Environment & Society

csr
Sustainability Management System

Social Responsibility Management Committee

Sinopec Corp. established Social Responsibility Management Committee under the Board of Directors. The Committee is responsible for approving the social responsibility management strategy and annual social responsibility plan, and reports sustainability works to the Board of Directors etc. The current Committee is composed of the Chairman of the Board, Mr. Dai Houliang, and the independent directors, Mr. Tang Min and Mr. Fan Gang.

 

Risk management system

We have paid great attention to risks in the process of sustainable development. The Audit Committee was set up under the Board of Directors to review risk management work and provide advice for the Board. Moreover, we have established the Comprehensive Risk Management Working Group and relevant departments are responsible for controlling and mitigating risks related to work safety, environmental protection, climate change, finance, legal affairs, anti-corruption and overseas public security. The Comprehensive Risk Management Working Group convenes meetings regularly to organise identification, and assessment of major and significant risks, identify priorities of risk management, and formulate solutions.

According to the industry characteristics and regional distributions, we have set up risk list from five dimensions including strategy, finance, market, operation and legislation etc., and put the internal control system into risk list so as to conduct “Three Lines of Defence”, namely regular test of internal control responding units, daily supervision by risk/internal control departments and comprehensive auditing and inspection. We attach great importance to building the risk management culture, and organise risk management training annually. Subsidiaries adopt the combination of special training and professional training to raise employees' awareness of risk prevention and control.

 

Internal control management system

We have formulated the internal control system including decision-making, execution and supervision functions since 2003 and established an internal control working group. We include HSSE, social responsibility and corporate culture into the system. The Board of Directors is responsible for reviewing the performance of internal control within Sinopec Corp. The Audit Committee of the Board of Directors is responsible for reviewing the internal control and risk management regulations and the effectiveness of relevant system and reports to the Board of Directors.

 

HSSE management system

The Company released the standards of Safety, Environment and Health Management System, and the subsidiaries formulated management specifications in accordance with their characteristics. In 2018, we integrated public security into the management system to form Sinopec HSSE (health, safety, security, environment) management system, and correspondingly revised rules covering safety accountability, safety behavior, safety training, risk management as well as hidden hazards management, operations and occupational health. We have established the HSSE Management Committee. The headquarters and the subsidiaries have respectively set up HSSE management organisations.

We have regarded work safety, energy conservation and environmental protection as the binding indicators for performance appraisal of the Company's management team. Each deduction of one grade point shall lead to 3% deduction of the annual performance bonus, with the maximum of 20%. The Company sets up GHG emission reduction target and includes the energy efficiency appraisal as well as the carbon emission appraisal into the project evaluation.

Based on the HSSE management system, we have established an emergency management system covering work safety, environmental protection, information security and other aspects, and promoted the establishment of emergency command centres in oilfield, refineries, distributions, engineering construction and other enterprises. Meanwhile, our subsidiaries have established the joint emergency defense mechanism with the local authorities and thus established 13 emergency joint defense zones in different geographical regions, to integrate emergency resources within the regions, and strengthen joint drills so as to make coordinated efforts in emergency response to major accidents.

 

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