Page 100 - Pakistan Oilfield Limited - Annual Report 2022
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PAKISTAN OILFIELDS LIMITED
Other Corporate Governance
Stakeholders’ Engagement Information Technology (IT)
Governance Policy
Stakeholders’ engagement is a key component
of Corporate Social Responsibility (CSR) With the increasing volumes of digital exchange,
and accomplishing the triple main concern. information technology governance is regarded
Organizations draw in their partners in exchange as a core part of POL overall governance program.
to discover what social and financial issues Keeping in view the shareholders interest, the
matter most to them about their execution, so as company investment in IT is aligned to support its
to enhance basic leadership and responsibility strategic objectives. In POL we are unequivocally
in order to improve decision-making and dedicated to incorporate best and most recent
accountability. At POL, a vigorous engagement IT advancements and framework to empower
takes place between all stakeholders to productive and convenient basic decision-making
understand and respond to every stakeholder’s process.
legitimate concern either social, environmental
or company financial related issues. Our key IT Governance Policy consists of following:
stakeholders are
• Promoting governance, transparency,
• Shareholders accountability and dialogue about technology
• Customers (POLGAS distributors) that facilitates effective strategy adoption
• Suppliers • Ensuring compatibility, integration and
avoiding redundancy
• Banks • Securing the company’s data
• Employees • Keeping the IT function proactive from an
• General public innovation perspective providing ideas to the
• Government and regulatory authorities business
The frequency of engagements is based on • Maximizing return on technology investment
business needs and corporate requirements as with controlled spending, while providing POL
specified by the Code of Corporate Governance, with a coherent and integrated IT architecture
or as contracted, under defined procedures. and management structure
• To create a culture of paperless environment
Safeguarding of Records of the within the company
Company
Operating Segments
POL effectively ensures the safety of records. All
records are retained as long as they are required The financial statements have been prepared on
to meet legal, administrative, operational and the basis of a single reportable segment. Revenue
other requirements of the Company. from external customers for products of the
Company is disclosed in note-35 of the financial
Furthermore, the Company keeps systematic statement.
backup of the record on daily basis for
protection of data and its recovery in case of any Revenue from two major customers of the
catastrophe. Company constitutes 75% of the total revenue
during the year ended June 30, 2022 (June 30,
2021: 67%).