Page 100 - Pakistan Oilfield Limited - Annual Report 2022
P. 100

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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%).
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