Ethos Institute cancels Lojas Americanas – 03/13/2024 – Panel SA

The Ethos Institute expelled Lojas Americanas from its membership. The entity, made up of more than 400 companies, including Natura, Shell, Amazon and Carrefour, helps companies act within standards of governance and socio-environmental responsibility.

In the entity’s assessment, the retailer failed to comply with ethical principles that guide the entity’s internal code of conduct.

About a year ago, Americanas plunged into a serious crisis after it was revealed that there was an “accounting inconsistency” of around R$20 billion in its balance sheet.

Soon after, the new board stated that these were fraudulent operations involving suppliers. The company went into judicial recovery with a debt of R$46 billion.

When contacted, Ethos said, in a statement, that the decision was taken after an evaluation process that involved the ethics committee, deliberative council and the entity’s board of directors. The first conversations with Americanas began in January last year.

The decision to exclude was taken after discussion with some of the associates, who, together, observed in Americanas’ conduct a breach of the ethical principles assumed by the companies within Ethos.

Ethos also said that it will remain open to helping Americanas in the transformation process throughout this period of judicial recovery.

With Diego Felix

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