- Provide strategic directions of the Company related to sustainable development.
- Approve targets and action plans.
GOOD GOVERNANCE IN SUSTAINABLE DEVELOPMENT
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
- Build and submit targets and action plans on PVCFC’s sustainable development to Board of Directors.
- Share strategies, targets and sustainable development plans throughout the Company.
FUNCTIONAL DIVISIONS AND UNITS
- Implement sustainable development plans in accordance with orientations of Board of Management.
EMPLOYEES
- Implement daily tasks related to sustainable development goals of PVCFC.
PVCFC’s corporate governance model is based on harmonious combination of following factors:
- Solid corporate governance structure: PVCFC’s governance structure is a set of governance entities of a listed company including: General Meeting of Shareholders, Supervisory Board, Board of Directors, Divisions of Board of Directors and Board of Management.
- Compliance with international practices and the laws of Vietnam: fully comply with regulations of the laws, legal framework of Vietnam and corporate governance of listed companies.
- Apply corporate governance tools in Vietnam National Oil and Gas Group (PetroVietnam).
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.