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Corporate Governance

Law-based Governance

The company implemented law-based governance, improved rule of law, prevented and resolved legal risks, strengthened management according to laws and regulations, and advocated the rule of law culture. The company's production, operation, reform and development were all incorporated into the rule of law.

The company's leading Party members group issued a policy paper specifying that top management member shoulders the primary responsibility in implementing the rule of law. The company further improved the general counsel system, strengthened construction of the company's in-house lawyers team, and strictly conducted legal-operation assessment of the management of the affiliates. Approval procedure of major decision-making matters were strictly followed. Legal review of investmentrelated decision-making was institutionalized. Legal supervision and compliance management in key business areas were carried out. Dispute litigation achieved remarkable results. The company fully implemented the legal risk prevention and control responsibility system. Legal risks in international business were carefully investigated, and the approach of “one case, one policy” was adopted to resolve legal risks. Contract management was intensified with a signed contract number of more than 555,000 in last year and contract value of more than 1.8 trillion yuan. The company improved the legal work process, standardization, and informatization with focus on optimization of the contract management system and the second phase of the comprehensive legal management system. The company actively participated in the compiling of national oil and gas law and other legislative work. The legal affairs related with industry and commerce, licensing and trademarks were standardized, and corporate credit information management was strengthened. The working responsibility system namely “Popularizing law with business” was implemented, legal dissemination of “Safe Production” was conducted. By the means of new media and innovative forms, the majority of employees enhanced their ability and awareness to compliance and rule of law, and the law-based governance elevated to a higher level.

Audit Supervision

In 2017, the company carried out 1,100 auditing projects of various types, which effectively provided supervision, protection, and warning for businesses and operations.

The company deepened audit of economic responsibility of corporate leaders, combined routine audits such as financial revenues and expenditures, internal control evaluations, and fixed assets investment to audit and supervised the effectiveness and rationality of system execution. Based on supply-side structural reform and the principle of maximizing the company’s benefit, we carried out special audits and audit investigations, strengthened effective use and transformation of supervision results, and promoted “broader supervision” mechanism. While strengthening audit and supervision, the company vigorously advanced audit management to improved quality and efficiency. 8 branches were awarded the title of National Outstanding Enterprises for Internal Audit and 4 people were awarded the title of National Outstanding Personnel for Internal Audit.