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Kumul Petroleum is Papua New Guinea’s national Oil and Gas Company

Kumul Petroleum has adopted current world’s best practice standards applied in the oil and gas resource industry. Kumul Petroleum is committed to observing in all its business operations and dealings, the principles of transparency and open reporting.

It has established internal systems and procedures designed to empower the Board with the confidence to provide strategic guidance to the Company and to give effective management oversight to he Management. The principles of good governance and accountability are captured in the Board Manual and the policies and charters adopted by the Company.

POM Aerial

Board Manual

The functions reserved for the Board and captured in the Kumul Petroleum Holdings Limited Authorisation Act 2015 have been formalised in the Board Manual.

Manual defines the roles, responsibilities and functions of the Board and each individual director placing emphasis on the higher standard of care and diligence that each director and the Board have to execute its functions and responsibilities.

The main role of the Board is to monitor the performance and progress of the Company towards achieving its strategic goals. In this regard, the Board is responsible for setting the strategic direction of the Company and ensuring that the Management has resources necessary to achieve the Strategic Plan of the Company by monitoring performance against the Strategic Plan, ensuring the Company is compliant to legal, financial, social and environmental obligations and ensuring the Company understands and manages its risks and be accountable to its shareholder

Board Charters and Policies

The Board has approved the following charters/policies:

  1. Remuneration Committee Charter;
  2. Risk, Finance and Audit Committee Charter:
  3. Major Investment Committee Charter;
  4. Community and Social Responsibility Committee Charter:
  5. Procurement Policy
  6. Tender Charter