124
I LISI FINANCIALREPORT2013
INFORMATIONREGARDINGTHECOMPANYANDCORPORATEGOVERNANCE
7
n
The monthly consolidation of management indicators, the income
statement, the balance sheet and the funding table allow a precise
measuretobeobtainedwithinashorttimeofyear-end.Thisfacilitates
thedecision-makingprocess.
n
The purchasing and investment process fallswithin the scope of the
strategic and budgetarymechanism. Any purchasing or investment
commitment thatdeviates from thebudgetauthorizationsmusthave
priorapprovalattheappropriate level.
n
The sales and contract process is reviewed specifically by the local
teams,BUs,divisionsor theGroupdependingon themateriality level,
beforetheactualcommitment ismade.
n
TheCashFlow-Financeprocessalsorequiresspecificcommitments.So
for instanceall financial investmentsaremanagedatGroup level.
n
Thepayprocess ismanagedat operational unit level and is regularly
reviewedbothbythe internalauditteamandbyexternalauditors.
n
TheHealth,Safety,andEnvironment(HSE)processhasbeensubjected
to themonthly reviewofmanagement indicators (industrial accident
rates,non-compliances,etc.)andthemajorresultingactionplans.
