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Glossary
A
B
- bll
-
Barrel
- bcf
-
Billion cubic feet
- boe
-
Barrels of oil equivalent
- boepd
-
Barrels of oil equivalent per day
- bopd
-
Barrels of oil per day
C
- CMS
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Caister Murdoch System
- CMS III
-
A group development of five satellite fields linked to CMS
- CR
-
Corporate Responsibility
- CSO
-
Civil Society Organisation
- CNOOC
-
China National Offshore Oil Corporation
D
- DLT
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Development Leadership Team
- DoA
-
Delegation of Authority
- DRC
-
Democratic Republic of Congo
- DSBP
-
Deferred Share Bonus Plan
E
- EA
-
Exploration Area
- E&E
-
Exploration and evaluation
- E&A
-
Exploration and Appraisal
- E&P
-
Exploration and Production
- EBITDA
-
Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
-
Environment, Health and Safety
- EMS
-
Environmental Management System
- ERC
-
Energy Resource Consultants
- ESOS
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Executive Share Option Scheme
F
- FEED
-
Front End Engineering and Design
- FPSO
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Floating Production Storage and Offloading vessel
- FRC
-
Financial Reporting Council
- FRS
-
Financial Reporting Standard
- FTG
-
Full Tensor Gravity Gradiometry
- FTSE 100
-
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
- FVTPL
-
Fair Value Through Profit or Loss
G
- GELT
-
Global Exploration Leadership Team
- GNPC
-
Ghana National Petroleum Corporation
- GoU
-
Government of Uganda
- Group
-
Company and its subsidiary undertakings
H
I
- IAS
-
International Accounting Standard
- IASB
-
International Accounting Standards Board
- IFRIC
-
International Financial Reporting Interpretations Committee
- IFRS
-
International Financial Reporting Standards
- IMS
-
Information Management System
- ISO
-
International Organization for Standardization
K
L
- LIBOR
-
London Interbank Offered Rate
- LTI
-
Lost Time Incident
- LTIFR
-
LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
-
Million barrels
- mmbo
-
Million barrels of oil
- mmboe
-
Million barrels of oil equivalent
- mmscfd
-
Million standard cubic feet per day
- MoU
-
Memorandum of Understanding
- MTM
-
Mark To Market
N
- NGO
-
Non-Governmental Organisation
O
- OR&A
-
Operational Readiness and Assurance
P
- p
-
pence
- P10
-
Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
- P50
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Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
- P&D
-
Production and Development
- PAYE
-
Pay As You Earn
- PRT
-
Petroleum Revenue Tax
- PSC
-
Production Sharing Contract
- PSP
-
Performance Share Plan
S
- SCT
-
Supplementary Corporation Tax
- SIP
-
Share Incentive Plan
- SMC
-
Senior Management Committee
- SPA
-
Sale and Purchase Agreement
- sq km
-
Square kilometres
- SRI
-
Socially Responsible Investment
T
U
- UK GAAP
-
UK Generally Accepted Accounting Principles
V
- VAT
-
Value Added Tax
W
-
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Governance highlights
"An externally facilitated evaluation of the Board, its Committees and individual Directors was undertaken in 2010. Overall the Board performance reports concluded that the Board had been effective during the year."
Graham Martin, General Counsel and Company Secretary
| 2010 Board objectives | 2010 Board performance |
|---|---|
| Corporate strategy | |
Ensure Board focus is on high-level issues and strategy |
In 2010, 45% of the Board's time was devoted to strategy, including the evolving Uganda situation. A number of external advisers presented to the Board on topics including the equity and debt markets in relation to our sector, current economic and political developments in our African areas of interest and stakeholder engagement. The Board performance report identified the need to continue to improve the strategy development process and to allocate sufficient time to strategic debate and the consideration of alternative strategies for the achievement of corporate objectives. |
Invite suitable external advisers and speakers to Board meetings to stimulate discussion and debate |
|
| Succession planning | |
Appoint external advisers |
External advisers were appointed during the year. |
Consider matters within Nominations Committee terms of reference |
These were reviewed and revised appropriately. |
Develop a clear roadmap for non-executive Director refreshment and Chairman succession |
A suitable roadmap was devised and its implementation has already begun successfully. See the Report of the Nominations Committee for further details. Tutu Agyare's appointment during the year has increased the Board's African expertise and within the organisation we have continued to recruit Africans to senior management positions. |
Increase African profile of Tullow Board, management and staff |
|
Consider development plan for each of the Executives and senior management |
Development plans for the Executives and senior management have been discussed and are now being implemented. The Board performance report identified the need to formalise and continue these efforts and to ensure they cover general compliance training as well as sector-specific training. |
| Board training and administration | |
Select suitable external courses for non-executive Directors and Executives and formalise Directors' training register |
In accordance with the new UK Corporate Governance Code, the Chairman will agree individual training plans for each of the Directors, tailored to their respective skills and requirements, and a formal Training Register will be established. |
Continue to review membership of Board Committees |
Membership of the Committees was reviewed in 2010 and it was agreed that no change was required at that stage. However, the issue will be reviewed again in 2011 after the announced changes to the Board have taken place. |
Investigate electronic/web-based solutions for Board administration |
Some progress was made in electronic/web-based Board administration in 2010 but a more thorough review will be undertaken in 2011. |
| Board visibility and Group communications | |
Attendance of Directors at Group functions |
The Executive Directors made numerous visits to key offices in 2010 and attended various functions with staff. The full Board visited Ghana prior to First Oil, giving them a chance to meet a wide cross-section of staff there. Some of the non-executive Directors also visited other offices during the course of the year and attended staff events. The Board performance report noted that the non-executive Directors were committed to such visits and to improving the accessibility of the Board to all staff and recommended that advantage be taken of this commitment. |
Demonstrate support for key offices |
|
Consider further non-executive Director visits to key offices |
|
Improve accessibility of Board to all staff |
|
KPIs
We measure our progress through seven KPIs that are closely aligned with delivering our strategy.
Corporate governance
A good governance structure must be underpinned by a strong organisational culture that values ethics and integrity and the highest standards of corporate behaviour.
Board of Directors
The Board is well balanced in terms of composition, experience and length of tenure.
