblower in Brazil and then in Italy, not only put an end to my career and my retirement, but destroyed my name, my image, my reputation and my honor (Get to know details from David and Goliath's story on this LINK).

However, Eni's Code of Ethics itself has as its assumptions and general principles:

•  Eni undertakes to promote knowledge of the Code among Eni’s People and the other Stakeholders, and to accept their constructive contribution to the Code’s principles and contents. Eni undertakes to take into consideration any suggestions and remarks of Stakeholders, with the objective of confirming or integrating the Code;

• Eni carefully checks for compliance with the Code by providing suitable information, prevention and control tools and ensuring transparency in all transactions and behaviours by taking corrective measures if and as required;

• Compliance with the law, regulations, statutory provisions, self-regulatory codes, ethical integrity and fairness, is a constant commitment and duty of all Eni’s People, and characterizes the conduct of Eni’s entire organization;

• Eni’s business and corporate activities has to be carried out in a transparent, honest and fair way, in good Faith;

• Eni undertakes to maintain and strengthen a governance system in line with international best practice standards, able to deal with the complex situations in which Eni operates, and with the challenges to face for sustainable development;

• All Eni’s People, without any distinction or exception whatsoever, respect the principles and contents of the Code in their actions and behaviours while performing their functions and according to their responsibilities, because compliance with the Code is fundamental for the quality of their working and professional performance. Relationships among Eni’s People, at all levels, must be characterized by honesty, fairness, cooperation, loyalty and mutual respect;

• The belief that one is acting in favor or to the advantage of Eni can never, in any way, justify – not even in part – any behaviours that conflict with the principles and contents of the Code.

If Eni Spa wants to throw their Code of Ethics in the garbage, I won't do the same with my life!!! And that's the reason for me to continue, tirelessly until my last breath of life, with my personal saga to restore and redeem my name, my image, my reputation and my honor, unjustly depreciated by your company.

Best Regarts.

Douglas Linares Flinto

Chairman & CEO

Brazilian Business Ethics Institute