2018 Shareholders Joint Audit Officially Launched
In the morning of April 9th, the kick-off meeting for the Company's 2018 Shareholders Joint Audit was held in Quangang office building. The audit team lead, the deputy director of Sinopec Audit Bureau and the director of Sinopec Audit Bureau Guangzhou branch, Mr. Li Yuhui, the OOP members Mr. Joost Emmen, Mr. Nouraddin A. Yousuf, Mr. Lin Xu and Mr. Zhao Tianxing attended the meeting. The meeting was chaired by the deputy lead of the audit team, Mr. Chen Wenge.
Mr. Chen Wenge announced the audit notice. According to the notice, the formal audit period is from April 9th to May 14th. The audit team would audit all the business scope of FREP from 2016 to 2017.
Mr. Li Yuhui made a mobilization speech on behalf of the audit team, and introduced the basis, purposes, key audit items, members of the audit team and work arrangement.
Mr. Li Yuhui put forward expectations to the shareholders joint audit in three aspects: first, hope the management personnel at each level to attach great importance to this audit, be accustomed to work and live under supervision, as well as leverage the force of supervision to drive the Company forward; second, to provide proactive cooperation to this audit, make overall arrangement and support the audit team to have a smooth audit; third, to provide an efficient working environment.
ExxonMobil audit manager, Ms. Pauline Cheung said she was happy to participate in this shareholders joint audit, and would like to perform the audit together with the auditors from each shareholder in accordance with relative laws and regulations.
Saudi Aramco audit manager, Mr. Abdullah Alqahtani said that Saudi Aramco had established a profound friendship with each shareholder via cooperation over the years. Saudi Aramco attached great importance to this audit and expected to help FREP’s development through the audit.
Mr. Joost Emmen made a speech on behalf of the Company. He said that in the beginning of the year, the Company had started the preparation for shareholders joint audit, taking the audit cooperation as an important task. He required each department to implement the requirements of the audit team effectively, and provide timely, accurate and complete information to the audit team, thusly create good conditions for the smooth audit. At the same time, should conscientiously accept the supervision and inspection, and learn from the experts in the audit team about the best practices and experience of the shareholders, so as to make improvement and develop abilities.
Mr. Joost Emmen expected that, under the supervision, guidance and help of the shareholders’ audit experts, the Company could improve internal controls and supervision mechanism, further improve profitability and maximize shareholders’ return, and build the Company to be a world-class petrochemical company with sustainable competitiveness.
The shareholders joint audit is carried out every two years. This audit is the fifth shareholders joint audit since the JV formation. It was Guangzhou Branch of Sinopec Audit Bureau that led the auditors from three shareholders to carry out the audit. (Wang Chuanhai & Zhang Lei)