Sustainability initiatives and standards
Review of external sustainability initiatives and standards
We have continued to examine and assess external sustainability initiatives and standards through discussions with our external stakeholders and at our global External Affairs and corporate responsibility workshop. The session looked at the range of sustainability initiatives and the potential benefits these external initiatives can provide in key areas such as sharing best practice, benchmarking, stakeholder recognition, developing internal awareness and systems and enhancing risk management.
Voluntary Principles on Security and Human Rights (VPSHR) are a set of non-binding principles created to assist extractive companies to balance security concerns with human rights.
- In 2011, we will establish whether Tullow should sign up to VPSHR.
- In Ghana, we have provided training in line with the VPSHR to the police force and navy who work with local fishing communities.
- With the re-drafting of our Code of Business Conduct we will separate out and enhance our Human Rights policy.
- Our contracts meet the principles of the UN Supplier Code of Conduct and we are also in the process of developing a Suppliers Charter.
- Our new Code of Business Conduct reflects the UK Bribery Act, which is considered one of the most onerous anti-corruption laws in the world today.
Socially responsible investment (SRI) indices are a tool for investors, stock exchanges, and other capital market participants when assessing responsible investments.
- In 2010, we significantly enhanced our engagement with SRI managers and in 2011 will specifically look at FTSE4Good Index Series, which measures the performance of companies that meet globally recognised responsibility standards.
- We report our greenhouse gas (GHG) emissions through the Carbon Disclosure Project and have done so since 2006.
- We participate in independent Environmental, Social and Governance performance research such as the EIRIS and Vigeo surveys.
Extractive Industries Transparency Initiative (EITI) is a framework to improve transparency and accountability for company payments to governments.
- We believe that natural resources should generate long-term economic and social benefits for a country's citizens. We also believe very strongly in transparency and take a zero tolerance approach to corruption and as such we support the principles and criteria of the EITI.
- We are actively involved in EITI implementation processes in the countries in which we operate that have signed up to implement this standard.
- Following considerable internal and external consultation, including feedback from our investors and other external stakeholders, we have decided at a corporate level to support EITI.
GRI is a set of voluntary guidelines for sustainability reporting. An oil and gas sector supplement is currently being developed.
- We responded to the GRI's consultation draft for the oil and gas industry supplement, which is expected to be launched in 2011.
International Petroleum Industry Environmental Conservation Association (IPIECA) is an oil and gas industry association for environment and social issues.
- We believe our membership of the International Association of Oil & Gas Producers (OGP) gives us adequate access to IPIECA but we will review this further in 2011.
- We became a full participant member of Oil Spill Response Limited (OSRL) as part of the transition from development to production in Ghana.
- Through our membership of Oil & Gas UK we are participating in the Oil Spill Prevention and Response Advisory Group (OSPRAG). This is the body set up by UK industry, regulators and trade unions in response to the Macondo blowout in the Gulf of Mexico.