GOVERNANCE - Talisman Corporate Responsibility Report 2011

talisman.energy.com

GOVERNANCE - Talisman Corporate Responsibility Report 2011

GOVERNANCE

36 TALISMAN ENERGY CORPORATE RESPONSIBILITY REPORT 2011


Globally, our governance practices underpin our

reputation as a responsible operator and support our

ability to create long-term value, manage risk and

build community support for our energy business.

TALISMAN ENERGY CORPORATE RESPONSIBILITY REPORT 2011

37


GOVERNANCE

OUR APPROACH

Strong governance and business

practices start at the top of our company

and are reinforced throughout all levels

of our operations.

There are three key areas we focus

on with regard to governance:

Business ethics

Our policy on business conduct and ethics

states the principles to which we are

committed. Governance of our corporate

responsibility programs and activities is also

guided by our commitment to international

standards on human rights and security.

Transparency

We support open and transparent reporting and

communications. We ensure stakeholders have

open, accessible mechanisms for providing

feedback on our company. We also provide

transparent reporting of our payments to

host governments, wherever we operate.

Compliance

We are committed to meeting or surpassing

laws, regulations and our own high standards for

environmental, health and safety performance.

ADHERING TO STRONG

PRACTICES FOR OUR

BOARD OF DIRECTORS

OUR BOARD

Our board members represent a wide range

of industry experience: global capital markets,

oil and gas, international operations, public

relations, and health, safety and environmental

matters. Collectively, they provide diversity

and a depth of experience that supports our

success as a global energy business.

RESPONSIBILITIES

The principal role of our board is stewardship

of our company, including our objective of safe,

profitable growth. The board oversees business

and management conduct and is responsible

for developing the long-term strategy.

In addition, the board has responsibility for

overseeing our risk management process and

assessing whether management is exercising

the right controls. The board holds an in-depth

session each year devoted to a review and

consideration of our strategic plan. It also

regularly reviews a risk matrix that assesses

the key risks to our business.

TALISMAN ENERGY CORPORATE RESPONSIBILITY REPORT 2011

39

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