On the afternoon of March 1, the company held the kick-off meeting of shareholders joint audit of 2021 in Quanzhou and Quangang by video link. OOP members Joost Emmen, Nouraddin A. Yousuf, Lin Xu and Zhao Tianxing, attended the meeting. Xie Tianzhi, the in-charge auditor, chaired the meeting.

Wan Wengang, General Manager of Guangzhou Branch of Sinopec Audit Department, put forward his expectations to this shareholders joint audit and his requirements to FREP. First, management personnel at all levels, both Chinese and foreign parties, should attach great importance to the audit. Second, relevant departments should actively cooperate with the audit, and timely provide information to ensure smooth progress of the audit. Third, rectify the issues identified immediately, or develop detailed rectification plan for those couldn’t be rectified immediately. Fourth, provide logistics support to the audit team, ensure pandemic prevention and control measures in place, and provide a comfortable, healthy and safe working and living environment.

Hu Jianshu, the audit manager of ExxonMobil, thanked FREP for the support to the shareholders joint audit. He said that the key to the success of the audit is the exchanges between the two sides. He hoped that the audit team and FREP would be honest and communicate with each other in depth, thus to ensure the shareholders joint audit would be successfully completed as per the schedule.

Abdullah Qahtani, audit manager of Saudi Aramco, introduced the members of Saudi Aramco audit team. Because of the pandemic, some auditors could only participate in the shareholders joint audit via remote connection. He thanked the support and coordination of all parties, and wished a successful audit.

Joost Emmen welcomed the audit team and commented that shareholders joint audit demonstrated the care of shareholders to FREP’s operation, and would benefit the company in identifying operation vulnerables and improving internal control level, which was also a great learning opportunity for the company.

Joost Emmen said that under the supervision, guidance and help of the experts of the shareholders joint audit team, the company would continuously strengthen internal control, further improve operation level and work hard to build the company into a world-class petrochemical company with sustainable competitiveness.

At the meeting, Xie Tianzhi briefly introduced the objectives and processes of the audit, key audit items, members and work arrangement of the audit team.

More than 40 people, including the shareholders joint audit team, the company’s department responsible people, members of the Board Audit Committee Office, control representative, the audit contact person and relevant business personnel attended the meeting.

It is reported that the shareholders joint audit would last for about one month, covering the audit on plant operation, procurement, warehousing and logistics, capital projects, finance and accounting, human resources, marketing and sales, information technology, etc. The audit would be implemented by the auditors of three shareholders, led by ExxonMobil. (Zhang Lei)