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Petronas launches anti-corruption initiative

15th March 2012

Oil company collaborates with government agency to crack down on corruption

Petronas tackles corruption

Malaysian oil company, Petronas, has begun a collaborative anti-corruption initiative with the Malaysian Anti-Corruption Commission (MACC) to ensure its business is corruption-free.

MACC officers will help Petronas enhance its existing corruption prevention strategies and initiatives. MACC will also provide advisory services and training programmes to Petronas employees on ways to prevent corruption.

The initiative is in line with the company's increased focus on good corporate governance, enhanced transparency and accountability. President and CEO Dato’ Shamsul Azhar Abbas pursued the objective as part of the company’s Corporate Enhancement Programme when he took office in February 2010.

The programme involved changing the company’s board, establishing government and risk and remuneration committees as well as an audit committee.

Petronas has policies place which address bribery, corruption and money laundering which are incorporated into the company’s code of conduct and business ethics (CoBE) – applicable to the employees and non-executive directors and contractors.

The CoBE will have global application and country supplements to address country specific issues

 

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