ICA Diploma: Governance, Risk, Compliance in UK Oil and Gas Sector

This report provides an overview of corporate governance and the regulatory environment in the UK oil and gas sector. It discusses key legislations such as the Petroleum (Production) Act 1934 and the role of the Health and Safety Executive (HSE). The report highlights the importance of corporate governance in balancing stakeholder interests, promoting transparency, and ensuring sustainability within the industry, referencing the Cadbury Report and the UK Corporate Governance Code. It also addresses the risks and challenges faced by the UK oil sector, emphasizing the roles of the Oil and Gas Authority of UK (OGA) and the Department for Energy and Climate Change (DECC) in regulatory compliance. Furthermore, the report explores the concept of systematic risk and the regulatory measures in place to mitigate it, emphasizing the importance of health, safety, and environmental considerations. Finally, it touches upon the significance of business ethics and corporate social responsibility within the context of the oil and gas industry.

Running Head:CORPORATE GOVERNANCE AND THE REGULATORY ENVIRONMENT
CORPORATE GOVERNANCE AND THE REGULATORY ENVIRONMENT
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Answer 1
The organisations related to the Oil and Gas sector of UK are required to follow various
governmental legislations for the purpose of their business operations in the nation. The
‘Petroleum (Production) Act 1934’ is one of the most important regulations which the different
organisations are required to abide by for the effective drilling of petroleum in the various sites
(Legislation.gov.uk 2019). More importantly, it is seen that this act also offers an overview of
the safety parameters, equipment, ethical considerations and others that the organisations are
required to follow for the purpose of drilling (Oilandgasuk.co.uk 2016). Furthermore, the
organisations also required to follow the precepts of the Health and Safety Executive (HSE) of
the national government to ensure the safety of the workers and also the different property of the
concerned organisation (Hse.gov.uk 2019). Besides this, the government clearly identifies six
different areas of improvements in the form of safety of the environmental management system,
improving the learning culture and process effectively, integration of the regulatory frameworks,
clear organisational structure to formulate the control and command process, business liability
and ability of the organisation and finally open up high scopes and opportunities for the R&D
development (Bradshaw and Waite 2017). Moreover, the organisations also need to have
adequate risk management programs and also needs to abide by the Governance, Risk and
Compliance (GRC) elements of the nation (Bowdler 2017). These in short are some of the most
important regulatory assessment aspects along with others that the regulator will look for before
authorising or giving permission to the organisations.
Elshandidy et al. (2018) are of the viewpoint that the primary purpose of these
regulations is to ensure a safe and secure environment both from the ecological and business
perspective that will help the industry to expand its business steadfastly. Furthermore, these

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regulations and their effective use also helps the organisations to avert disasters which could
have been avoided and also to offer a safe working environment to the workers. For the conduct
of this assessment, the regulator conducted interviews with the different managers, workers and
other stakeholders of the organisation. The regulator also conducted inspections in the workplace
and the drilling sites of this organisation to ensure that the above mentioned regulations and
others are being followed in an effective manner by the concerned organisation.
Answer 2
As per the Cadbury report of 1992, Corporate governance is a set of rules and guidelines
that the firm is entitled to follow in order to retain its business effectively and successfully
expand its sustainability measures (Bowdler 2017). According to Bell, Filatotchev and Aguilera
(2014), the notion of corporate governance is blended with the practice of balancing the interests
of the stakeholders. The stakeholders are identified in terms of the management, shareholders,
customers, suppliers, financiers, government and community as well. In fact, Krechovskáand and
Procházková (2014) advocated that the principles of corporate governance are also associated
with the objectives of the organisation so that the business companies can grow on the basis of
the corporate governance principles.
It is important for the organisations to deliver such a measure so that the environmental
condition will be balanced. The oil sector has a far-reaching impact on the environment and
escalating trend of politics further perturbs the situation. Therefore, Boatright (2017) ascribed
that good governance plays a pivotal part in order to establish a balance both politically and
environmentally within the industry. In addition to this, good governance also facilitates
transparency initiatives within the organisational framework so that big business houses in the oil

