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Sustainability

Governance and Ethics

Our aim is to drive awareness on our zero tolerance on corruption, in any form. Organisational effectiveness is central to long-term business competitiveness. Our Shared Values of Loyalty, Integrity, Professionalism and Cohesiveness is the cornerstone to how we do business.

These, alongside the Code of Conduct and Business Ethics (CoBE​) as well as relevant commitments, are central in delivering optimum shareholder value.

  • Corporate Governance
  • Business Ethics
  • Human Rights Policy
  • CoBE
  • PETRONAS Contractors Code of Conduct on Human Rights
  • Organisational Anti-Corruption Plan (OACP)

Corporate Governance

Corporate governance is vital to our value creation and business excellence. Our continuous commitment to foster a culture of integrity, ethical behaviour and professionalism underpins our ability to remain a resilient organisation. This promotes higher levels of accountability and transparency.

Our policies are aligned to applicable laws and regulations of countries where we operate, in view of stakeholder’s expectations on good corporate citizenship.



The PETRONAS Board of Directors, supported by the relevant Sub-Committees, provide effective foresight on the business’ strategic direction as stipulated in the Board Charter, aligned with all applicable laws.

The Executive Leadership Team (ELT) assists the President and Group CEO in managing the organisation’s strategic business development plans and growth strategies, including cross-business issues of the PETRONAS Group.

The Board and ELT collectively ensure that PETRONAS delivers upon its obligations in a responsible manner, ensuring all aspects of business decision making adhere to strict ethical standards.

Business Ethics

The PETRONAS Code of Conduct and Business Ethics (CoBE) underpins our commitment to upholding the highest standards of ethics and integrity in the conduct of the Group’s business and operations and this applies to all employees, directors and third parties who represent or act for the Group. The CoBE also contains specific provisions on anti-competitive practices.

The CoBE is supported by the PETRONAS Anti-Bribery and Corruption Manual which is applicable to all employees as well as third parties. PETRONAS enforces zero tolerance for all forms of bribery and corruption. Our No Gift Policy and PETRONAS Integrity Compliance Framework collectively aim to further fortify the culture of ethics and integrity across the Group.

 

The Whistleblowing Policy encourages disclosure on any form of improper misconduct, where matters raised are deliberated by the Whistleblowing Committee. Updates are provided on a regular basis to the Board Risk Committee. To lodge a report, please visit our Whistleblowing page.

For further information on Corporate Governance in PETRONAS, please refer to our Annual Reports.

Read more:
PETRONAS Competition Law Guidelines
PETRONAS Anti-Bribery And Corruption Manual

This policy contains our overarching commitment to respect human rights, which is also reflected in other policies, frameworks, guidelines and processes throughout our business

Policy Statement

PETRONAS is committed to respecting all internationally recognised human rights, as set out in the International Bill of Human Rights and the International Labour Organization's Declaration on Fundamental Principles and Rights at Work, being guided by the United Nations Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, complying with all applicable laws in the countries in which we operate.

Delivery

Respect and acknowledgement of internationally recognised human rights
We are committed to respecting the human rights of all people who are impacted by our activities, as well as respecting diversity and inclusion, elimination of all forms of discrimination as defined by applicable laws, modern slavery, child labour and human trafficking.

Adoption of a risk-based approach to human rights due diligence
Areas of material importance include labour and working conditions, supply chain, responsible security, communities' well-being and how they are impacted by, among other things, climate change, environmental issues and energy transition.

We apply a risk-based due diligence approach to identify, prevent, mitigate and address actual and potential adverse human rights impacts arising from activities performed across the organisation, and resulting directly from our operations, products or services, with a focus on significant risks and priority areas, and with input from engagement with relevant stakeholders.

Access to effective grievance mechanisms and remedies
We are committed to providing for and cooperating in the remediation of adverse human rights impacts that we identify we have caused or contributed to. Our grievance mechanisms are designed to be confidential, reasonably prompt, non-retaliatory and fair. We seek to ensure that our grievance mechanisms are accessible to all stakeholders, including within and outside our organisation.

Governance & Implementation

This policy is approved by the Board of Directors and its implementation is overseen by the leadership team. Human rights management in PETRONAS is guided by supporting documents, including our Code of Conduct and Business Ethics (CoBE) and our Contractors Code of Conduct on Human Rights (CoCHR)

This policy applies to every employee, director, and officer of PETRONAS. Third parties that may perform works or services for or on behalf of PETRONAS and joint venture companies in which PETRONAS is not a controlling stakeholder and associate companies of PETRONAS are encouraged to adopt this Policy of similar principles and standards.

Click here to view PETRONAS Human Rights Policy

CoBE

The CoBE contains detailed policy statements on the standards of behavior and ethical conduct expected of each individual to whom the CoBE applies.

 

CoBE – Country Supplement
In view of the CoBE’s international application, some provisions of the CoBE will be modified to adapt the CoBE to the requirements of the local jurisdictions which PETRONAS is operating. The country supplement is to cater to the respective local jurisdiction, applicable legislation and social mores.

CoBE Guide
The CoBE Guide is a user friendly guide which will serve to illustrate the application of the CoBE in practice.

