Corporate Planning (CP) at PSO is identified with the world-acclaimed corporate transformation of the oil giant, which is regarded as one of the most radical corporate renewal experiences in Pakistan. Today, PSO has a robust framework of the state-of-the-art systems and procedures of corporate planning, management and performance review.
This corporate governance framework has been thoroughly evaluated and is regarded in accordance to the best industry practices by world's leading educational institutions, global professional forums, international advisory firms and top management experts.
CP has worked as counterpart to global professional organisations with which PSO has established strategic partnership. The company actively pursued its strategic objective of participating in and contributing to broader strategic development through various initiatives. Several business enterprises received advice on corporate planning and management systems development from PSO. In addition to World Economic Forum, PSO obtained a lead role at the World Business Council of Sustainable Development (WBCSD) Geneva, Switzerland. PSO became the first company in the Muslim world to have its CEO on WBCSD's Business Role FACT while it received the top-most advisory postion at WBCSD by appointment of its General Manager-Corporate Planning as Senior Advisor to WBCSD.
PSO's transformation, strategic approach and corporate practices have been acknowledged by leading business institutes and management experts. In this backdrop, PSO has the honour of citation among best international practices in 2006 Global Corporate Citizenship Initiatives (GCCI) report, jointly produced by WEF; The Prince of Wales International Business Leaders' Forum, UK; and the Kennedy School of Harvard University, USA. PSO also signed the global accord on Partnering Against Corruption along with other leading international organisations committed to ethical and transparent business practices.
PSO received unique distinction of winning both top awards of AIOU-Commonwealth of Learning (Vancouver, Canada) in the area of corporate strategy based on evaluation of accomplishments by the companies (local and multinational) operating in Pakistan. Top corporate performance award (Strategic Leadership Award) was received by PSO. The President and the Prime Minister of Pakistan, in their special messages, paid high tributes to the accomplishments leading to the prestigious professional awards.
A robust corporate strategy framework, including a system of regular monitoring and review of corporate performance has integrated PSO's strategy formation process into strategy implementation process, while providing the benefits of improved vigilance, responsiveness, synergy and strategic adjustment to deal with changing business conditions. In this context, Corporate Performance Report (CPR) is generated on monthly and year-to-date basis and performance of business lines and cost centers is reviewed in Man-Com meetings, in addition to progress on budget utilisation and project management.
Monthly, quarterly and annual management reports are generated, including those on comparative analysis of PSO's marketing and financial performance in comparison with competition. Regular monitoring of corporate performance and business environment has enabled PSO to realign its resources in view of changing business dynamics to maintain profitability.
Several major business enterprises in Pakistan have sought permission to replicate PSO's corporate planning framework. CP undertook a strategic and active approach to share PSO experiences and accomplishments for benefit of other corporate entities, to ensure corporate development of PSO in line with best practices and to foster a positive image of the company through opportunities for collaboration, networking and debate.
Accordingly, PSO's transformation model has been presented in context of good corporate governance and best industry practices through lectures at leading universities in Pakistan and abroad as well as through seminars at prestigious professional forums, including WEF, MAP, NIPA, Securities and Exchange Commission and various best practices conferences. Several leading universities have undertaken case studies on corporate development of PSO.
PSO faced special professional challenges when its privatisation process reached the cutting edge. PSO successfully met this professional challenge through in-house work, for which the entities to be privatised usually engage external experts and set up separate organisational units. Numerous multidimensional queries from the local and international advisory firms and prospective bidders were responded.
Various reports and memorandums were reviewed and commented upon. Several management meetings, teleconferences, data rooms and site visits were conducted. PSO's professional expertise and efficient coordination in this regard was commended by the Financial Adviser, Government of Pakistan, on several occasions.
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