What governance changes does Yayasan Petronas bring for transparency?

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Yayasan Petronas Enhances CSR Transparency Through Centralised Governance and Strict Trustee Selection

Yayasan Petronas (YP) has been established to centralise Petronas' corporate social responsibility (CSR) activities, aiming to improve transparency and governance. This new foundation is designed to deliver a broader and deeper impact of CSR initiatives across communities nationwide by streamlining management and preventing the compartmentalisation of efforts that occurred previously. The operational framework of YP incorporates a tight model of governance to mitigate potential abuse of power, complemented by stringent criteria for selecting its trustees.
Centralised Management of CSR Programs

Prior to the establishment of Yayasan Petronas, the oil and gas giant's extensive CSR activities, spanning its 45-year history, were managed in a compartmentalised fashion. The creation of YP aims to consolidate these efforts under a unified structure, thereby enhancing the overall management and oversight of CSR programmes. This centralisation is intended to ensure that resources and initiatives are coordinated more effectively, leading to a more cohesive and impactful approach to social responsibility.
Tight Governance Model to Prevent Abuse

Yayasan Petronas operates under a deliberately stringent model of governance, specifically designed to prevent any instances of abuse of power. This structured approach ensures that all operations and decisions are conducted with a high degree of accountability and integrity. The foundation's framework is built to maintain strict control over its activities, thereby safeguarding its objectives and the responsible deployment of its resources.
Stringent Criteria for Trustee Selection

The selection process for Yayasan Petronas' trustees involves applying stringent criteria to ensure that individuals appointed are highly qualified and committed to philanthropic endeavours. Trustees are professionals with expertise in their respective fields and a proven track record of engagement in CSR and other philanthropic activities. This rigorous selection process is a cornerstone of YP's commitment to effective governance and the successful execution of its social mission.

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What governance changes does Yayasan Petronas bring for transparency?

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