Corporate Governance
Our Corporate Governance
Consolidated Petroleum holds at least four Board meetings each year. The Board of Directors is responsible for formulating, reviewing and approving the strategy, budgets, major items of capital expenditure and acquisitions.
The Board has approved a Code of Business Conduct which includes rigorous Anti-Corruption; Corporate and Social Responsibility; and Health, Safety and Environment Policies. All Directors, employees, contractors, suppliers and consultants are expected to adhere to the Code of Business Conduct which will be reviewed on an annual basis to ensure compliance will relevant laws and regulations.
ESTABLISHED COMMITTEES
- The Audit Committee makes recommendations concerning the application of the financial reporting and internal control principles, including reviewing the effectiveness of our financial reporting, internal control and risk management and the scope, quality and results of the external audit.
- The Remuneration Committee reviews the performance of the executive Directors and senior management and will make recommendations concerning their remuneration, determine the payment of bonuses to executive Directors and consider bonus and option schemes.
- The Nomination Committee reviews and recommends to the Board the appointment of Directors and in doing so, ensures that the composition and balance support both the vision and strategy and best practice in the area of corporate governance.
Good industry practice
Consolidated Petroleum conducts its activities in accordance with good industry practice and in a socially responsible manner. It will behave ethically and with integrity and will respect cultural, religious, ethnic and national diversity. Consolidated Petroleum will:
- Maintain high ethical standards and transparency in its activities
- Obey the laws of the jurisdictions within which it operates
- Promote and adhere to high standards of corporate governance
- Engage with communities
- Support sustainable community development in areas where it is active
- Respect employees’ rights and not discriminate on the grounds of gender, religion, race or age
- Encourage partners and contractors to adhere to the same standards
- Work within the principals set out in the OECD Guidelines to Multinational Enterprises
- Obey the laws of the jurisdictions within which it operates
- Promote and adhere to high standards of corporate governance
- Engage with communities
- Support sustainable community development in areas where it is active
- Respect employees’ rights and not discriminate on the grounds of gender, religion, race or age
- Encourage partners and contractors to adhere to the same standards
- Work within the principals set out in the OECD Guidelines to Multinational Enterprises
CONTACT US
Talk to us any time through our Dubai Head Office and one of our friendly staff can assist you.
