Shareholder relations

Communication and dialogue

Communication with our shareholders has always been of high importance and the Executive team dedicate significant time and resources in this area. Regular dialogue is maintained with our shareholders through meetings, presentations, conferences and ad hoc events with institutional investors and sell-side analysts. During 2012, Executive Directors and Senior Management travelled to meet institutional investors in the UK, Ireland, Germany, France, Switzerland, Scandinavia, Benelux, Ghana, South Africa and North America. Over the year, the Investor Relations team and Senior Management met some 350 institutions and the Group also participated in 13 investor conferences.

Following Tullow's successful listing on the Ghana Stock Exchange in July 2011, the first Ghana Investor Forum took place in May 2012 with the CEO and General Counsel presenting to key institutional shareholders in Accra. With over 10,000 Ghanaian shareholders, the Group recognises the importance of continued shareholder engagement and another Investor Forum is scheduled for 2013.

The Group issues its results and other news releases via the London Stock Exchange’s Regulatory News Service. In addition, these news releases are published on the Media and Investor Relations sections of the Group’s website. The Group also provides updates and the status of exploration and development programmes on the website and via social media service Twitter: www.twitter.com/TullowOilplc. Shareholders and other interested parties can subscribe to receive these news updates by email by registering online on the website. The Group continually seeks to enhance its online communications with its stakeholders and improved functionality is regularly implemented across the corporate site. The number of visitors to the corporate website significantly increased in 2012 with over 420,000 unique website visits (24% increase on prior year) and over 2.7 million page views (7% increase on prior year). The Group also gained a considerable number of followers on its corporate Twitter (c.6,000), Facebook (c.3,000), YouTube (c.17,000 views) and LinkedIn accounts (c.15,000). Early in 2013, the Group launched an Investor Relations and Media App that can be downloaded to tablet and smartphone devices to enable a wider audience to view results announcements, presentations, videos, webcasts and images on the move.

Tullow did not hold a Capital Markets Day in 2012. However, an event will be held in the second quarter of 2013. Sell-side analysts will be invited to the event with those unable to attend in person able to access all the materials via the website and newly launched IR and Media App.

In January 2012, the Group concluded a review of its corporate brokers. Following submissions from eight banks, Barclays and Morgan Stanley in London were appointed as joint corporate brokers, with Davy retaining their role as corporate brokers in Dublin.

The Chairman met a number of shareholders during the year and is available to meet institutional shareholders to discuss any issues and concerns in relation to the Group’s governance and strategy. Non-executive Directors also have the opportunity to attend meetings with major shareholders and are available to attend if requested to do so. Tullow completed a four-day Socially Responsible Investing (SRI) roadshow in London, Edinburgh, Paris and Geneva in October 2012 where the Group Environmental, Health and Safety, External Relations and Investor Relations Managers met 18 institutional investors to discuss a number of topics including health and safety, the environment, corporate governance, bribery and corruption issues, country and political risk and operational matters. The team also met several SRI fund managers upon request throughout the year. The 2011/12 Corporate Responsibility Report was issued in July 2012 and was also made available in full HTML format on the corporate website.

Annual general meeting

The AGM provided individual shareholders with the opportunity to receive a business presentation and to put questions to the Chairman, the Chairmen of the Audit, Nominations and Remuneration Committees and to other members of the Board. Tullow continues to hold a significant shareholder base in Ireland and holds a business presentation in Dublin following the AGM to maintain strong links with this group of investors.

A poll was used to vote for all resolutions at the 2012 AGM with the final results (which included all votes cast for, against and those withheld) announced via the London Stock Exchange and on the Company’s corporate website as soon as practicable after the meeting. Notice of the AGM is sent to shareholders at least 20 working days before the meeting.