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sectors of UK can check on sustainability. Corporate governance is also focusing on the
community engagement a development process that will bring more progress in the entire set up.
For the UK oil sector, it is important to focus on some essential factors responsible for
carrying out an effective and transparent mechanism within the entire business practice. For
instance, clarity over the goals and objectives of the Oil companies in the UK is considered to be
an important aspect to solidify the practice of good corporate governance. In association with
this, Amba (2014) opined that putting more emphasis on sustainable development is highly
effectively significant for the organisations in the UK oil sector for its future benefits. The
Cadbury report helps to enact the ‘UK Corporate governance Code’ in 2010. The oil sector is
always questioned the environmental issues; therefore procuring good governance will bolster
the brand image of the oil companies existed in UK. Furthermore, accountability in decision
making is also considered effective enough to set up a plan for further business activities.
Through those factors, the oil sector in the UK can achieve effective corporate governance.
Answer 3
As far as the Oil sector in the United Kingdom is concerned, it can be stated that the UK
oil industry has the largest production capacity across Western Europe and the second largest
after Norway. The government report showed that in the year 2017, the UK oil sector produced
999,000 barrels a day (oilandgasuk.co.uk 2017). However, there is a sharp declination in the
production in comparison to the year 2016 with a percentage of 1.3. Currently, there are six
refineries actively working in the UK with a production volume of 60 million tonnes in 2017
(deloitte.com 2018). However, a large volume of the workforce is associated with the gas sector.

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The Oil sector itself provides more than £2.5 billion per year (oilandgasuk.co.uk 2016). As a
result of that, the Oil sector is a highly profitable sector for the UK economy.
Despite of the advantages, UK oil sector is facing serious risks and problems in terms of
the production delays, unintentional loss of data, the safety of the workers, environmental issues
and the responsibility for the environment and the community. In a different context, during the
year 2013 the financial business organisation JP Morgan Chase came to the front page due to
huge financial scandal that led to a fine of £137.6 million (Bowdler 2017). Therefore, the
regulations are clearly pointed out the issues and entitled to mitigate the issues effectively. In this
regard, the Oil and Gas Authority of UK (OGA) and the Department for Energy and Climate
Change (DECC) are responsible for dealing with the legal and regulatory compliance
(deloitte.com 2018). It is accompanied by the licensing, exploration and production,
infrastructure as well as the environmental considerations. In addition to this, the UK
government also enacted the Petroleum Act in 1998 with the purpose to encourage the oil
companies to initiate a sustainable production with balancing the environmental framework
(Legislation.gov.uk 2019). Risk in the process is clearly an important problem that could damage
the entire situation effectively. For an instance Bowdler (2017) advocated that global banking
crisis pushed UK government to evaluate the existing legal procedure and it was found that there
was a huge gap between the international framework and the national establishment. Besides
this, there is the Employment Rights Act of 1996 that safeguards the interests of the employees
irrespective of industry (Legislation.gov.uk 2019). Furthermore, the Health and Safety Act of
1974 is also an important legal right that compels the organisations to put extra measures for the
benefit of employee health and safety (Hse.gov.uk 2019). The UK government intended to
protect the environment legally through the enactment of the Environmental Protection Act of

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1990 that pushes the industrial business organisations to control commercial and industrial
wastes (Legislation.gov.uk 2019). Henceforth, the regulatory framework of the UK is highly
effective to establish a better business environment and entitled to safeguard the interests of the
stakeholders as well.
Answer 4
As opined by Whitton et al. (2017), the term ‘systematic risk’ refers to the uncertainty
which is inherent in the entire business market in which a particular business organisation is
operational. Systematic risks is also called by the name of ‘market risk’ or ‘un-diversifiable risk’
and the organisations generally face this kind of risk because of the volatility of the market in
which it is operational or on the score of the fluctuations in the stock prices of the organisation
(Waring 2016). The UK government over the years had evolved an effective regulation system
for the oil and gas industry which states the king of risk management procedures and other
aspects that the organisations are required to follow. In this regard, mention needs to be made of
the “Offshore Installations (Safety Case) Regulations 2005”, “Offshore Installations (Offshore
Safety Directive) (Safety Case) Regulations 2015” and others (Bowdler 2017). The “IOSCO’s
core objectives” are also important ones in which help the organisations to mitigate the adverse
effects of the systematic risks and other kinds of risks faced by the organisations related to the oil
and gas industry (Bowdler 2017). In fact, the government is willing to formulate cumulative risk
guidelines that all the companies in the oil sector have to follow. Emphasis on the health and
safety and the environmental considerations are playing a pivotal role in order to deal with the
risk management dominantly (Goldthau 2016). Henceforth, the legal implication in the UK oil
sector also incorporates the market, credit, operational and environmental risks so that the legal
barriers can be mitigated. In this context, while discussing the significance and threat of risks,

