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Glossary
A
- AA1000SES
-
AccountAbility AA1000 Stakeholder Engagement Standard
- ACET
-
Assists African governments to achieve long-term economic growth and transformation www.acetforafrica.org
B
C
- CCDP
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Community Consultation and Disclosure Programme
- Conship
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A wholly owned Ghanaian freight forwarding and logistics company www.conshiponline.com
- CNOOC
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China National Offshore Oil Company
- CR
-
Corporate Responsibility
- CSO
-
Civil Society Organisation
E
- E&A
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Exploration and Appraisal
- EHS
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Environment, Health and Safety
- EHSMS
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EHS Management System
- EIA
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Environmental Impact Assessment
- EITI
-
Extractive Industries Transparency Initiative
- EMS
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Environmental Management System
- ENSCO
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Provider of offshore contract drilling services to the oil and gas industry www.enscoplc.com
- ES
-
Environmental Statement
- Eirik Raude (The)
-
a fifth-generation semi-submersible drilling unit
- ESIA
-
Environmental and Social Impact Assessment
F
- Farm-down
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the sale of a percentage of a licence interest to another company
- FPSO
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Floating Production Storage and Offloading vessel
- FTSE 100
-
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
G
- GHG
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Greenhouse gases
- GIS
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Geographic Information System
- GOELF
-
Ghana Offshore Emergency Leadership Forum
- GRI
-
Global Reporting Initiative
H
- H&S
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Health and Safety
- HiPo
-
High Potential Incident
- HiPoFR
-
HiPo Frequency Rate measured in HiPos per million hours worked
- HR
-
Human Resources
I
- IFR
-
International Regulators Forum
- IMS
-
Information Management System
- IPIECA
-
International Petroleum Industry Environmental Conservation Association
- ISAE
-
International Standards on Assurance Engagements
- ISO
-
International Organization for Standardization
K
L
M
- MSF
-
Multi-stakeholder forum
N
O
- OGP
-
International Association of Oil and Gas Producers (The)
- ONE
-
Grassroots advocacy and campaigning organisation fighting extreme poverty and preventable diseases www.one.org
- OHSAS
-
Occupational Health & Safety Advisory Services
- OSRL
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Oil Spill Response Ltd
- OSPRAG
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Oil Spill Prevention and Response Advisory Group
R
- RBM
-
Regional Business Manager
S
- Safety Case
-
A document or suite of documents that identifies, assesses, and documents major hazards
- SE
-
Social Enterprise
- SMC
-
Senior Management Committee
- SRI
-
Socially responsible investment
- sq km
-
Square kilometres
T
- toes
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Tullow Oil Environmental Standards
- TRI
-
Total Recordable Injuries
- TRIFR
-
TRI Frequency Rate measure in TRIs per million hours worked
U
V
- VAFR
-
Vehicle Accident Frequency Rate measured in vehicle accidents per million kms driven
W
- Well engineering
-
is responsible for the design, construction and maintenance of wells
- Well integrity
-
relates to the safety and ongoing viability of a well during its entire lifecycle
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Promoting a culture of good governance and regulatory compliance
Good governance and regulatory compliance is not just an option, it makes good business sense. It guides correct actions, protects value, is the right thing to do and enhances our reputation in the eyes of all our stakeholders.
Governance
We support and promote a policy of transparency in all our dealings to ensure that shareholders and other stakeholders are treated fairly.
EITI
We believe that governments have a responsibility to use oil and gas revenues for the greater benefit of society and in 2011 Tullow formally became a corporate supporter of EITI. We are already actively involved in EITI initiatives and have published payments made to the Government of Ghana in 2009 and 2010. EITI was launched in 2002 to increase the transparency of oil and mineral revenues that governments receive. Today EITI is a strong coalition of governments, civil society organisations and more than 50 of the world's largest extractive companies.
In May 2011, we published a copy of our Ghana Petroleum Agreements including a copy of the relevant Deeds of Assignment. The Petroleum Agreements were published at the request of, and with the approval of, the Government of Ghana.
Code of Business Conduct
In 2011, our Code of Business Conduct was updated to provide further guidance on a range of topics and to ensure compliance with the requirements of the new UK Bribery Act. The drafting of the code took account of the Bribery Act 'Adequate Procedures' guidance. The new Code of Business Conduct is available online at www.tullowoil.com/code
The Board has overall responsibility for strategic leadership, risk management and the stewardship of the Group. They focus on making sure that Tullow is well run, achieves its business objectives and takes a balanced approach to risk and reward.
"We want to ensure we have a culture of compliance and good behaviour, not a culture of acceptance or indifference to poor practice."
Pat Plunkett, Chairman
2010 Board topics
An externally facilitated evaluation of the Board, its committees and individual Directors undertaken in 2010 concluded that the Board had been effective in undertaking its responsibilities for the year. In recognition of the important role the Board plays in setting strategy, the Board performance report recommended that the Board ensures adequate time is allocated to discussions on strategy and that alternative strategies are fully considered. In 2010, 25% of the Board's time was spent on strategy. 25% was also spent on corporate responsibility related issues. A further 20% of the Board's time was devoted to Uganda.
View our 2010 Annual Report
Topics discussed at 2010 Board meetings
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Strategy | 25% |
 |
Uganda | 20% |
 |
Operations (including Ghana) | 20% |
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Financial management | 10% |
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EHS | 10% |
 |
Corporate Governance | 7.5% |
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HR | 5% |
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Other | 2.5% |
2010 Annual Report
Our 2010 Annual Report and Accounts is published online and is available to download.
Confidence in disclosure
We are addressing important policy areas such as support to EITI, including publication of Petroleum Agreements and payments to governments.
