PETRONAS is pleased to announce that it is embarking on a collaborative anti-corruption initiative with the Malaysian Anti-Corruption Commission (MACC) as part of its efforts in ensuring a business environment that is free from corruption.
As part of this collaborative effort, MACC officers will share with PETRONAS the Commission’s expertise in enhancing the company’s existing corruption prevention strategies and initiatives. MACC will also provide advisory services and training programmes to PETRONAS’ employees on ways to prevent corruption.
PETRONAS’ collaborative initiative is in line with the increased focus on good corporate governance, enhanced transparency and accountability embarked upon by its President and Chief Executive Officer Dato’ Shamsul Azhar Abbas as part of the company’s Corporate Enhancement Programme when he took office in February 2010.
The Corporate Enhancement Programme involved, among others, the reconstitution of PETRONAS’ Board, the establishment of the Government & Risk and Remuneration Committees in addition to the Audit Committee.
PETRONAS has policies addressing bribery, corruption and money laundering which reflect the company’s focus on making ethics and anti-corruption an integral part of its business operations, and these policies are incorporated into the company’s Code of Conduct and Business Ethics (CoBE) which is applicable not only to the employees but also to the non-executive directors and contractors. The CoBE will have global application and country supplements to address country specific issues.
Employees are made aware of PETRONAS’ CoBE as part of their induction training and are required to familiarise themselves as these are updated.
Media Relations Department
Group Corporate Affairs Division
14 March 2012