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KUALA LUMPUR: Petronas has revised its guidelines for business conduct in keeping with the principle of its corporate enhancement programme embarked two years ago.
In a statement, the national oil & gas company said its new Code of Conduct and Business Ethics (CoBE) replaces the 2006 Petronas Code of Conduct and Discipline and the Petronas Guidelines for Business Conduct and accommodates developments in local and international laws and practices and technological developments.
"The new CoBE has also been harmonised with Petronas' global operations to enhance consistency and supports effective management oversight.
"It is being implemented in phases in its operations worldwide, commencing with the Petronas Group in Malaysia on April 1, 2012," it said.
Petronas said the CoBE, together with Petronas' shared values, served as a guiding beacon on how it is expected to be conducted when carrying out work and duties.
"It is designed not only to promote legal and procedural compliance, but also to provide moral compass for individuals' behaviour to be in line with our shared values," said Petronas' President and Chief Executive Officer Datuk Shamsul Azhar Abbas.
He added that the CoBE contained detailed standards for ethical conduct and behaviour expected of every applicable individual or parties, including all employees and directors within the Petronas Group, world-wide.
"We also expect all contractors, sub-contractors, consultants, agents, representatives and others performing work or services for, or on our behalf, to comply with the relevant parts of the CoBE when performing such work or services," Shamsul added. -- BERNAMA