It is important for Lundin Petroleum to openly communicate with people and organisations which are impacted by or impact its activities.
In the Code of Conduct, we identify our stakeholders as employees, shareholders, host countries, local communities and society at large (see illustration).
We seek close engagement and long lasting relationships with our stakeholders in order to gain a good understanding of their views and concerns and benefit from their knowledge. This engagement is an important element in our business success.
Lundin Petroleum also seeks to contribute to the better understanding of the oil and gas sector and the importance and impact of corporate responsibility in its operations by actively participating in the current debate.
Our people are our most important asset and we continuously invest in our employees to make sure that they have the sufficient skills, knowledge and motivation to be successful in their work. Evidence of Lundin Petroleum's dedication to its staff can be found in the strong results that the Company has delivered, in the high levels of motivation and the low level of employee turnover.
We keep Lundin Petroleum's shareholders informed of our strategy and ongoing activities through public disclosures (financial reports, press releases, presentations, website) and engage with them in meetings. The Annual General Meeting (AGM) takes place in Stockholm every year and is an important forum for Lundin Petroleum to meet its shareholders.
The host countries, together with their people, are the owners of the oil and gas resources and Lundin Petroleum is committed to find, develop and produce their resources in a professional, responsible and transparent manner that is of benefit to the country and its citizens. We engage with host governments prior to acquisition of licences and the engagement continues at national and local levels throughout the lifetime of the licence period.
Local communities are important to Lundin Petroleum and we seek to contribute to local development and higher living standards wherever we operate. We seek to build trusting relationships with local communities and engage with local stakeholders prior to and during operational stages through informal discussions and formal meetings. For example, before any seismic campaigns are started, consultations are held with local officials, land owners, concerned communities and fisheries, to reach joint agreements on how and when such campaigns can take place.
Our responsibility towards society is to contribute to economic growth and development, and to do this in an ethical and sustainable manner that respects and protects the environment, human rights and labour standards throughout our worldwide operations. Our commitment to engage with society takes many forms and includes collaboration with NGOs and participation in international initiatives dedicated at promoting responsible business practice, as well as interaction and exchanges with media, academia and industry groups in different forums. In 2014, Lundin Petroleum strengthened its Nordic engagement by becoming a member of the Global Compact Nordic Network, through which it shares experience and best practice and engages with other Nordic companies.
These forums offer an important opportunity to meet and exchange views and best practice with experts on corporate responsibility (for documentation on our engagement, see material posted under Related links).