Page 52 - Pakistan Oilfield Limited - Annual Report 2022
P. 52
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PAKISTAN OILFIELDS LIMITED
Management Committees
Various committees Executive Committee formulates recommendations
have been constituted The Committee meets under after evaluation from technical
and commercial aspects.
to look after the the chairmanship of the Chief
operational and Executive to coordinate the Systems and
activities and operations of the
Technology
financial matters Company. Committee
of the Company. A Review and Appraisal The Systems and Technology
brief description of Committee Committee is responsible for
the composition and The Review and Appraisal developing and implementing
an IT strategy for the Company.
terms of reference Committee is responsible for The Committee oversees the
ensuring that procurement
of the various of assets, goods and services automation of processes and
systems in line with latest
committees are as is made in accordance technology. The Committee
with Company policies and
follows: procedures on competitive and is also responsible for
transparent terms. development of contingency
and disaster recovery plans.
Risk Management
Committee Budget Committee
The Risk Management The Budget Committee reviews
Committee is responsible and approves the annual
for ensuring that procedures budget proposals prior to being
to identify and continuously presented for the approval
update risks are in place. of the Board. The Committee
The Committee oversees the also monitors utilization of the
process of assessment of the approved budget.
possible impact and likelihood Safety Committee
of occurrence of identified
risks. The Committee is also The Safety Committee reviews
responsible for formulating a and monitors Company’s wide
risk management response to safety practices. It oversees the
effectively address and manage safety planning function of the
risks. Company and is responsible for
safety training and awareness
Business Strategy initiatives. The Committee is
Committee also responsible for publishing
the Company’s monthly safety
The Business Strategy newsletter “Safety Bulletin”.
Committee is responsible for
preparing the strategic plan
for the future growth of the
Company. The Committee also
reviews major projects and
