Finance

The Directorate of Chief Financial Officer comprises of two functions: Finance and Enterprise Risk Management. The role of Finance is further bifurcated into three areas, Assets Operations (Finance), Corporate Finance and Treasury and Shared Services. A brief description of the roles and responsibilities of each function is given below.

ASSETS OPERATIONS(Finance)

Assets Operations provides direct support to assets regarding finance and business related matters.

The department is responsible for attending and presenting Operating Committee Meetings (OCM) and Finance Committee Meetings (FCM), support assets in preparation of budgets and supporting legal and commercial department when dealing with Ministry of Energy (Petroleum Division) on finance matters. The department also fulfils assets’ finance related compliance as laid down in the respective asset’s Petroleum Concessions Agreement.

Besides, the department also deals with special assignments relating to Assets Operations, including financial due diligence, evaluation of vendor contracts and internal commercial review of projects.

Corporate Finance

Corporate Finance (CF) plays a pivotal role in reporting of organization’s financial performance to internal and external stakeholders.  The main areas of responsibilities includes:

1.       Statutory financial reporting

2.       Budgeting, planning, analysis and control

3.       Taxation

4.       General accounting and payables

CF is also responsible for preparation and delivery of annual and quarterly financial statements of PPL and its subsidiaries along with management of tax and payments. Furthermore, the department engages with Board Audit Committee for review of interim and annual financial statements.

In addition, CF is responsible for preparation and analysis of annual budget through effective coordination with relevant stakeholders. Also, the department partners with operational leadership and aids in identifying areas for process and performance improvement through technical financial expertise.

TREASURY AND SHARED SERVICES

Treasury and Shared services is tasked with the overall responsibility of liquidity management of the company. This role expands to include all aspects of corporate finance, including financing strategy, investment and working capital management.

Besides, the department is also responsible for operational financial activities, including employee cost management, regulatory audits, fixed assets.

The Treasury and Shared Services department works with the following structure:

  • Corporate Treasury and Liquidity Management
  • Insurance and Risk Management
  • Commercial Audit
  • Operational Finance