In our 2009 report we outlined a number of steps we planned to take to enhance our understanding of our internal and external stakeholders' needs, in the areas of transparency, standards and assurance. Our 2010 objectives set out a fairly comprehensive body of work:
- Review which external sustainability initiatives and standards Tullow should consider signing up to;
- Investigate employing the AccountAbility AA1000 Stakeholder Engagement Standard;
- Review external assurance requirements to ascertain the most appropriate level for Tullow;
- Achieve GRI level of B+ for our 2010 Corporate Responsibility Report; and
- Review our corporate responsibility activities with internal and external key stakeholders, to develop a reporting roadmap.
External drivers of transparency
There are also key external factors contributing to the debate on transparency, standards and assurance and these provide a context for our objectives. In the first instance there is a growing transparency agenda, particularly in relation to government payments and it is fair to say that the spotlight is more on certain sectors like oil and gas. There is also an increased focus on corruption risks globally, underpinned by changes in regulation, such as the UK Bribery Act.
"There are three ways in which companies can show they are acting responsibly: through their core operations; through their commitment to communities; and by the way they address important and legitimate policy issues,
such as EITI."