Business & Principles
Statement Of General Business Principles
This document reaffirms the general business principles that govern how Pakistan Refinery Limited conducts its affairs.
Pakistan Refinery Limited has as its core values of honesty, integrity and respect for people. The company' also firmly believes in the fundamental importance of the promotion of trust, openness, teamwork and professionalism, and in pride in what it does
Our underlying corporate values determine our principles. These principles apply to all transactions, large or small, and describe the behavior expected of every employee in the company in the conduct of its business.
In turn, the application of these principles is underpinned by procedures within Pakistan Refinery Limited which are designed to make sure that its employees understand the principles and that they act in accordance with them. We recognize that it is vital that our behavior matches our intentions.
All the elements of this structure - values, principles and the accompanying procedures are necessary.
Pakistan Refinery Limited recognizes that maintaining the trust and confidence of all stakeholders i.e. shareholders, employees, suppliers, customers and other people with whom it does business as well as the communities in which it works, is crucial to the company's continued growth and success.
Responsibilities
Pakistan Refinery Limited recognizes five areas of responsibility. It is the duty of management continuously to assess the priorities and discharge these inseparable responsibilities on the basis of that assessment.
a. To Shareholders
To protect their investment and provide an attractive return.
b. To Customers
To Win and retain customers by developing and providing products which offer value in terms of price, quality, safety and environmental impact, the sale of which is supported by the requisite technological, environmental and commercial expertise.
c. To Employees
To respect the human rights of our employees, to provide them with good and safe working conditions, competitive terms, and conditions of employment. To promote the development the best use of the talent of our employees; to create an inclusive work environment where every employee has an equal opportunity to develop his or her skills and talents. To encourage the involvement of employees in the planning and direction of their work; to provide them with channels to report concerns.
We recognize that commercial success depends on the full commitment of all employees.
d. To Those with whom it does business
To seek mutually beneficial relationships with contractors, suppliers and in joint ventures and to promote the application of these general business principles in so doing. The ability to promote these principles effectively will be an important factor in the decision to enter into or remain in such relationships.
e. To Society
To conduct business as responsible corporate members of society, to comply with applicable laws and regulations, to support fundamental human rights in line with the legitimate role of business, and to give proper regards to health, safety, security and environment.
Principle #1 Health, Safety, Security And Environment
Pakistan Refinery Limited has a systematic approach to health, safety, security and environmental management in order to achieve continuous performance improvement.
To this end, PRL manage these matters as critical business activities, set standards and target for improvement and measure, appraise and report performance externally.
We continually look for ways to reduce the environmental impact of our operations, products and services.
Principle #2 Economic
Profitability is essential to discharging these responsibilities and staying in business. It is a measure both of efficiency and of the value that customers place on PRL products. It is essential to the allocation of the necessary corporate resources and to support the continuing investment required to develop and produce future energy supplies to meet country needs. Without profits and a strong financial foundation it would not be possible to fulfill the responsibilities outlined above.
In general Pakistan Refinery Limited believes that the interests of the community can be served most efficiently by a market economy.
Criteria for investment decisions are not exclusively economic in nature but also take into account social, environmental, health and safety consideration and an appraisal of the security of the investment.
Principle #3 Business Integrity
Pakistan Refinery Limited insists on honesty, integrity and fairness in all aspects of its business and expects the same in its relationships with all those with whom it does business. The direct or indirect offer, payment, soliciting and acceptance of bribes in any form are unacceptable practices. Employees must avoid conflicts of interest between their private financial activities and their part in the conduct of company business. All business transactions on behalf of Pakistan Refinery Limited must be reflected accurately and fairly in the accounts of the company in accordance with established procedures and subject to audit.
Law of the land shall be respected. In no case the Company is to become a party to the malpractices such as evasion of duty, cess, taxes etc.
Principle #4 Communication & Engagement
Pakistan Refinery Limited recognizes that in view of the importance of its activities in which it is engaged and its impact on national economies and individuals, open communication (internal and external) is essential. To this end, Pakistan Refinery Limited provides full relevant information and appreciates suggestions for improvement from all stakeholders subject to any overriding considerations of business confidentially
PRL believes in formal and informal communication. The formal communication includes documented policy statements, procedural manuals, organization charts, job descriptions, training material, organized meetings and publication. Informal communication includes discussion between employees and their supervisors.
Principle #5 Compliance
We comply with all applicable laws and regulations of Pakistan.
Principle #6 Political Activities
Pakistan Refinery Limited acts in a socially responsible manner within the laws of Pakistan in pursuit of its legitimate commercial objectives.
Pakistan Refinery Limited does not make payments to political parties, organizations or their representatives or take any part in party politics. However, when dealing with government PRL has the right and the responsibility to make its position known on any matter which affects itself, its stakeholders i.e. employees, customers, or shareholders. It also has the right to make its position known on matters affecting the community, where it has a contribution to make.
Principle #7 Local Communities
Pakistan Refinery Limited assesses the implications and effects of their decisions and policies on the components of the society and ensures that the interest is not affected by their actions.
Pakistan Refinery Limited takes a constructive interest in social matters, which may not be directly related to the business. Opportunities for involvement - for example through community, educational or donations programs will vary depending upon the scope for useful private initiatives.
Principle #8 Competition
Pakistan Refinery Limited supports free enterprise. It seeks to compete fairly and ethically and within the framework of applicable competitions laws; the company will not prevent others from competing freely with it. PRL intends to remain in business through effective implementation of their business strategy evolved through business strategy workshops.
Aftab Husain Managing Director & CEO