KPMG validates Compliance Management in OMV Petrom

OMV Petrom, the largest oil and gas producer in South-eastern Europe, is the first Romanian entity to have completed an audit of its Compliance Management System, by means of an external evaluation performed by one of the world’s big four auditors – KPMG. Compliance Management targets the observance of applicable legislation and principles of corporate governance and ethics that are found in the company’s Code of Conduct, respectively principles of integrity, transparency and honesty. Mariana Gheorghe, OMV Petrom CEO: “Company’s performance is tightly related to the observance of the legislation and norms of conduct. That is why OMV Petrom Executive Board supports and promotes an organizational culture based on principles and values universally accepted, as well as the observance of international standards.” The audit of OMV Petrom’s Compliance Management System comes as a voluntary activity, initiated at OMV Group level, in order to gain international recognition for the organization’s commitment to follow the highest compliance standards. During the audit issues regarding business ethics, the fight against corruption, capital markets, competition and trade embargoes, in terms of best international practices were examined. The evaluation was performed by KPMG in line with the requirements of Standard 980 of the Institute of Public Auditors in Germany (IDW). This standard is one of the highest at European Union level and is the most relevant for OMV Group. “This certification represents for OMV Petrom not just recognition on a local level but also an international appreciation as an organization living up to its compliance commitments. This comes as a reward of our compliance efforts, a proof of quality for our compliance system and an investment in our organization’s sustainable development”, added Mihai Berinde, Director of OMV Petrom Corporate Affairs and Compliance Department. Following a similar audit, OMV became Austria’s first listed company to hold a certified Compliance Management System in line with IDW standard 980.

Source: www.bvb.ro