Creating shared prosperity

Overview

The creating shared prosperity element of our business model brings together eight areas of focus to ensure we have a positive and enduring legacy where we operate. It also helps to establish clear links between the need to both manage our impacts and achieve our strategic priorities.

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Financial performance

Our vision is to be the leading global independent oil and gas company. Our current focus is on exploration-led growth in Africa and South America.

Our strategic objective is to create substantial returns for shareholders. It is important first and foremost for us to be a successful and profitable company. That is fundamental, in our view, to creating shared prosperity.

However, this strategic objective is set within a context of balanced and sustainable long-term growth, which reflects our approach to doing business.

We have both operational and corporate responsibility priorities to ensure that we not only deliver our business plans but that we do so in a way that is good for our stakeholders and reduces our impact on the environment.

Governance

Maintaining high standards of corporate governance is about managing the business in order to create long-term sustainable value for the benefit of all our stakeholders.

Good governance and regulatory compliance make good business sense. They guide correct actions, protect value and maintain our good reputation. It is also vital to demonstrate that our decisions and actions have integrity and are based on sound process.

Stakeholder engagement

Trust, reputation and relationships are vital to Tullow. Our stakeholders can influence the direction or outcome of a Tullow project, positively or negatively. We engage at every level of the organisation with a range of stakeholders to help ensure the smooth continuation of our business.

We are continuing to expand our Introduction to Oil and Gas courses and in 2012 built on the success of our first multi-stakeholder forum to hold an environment focused event for experts from civil society, policymakers, academics and the SRI community and with members of Tullow's EHS and operations teams.

New initiatives in 2011/12 included a stakeholder perceptions survey, canvassing the views of key opinion formers in Uganda, Ghana, the UK, Gabon, French Guiana, Mauritania, Brussels (EU) and the USA, to ensure we continue to address the right issues.

Environment, Health and Safety

We want to build an EHS culture based on confident interventions, where people proactively think about the EHS risks they are responsible for. This will influence EHS behaviours and enable us to manage EHS in a much more responsive and tailored way.

Our number one priority is to keep people safe. It is the cornerstone of our approach to operating responsibly and is reflected in our goals to minimise our environmental footprint and achieve top quartile industry performance.

Our people

At Tullow we're committed to providing our people with a diverse and open working environment that encourages everyone to make a difference.

Having the freedom to innovate and contribute to finding the best solutions to opportunities and challenges provides a compelling attraction and retention proposition. Harnessing this creative energy and motivation into building high-performing teams drives our vision of 'being the best we can be, together'.

Sustainable supply chain

The objectives of Tullow's supply chain strategy are to add value and protect the business. Building a sustainable supply chain is integral to this goal and it is also closely aligned with our values and the way we do business in Tullow.

The activities in our supply chain impact every aspect of our business model, including how we create value as a company and how we run our business in pursuit of prudent risk management, strong governance, entrepreneurial flair and shared prosperity.

Social enterprise

Social enterprise is an important tool that helps us to manage the socio-economic impacts of our activities and provide tangible benefits for local stakeholders, which in turn helps support delivery of our business plans.

Tullow's community-level initiatives are designed to help address the socio-economic impacts of our operations and to contribute towards meeting community development aspirations, thereby facilitating positive business-community relations.

At the national level, we are focusing on programmes that help build capacity for the oil and gas industry and other sectors that promote economic growth and support the development of local businesses to enter the oil and gas industry supply chain.