Recently, China Oilfield Services Limited (“COSL” or the “Company”) won the "Best Board of Directors for Listed Companies" award at the 13th China Listed Companies Summit. This recognition was achieved through the continuous improvement of corporate governance practices, transparency in information disclosure, and proactive efforts in maintaining investor relations.
Since its inception in 2011, China Listed Companies Summit has become one of the most important annual events boasting strong influence and appeal in the capital market in China. The finalists were determined after four rounds of selection -- public nomination, big data screening, data model screening, and institutional and public voting.
The Board of Directors of COSL has fully fulfilled its functions of “formulating strategies, making decisions, and preventing risks” and with science, reasons and efficiency as its ultimate guideposts, continuously enhanced its setup. Adhering to high corporate governance standards and complying strictly with regulatory requirements for listed companies, it has kept improving and perfecting its diversified management system with an emphasis on recruiting directors with extensive industry experience to ensure it can maintain a balance in the age, professional background and industry experience of members, to effectively ensure corporate governance decisions are fair and scientific, and that governance efficiency will continue to improve.
The Company has clearly defined the boundaries of decision-making authorities and responsibilities and has continuously refined the authority lists for major decision-making matters, significant personnel appointments and dismissals, major project arrangements and large-scale capital operations. It has strengthened its corporate governance system and perfected its authorization mechanism to highlight its dual emphasis on decision-making quality and efficiency, thus building an effective and comprehensive governance mechanism with authorities and responsibilities legally defined, transparent and well-coordinated. In the year 2024, the board of directors held 6 board meetings and reviewed and approved 54 proposals. The Board also conducted reviewing board resolutions 4 times, following up, monitoring and addressing 15 issues. Three special meetings of the chairman were organized, with 11 proposals passed, ensuring excellent decision-making quality and effectiveness, effectively guaranteeing the high-quality development of the Company.
The Board of Directors has insisted on aligning the various stages before, during and after a decision is made, assessing the quality and effectiveness of a decision not only based on the outcome but also the decision-making process. Communication meetings are held before decisions are made with emphasis on the preparation ahead, followed by in-depth discussions and individuals making independent decisions. Decisions are then executed, reviewed and tracked, forming a closed-loop management system. Moreover, it strictly implements a system that ensures external directors fulfill their responsibilities. During the year, relevant training sessions were organized for and attended by 25 external directors and three site visits to drilling platforms, ships and oil and gas processing terminals were arranged.
Winning the “Best Board of Directors for Listed Companies” award is evidence of capital market recognition for the outstanding performance of the Company plus the high market expectation regarding its future development. The Board will continue to perfect its structure, for the sake of fulfilling its functions of “formulating strategies, making decisions, and preventing risks”. It will also keep improving the Company’s corporate governance system and work yet harder in developing COSL into a world-leading energy services company.
