2010 Annual Report - Petron

More documents

Recommendations

Info

CORPORATE GOVERNANCE (Continued) Internal Control (Continued) 4. key policies covering, among others, Business Ethics, Conflicts of Interest, Antitrust, Alcohol and Drug Use, Gifts and Entertainment, Harassment in the Workplace and Outside Directorships. They include requirements to comply with all applicable laws and regulations. These policies are communicated to and acknowledged by employees on an annual basis, 5. a Controls Integrity Management System to assess and sustain the effectiveness of the organisation's system of controls; and 6. a yearly representation of compliance to the internal control system and key policies by the managers of each business unit in the Company. Managers are required to document any outstanding control concerns and the planned corrective action steps. It should be noted that systems of internal controls and risk management are designed to manage rather than eliminate the risk of failure to achieve business objectives, and any system can only provide reasonable and not absolute assurance against material misstatement or loss. Statement of Directors' Responsibility for Preparing the Financial Statements The Directors are required by the Companies Act, 1965 and the Main Market Listing Requirements of the BMSB to confirm that the financial statements for each financial year have been made out in accordance with the applicable approved accounting standards and that they give a true and fair view of the results of the business and state of affairs of the Company for the financial year. The Directors have carried out their responsibilities by: selecting suitable accounting policies and applying them consistently; making judgments and estimates that are reasonable and prudent; ensuring that all applicable accounting standards have been adhered to; and basing the financial statements on a going-concern basis, as the Directors have a reasonable expectation, after having made due enquiries, that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors are responsible for ensuring that the Company keeps accounting records which disclose with reasonable accuracy, the financial position of the Company, enabling the Directors to ensure that the financial statements comply with the Companies Act, 1965 and to safeguard the assets of the Company. Relationship with Auditors The Board has established a formal and transparent relationship with the auditors of the Company. The role of the Board Audit Committee in relation to the internal and external auditors is described on pages 27 and 28. Material Contracts The Company is not and was not a party to any material contracts involving the Directors' interests during the year. Further the Company is not and was not a party to any material contracts that are not in its ordinary course of business involving its major shareholders' interests during the year. Non-Audit Fees No non-audit fees were paid or are payable to the external auditors, PricewaterhouseCoopers, by the Company for the financial year ended December 31, 2010. Other Information i) Family Relationship None of the Directors have any family relationship with any other Director and/or major shareholder(s) of the Company. ii) Conflicts of Interest None of the Directors have any conflicts of interest with the Company. ANNUAL REPORT & ACCOUNTS 2010 23
ESSO MALAYSIA BERHAD CORPORATE GOVERNANCE (Continued) Other Information(Continued) iii) Conviction for offences (excluding traffic offences) None of the Directors have been convicted for any offences within the past 10 years. iv) Sanctions and/or penalties No sanction or penalty has been imposed on the Company, or the Directors or the Management, by the relevant regulatory bodies. This Statement is made in accordance with the Board of Directors' resolution dated February 25, 2011. Training Attended by Directors in 2010 Directors / Training Date in 2010 Organiser Hugh W. Thompson Upstream Working Group Feb 22 PETRONAS Offsite Strategy Planning Mar 2 ExxonMobil Operations - ALT Effectiveness Workshop Mar 16 ExxonMobil ESG Drill Apr 1 ExxonMobil Production Leadership Team Conference Apr 12-15 ExxonMobil - Houston, USA Annual Safety Forum Apr 19 ExxonMobil Data Privacy Laws May 20 ExxonMobil Offsite Strategy Meeting May 26 ExxonMobil - PUL Alignment Workshop Asia Oil & Gas Conference Jun 7-8 PETRONAS - Panel Chairman “ The Roundtable Carbon Agenda” Upstream Working Group Jun 21 PETRONAS Visiting Senior Executive Programme Jun 30 Thunderbirds Offsite External Engagement Strategy Conference - 1 Jul 6 ExxonMobil Advanced ESG Training Jul 19-21 ExxonMobil Offsite External Engagement Strategy Conference - 2 Jul 28 ExxonMobil Upstream Oil & Gas Business in Malaysia Aug 27 ExxonMobil Upstream Working Group Oct 4 PETRONAS Economic Transformation Programme Roadmap Oct 24 Govt of Malaysia Leadership Offsite - Safety Nov 25 ExxonMobil Tan Sri Dato' Dr. Syed Jalaludin Syed Salim Data Privacy Laws May 20 ExxonMobil Banking Insight Programme - Prof. Nabil Jun 8-9 Bank Negara Malaysia Upstream Oil & Gas Business in Malaysia Aug 27 ExxonMobil 24 ANNUAL REPORT & ACCOUNTS 2010
Page 3: FINANCIAL HIGHLIGHTS 2010 2009 % RM
Page 11 and 12: CAPITAL EXPENDITURE RM MILLION TOTA
Page 13 and 14: ESSO MALAYSIA BERHAD Profile of Dir
Page 15 and 16: ESSO MALAYSIA BERHAD Corporate Citi
Page 17 and 18: ESSO MALAYSIA BERHAD Environmental
Page 20 and 21: CORPORATE GOVERNANCE The Board of D
Page 22 and 23: CORPORATE GOVERNANCE (Continued) An
Page 26 and 27: CORPORATE GOVERNANCE (Continued) Tr
Page 29 and 30: Meetings and Minutes (Continued) Th
Page 31 and 32: ESSO MALAYSIA BERHAD STATUTORY INFO
Page 33 and 34: ESSO MALAYSIA BERHAD STATEMENT OF C
Page 35 and 36: ESSO MALAYSIA BERHAD STATEMENT OF C
Page 37 and 38: ESSO MALAYSIA BERHAD NOTES TO THE F
Page 39 and 40: ESSO MALAYSIA BERHAD 1. BASIS OF PR
Page 41 and 42: ESSO MALAYSIA BERHAD 2. SUMMARY OF
Page 43 and 44: ESSO MALAYSIA BERHAD 2. SUMMARY OF
Page 45 and 46: ESSO MALAYSIA BERHAD 5. REVENUES 20
Page 47 and 48: ESSO MALAYSIA BERHAD 12. PROPERTY,
Page 49 and 50: ESSO MALAYSIA BERHAD 16. RECEIVABLE
Page 51 and 52: ESSO MALAYSIA BERHAD 18. RETIREMENT
Page 53 and 54: ESSO MALAYSIA BERHAD 23. RESERVES 2
Page 55 and 56: ESSO MALAYSIA BERHAD 29. SUPPLEMENT
Page 57: ESSO MALAYSIA BERHAD INDEPENDENT AU

2010 Annual Report - Petron

Create successful ePaper yourself

Delete template?

Save as template?