Sustainability Development Governance
REPORT
Sustainability-oriented
governance model
At Petrolimex, the Board of Directors (BOD) is the highest governing body responsible for decision-making and supervising the management of Petrolimex's economic, environmental, and social impacts. The BOD is also the highest authority responsible for developing, approving, and declaring Petrolimex's mission, strategies, policies, and goals related to sustainability. The BOD's supporting departments include: General Administration Department, Strategy and Investment Department, Human Resources and Remuneration Department, Risk Management Department, and Audit Department.
The General Director directly leads the Management Department and assigns Deputy General Directors to directly manage and operate sustainability matters, including planning, implementation, and management of implementation.
IMPACT MANAGEMENT AUTHORIZATION
1 Board of Directors
- Provide general directions on sustainability strategy
- Approve goals and action plans
2 General Director in charge of general issues is responsible for following contents
- Build and submit Petrolimex’s sustainability goals and action plans to BOD
- Share sustainability strategy, goals and plans of Petrolimex
- Ensure to achieve sustainability goals as planned
- Supervise, urge implementation of sustainability plans of the related departments
3 Functional departments and Employees
- Functional departments: implement and realize sustainability plans in accordance with orientations of General Director and Management Department
- Employees: fulfill daily works related to sustainability goals of Petrolimex
4 Monthly assessments
Monthly recurring, BOM analyzes positive and negative impacts of Petrolimex on society, environment and economy to report to Board of Directors, specifically:
- Reporting at monthly meeting of BOD
- BOD’s report will be implemented by collecting written opinions of BOD
5 Assessment of environmental and social impacts, risks and opportunities
In resolutions, announcements, conclusions of BOD, BOD requests General Director to direct Management Departments and related Line Departments to focus on forecasting, updating and strictly following practical developments of socio-economic-environmental situation in business activities, actively adjust and timely set up suitable, effective solutions to ensure successful implementation of the annual business plan and sustainable business strategy.