The Board of Directors of Sinopec Corp lays emphasis on sustainability and establishes specific departments responsible for every aspect of sustainability.
Social responsibility management of the Company
The Social Responsibility Management Committee of the Board of Directors, consisting of the Chairman, the director and President, and an independent non-executive director, is responsible for corporate social responsibility management strategies and plans, and the annual social responsibility planning, and for making recommendations to the Board and puts forward proposals to the Board of Directors. We include the responsibility indicators including safety production, energy conservation and environmental protection etc. into the performance appraisal system, focusing on the impact of our operations on economy, society, environment and resources to promote improvements on social responsibility management and practices and to fulfill our commitment of “ Making Every Drop Count”.
Internal control and risk management of the Company
Sinopec Corp. has formulated the internal control system including decision-making, execution and supervision functions since 2003 and established an internal control working group. We include HSE, social responsibility and corporate culture into the system which highlights our focus on safety and environmental protection. The Audit Committee of the Board of Directors is responsible for reviewing the internal control and risk management regulations and the effectiveness of relevant system and reports to the Board of Directors.
Guided by our comprehensive risk management system and polices, we have integrated risk management into our internal control system and established a risk management working group. Relevant departments are responsible for controlling and mitigating strategic and commercial risks across the company, for example safety, environmental protection, finance, legal affairs, anti-corruption and overseas public safety processes. We prepare the report on significant and major risks quarterly. We analyse both the domestic and foreign macroeconomic environment and predicted trends in the petroleum and petrochemical industries, categorise external and internal risks and identified preliminary risks that could impact us. Our assessment helps us identify major risks to strategic planning, environmental protection, and safe production, and result the creation of contingency plans.
HSE management of the Company
Sinopec Corp. has established standards of Safety, Environment and Occupational Health Management System to safeguard the company and stakeholders including customers, contractors and partners to manage safety, environmental protection and occupational health. The headquarters and all subsidiaries set up HSE management departments to manage the operations on energy conservation, emission reduction, greenhouse gas emission, environmental protection, water conservation, energy integrated utilisation and clean production. The subsidiaries establish HSE regulations and monitor the relevant operations complying with China and local laws and regulations.