The company implemented the development strategy of adhering to the overall improvement of management according to laws and regulations, enhanced top-level design of rule of law, carried out the policy specifying that top management members shoulder the primary responsibility in implementing the rule of law, focused on legal assessment of major decision-making matters, executed legal risks prevention and control responsibility system, and protected the corporate legitimate rights and interests.
The company issued the Opinion on Sinopec's Overall Improvement of Management According to Laws and Regulations, which was a guiding document for the rule of law. Actively responding to SASAC's requirements, the company carried out the policy of top management members shouldering the primary responsibility of the rule of law both at corporate and subsidiary level, receiving an A-class rating and ranking among the top in SASAC's special examinations. The company has a sound general counsel system at both corporate and subsidiary levels, strictly follows legal approval procedure of major decision-making matters in systematic and constant manner.
The company established a periodical report mechanism of legal risks litigation and disposal, implemented monthly joint conference for overseas legal risks review and disposal. With the approach of “one case, one policy” to key cases and risks, some key cases and overseas legal risks have been properly resolved. Contract management was continuously intensified, for all the contracts submitted online were reviewed by the legal team.
The company carried out a trial for legal professionals selection and training, and completed the corporate senior legal expert evaluation and recruit for the first time. The company continued to push forward the integration of contract information system, expense reimbursement system and finance sharing platform, completed the second phase improvement of legal information management system, and start up the construction of legal sharing working platform.
In 2018, the company carried out 1,118 auditing projects of various types, which effectively provided supervision and promotion for businesses and operations. This year, the company focused on compliance auditing, including 312 economic responsibility auditing, 49 financial auditing, 82 internal control independent auditing, 234 project investment auditing, and 16 auditing of subsidiaries with international businesses. The company also implemented in-depth special audits or surveys for problems correction, risks litigation, connections or transactions between the company and restructured enterprises, unprofitable firms, etc.