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)/ Technical Committee Meetings (TCM) and supporting assets in preparation of budgets and performance monitoring. The department also fulfills Assets’ finance related compliance as laid down in the respective Petroleum Concessions Agreement (PCA).
Moreover, the department also deals with special assignments including, but not limited to, financial due diligence, evaluation of vendor contracts and internal commercial review of projects.
Corporate Finance (CF) plays a vital role in reporting of organizations’ financial performance to internal and external stakeholders. The main areas of responsibilities include:
- Statutory financial reporting
- General accounting and payables
CF is responsible for the preparation and delivery of annual and quarterly financial statements of PPL and its subsidiaries along with the management of taxation and vendor payments. Furthermore, the department engages with Board Audit Committee for review of interim and annual financial statements. The department also provide secretarial support to PPL’s subsidiaries.
BUDGET & PLANNING (B&P)
Budget & Planning (B&P) department plays an instrumental role in the performance management of the Company. It also acts as a controlling function and keeps a check over actual spending and performance against the budget. Major responsibilities of the department include preparation of the budget for which a detailed exercise is carried out each year in coordination with all departments and Assets of the Company.
B&P also manages the fixed assets accounting and associated controls. Finance Functions initiatives relating to automation, efficiency and internal controls are also being supervised and supported by this department.
Treasury department is a key function with the overall responsibility of liquidity management of the company. This role expands to include aspects of payments, financing strategy, investments and working capital management. Treasury department also manages placement of retirement benefit funds of the employees.
The department also carries out periodic billing and closely coordinates with the customers for collections against the sales.
Shared services department is responsible for the following activities:
- Payroll & Funds
- Commercial Audit
- Field related finance function
- Shared services department closely coordinate with Auditor General office for completion of Government Audit of the company. Department also ensures that all the assets of the company are secured through insurance policies. The department also manages the employee related payments and retirement funds accounting. All field related payments have also been centralized at Head Office and are processed by Shared Services department to streamline the process.