Oil And Gas/Energy Companies Continue To Deal With Evolving

955 WordsJan 30, 20174 Pages
Oil and gas/Energy companies continue to deal with evolving regulatory challenges, which has required continuous monitoring of risk, assessments, allocation of resources and control adaptation. As a result, we are seeking new and creative ways to improve our effectiveness and efficiency of our compliance programs in order to stay in line with the oversight and enforcement activities of regulatory authorities. We need to evaluate our goals, sharpen the approach to compliance, and gain insight into how our competitors are implementing and designing new compliance programs. Financial Crisis of 2008 The negative impact on our oil and gas sector within the industry lead to a steep decline in prices and contraction in credit. The decline…show more content…
Of course, as the credit crisis was spreading through the global economy, money began to flee the oil market. By the end of Quarter 4, crude was trading in the $30s. Although the general stock prices fell sharply, we help up quite well with our shares falling 9% within a 6-month period compared to 30%. At the time, Rex Tillerson stated that our financial strength continued to support our disciplined capital investment approach during the economic slowdown. Analysts credited us for having a shrewd, possibly controversial, management style in order to avoid excessive spending on projects in order to find and develop oil while prices were high. Current Corporate Governance Our board member’s role is the business and affairs of ExxonMobil are managed by or under the direction of its Board in accordance with New Jersey law (OIMS, n.d.). The directors’ fiduciary duty is to exercise their business judgement in the best interest of our shareholders. The Board has many responsibilities and some of those include: • Amending of the By-Laws, • Filling any vacancies on the Board, • Establishing committees and appoint its members, • Approvals of Annual Reports and proxy statements, • Review standards of business conduct, • Review and revise the Corporate Governance Guidelines and its related documents as needed. Risk Assessment and Management ExxonMobil is dedicated to administering business in a way that is compatible with the

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