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Governance, risk and corporate responsibility framework

Strong and effective risk management is central to how we run our business. It supports the achievement of our strategic objectives and protects our business, our people and our reputation. Tullow has a strong governance and risk framework that gives direct ownership of risk and corporate responsibility to the Board and Executive Directors.

Tullow Oil's 2013 short-to-medium and long-term performance terms risks are set out in detail in the 2012 Annual Report. Tullow has a number of specific corporate responsibility risks, in particular EHS failure or security incidents, bribery and corruption, loss of key staff and political and social risks. For more information visit our 2012 Annual Report.

Risk Management

Risk management is the overall responsibility of the Board. Each Executive Director has a defined responsibility and accountability for a specific aspect of the Group's key risks. The Audit Committee also plays an important role.

Board of Directors

11 members

Five Executive Directors

Six non-executive Directors including Chairman and Senior Independent Director

Board Committees

Audit Committee

Nominations Committee

Remuneration Committee

EHS Committee

Executive Directors

There are five Executive Directors

Regional business management

Corporate business functions

business units

Board of Directors

The Board provides oversight of the strategic direction of the business and approves the annual budget and business plan together with risks to delivery and defined operational targets. Key strategic risks and opportunities are also collated as part of the Board's annual review of Group strategy. Board committees, including the Audit Committee, Nominations Committee, Remuneration Committee and EHS Committee (to commence in 2013), play a key role in reviewing the effectiveness of Tullow's risk management.