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corporate governance

law-based governance

the company held a promotion conference for compliance management and fully initiated compliance management. for the first time, the company released sinopec handbook of integrity and compliance management. the company also set up and improved the risk prevention and control mechanism for compliance, laid down notice for enhancing contract compliance management, which set unified requirements and standards for compliance investigation and evaluation. moreover, the company carried out the screening for compliance risks, handled investigation of compliance incidents in a proper manner, improved the responding capacity at all levels, and achieved zero major overseas compliance incident for the whole year.

the company published handbook of laws, regulations and administrative licenses for pipeline-type fixed assets investment projects and guidance for administrative licenses application of large petrochemical projects construction, which enhanced the two-level legal assessment of fixed assets investment projects and held well the legal pass of project decision making.

the company focused on fending off and defusing major risks, organized subsidiaries to screen overseas legal risks on a monthly basis, pushed forward the settlement of major cases, reinforced the accountability of the subsidiaries with exposed cases and the work mechanism of the person in charge to participate the settlement of such cases, implemented the work requirement of “one case, one policy”, set reward mechanism of legal rights safeguard on major legal dispute, and realized 10% reduction both on the number of existing major legal dispute cases in 2018 and the amount of money involved in those cases. in addition, the company carried out a special legal campaign of collecting account receivable and inventory-occupied capital, and received 2.2 billion yuan in total from account receivables using legal means.

the company carried out industrial and commercial business, authorization and brand management in a normative manner, continued to improve contract management capacity, accomplished integration of cmis system between hq and 127 subsidiaries, and kept 100% legal assessment for on-line contracts. the company promoted “talent-oriented strategy” in legal sector, completed the recruit of chief expert and senior experts of sinopec group in legal sector, added more positions for senior legal experts and legal experts in subsidiaries. in 2019, there were 240 certified lawyers in the company, increased by 21.

the company advocated the rule of law culture through various media vehicles, such as newspapers, internet, cell phone, wechat and weibo, outdoor screens, brought construction of rule of law and compliance management into the party group (party committee) central group learning and required training courses for leading cadres, requested leading cadres (above vice section chief) to make compliance commitment. the company also participated in the policy research and legislation work of national authorities, such as commission of legislative affairs of the npc standing committee, ministry of justice, etc. sinopec group and its subsidiaries zhongyuan oilfield, zhenhai refining and petrochemical company, guangdong company were awarded as advanced units of “seventh five-year plan” of law dissemination by ministry of justice. the company also received a letter of thanks from the ministry of justice at the 10th anniversary of “1 1” legal aid volunteer activity of china and was elected as “the outstanding unit for promoting the legal aid”.

audit supervision

in 2019, the company carried out 992 auditing projects of various types, which effectively provided supervision and promotion for businesses and operations. the company focused on compliance auditing, including 234 economic responsibility auditing, 46 internal control independent auditing, 417 engineering and investment auditing, 44 financial auditing. the company also implemented 251 in-depth special audits or surveys for domestic equity investment, financial derivatives, settlement of delinquency account to private companies, etc.