Risks and Compliance

In accordance with social ethics, business ethics and market regulations, Sinochem International has strengthened internal control, risk prevention and compliance promotion measures. These steps are set to facilitate the transformation and improvement of risk management and compliance management in terms of value protection and value creation.

Risk Management

In terms of the "Risk Management Regulations" and "Internal Control Management Regulations" formulated by Sinochem International, the company revised the "Risk Event Reporting Management Work Measures" in 2021. This involved improving comprehensive risk management and internal control management measures, establishing a digital risk control system, and ensuring full coverage of risk control management. On a regular basis, reports on risk response, internal control and internal audit were presented to the Audit and Risk Committee of the Board of Directors. In 2021, the company had no major business risk events.

As an A-share listed company, Sinochem International discloses the "Internal Controls Evaluation Report" signed by the board on a yearly basis and performs both internal and external control audits. In recent years, there have been no major weaknesses in the company's internal controls and the company’s overall operations are effective.

Operational Compliance

Sinochem International attaches great importance to compliance management, strengthens the compliance management system, strictly implements the "Export Control Compliance Management Measures" and "Export Control Compliance Management Manual," improves the level of legal operation and management, promotes the construction of a rule of law culture, to lay a long-term foundation for the company’s compliance with corporate regulations.

The company has formulated various tax management methods and procedures, and integrated the tax work mechanism into its operations business-wide, thus establishing whole-of-process tax management for projects and contracts. The use of a tax information management system has helped realize the automatic collection of tax data for tax declarations, risk management, and other processes; automatic rule verification for declaration data; ands statistics for various indicators, effectively reducing tax-related risks as a result. We have also worked to increase tax compliance awareness among all employees through the enhancement of our efforts to share changes in the tax laws and experience-sharing, etc.

Anti-corruption and Anti-bribery

Sinochem International abides by business ethics and market rules, formulates the "Sinochem International Anti-Corruption Policy" and "Anti-Corruption System Management Measures", adheres to integrity, compliance, and clean operation, establishes and improves clean business management measures and restraint mechanisms, and does not seek illegal gains. It opposes any form of commercial bribery, corruption, smuggling, extortion, fraud, or unfair competition.

The company signs the "Supplier Integrity and Integrity Commitment" with all suppliers, which clearly eliminates any form of corruption or dishonesty, including bribery, conflict of interest, fraud, and money laundering related to public officials or business partners to influence decision-making, misappropriation, concealment, and influence peddling.

Intellectual Property Protection

inochem International has established a scientific and technological innovation management committee, continuously implemented the "Intellectual Property Management Regulations," "Patent Risk Management Measures," and other systems, incorporated intellectual property protection into R&D projects, technical cooperation and daily operation and management processes, improved the intellectual property management system, and strengthened intellectual property protection awareness. This enhances the company’s ability to protect its own intellectual property rights, as well as the rights of partners, from infringement.

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