Business

Petronas continues to enhance governance through CIAP

MALAYSIA-OIL-ENERGY-PETRONAS

Syndicated News
Written by Syndicated News

KUALA LUMPUR, March 29 2019 : 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

Comments

comments

About the author

Syndicated News

Syndicated News

News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.