Statement for Schneider Electric Pakistan Pvt.

As a result of a collaborative effort between the World Bank and Schneider Electric, Schneider Electric has agreed with the World Bank to debar Schneider Electric Pakistan Pvt. Limited for a period of 25 months from bidding on or receiving World Bank funded projects in Pakistan. The activities leading to this debarment were directly inherited by Schneider Electric through its acquisition of Areva T&D in 2010 and were limited to activities conducted by the Areva T&D subsidiary in Pakistan which later formed part of Schneider Electric Pakistan Pvt Limited.

While it is unfortunate that Schneider Electric inherited this issue, we view it as our obligation to acknowledge the issue, rectify the situation, and implement robust controls in the acquired subsidiary in Pakistan. It also highlights the risk associated with acquiring companies with extensive worldwide operations. We appreciate that World Bank recognizing that this was a matter Schneider Electric inherited and that our commitment to Ethics and Compliance allowed us to swiftly conclude the matter and take the necessary actions.

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