Content2011 - PETRONAS Gas Berhad

More documents

Recommendations

Info

Internal Control Statement The Malaysian Code of Corporate Governance requires Public Listed Companies to maintain a sound system of internal controls to safeguard shareholders’ investment and the Company’s assets. Bursa Malaysia Securities <strong>Berhad</strong> Main Market Listing Requirements requires the Board to make a statement about the Company’s state of internal control in the Annual Report. The Board is committed to maintain and continuously improve the Company’s system of internal control and is pleased to provide the following statement. bOArd’S ACCOuntAbIlIty The Board acknowledges its overall responsibility for maintaining a sound system of internal control to safeguard shareholders’ petrOnAS GAS berhAd (pGb) enterprISe rISk MAnAGeMent Pursue Profitable Growth PGB Enterprise Risk Management system PGB Strategic Thrusts Deliver World Class Operational Performance enterprise risk profiling risk Mitigation Implementation enterprise risk reporting 120 petronas gas berhad (101671-h) Achieve People Excellence risk Management Framework event Mitigation risk Initiatives Implementation • Mitigation follow-up and determination of residual risk • New business venture risk event mitigation • Project Risk • Contractor Risk • Credit Risk • Plant & Facilities Risk with BCP • HSE Risk • Finance Risk investments and the Company’s assets and for reviewing the adequacy and integrity of the system. In view of the limitations that are inherent in any system of internal control, this system is designed to manage and mitigate, rather than eliminate, the risk of failure of achieving the corporate objectives. Accordingly, it can only provide reasonable but not absolute assurance against material misstatement or losses. The system of internal control covers, inter alia, risk management, financial, organisational, operational and compliance controls. The Board confirms that there is an ongoing process of identifying, evaluating and managing all significant risks faced by the Company, that has been in place for the year and up to the date of approval of the Annual Report and Financial Statements, and that this process is regularly reviewed by the Board so as to be in accordance with the Statement on Internal Control: Guidance for Directors of Public Listed Companies. • Risk Management Forum • Risk Management Effectiveness Assessment • BCP drill
Risk management is fi rmly embedded in the Company’s management system. It is the Company’s policy to adopt an effective and progressive enterprise risk management system to identify, analyse, appraise and monitor the risks facing the Company and to take specifi c measures to mitigate the risks. The Company, through its Risk Management Department (RMD), provides quarterly updates to the Board Audit Committee (BAC) in the form of the Enterprise Risk Report (ERR) which reports on the Company’s risk profi le and status of risk mitigation implementation i.e. event mitigation, risk management framework implementation and risk initiatives. The detailed risk events, risk rating as well as the status updates of the mitigation actions are updated in the Company’s INTERISK system. event MItIGAtIOn Detailed risk events arising from PGB’s business, together with existing controls and risk levels are discussed and endorsed by the BAC together with the appropriate risk mitigations to address the risks. The risk mitigations identifi ed are monitored for completion and the resultant residual risks are determined to reduce the risks to an acceptable level as endorsed by the BAC. In addition, for new business ventures, risk assessments are also conducted and reported as part of the business development proposal to Management. 121 annual report 2011 rISk MAnAGeMent frAMeWOrk IMpleMentAtIOn Project Risk The Company continues to implement Project Risk Management processes on its critical projects in line with the <strong>PETRONAS</strong> Project Management System (PPMS) requirements. All information relating to project risk management activities, e.g. risk assessments, independent reviews and lessons learnt, are captured in the Project Risk Management (PRisMa) system to enable effi cient monitoring and reporting. Project Risk Management reports are submitted to the relevant heads of divisions together with the mitigation plans to eliminate or reduce risk exposures identifi ed. During the year, Project Risk Reports were also generated by RMD as an independent monthly reporting to the General Manager of Technical and Facilities Development Division. The Project Risk Reports were also incorporated into the ERR submitted to BAC. During the year, the project risk assessment facilitator pool was reviewed to ensure the effectiveness of the facilitators. The selected facilitators underwent a Project Risk Assessment Facilitator Training which was conducted in two separate sessions during the year to develop and enhance the capability of the facilitators to assist in the project risk management implementation in PGB. It is the Company’s policy to adopt an effective and progressive enterprise risk management system to identify, analyse, appraise and monitor the risks facing the Company and to take specifi c measures to mitigate the risks.
