Petronas continues to enhance governance through CIAP

UOB Kay Hian Research analyst Kong Ho Meng said while there have not been any large tenders awarded by Petroliam Nasional Bhd (Petronas), it expected contracts to be rolled out from next year. In Malaysia, he said, about 11% or about 35 of the over 300 platforms have been operating for over 40 years, and more than 200 wells have already been identified to be plugged and abandoned.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) continued to enhance its education and communication activities to promote integrity with another round of the Corporate Integrity Advocacy Programme (CIAP) for its top management.

Themed, “Corporate Liability ? A Change in Corporate Integrity Landscape”, the CIAP 2019 held yesterday, addressed the change in the corporate integrity landscape, after introduction of the corporate liability clause in the Malaysian Anti-Corruption Commission (Amendment) Act 2018, Petronas said in a statement.

It said the clause imposed liability on companies and accorded strict personal liability on their officers and members of senior management.

“The provision also has extra-territorial reach as it covers locally incorporated companies and partnerships, as well as companies and partnerships incorporated overseas with a business presence in Malaysia,” it added.

Senior vice president and group general counsel Maliki Kamal Mohd Yasin, who represented Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin at the event, highlighted that the group’s zero tolerance to bribery and corruption was crucial in maintaining an ethical, law-abiding culture which provided enormous benefits to it.

Petronas chief integrity officer Datuk Rohaizad Yaakob said the corporate liability clause, required all commercial organisations to take real measures to ensure their businesses do not participate in corrupt practices.

In June 2017 the Petronas Management signed the Corruption Free Pledge (CFP) to strengthen the company’s resolve towards becoming a graft-free organisation.
Petronas was also among the first in Malaysia to be certified with the ISO 37001:Anti Bribery Management System certification.

Petronas has already subscribed to the UK Bribery Act 2010 (UKBA), one of the internationally recognised laws on anti-corruption, while putting in place adequate measures as prescribed by it. This includes the establishment of the Petronas Integrity Compliance Framework (PICF) in 2012. - Bernama