Recently, China Oilfield Services Limited (“COSL” or the “Company”) won the “Golden Quality of Corporate Governance” award at the Listed Companies High-Quality Development Conference cum Shanghai Securities News Golden Quality awards ceremony for its rigorous, comprehensive and high-quality corporate governance.
The evaluation was organized by Shanghai Securities News and cnstock.com, the information disclosure media designated by the China Securities Regulatory Commission. It focuses on listed companies with excellent corporate governance, good growth potential, strong scientific innovation capabilities and social influence, and in particular, their internal governance. Its aim is to actively guide listed companies to implement new development concepts on innovation, coordination, greenness, openness, and sharing, in order to effectively enhance the overall value of companies through high-quality development and help establish good corporate governance practices.
In recent years, COSL has performed well in areas such as corporate governance structure, internal control management, information disclosure, and ESG, which has ensured the Company's excellent governance and efficient operation, and allowed it to set a new industry benchmark for corporate governance quality.
With regard to the corporate governance structure, the Company has established a comprehensive and well-established corporate governance structure and successfully made high-quality amendments to its articles of association and independent director system, providing robust support for the Company’s strategic planning and major decision-making process, and ensuring that the Company has a rigorous and effective decision-making apparatus.
Concerning internal control and risk management, the Company has implemented a series of strict internal control systems and procedures, including financial management, procurement management, and project management, and has also established a comprehensive risk management system that helps to mitigate the negative impact of various risks on the Company and safeguards the compliance and efficiency of the Company’s operations.
In terms of corporate information disclosure, the Company has strictly complied with relevant laws and regulations to disclose its information, including its financial position, operating results, and major matters in a timely, accurate and complete manner. It has also closely listened to investors’ concerns, responded to the market’s focus, and actively disclosed its overall business performance such as the fulfillment of drilling rig contracts; establishing a good brand image in the capital market through accurate and timely information disclosure.
The Company has also excelled in its ESG performance. By actively reducing carbon emissions, engaging in social welfare initiatives, and focusing on environmental protection and sustainable social development, the Company has strived to improve its ESG performance and has published its Sustainability Report (ESG report) for 18 consecutive years.
In the future, COSL will continue to uphold the corporate spirit of “Always Do Better”, deepen corporate reforms, improve its corporate governance structure, and further enhance governance standards. It will make unremitting efforts to comprehensively establish a “scientific, rational and efficient” corporate governance system and continue on the path of becoming a world-class energy services provider with Chinese characteristics.