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Bowdler (2017) pointed out that JP Morgan Chase faced severe threat after the fraudulent
activities got exposed. Therefore, it requires a government intervention in order to reduce the risk
factors.
The risk regulations formulated by the UK national government for the organisations
related to the oil and the gas sector are in synchronicity with the other national regulations that
the concerned organisations are required to follow. For example, one of the major objectives of
the UK regulatory framework is to create the best possible facilities for the workers in terms of
safeguarding their health. In association with this, putting emphasis on the process of quality
check and control is also identified as an important measure (Mason and Simmons 2014).
Therefore, the UK government takes extra concern to set the standards for production. This
measure is also associated with the environmental consideration where the oil producing
companies will face severe legal investigation in case of any violation of the legislative
regulations (Bouoiyour and Selmi 2018). From this point of view, it can be argued that the oil
sector in the UK the regulatory establishment helps to set up a business-friendly environment for
the Oil sector to expand its orientation in the near future based on the paradigm of sustainability.
Any kind of failure in the process of risk management can jeopardise the entire regulatory
situation. For an instance, failing to follow the legislative guidelines for employee health and
safety will damage the image of the oil industry of UK. This in turn can affect the other aspects
of the business processes used by the organisations in the concerned sector. Thus, it can be said
that the lack of ability to cope with the risk regulations, particularly the ones related to the
systematic risks is likely to affect all aspects of the organisations in a substantial manner which
in turn can significantly reduce the profitability of these organisations.

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Answer 5
As opined by Crane and Matten (2016), the notion of business ethics had gained a
significant amount of prominence within the framework of the contemporary business world and
the business organisations are required to take responsibility for their actions. In particular
context of the organisations related to the oil and the gas it needs to be said that they are not only
required to mitigate the environmental damage that they are causing but at the same time use the
natural resources in an ethical and sustainable manner (San Ong et al. 2017). More importantly,
it is seen that there is a direct connection between ethics and compliance. From the theoretical
perspective, it can be asserted that the role of compliance is to set a rule of law which the
business organisations must follow in order to have an effective business orientation and also
reduce the damage that it is causing to the environment on the score of its business operations.
The concepts of ethics and morals have emerged as the major regulatory requirements
that the organisations in the oil and the gas sector are required to follow for their business
operations. This can be explained on the basis of the fact that the organisations related to the oil
and the gas sector often take the help of the unethical as well as immoral business practices with
the objective of maximising their profitability (Bradshaw and Waite 2017). Ethics can be
practiced for not only the betterment of the employees only but it is created with the purpose to
make a balance between the corporate culture and the interests of the employees. On the
contrary, Bowdler (2017) shows that in Enron’s case due to the lack of perception regarding the
significance of ethics, the business operations of the organisation had to be closed down.
Moreover, the suppliers and ancillary industries are also expected to get benefit from the practice

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of the kind of compliance policies which take into consideration the factors of ethics and morals.
On the other hand, Bowdler (2017) claimed that the purpose of using ethics and morals as a
regulatory framework is to facilitate a mutual understanding between the organisation and the
government so that a better business environment can be developed. In this context, ethics is
used to make the company understand the importance of compliance and sustainability.
Therefore, sustainable decision making can be made on the basis of mutual participation of both
the government and the business organisation taking into effective consideration the factors of
ethics and morals.
The compliance mechanism solidifies the business culture in the oil companies in the UK
so that they can usher the practice of ethics in the business. As per Oilandgasiq.com (2018), the
UK companies are facing a serious threat in some sections like spilling oil on the ocean floor and
thereby damage the marine ecology substantially. For instance, in the year 1995, the Royal
Dutch or Shell was accused of dumping the waste materials in deep water off northwest Britain
(Omeje 2017). Henceforth, it became an international issue, and many countries condemned the
role of the British government to encourage those companies in violating compliance regulation.
This disaster could have been averted had the concerned organisation used the factors of ethics
and morals as important regulatory frameworks for the conduct of their business operations
(Yusuf et al. 2014). Thus, it can be said that the UK oil and gas companies by using ethics and
morals as important regulatory frameworks would be able to gain in a significant manner since it
will not only enable them to attain sustainability but at the same time mitigate the damage that
their business actions cause to the environment.

