Our aim is to drive awareness on our zero tolerance on corruption, in any form. Organisational effectiveness is central to long-term business competitiveness. Our Shared Values of Loyalty, Integrity, Professionalism and Cohesiveness is the cornerstone to how we do business.
These, alongside the Code of Conduct and Business Ethics (CoBE), the PETRONAS Corporate Sustainability Framework as well as relevant commitments, are central in delivering optimum shareholder value.
Corporate Governance
Corporate governance is vital to our value creation and business excellence. Our continuous commitment to foster a culture of integrity, ethical behaviour and professionalism underpins our ability to remain a resilient organisation. This promotes higher levels of accountability and transparency.
Our policies are aligned to applicable laws and regulations of countries where we operate, in view of stakeholder’s expectations on good corporate citizenship.
The PETRONAS Board of Directors, supported by the relevant Sub-Committees, provide effective foresight on the business’ strategic direction as stipulated in the Board Charter, aligned with all applicable laws.
The Executive Leadership Team (ELT) assists the President and Group CEO in managing the organisation’s strategic business development plans and growth strategies, including cross-business issues of the PETRONAS Group.
The Board and ELT collectively ensure that PETRONAS delivers upon its obligations in a responsible manner, ensuring all aspects of business decision making adhere to strict ethical standards.
Business Ethics
The PETRONAS Code of Conduct and Business Ethics (CoBE) underpins our commitment to upholding the highest standards of ethics and integrity in the conduct of the Group’s business and operations and this applies to all employees, directors and third parties who represent or act for the Group. The CoBE also contains specific provisions on anti-competitive practices.
The CoBE is supported by the PETRONAS Anti-Bribery and Corruption Policy & Guidelines (ABC Manual) which is applicable to all employees as well as third parties. PETRONAS enforces zero tolerance for all forms of bribery and corruption. Our No Gift Policy and PETRONAS Integrity Compliance Framework collectively aim to further fortify the culture of ethics and integrity across the Group.
The Whistleblowing Policy encourages disclosure on any form of improper misconduct, where matters raised are deliberated by the Whistleblowing Committee. Updates are provided on a regular basis to the Audit Management Committee and Board Audit Committee. To lodge a report, please email whistle@petronas.com.my
For further information on Corporate Governance in PETRONAS, please refer to our Annual Reports.
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CoBE
The CoBE contains detailed policy statements on the standards of behavior and ethical conduct expected of each individual to whom the CoBE applies.
CoBE – Country Supplement
In view of the CoBE’s international application, some provisions of the CoBE will be modified to adapt the CoBE to the requirements of the local jurisdictions which PETRONAS is operating. The country supplement is to cater to the respective local jurisdiction, applicable legislation and social mores.
CoBE Guide
The CoBE Guide is a user friendly guide which will serve to illustrate the application of the CoBE in practice.
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