If You Want To Be One, Start Doing Like One

Someone in Petronas must have screwed up. Seriously, who would dare to make their CEO look like an idiot when he makes claims about something published on the company's website when it is actually not there?

Here's the website he said where you can find the accounts from 2002:

http://www.petronas.com/internet/corp/centralrep2.nsf/frameset_corp?OpenFrameset

He even claimed that Petronas behaves like a public-listed company in publishing their report (see here). I presume he implied the report contained the full minimum disclosure required under Bursa Malaysia listing requirements? Just make a comparison with any companies listed with the following website:

http://www.klse.com.my/website/bm/listed_companies/company_announcements/annual_reports/index.jsp

So if you examine closely their annual reports, I think they don't just show balance sheet and profit and loss statements, they also disclose cash flow statements, statement of changes in equity, notes to financial statements, directors' and auditor's report and so on. Good example is when you look at Petronas' 2007 annual report attempting to do a listed-co's typical disclosures. It stated there under its Table of Contents you can find the "Financial Statements" from page 81-165. And if you scroll down, you should find page 81 to 165 right? Sadly, it stops at page 80. I tried checking 2006's and 2005's. There are no mention of financial statements at all.

Of course, when the rakyat clamour for accounts, they are expecting Petronas to publish their audited financial statements. In fact, if Petronas compete for Nacra award, they would disclose even more like Public Bank's voluntary disclosures which ensures they regularly win their Nacra awards.

So someone must have screwed up in Petronas. I can't imagine the wrath of their CEO knowing he has been made a fool. In normal circumstances, there will be someone who gets reprimanded/demoted/sacked for slacking in his/her function.

But then again, this is Bolehland.