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  • Glossary

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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

    boepd

    Barrels of oil equivalent per day

    bopd

    Barrels of oil per day

    C

    CCDP

    Community Consultation and Disclosure Programme

    Conship

    A wholly owned Ghanaian freight forwarding and logistics company www.conshiponline.com

    CNOOC

    China National Offshore Oil Company

    CR

    Corporate Responsibility

    CSO

    Civil Society Organisation

    E

    E&A

    Exploration and Appraisal

    EHS

    Environment, Health and Safety

    EHSMS

    EHS Management System

    EIA

    Environmental Impact Assessment

    EITI

    Extractive Industries Transparency Initiative

    EMS

    Environmental Management System

    ENSCO

    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

    the sale of a percentage of a licence interest to another company

    FPSO

    Floating Production Storage and Offloading vessel

    FTSE 100

    Equity index whose constituents are the 100 largest UK listed companies by market capitalisation

    G

    GHG

    Greenhouse gases

    GIS

    Geographic Information System

    GOELF

    Ghana Offshore Emergency Leadership Forum

    GRI

    Global Reporting Initiative

    H

    H&S

    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

    km

    kilometres

    KPI

    Key Performance Indicator

    L

    LTI

    Lost Time Injury

    LTIFR

    LTI Frequency Rate measured in LTIs per million hours worked

    M

    MSF

    Multi-stakeholder forum

    N

    NGO

    Non-Governmental Organisation

    NVQ

    National Vocational Qualification

    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

    Oil Spill Response Ltd

    OSPRAG

    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

    Tullow Oil Environmental Standards

    TRI

    Total Recordable Injuries

    TRIFR

    TRI Frequency Rate measure in TRIs per million hours worked

    U

    UN

    United Nations

    UNGC

    United Nations Global Compact

    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

Pie graph showing Topics discussed at 2010 Board meetings; Strategy 25%; Uganda 20%; Operations (including Ghana) 20%; Financial management 10%; EHS 10%; Corporate Governance 7.5%; HR 5%; Other 2.5%
 Strategy 25%
 Uganda 20%
 Operations (including Ghana) 20%
 Financial management 10%
 EHS 10%
 Corporate Governance 7.5%
 HR 5%
 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.