Page 1 and 2:
ANNUAL REPORT 2011 In 2011, PGB is
Page 3 and 4:
Our Vision, Mission and Shared Valu
Page 5 and 6:
Our Vision A World Class Gas and Ut
Page 7 and 8:
The Sabah-Sarawak Gas Pipeline (SSG
Page 9 and 10:
2,982.3 2007 1,281.2 1,247.0 2007 9
Page 11 and 12:
Corporate Information Our Operation
Page 13 and 14:
Gas Processing Plant Operations Div
Page 15 and 16:
Miri Pipeline System Network Bintul
Page 17 and 18:
Corporate and Management Directory
Page 19 and 20:
Dato’ N. Sadasivan s/o N.N. Pilla
Page 21 and 22:
Samsudin bin Miskon, a Malaysian ag
Page 23 and 24:
Muri bin Muhammad, a Malaysian aged
Page 25 and 26:
Lau Nai Tuang, a Malaysian aged 53,
Page 27 and 28:
Farehana binti Hanapiah, a Malaysia
Page 29 and 30:
Karima binti M Noor General Manager
Page 31 and 32:
Karima binti Mohd Noor General Mana
Page 33 and 34:
Muhamed Ali bin Hashim Mohamed Mana
Page 35 and 36:
Ahmad Nawawi bin Mohd Yatim General
Page 37 and 38:
Liza binti Mustapha Liza, aged 40,
Page 39 and 40:
Performance Review Q&A with the Cha
Page 41 and 42:
39 annual report 2011 The Board of
Page 43 and 44:
41 annual report 2011 PGB’s entry
Page 45 and 46:
43 annual report 2011 The company i
Page 47 and 48:
Clear and precise communication bet
Page 49 and 50:
47 annual report 2011 The Company c
Page 51 and 52:
49 annUaL report 2011 CEO’s Busin
Page 53 and 54:
GATEWAY TO THE NEXT HORIZON Unlocki
Page 55 and 56:
mainly attributable to the enhanced
Page 57 and 58:
KIMANIS POWER PLANT Power Play - Fl
Page 59 and 60:
We can have the best equipment, the
Page 61 and 62:
monumental success in spite of them
Page 63 and 64:
Due to PGB’s extensive experience
Page 65 and 66:
Apart from the Chairmanship, the ye
Page 67 and 68:
Comparison between 3 rd Term GPTA a
Page 69 and 70:
stAtements of ComPrehensive inCome
Page 71 and 72: Earnings Per Share and Net Dividend
Page 73 and 74: Performance of Shares For the Year
Page 75 and 76: Drive + Innovation + Technology = P
Page 77 and 78: 75 annual report 2011
Page 79 and 80: Awards and Achievements With collec
Page 81 and 82: 79 annUaL report 2011 Corporate Res
Page 83 and 84: Sustainability - The PGB Way As a r
Page 85 and 86: PGB continues to invest for the fut
Page 87 and 88: Engagement with international and d
Page 89 and 90: This includes the annual ACD assess
Page 91 and 92: The Company’s training programmes
Page 93 and 94: The regular monitoring sessions are
Page 95 and 96: KEEPING SAFE, KEEPING HEALTHY PGB c
Page 97 and 98: The Company continuously manages he
Page 99 and 100: The green initiative used pilot 3R
Page 101 and 102: AWARDS AND RECOGNITIONS RECEIVED To
Page 103 and 104: Apart from these, the students were
Page 105 and 106: A total of 65 CSR activities were c
Page 107 and 108: C D 16 MAy 2010 Signing Ceremony fo
Page 109 and 110: H 6 SepteMber 2010 A CSR programme
Page 111 and 112: M N O 12 JANuAry 2011 To test the C
Page 113 and 114: 111 annual report 2011 Corporate Go
Page 115 and 116: As at the date of this report, the
Page 117 and 118: . Supply of and Access to Informati
Page 119 and 120: Fees for certain directors appointe
Page 121: ACCOuntAbIlIty And AudIt 1. Financi
Page 125 and 126: Health, Safety and Environment (HSE
Page 127 and 128: • The Company’s organisational
Page 129 and 130: terMS Of referenCe The BAC is gover
Page 131 and 132: 129 annual report 2011 Board Audit
Page 133 and 134: Statement of Directors’ Responsib
Page 135 and 136: Financial Statements 133 annUaL rep
Page 137 and 138: Directors’ Report For the Year en
Page 139 and 140: Directors’ Report For the Year en
Page 141 and 142: Statements of Financial Position at
Page 143 and 144: Statement of Changes in Equity For
Page 145 and 146: Notes to the Financial Statements 3
Page 173 and 174:
Notes to the Financial Statements 3
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Report of the Auditors to the MeMbe
Page 197 and 198:
Other Information 195 annUaL report
Page 199 and 200:
197 annUaL report 2011 A summary of
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Training Programmes Attended by Dir
Page 207 and 208:
Analysis of Shareholdings as at 31
Page 209 and 210:
Analysis of Shareholdings as at 31
Page 211 and 212:
Corporate Directory PETRONAS Gas Be
Page 213:
Notice of Annual General Meeting No
Page 216:
fold here fold here Symphony Share
show all

Content2011 - PETRONAS Gas Berhad

Create successful ePaper yourself

Delete template?

Save as template?