Corporate Governance

Corporate Governance

Laraib Board has always supported the implementation of the highest standards of Corporate Governance.

Laraib’s Code of Corporate Governance includes the following policies to promote the effective governance of the Company. The Board will also review and amend these policies as it deems necessary or appropriate.

Business Continuity Management

Laraib Energy Limited (LARAIB) being subsidiary of HUBCO is committed to achieve the highest international standards in its operations, resulting in value addition to shareholders’ investment and to the nation as a whole. Therefore, it is essential for LARAIB to adopt robust business continuity processes and procedures. All LARAIB departments must have documented procedures to ensure that critical / essential LARAIB business services continue during an incident and normal services get restored as soon as possible post disruption.

Laraib's Speak Up Policy

  • The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior.
  • The Company is committed to developing a culture where it is safe for all employees, customers and vendors to raise concerns about any poor or unacceptable practice and any event of misconduct.
  • The purpose of this policy is to provide a framework to promote responsible and secure manner to speak up. It protects employees, customers and vendors wishing to raise a concern about serious irregularities within the Company.
  • The policy neither releases employees from their duty of confidentiality in the course of their work, nor is it a route for taking up a grievance about a personal situation.
  • The Guiding Principles
The Guiding Principles

To ensure that this Policy is adhered to, and to assure that the concern will be acted upon seriously, the Company will:

  • Ensure that the person who speaks up and/or the person investigating the Protected Disclosure is not victimized for doing so;
  • Treat victimization as a serious matter including initiating disciplinary action on such person/(s);
  • Ensure complete confidentiality.
  • Not attempt to conceal evidence of the Protected Disclosure;
  • Take disciplinary action, if any one destroys or conceals evidence of the Protected Disclosure made/to be made;
  • Provide an opportunity of being heard to the persons involved especially to the Subject.
Coverage of Policy

The Policy covers malpractices and events which have taken place / suspected to take place involving:

  • Abuse of authority
  • Breach of contract
  • Negligence causing substantial and specific danger to public health and safety
  • Breach of Environmental obligations and safety and health standards
  • Manipulation of Company data / records
  • Financial irregularities, including fraud, or suspected fraud
  • Criminal offence
  • Perforation of confidential / propriety information
  • Deliberate violation of law / regulation
  • Wastage / misappropriation of Company funds / assets
  • Breach of employee Code of Conduct or Rules
  • Any other unethical, biased, favored and imprudent event
Policy should not be used in place of the Company grievance procedures or be a route for raising malicious or unfounded allegations against colleagues.

  • While it will be ensured that person who speak up are accorded complete protection from any kind of unfair treatment as herein set out, any abuse of this protection will warrant disciplinary action.
  • Protection under this Policy would not mean protection from disciplinary action arising out of false or bogus allegations made by a person knowing it to be false or bogus or with a mala fide intention.
  • Persons, who make any Protected Disclosures, which have been subsequently found to be mala fide, frivolous or malicious, shall be liable to be disciplinary action under Company’s Code of Conduct / Personnel Policy.
Manner in which concern can be raised

Persons should in the first instance report such discoveries to their line management however if they are not comfortable in doing so they should email to to raise their concerns as soon as possible but not later than 30 consecutive days after becoming aware of the same. Person must put his / her name to allegations. Concerns expressed anonymously WILL NOT BE investigated.

Every effort will be made to maintain confidentiality of the person complaining and to protect him / her from any unfair treatment.

The Company undertakes that all complaints will be investigated by independent person and feedback will be provided to the complainant(s).

  • No unfair treatment will be meted out to a person who speaks up by virtue of his / her having reported a Protected Disclosure under this Policy. The Company, as a policy, condemns any kind of discrimination, harassment, victimization or any other unfair employment practice being adopted against the person who speaks up. Complete protection will, therefore, be given to the person against any unfair practice like retaliation, threat or intimidation of termination / suspension of service, disciplinary action, transfer, demotion, refusal of promotion, discrimination, any type of harassment, biased behavior or the like including any direct or indirect use of authority to obstruct the person’s right to continue to perform his duties / functions including making further Protected Disclosure. The Company will take steps to minimize difficulties, which the person may experience as a result of making the Protected Disclosure.
  • The identity of the person shall be kept confidential.
  • Any other employee assisting in the said investigation or furnishing evidence shall also be protected to the same extent as the person.