Governance for Sustainable Development

Approach of Sustainable Development Governance

In compliance with related regulations of the laws combined with international practices on corporate governance, apart from constructing and completing governance structure consistent to international practices, Petrolimex has built a corporate governance framework on sustainable development (corporate governance) including charters, regulations and legal documents within the Group to create a professional, thorough, transparent and efficient governance system from the Parent Company to member units. Then, Petrolimex not only ensures the highest governance rules which ensure shareholders’ benefits, but also harmonizes development goals and presents its social and environmental responsibilities.

Sustainable Development Governace Model

The governance model of Petrolimex is based on the balanced combination of the following elements:

  • Solid corporate governance structure: The governance structure of Petrolimex includes all management entities of a listed company: General Meeting of Shareholders, Supervisory Board, Board of Management, Departments under the Board of Management, Board of General Directors.
  • Compliance with practices and laws of Vietnam: Fully comply with laws, legal framework of Vietnam and the governance regulations applied to listed companies.
  • Apply consistently corporate governance tools in Petrolimex.

Approach of Sustainable Development Governance

Solid foundation for governance structure

Petrolimex’s governance structure has fully administrative subjects of listed company (General Meeting of Shareholders, Board of Management, Departments under the Board of Management, Supervisory Board, Board of General Directors, etc.) that clearly presents advantages as follows:

  • Role, responsibility of BOM is clearly stated in the Group’s Charter.
  • Petrolimex has soon established Departments under the BOM to advise for BOM (Refer to detailed information Departments under the BOM on page 66).
  • Establish Risk Management Department and issue regulations, procedures of risk management at the Group level.

Compliance with international frameworks and practices on corporate governance, ASEAN corporate governance Scorecard and advanced governance model based on applying governance model of foreign companies.

  • Build Code of Conduct with stakeholders (refer detailed information of stakeholders on page 86).
  • Approach to international standards on information announcement: apart from complying with all mandatory regulations on information announcement, Petrolimex has also done a good job in complying with other regulations on information announcement such as making annual Sustainability Report, organizing conferences, meetings, transparent information exchange with foreign and domestic investors, etc.

Fully comply with laws, legal framework of Vietnam and the governance regulations applied to listed companies in Vietnam; adjust, review and change in accordance with conditions in Vietnam.

Establish and develop a Group-wide governance model to ensure the consistency and uniformity in all operations.

  • Application of technology in governance and management is consistently implemented in whole Group (refer detailed information on application of technology in governance and management on page 82)
  • In the history of 65 years of establishment and development associated with many changes, but the spirit and love of profession are always in the mind of generations of employees and laborers of Petrolimex. Petrolimex’s culture is presented in its actions of dare to think, dare to do, dare to face challenges, take the lead in innovation, creativity, to be ready for global integration. In any stage and circumstance, Petrolimex’s employees and laborers always stay motivated and enthusiastic at work nationwide for sustainable development of enterprise and prosperity of the country. Petrolimex is always ready to write the history of its generations, stay united, devoted to “move forward”.
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