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