CORPORATE SOCIAL RESPONSIBILITY
Important changes sweeping across the world in the last century and currently, have placed greater responsibility on all sectors of human society. Corporations can no longer remain in business simply to make profit. Indeed, businesses do not operate in a vacuum. They operate within an environment of multiple stakeholders in what the corporations do. Among others, governments must ensure that companies conduct business responsibly according established laws and protections; businesses depend on the goods and/or services of other businesses to thrive; most importantly, customers and by extension society, consume goods and services for the sustenance of humanity. Therefore businesses have a duty to conduct themselves responsibly, while at providing the goods and services that society consumes.

Further, subsidiaries and affiliates of Tubacex Group in the NAFTA Market can no longer restrict their operations to purely industrial, commercial and financial concerns, but must seek to embrace a business concept in which social issues take up an increasingly prominent position on its values scale. There are many factors behind the increased importance companies now attach to social responsibility and their inclusion in their corporate strategies:

• Social criteria are becoming increasingly influential in the investment decisions made by people and institutions in their capacity as consumers and investors.
• Growing concerns with regard to damage caused to the environment by industrial activity.
• Transparency in business activities brought about by the media and advanced information and communication technologies

From these new concerns and expectations of citizens, consumers, governments and investors, and within the context of globalization and large-scale industrial change, business ethics, good corporate governance, transparency, people management, knowledge, support for culture as well as the need to contribute to the development of people and society become tremendously important factors and constitute an investment in the creation of value.

In line with the overall business philosophy of TUBACEX GROUP, the Company's subsidiaries and affiliates within the NAFTA Market find it absolutely essential to incorporate these principles into their business strategies, to enable business objectives to be considered in conjunction with the expectations of the main players with whom the Company interacts (customers, employees, shareholders, investors, etc.).  In doing so, this can guarantee the responsible use of resources and the adoption of policies that take the Company’s immediate environment into consideration.

Mindful of this, TUBACEX GROUP is a registered member of the United Nations Global Compact, a voluntary initiative of ethical commitment which asks companies from all over the world to embrace a set of principles of conduct and action in the areas of Human Rights, Employment and the Environment, as an integral part of their strategies and operations.

The Global Compact, introduced in the middle of 2000 on the initiative of the UN Secretary-General Kofi Annan, seeks to promote the creation of global corporate citizenship, that enables business interests and processes to be reconciled with the values and requirements of civil society, through a number of cardinal Principles.

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