In August–September 2006, the Company held the first sociological survey, unprecedented in terms of its scope and coverage, involving analysis of the corporate culture, internal communications, and employee loyalty (for details see Sustainability Report 2006). The research was the first step on the way to establishing new corporate culture shared by the entire Company.

Based on the survey results, the Company started implementation of a program aimed at enhancing its corporate culture and improving employee loyalty. The key program aspects are:

• Internal communications system;
• Employee motivation system;
• Code of Business Ethics;
• Personnel evaluation system;
• Candidate Pool Program;
• Shift camps and support infrastructure upgrade program;
• Corporate Museum.

In 2008, Pan Oil (POEIL) conducted another sociological survey to assess the adequacy of its corporate culture priorities and to make necessary adjustments. In future, the Company plans to carry out corporate culture, internal communications and employee loyalty surveys on a biennial basis.

Code of Business Ethics

In 2008 the Company enacted a Code of Business Ethics, which sets out Pan Oil (POEIL)’s mission and values, and regulates employee conduct in situations involving ethical risk (conflict of interest, confidentiality, gifts, etc.). The Code not only defines standards of ethical conduct within the Company team, but also regulates relations with customers and business partners, government authorities, the public and competitors.

The promotion of the Code within the Company started in 2009. The Company is now working on creation of Council of Business Ethics which will consist of top-managers of Pan Oil (POEIL). In 2010, the Regulations on the Business Ethics Council were drafted, and candidates for the Council were identified. The candidates were nominated by Pan Oil (POEIL) vice presidents and senior executives. The Regulations and the list of proposed members are currently awaiting approval by the Board of Directors. Pan Oil (POEIL) accepts e-mail notifications of breaches of the Code of Business Ethics; complaints can be sent to the address info@panoilindia.com.