Chairman Lê Ngọc Sơn Calls for Enhanced Accountability of Representatives at Petrovietnam
June 15, 2023 - During a working session with member units, Chairman of the Member Council of Vietnam Oil and Gas Group (Petrovietnam) Lê Ngọc Sơn delivered a critical directive to the representatives of state capital at member companies. The Chairman emphasized the implementation of the "four more principles": see earlier, speak more accurately, act more promptly, and take clearer responsibility. This requirement is deemed essential to enhance governance, operational efficiency, and sustainable development of the entire Group in the current context.
Background and Significance of the Directive
Petrovietnam stands as Vietnam's leading state-owned economic conglomerate, operating in the oil and gas sector—a key economic pillar of the nation. Against the backdrop of significant fluctuations in the global oil and gas market and the global trend toward clean energy transition, enhancing corporate governance capabilities has become a matter of survival for the Group.
The directive from Chairman Lê Ngọc Sơn regarding the "four more principles" not only guides the representatives of state capital but also demonstrates Petrovietnam's strategic vision in building a professional, efficient, and responsible team of corporate governors.
Detailed Explanation of the "Four More Principles"
Chairman Lê Ngọc Sơn elaborated on the specific meaning of each "more" in his directive:
- See earlier: Requires representatives to have long-term vision, be sensitive to market, technology, and policy trends; proactively identify opportunities and challenges to prepare and respond in a timely manner.
- Speak more accurately: Ensures that information reporting and situation reflection must be honest, accurate, and complete; without concealment, without exaggeration of achievements, and without avoiding responsibility.
- Act more promptly: When decisions are made, they need to be implemented quickly, decisively, and effectively; without procrastination or passing the buck; proactively proposing solutions when issues arise.
- Take clearer responsibility: Clearly define the scope and content of one's responsibilities; dare to commit and take responsibility for decisions and work outcomes; establish clear mechanisms for supervision and evaluation.
Expected Impact on Petrovietnam's Operations
The "four more principles" are expected to bring positive changes in Petrovietnam's governance:
| Aspect | Expected Impact |
|---|---|
| Corporate Governance | Enhance transparency, efficiency, and professionalism in governance, particularly at member units. |
| Investment Decisions | Ensure investment decisions are thoroughly considered based on market analysis and advanced technology. |
| Crisis Response | Improve the ability to respond quickly and flexibly to market fluctuations and operational risks. |
| Sustainable Development | Guide operations toward sustainable development, adapting to the global energy transition trend. |
Reactions from Member Units
According to information from Petrovietnam, member units have acknowledged and committed to implementing Chairman Lê Ngọc Sơn's directive. Mr. Nguyễn Mạnh Hùng, General Director of PVC, stated that the unit has established a steering committee to develop specific action plans, while also organizing training to enhance the capabilities of its representatives.
Similarly, Mr. Nguyễn Văn Tiến, General Director of PTSC, affirmed that the unit will review and improve its governance processes, strengthen supervision and evaluation of representative performance in accordance with the "four more principles."
Conclusion
Chairman Lê Ngọc Sơn's directive on the "four more principles" is not just a short-term guidance but also a long-term commitment to building a professional, efficient, and responsible team of corporate governors for state-owned enterprises. This significant step is part of Petrovietnam's restructuring process to enhance competitiveness and achieve sustainable development in the new context.
Successfully implementing this directive will contribute to making Petrovietnam a stronger economic group with a firm position in the region and internationally, while meeting the expectations of the Party, State, and people for the oil and gas industry—a key economic sector of the nation.
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