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The Board of Directors of OOIL (the “Board”) and management of the Company are committed to maintaining high standards of corporate governance and the Company considers that effective corporate governance makes an important contribution to corporate success and to the enhancement of shareholder value. OOIL had adopted its own code on corporate governance practices (the “CG Code”) which in addition to applying the principles as set out in the Listing Rules of the Hong Kong Stock Exchange, also incorporates and conforms to local and international best practices. The CG Code sets out the corporate governance principles to be applied by the Group and is constantly reviewed to ensure transparency, accountability and independence.
The Board has overall responsibility for the Group’s internal control systems to safeguard the Company’s assets, to monitor the Company’s financial position and to protect shareholders’ interests. Through the Audit Committee, the Board conducts reviews on the effectiveness of the internal control systems, covering all material controls, financial, operational and compliance controls and risk management functions. The process used in reviewing the effectiveness of the internal control systems includes discussion with management on risk areas identified by management of the Company and principal divisions and review of significant issues arising from internal and external audits. OOIL’s internal control systems comprise a well established organisational structure and comprehensive policies and standards. Procedures have been designed to safeguard assets against unauthorised use or disposition, to maintain proper accounting records, for the reliability of financial information used within the business or for publication, and to ensure compliance with applicable laws and regulations. The purpose of the Company’s internal control is to provide reasonable, but not absolute, assurance against material misstatement or loss and to manage rather than eliminate risks of failure in operational systems and achievement of the Company’s objectives.
OOIL has set up procedures to identify, manage and control risks that may have an impact on the business of the Company. “Whistle Blower Policy” is one of the Group’s formalized procedures whereby an employee may, in good faith, report any concerns regarding questionable accounting or auditing matters to the Audit Committee.
For more information on OOIL’s corporate governance, please refer to the Corporate Governance Report contained in the Company’s latest Annual Report.
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