METHODOLOGY OF SUSTAINABLE DEVELOPMENT MANAGEMENT
In compliance with relevant regulations in association with international practices on corporate governance, apart from building and completing corporate structure toward stronger position and compliance with international standards, PVCFC has built a corporate structure (including corporate governance toward sustainable development) including Charters, regulations and legal documents within the Vietnam Oil and Gas Group to create a professional, transparent and effective governance system from Parent Company to its member companies. Then, PVCFC not only ensures the highest governance principles on ensuring shareholders’ benefits but also harmonizes development goals and social and environmental responsibilities.
SUSTAINABLE MANAGEMENT MODEL AT PVCFC
BOARD OF DIRECTORS
BOARD OF MANAGEMENT
FUNCTIONAL DIVISIONS AND UNITS
EMPLOYEES
PVCFC’s corporate governance model is based on harmonious combination of following factors:
PRINCIPLES OF GOVERNANCE FOR SUSTAINABLE DEVELOPMENT
Responsibility of Board of Directors
Establish roles, responsibilities and commitments of Board of Directors as stipulated in Charters
Compose a professional and competent Board of Directors
Ensure independent and effective leadership of Board of Directors
Establish affiliated divisions of Board of Directors
Ensure effectiveness of Board of Directors
Establish and maintain Code of Business Conduct and Ethnics of the Company
Stakeholder relations
Strengthen effective participation of stakeholders: Code of Business Conduct
Shareholder rights
Establish a framework to ensure shareholder rights: Code of Business Conduct
Information disclosure and transparency
Strengthen information disclosure activities: ensure disclosure requirements of listed companies
Control environment
Create a risk management framework and a strong control environment: risk management board plays a major role in supervision.