 

Read more:
PETRONAS Code of Conduct and Business Ethics (CoBE) (Revised effective 18/8/22)
PETRONAS Code of Conduct and Business Ethics (CoBE) - Arabic
PETRONAS Code of Conduct and Business Ethics (CoBE) - Portuguese
Country Supplement (Malaysia)
Country Supplement (Argentina)
Country Supplement (Australia)
Country Supplement (Austria)
Country Supplement (Azerbaijan)
Country Supplement (Belgium)
Country Supplement (Brazil)
Country Supplement (Brazil) - Portuguese
Country Supplement (Brunei)
Country Supplement (Canada)
Country Supplement (China)
Country Supplement (Egypt)
Country Supplement (Germany)
Country Supplement (Hong Kong) 
Country Supplement (India)
Country Supplement (Indonesia)
Country Supplement (Iraq) - English
Country Supplement (Iraq) - Arabic
Country Supplement (Italy)
Country Supplement (Japan)
Country Supplement (Mauritania)
Country Supplement (Mexico)
Country Supplement (Myanmar)
Country Supplement (Netherlands)
Country Supplement (Oman) - English 
Country Supplement (Oman) - Arabic 
Country Supplement (Philippines)
Country Supplement (Poland)
Country Supplement (Portugal)
Country Supplement (Singapore)
Country Supplement (Suriname) 
Country Supplement (Spain)
Country Supplement (South Africa)
Country Supplement (South Sudan)
Country Supplement (Sudan)
Country Supplement (Thailand)
Country Supplement (Turkmenistan)
Country Supplement (Turkey)
Country Supplement (UAE) - English 
Country Supplement (UAE) - Arabic 
Country Supplement (UK)
Country Supplement (USA) 
Country Supplement (Vietnam)
CoBE Guide (update in progress)

 

 

PETRONAS Contractors Code of Conduct on Human Rights

In compliance with PETRONAS Human Rights Commitment, we seek to work with Contractors who share our values of integrity, committed to fighting bribery and corruption and contribute to sustainable development. PETRONAS requires our Contractors to:

  • Respect internationally-recognised human rights, complying with PETRONAS’ Code of Conduct and Business Ethics (CoBE) and all relevant legal requirements.
  • Take reasonable steps to ensure policies and guidelines are in place to demonstrate its respect for human rights including those applicable to its employees and contract personnel providing services to PETRONAS. These policies and guidelines shall include labour rights, workplace health and safety, security, and conditions of employment. The contents of these policies and guidelines shall be made known to employees and contract personnel in languages they understand.
  • Provide human rights awareness training to its employees and contract personnel and ensure all employees and contract personnel providing services to PETRONAS attend the training.
  • Establish a grievance mechanism for their employees, contract personnel and any party involved in providing services to PETRONAS. This grievance mechanism shall be made known to them and in languages they understand.
  • Provide timely feedback to PETRONAS regarding the contractor’s human rights performance within the duration of the contract, as gathered through personnel engagements, questionnaires and other appropriate means as required.




As a minimum requirement, PETRONAS requires our Contractors to adhere to the following principles:

  1. Freedom of Labour, by not engaging or employing people, under any circumstances, against their own free will or engaging in bonded labour/debt slavery.
  2. Prevention of Child Labour, by not employing children below the legal minimum working age requirement of any country. Employees and contract personnel must be at least eighteen (18) years of age (unless otherwise determined by the local laws of the host country).
  3. Wages and Benefits, by complying with all applicable laws related to employee compensation, including minimum wage, overtime hours and legally mandated benefits.
  4. Working Hours, by complying with local laws of the host country or agreements regarding working hours, overtime hours, and work during holidays.
  5. Establish Grievance Mechanisms, which provide a means of grievance reporting and appropriate follow-up measures while ensuring that the identity of the complainant is protected.
  6. Non-Discrimination, by respecting diversity in the workplace and not engaging in any form of unlawful discrimination based on gender, race, ethnicity, skin colour, religion, nationality, sexual orientation, age, marital status, pregnancy, political affiliation, or disability in hiring and employment practices.
  7. Freedom of Association, by respecting the legal rights of employees to become members of a labour union or otherwise.
  8. Humane Treatment, by respecting employee’s rights and ensuring no harsh and inhumane treatment, including any form of mental or physical coercion, or verbal abuse of employees.
  9. Foreign or Migrant Workers, where if foreign or migrant employees are engaged, they are to be employed in full compliance with the labour and immigration laws of the host country. Prior to hiring, the basic terms of employment must be provided to employees in their native language or language in which they understand. Passports and other forms of personal identification must remain in the employee’s possession at all times and are never to be withheld by Contractor or any third party in full compliance with the labour and immigration laws of the host country.

PETRONAS will assess the Contractor’s compliance from time to time by (but not limited to) the Contractors’ Performance Indicator. Failure by a Contractor to comply with the provisions and standards set out in these Principles may result in the termination of the non-complying party’s relationship with PETRONAS and other adverse consequences.

These Principles shall apply to all PETRONAS contractors, subcontractors, consultants, suppliers, agents, representatives and others performing work or services for or on behalf of PETRONAS group of companies. It is the Contractor’s obligation to ensure that any party who is performing work and/or business for or on their behalf adhere to these Principles as well.

Organisational Anti-Corruption Plan (OACP)

PETRONAS Organisational Anti-Corruption Plan (OACP) 2022-2023 is a comprehensive strategy to identify specific corruption risks and establish measurable goals to prevent corruption. It is a structured plan to keep track of the progress and effectiveness of the initiatives.

 



The OACP reinforces PETRONAS’ Integrity Compliance Framework, Management System, Guideline and Procedures as well as Mindset & Behavior that shape the company through PETRONAS Shared Values and PETRONAS Cultural Beliefs.

It also solidifies our commitment to achieve and become a high integrity organisation with zero tolerance to corruption. The establishment of OACP is a requirement by Malaysia’s National Anti-Corruption Plan (NACP) 2019-2023.

Read more:
PETRONAS Organisational Anti-Corruption Plan (OACP)


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