Annual Report 2012

Firstly, the Board of Directors diligently fulfilled
its obligations and exercised its rights under
the PRC Company Law and the Articles of
Association, and made scientific decisions
on major issues concerning production and
operation, reforms and development, etc.; and
the senior management diligently implemented
the resolutions made by the Board of Directors;
optimized the internal control, reinforced
precision management, strived to lower the
costs and enhance efficiency, strengthened the
technological innovation; paid more attention
to risk prevention and control, put emphasis on
safety and environmental protection and energy
saving and emission reduction. As a result, all
work received remarkable effects. The Board
of Supervisors did not discover any behaviors
of any directors or senior management which
constituted violations of laws, regulations,
the Articles of Association, or were
detrimental to the interests of Sinopec Corp.
or the shareholders.
Secondly, the reports prepared by the Company
in 2012 conformed with the relevant regulation
of domestic and overseas securities regulators,
and the annual financial statement issued by
the Company, was prepared in accordance with
ASBE and IFRS respectively, truly and fairly
reflected the Company’s financial status and
operational performance.
Thirdly, all connected transactions between
Sinopec Corp. and China Petrochemical
Corporation were in compliance with the relevant
rules and regulations of listed places. All the
connected transactions were conducted on the
basis of fair and reasonable price and
in line with the principle of “fairness,
Tjustice and openness”. Nothing in these
transactions was found to be detrimental to
the interests of Sinopec Corp. or the nonconnected
shareholders.
Fourthly, the Board of Supervisors reviewed
the Company’s Report on Internal Control and
Self-Assessment and came to a conclusion that
such report was objective, comprehensive and
accurate.
Fifthly, the Company strictly implemented
relevant fund-raising regulations. The actual
utilization of fund-raising conformed to the
disclosures.
Sixthly, the Company timely disclosed the
material information according to the regulations
of securities supervisory authorities, and the
information disclosed was authentic, accurate
and complete.
In May last year, this session of the Board
of Supervisors began to perform duties. New
sessions of the Board of Supervisors will
follow the principle of integrity, perform the
duties of supervision, actively participate in
the process supervision of significant decisionmakings,
increase the strength of inspection and
supervision and protect Company benefit and
shareholders’ equity.
Xu Bin
Chairman, Board of Supervisors
Beijing, China, 22 March 2013
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CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012
Report of the Board of Supervisors