Business environment and position of the company
History – Worley was established in the early 1960’s and expanded its operations in the Asia pacific region during the 1970’s. The company’s expanded its services to South East Asia, North America, and the Middle East within a short span of time. The company listed itself on the Australian stock exchange in November 2002, and now operates in 19 countries. The company has a diverse portfolio of providing services in the oil and gas sector, industrial infrastructure, metals, power and water.
The company’s business has been exemplified by regular partnerships between the client and service providers. The company has also gone through a number of set up partnerships and joint ventures, with global leaders like Fluor, Bechtel, Kvaerner and KBR for complete project solutions to their clients.
After its merger with Parson Company, on November 15, 2004, at the annual meeting of the Worley shareholders, a special resolution was passes to change the name of the company Worley Parsons. The headquarters of the company are located in Sydney with Mr. John Grill as the CEO. The board of directors of Worley Parsons Group has set up company rules and regulations that help the management to meet the high standards of safety, performance and governance across all its global units’ operations sites. The focus of the company since the merger has been on corporate governance and international operations. The company has adopted various policies which also include a Corporate Code of Conduct and Board charter which reviewed the recent law changes with the expansion of the company.
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The code of conduct addresses some Business and strategic philosophies for the company management board to follow. Lay solid foundations for management The board is directly responsible for approving the direct of the company business and is in charge of the performance of the group in all senses. The board of directors keeps in mind the need to carefully formulate the strategic goals, budget, and policies for the company that can help identify and mitigate the risks ahead.
Also the board of directors is responsible to ensure the benefits of the shareholders and see that the company’s activities are aligned with the interest of its shareholders. Structure the board to add value There are eight directors in the board which strive to provide the skill, knowledge and experience to the company business in order to render results for the shareholder of the company. It is the choice of the company to retain any of its directors or remove any of them who are found not be working in the benefit of the company.
Promote ethical and responsible decision making The boards of directors have set up policies and codes that promote the company’s approach to a moral and responsible decision strategy. The Board has accepted a Code of Conduct to direct all Worley Parsons employees as to the practices necessary to make sure that directors, executives, management, employees, contractors and agents hold out their duties and responsibilities to the highest ethical standards.
The code of conduct also includes the legal complexities, and share trading as well. Safeguard integrity in financial reporting In order to safeguard the financial interest of the company, the CEO offers written undertakings to the board of directors that states the authenticity of the financial reports of the company status. The audit and risk control committee works to supervise and monitor the progress of the external auditor, contracts and audit plans.
The audit and risk control committee also takes charge of offering some financial recommendations to the company board for making of the operational risk management policies. Respect the rights of shareholders The boards of directors ensure that the shareholders of Worley Parsons are well informed of the company material and other information reading the performance of the company. This is done with the help of annual reports, disclosure reports to the Australian Stock exchange, half yearly reports and media releases.
SWOT ANALYSIS Strengths
Worley parson is a profitable association with most of the dips in losses due to the promotions that have given lower delivery costs to the end consumer. Customer Relationship Management (CRM) and Information Technology (IT) has been a major factor that boosted the revenue of the company in recent years. The company is paying due attention to company records, customer needs and global business environment. The company has been recognized for timely execution of their projects and efficient exploitation of onsite resources on the client side.