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Answer 6
The impending Brexit deal is likely to affect the business world of the UK in a significant
manner since the organisations would no longer access to the kinds of benefits that they used to
enjoy because of the EU membership of UK (Oilandgasiq.com 2018). In the particular context of
the oil and gas sector it needs to be said that the situation is likely to worsen because of the loss
of opportunities that the EU membership of the UK presented to the oil and gas companies like
free trade in EU member nations, expansion opportunities, opportunity to conduct trade in the
EU member nations and others (Oilandgasiq.com 2018). In this regard, it needs to be said that
earlier the oil and the gas companies of UK were required to follow the legislations and
regulatory measures of both the UK and the EU. Nevertheless, in the wake of the Brexit, all the
EU legislations would be nullified and the companies would only have to follow the legislations
of the UK government (nortonrosefulbright.com 2016). Based on the research of Bowdler (2017)
it can be stated that global banking crisis pushed UK government to evaluate the existing legal
procedure and it is seen that newly formulated national regulations are completely different from
international regulations. Therefore, it had become highly problematic for the oil companies to
comply with the legal compliances thoroughly because they of the fact that they had been used to
the earlier legislations. In this regard, mention needs to be made of the organisation Centrica -
British Gas Trading Ltd which is currently facing significant problems because of these changes
in regulation. For example, as it was bound to follow the legal proceedings and framework of the
EU so the UK's legal aspects were not familiar to them. For an instance, in case of the standard
and quality measures, the European Union incorporated the Petroleum Act of 1998. Therefore,
there was no impact or issue regarding the quality of production of the concerned company.

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However, the problem had escalated on the matter of import and exports where the EU had
distinct norms which diverge from the UK norms. It caused a serious threat to the import and
export of petroleum and adversely affected the companies. In this context, the UK Parliament
took a very important step to deal with the emerging crisis and amended the legislation by
incorporating some EU regulation into the sphere of the oil industry establishment in the UK
(Legislation.gov.uk 2019).
These are expected to have a significant amount of impact on the GRC framework which
is being used by the organisation as well. For example, in the earlier times it was seen that the
organisation primarily followed the GRC given by the EU because of the fact that the GRC
framework of the UK was greatly coterminous with it (Warner and Sullivan 2017). However,
with the impending separation of the UK from the EU the organisation would have to get
acclimatised with the GRC framework of the UK government. The UK government for the time
being had given the permission to the organisation to follow its own GRC which actually is a
modified version of the one given by the EU however in the longer run it would have to followed
the one of the UK government in an ardent manner. In course of the discussion, there are some
measures that the British government might take in order to resolve the issue effectively that the
Centrica - British Gas Trading Ltd can utilise for addressing the problem. The first point can be
identified in terms of flexibility and efficiency in the process of decision making. The legal body
of the UK Parliament must take enough measure to deal with the rising tension. Kuzemko (2014)
argued that a pro-active measure should be taken on behalf of the UK government that could
restore the legal measures effectively. The over-controlled policy of the UK government should
also be redeemed to such an extent where the companies could take their own responsibilities for

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the time being. It would provide the government ample time to plan and enact the new regulatory
and implemented in proper time.
Answer 7
The personal actions as well as the manner in which the different employees complete
their job roles had a profound impact not only on the profitability of the organisations but at the
same time on the image of the concerned organisation as well (Whitton et al. 2017). More
importantly, the individual actions as well as the responsibility taken by the workers or the
employees greatly affect the implementation as well as the effective usage of the different kinds
of compliance regulations that the organisations are required to follow (Bennear 2015). In the
particular context of the oil and the gas industry it needs to be said that the GRC officers play a
pivotal role. The role played by the GRC officers is important because of the fact that they not
only ensure that the fact that the organisations are following the effective governance, risks and
compliance regulations stated by the nation government for the concerned sector but also help in
the mitigation of the different issues related to these in an effective manner (Bowdler 2017). This
becomes especially important from the perspective of the UK oil and gas industry because of the
fact that in the international forum, the UK oil companies have lost their image on the score of
their lack of compliance with the governmental legislations (Fragouli 2016). For instance, the
dumping of wastage in the deep water of northwest Britain by the Royal Dutch and Shell in the
UK is generally considered to be one of the important ones in this regard. It is precisely here that
the role played by the GRC officers within the framework of the UK oil and gas companies
becomes especially important.

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As per the research of Omeje (2017) due to the establishment of the government policies
and regulation which in synchronicity with the changing environmental needs and also business
requirements, the organisations are required to act in accordance with the policies. In the
organisation, Centrica - British Gas Trading Ltd, one of the most important roles of the GRC
officers is to take personal responsibility for the actions of the companies and also to ensure that
the companies comply with these regulations and policies. The role of the Governance, Risk and
Compliance officers have a great impact on the image of the organisation (Bowdler 2017). The
research of Yusuf et al. (2017) mentioned that the GRC officers help the organisations to take
into effective consideration the notion of ethics into the regulatory frameworks that they follow.
More importantly, it is seen that the effective usage of these regulatory frameworks not only
enables the organisations to conduct business operations in a safe and ethical manner but also
helps them to attain sustainability as well. Thus, it can be said that the personal responsibility as
well as the individual actions undertaken by the GRC officers have a profound impact not only
on the reputation of the companies but at the same time the manner in which these companies
comply with the governmental regulations for the conduct of their business operations.

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