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Governance Management

Governance Management

Governance is the ultimate responsibility of the Board of Directors who sets out the rules and standards that regulate the management of the Company, with the aim of establishing and managing an effective framework to ensure the Company’s compliance with the corporate governance requirements under the laws and regulations to which it is subject, and adoption of best governance practices. Governance is managed by four Board Committees, and assurance is given through the Company’s Governance and Risk Management Department (GRMD) and Internal Audit Office.

Governance and Risk Management Department (GRMD)

GRMD is responsible for ensuring adherence to the Company’s Governance principles and compliance with all applicable laws and regulations.

Governance Framework

The Petro Rabigh Governance Framework reflects the structure, interrelated relationships of stakeholders and other influences upon the Company. It provides the mechanisms for the Board of Directors, Executive Management, as well as those at the operational level, to have a clear understanding and oversight of each other's expectations, objectives, performance, and reporting requirements. Good governance is an integral part of the Company's core values and reflects its approach towards engagement with stakeholders.

Compliance Framework

  • Describes how the Company undertakes risk management and ensures compliance across business units in an integrated fashion.
  • Demonstrates the Board and Company’s Management commitment to ensuring that risks are adequately managed and compliance requirements are met.
  • Implements the Company’s risk and compliance management requirements as established by the Compliance Program’s policies and procedures.
  • Defines the expectations and responsibilities of the Board and Company Employees with respect to the Company’s Compliance Program policies.
  • Denotes the structure and process established to oversee, direct, identify, assess, treat, monitor and report compliance risks and instances of non-compliance.
  • Establishes guidelines for monitoring the Company’s Compliance Management policies on a continuous basis to ensure improvement.
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