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Sinopec Corp. - company overview

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CONTENTS Page 1. Introduction of Sinopec Corp. 3 2. Management Concept and its Basic Characteristic 3 3. The functions of management 4 3.1. The role of manager 3.2. Role of Managers under Different Styles of Management 4. The Structure of Organization 8 4.1. Leadership 4.2. What is motivation to work 5. SUMMARY 10 6. REFERENCES 10 7.APPENDIX 11 1. Introduction of Sinopec Corp. Focusing on its core business of petroleum and petrochemicals, China Petroleum and Chemical Corporation (Sinopec Corp.) is a publicly listed company with integrated upstream and downstream operations and a complete marketing network. The company was set up on February 28, 2000, pursuant to the [Company Law of the People's Republic of China] and in line with the principle of 'separation of core business from the ancillary, good assets from the bad, and enterprise functions from the social', by China Petrochemical Corporation (Sinopec Group) as the sole sponsor, after the restructuring of its businesses, assets, debts and creditor's rights, organization and personnel. Following international models, the company has set up a new, standardized structure of corporate governance, with centralized decision-making, delegated authorities in management, and business operations handled by specialized business units. Sinopec Corp. has more than 70 subsidiaries, either wholly owned, or with equity participation, including majority controlled, in exploration and production, refining, chemicals, marketing, research and foreign trade. Most of the Company's assets and principal market is situated along China's most developed eastern, southern and central areas. Sinopec Corp. sticks to the philosophy of open and competition, the business strategy of expanding resources and market, cutting cost and improving profitability, as well as exercising prudent investment. ...read more.


Negotiator (bargaining - for example, for resources and Influence) ----source: Mintzbery 3.2. Role of Managers under Different Styles of Management A short summary of the role of managers under authoritarian and participative styles of management. Also covers decision taking and the basic characteristics of each style. STYLE OF MANAGEMENT Authoritarian Participative Manager's Job Managers do as they are told and transmit orders. Work (responsibility) is delegated. Manager co-ordinates own group's work with that of the group in which he is a subordinate. Manager clears difficulties out of path of subordinate. Work can be a source of satisfaction (voluntarily performed) or punishment (avoided) dependent on controllable conditions (manager and management). Decision Making Decisions are made at the top. Military type of organization. 'Line and staff'. 'Chain of command'. Participation in decision making at all levels. View of people Assumes that people hate work, have to be forced to do it, have to be forced to achieve company's objectives. People learn not only to accept, but to seek greater responsibility (work at a higher level). In modern industrial life, most people's intellectual potential is only partially utilized. Motivation Fear motivation. We need 'a certain level' or 'more' unemployment. Reward motivation. ----Source: Davidmann, M The decision-making will be chooses a plan from each choice plan to take the future behavior the guide. But before decision-making, only was has conducted the research and the analysis to the plan work, did not have the decision-making on not to conform with the rational motion, thus the decision-making plans the work for the core. But plans one of work characteristics plans the work the leadership, it is carries on the organization work, the personnel provides, the instruction and the leadership, the control work and so on the foundation. ...read more.


5. SUMMARY In conclusion, Sinopec Corp therefore has the today such achievement, completely relies on the management mechanism which consummates to them, From this definitely may manifest to a system management and the good administrative personnel to company's development is the how unimportance. Sinopec Corp will continue to give full play of the independent directors and the three Specialized Committees under the Board, and promote the level of scientific decision-making. Meanwhile, they are to strengthen internal control and internal management, mitigate operational and financial risks; andl set up a highly efficient, unified and well-coordinated management mechanism and a vigorous incentive mechanism with an aim to improve production and asset efficiency. Facing the sweeping tide of economic globalization and reshuffling in the petroleum world, Sinopec Corp is fully aware of the opportunities and challenges ahead. With regard to the opportunities, the most inspiring one stems from the continuous, fast-growing and wholesome Chinese economy, which is expected to drive the domestic demands for petroleum and petrochemical products, thus providing enormous potentials for a faster development of the Company. As to challenges, the most rigorous one is a more open Chinese market after the entry of China into WTO. Facing these emerging opportunities and challenges, Sinopec Corp shall adhere to the Company's operating objectives of "maximizing the Company's profit and return to shareholders". Sinopec Corp shall also stick to the existing strategy, and as breakthrough, improve corporate governance, carry out in-depth reform on its management system and operational mechanism, speed up rational procedures to the business portfolio and industrial layout, thus improving the quality and speed up the pace of the Company's business expansion, to realize effective growth. 6. ...read more.

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