Gouvernance

Our governance also includes far-reaching voluntary standards of conduct and management principles that create a solid basis for trust through sound business ethics, prudence and integrity.

We see the elements of sound governance as an integral part of corporate responsibility, especially those elements that serve to minimize risks and increase the basis of trust with our stakeholders.

When dilemmas arise that we cannot resolve alone, we turn to strong networks for support.

Management system

We disclose the responsibilities and competencies of the company’s representatives and boards in the articles of association and in the representative bodies.

The Code of Conduct is an expression of our values. As such, it is the central document that governs all of our actions, and is a binding corporate guideline.

The management system for corporate responsibility (CR) is laid down in a binding set of regulations that outline the organizational structures, documentation hierarchy, processes and system objectives.

Integration of the strategy and company’s decision-making processes is one of the most important elements of the management system.

Code of corporate governance

The independence of the board members is an important criterion.

The same applies to the financial auditors, whose fees and other reimbursements are reported transparently for any interested persons.

Risk management

As is the case for the entire oil and gas industry, we are subject to a wide range of risks, especially market risks but also operational, regulatory and political risks.

We set up a systematic risk management system to document and limit the most important risks in our areas of activity and have adjusted our strategic orientation accordingly. Known and assessed risks are managed and controlled by applying defined risk policies with assigned responsibilities at all levels.

We are prepared to tolerate more security and safety risks in projects and operations where there is more at stake than for others. We will, however, withdraw from operations where the security risks are disproportionate to the potential benefit for the company or its staff.

Business ethics, Conflicts of interests

We believe that a company’s business ethics play a major part in shaping its culture. Managing cultures means managing results.

Representatives of our company must act fairly, with integrity and in accordance with the highest ethical standards - no matter where they are.

All conflicts of interest or situations where conflicts of interest could be suspected must be disclosed.

We attach particular importance to the proper handling of confidential information and taking precautions to prevent insider trading.

We are aware of the importance of good relations with our stakeholders, and we maintain these contacts.

This care includes awareness of the fact that gifts, donations and invitations, whether given or received, can be misunderstood.

For this reason, we handle all such situations in a transparent and accountable manner.

We respect international and local laws and abide by them.

We do not tolerate bribery or corrupt business practices in any form.

When we conclude agreements with our contractors, suppliers and consultants, we take reasonable measures to ensure that compliance with our ethical Code of Conduct is not endangered. Providing our employees with the means to express their concerns and to obtain advice and assistance anonymously when ethical principles are violated is an important instrument for ensuring that we live up to our high standards.

Audit

Audit is an integral part of the control and governance processes of the management and fulfils assurance, consulting and information activities.

The approach of the assurance and consulting activities is risk based and they are designed to add value and improve an organization’s operations. This helps the company accomplish its objectives by using a systematic and disciplined approach and focuses on effectiveness, appropriateness, safety and security, goal orientation and - last but not least - efficiency.

Audit reports to the board

We promote collaboration between the Board and the Auditors, thereby gaining additional benefits in all areas of business security and safety.

Confidentiality

Confidentiality requirements in the company and for all projects ensure that information is not misused.

Compliance with these rules is also monitored, and violations result in corresponding penalties.