OMV Petrom confers a great importance upon the principles of good corporate governance considering corporate governance a key element underpinning the sustainable growth of the business and also the enhancement of long-term value for shareholders. To remain competitive in a continuously changing world, OMV Petrom constantly develops and updates its corporate governance practices, so that it can meet new demands and future opportunities.
Transparency and accountability towards our shareholders is a well-established and deeply entrenched practice that has been implemented in OMV Petrom. The Supervisory Board via its specialized Audit Committee provides assurance that the OMV Petrom has an effective risk management system in force and it is effective.
OMV Petrom’s Executive Board is executing oversight and steers OMV Petrom’s risk management system through close involvement in this process and its development. The risk management process enables OMV Petrom to assess whether long-term sustainability and the mid-term liquidity are secured, and whether the estimated impact of the risks is within acceptable levels.
OMV Petrom’s Risk Management system complies with the ISO 31000 Risk Management International Standard and comprises is ensured by a dedicated risk management department working under a robust internal regulation framework with a quantitative information technology infrastructure that enables an effective management of risks.
From a long-term sustainability perspective, a strategic risk assessment process is in place, on the one hand, to capture the executive management’s perspective of the risk environment across a long-time horizon, on the other hand, develop risk mitigation plans and monitor implementation of OMV Petrom Strategy.
As regards mid-term liquidity, the objective of OMV Petrom’s risk management system is to secure its capacity to deliver positive economic value added by managing OMV Petrom’s risks and their potential cash flow impact within the limits of the risk appetite. High potential single event risks as well as long-term strategic risks are also identified, evaluated, analysed, and managed consistently.
OMV Petrom’s risk management system is part of the corporate decision-making process. Risks associated with new major projects or important business initiatives are assessed and communicated to management prior to the approval of any decision, as part of the project evaluation process or business initiative.
OMV Petrom's successful management and operations mean value creation for stakeholders and involve a systematic and transparent management of the company, applying the best principles of corporate governance and risk management.