Page 43 - Pakistan Oilfields Limited - Annual Report 2021
P. 43
MANAGEMENT COMMITTEE
Various committees have been constituted to look after the operational and financial
matters of the Company. A brief description of the composition and terms of reference
of the various committees are as follows:
Executive Committee Business Strategy Safety Committee
Committee
The Committee meets under The Safety Committee reviews
the chairmanship of the Chief The Business Strategy and monitors Company’s wide
Executive to coordinate the Committee is responsible for safety practices. It oversees the
activities and operations of the preparing the strategic plan safety planning function of the
Company. Company and is responsible for
for the future growth of the
Review and Appraisal Company. The Committee also safety training and awareness
initiatives. The Committee is
Committee reviews major projects and also responsible for publishing
formulates recommendations
after evaluation from technical the Company’s monthly safety
The Review and Appraisal newsletter “Safety Bulletin”.
Committee is responsible for and commercial aspects.
ensuring that procurement of Systems and
assets, goods and services
is made in accordance Technology
with Company policies and Committee
procedures on competitive and
transparent terms. The Systems and Technology
Committee is responsible for
Risk Management developing and implementing
Committee an IT strategy for the Company.
The Committee oversees the
The Risk Management automation of processes and
Committee is responsible systems in line with latest
for ensuring that procedures technology. The Committee is
to identify and continuously also responsible for development
update risks are in place. The of contingency and disaster
Committee oversees the recovery plans.
process of assessment of the
possible impact and likelihood Budget Committee
of occurrence of identified The Budget Committee reviews
risks. The Committee is also and approves the annual
responsible for formulating a budget proposals prior to being
risk management response to presented for the approval
effectively address and manage of the Board. The Committee
risks.
also monitors utilization of the
approved budget.
ANNUAL REPORT 2021 41
