High focus on Responsibilities

Point Resources believes that a strong focus on corporate citizenship responsibilities is critical to the Company's success.

The highest priority is always given to the health and safety of employees and contractors and the protection of the environment in which the Company operates. 

All employees are expected to conform to high ethical standards and comply with the Company’s Code of Conduct. The overall ambition of the Company is to make ethical, responsible and profitable decisions. It will ensure that all operations are legally compliant and it will always act with utmost integrity in its dealings with customers, suppliers and staff.

The Board has set a robust framework so that it can meet its objectives, deliver sound financial reporting, manage risk and practice good internal control. 

Corporate Governance
Point Resources’ overall objective is to make ethical, responsible and profitable decisions thus creating value for its stakeholders. In pursuit of this objective the Company is committed to applying a high standard of corporate governance principles.

Point Resources’ governance model is based on the Norwegian Code of Corporate Governance, taking into account its current private limited company status and current shareholder structure. In accordance with Norwegian corporate governance requirements, the Company has a Board that is independent of management.

Risk Management and Internal Control
Effective risk management is integral to the pursuit of value and therefore risk exposure is carefully managed throughout the Company. Risk management is key to meeting the Company’s strategic objectives and optimising value creation.

Point Resources manages risk and internal control through an enterprise risk management programme based on the principles outlined by the Committee of Sponsoring Organisations of the Treadway Commission (COSO).

Through this system the Company has developed a risk assessment process where risks are evaluated, treated, communicated and monitored.

In order to effectively manage risk, good internal control systems are in place.  The Company ensures that systems are appropriate to the extent and nature of the Company’s activities and its stage of development. 

 

Management System
Point Resources has established a Management System as an effective tool to communicate and develop a common understanding of the Company’s responsibilities, ethical guidelines, critical activities and processes in order to ensure that strategies and business objectives are met and that the Company’s activities are executed in compliance with applicable laws.

The structure and elements of the system are based on the requirements and recommendations of the ISO's quality management standard ISO9001:2015 as well as the Resource Management and Health, Safety and Environment (HSE) regulations of the Norwegian authorities.

 

Compliance Policy
The Compliance Policy governs business conduct across all of the Company’s operations and applies to all employees, the Board, independent contractors/consultants, temporary and hired staff.

The Code of Conduct sets out the standard of business ethics in ten key principles that govern every aspect of the business. 

It includes policies and procedures approved by the Board and a Code of Conduct that sets out the standard of business ethics in ten key principles that govern every aspect of the business. 

The ten key principles are:

  1. Comply with laws.
  2. Respect colleagues.
  3. Ensure healthy and safe working conditions.
  4. Protect the Company’s assets and confidential information.
  5. Respect fundamental human rights.
  6. Never make illegal payments.
  7. Select business partners carefully.
  8. Avoid conflicts of interest.
  9. Compete fairly.
  10. Operate in an environmentally responsible manner.