During the meeting, Bapco’s Chairman Adel Khalil Al-Moayyed reviewed results of Bapco’s follow up of the final report of the National Audit Court NAC on HR and Sales of Bapco and underlined the Board’s continued desire since it took over on 01st April 2012 to implement all NAC remarks and recommendations.
The Chairman confirmed that Bapco finished implementing over one half of NAC recommendations in a record time, and will complete implementation of the larger portion of them (42%) within the next three months, noting that only 6% of recommendations will require more time for implementation due to their intricacy with other ministries and establishments, including for instance a recommendation regarding the financial independence of the company.
The Minister directed Bapco to enhance internal audit systems and address any shortcomings within a prompt, integral and comprehensive frame of governance. He thanked NAC officials for their dedicated efforts in safeguarding public money and underlined Bapco’s Board and Management commitment in complying with the NAC recommendations and enhancing performance towards achieving the aspired excellence.
Bapco earlier received a total of 113 remarks, recommendations from NAC and promptly dealt with all of them in a spirit of positive attitude and readiness. The Chairman said Bapco considers those remarks an effective tool of improving its overall performance and addressing any deficiencies.