Robust and transparent corporate governance is fundamental to how we run the company. This also applies to the governance of our sustainability standards, ambitions and behaviour – vital as we adapt, prepare and respond to new reporting standards and societal expectations.
The establishment of a Sustainability Committee is helping the company focus more than ever on reporting frameworks and KPIs that will enable the setting of evidence-based targets to help monitor and measure our progress within the sustainability sphere.
Our key environmental objectives are:
- Maintain our licence to operate
- Clarify the energy transition position and progress to net zero, and
- Maintain a string business proposition.
We have identified ten material issues that direct our focus within this arena.
We recognise the importance of providing our communities and the wider society with benefits from the transition to a net zero economy. We will continue to collaborate with governments, industry organisations, unions and local communities with the aim of ensuring no group or individual is left worse off by the transition process. Internally, our staff have had learning sessions to better understand the context and insight related to energy transition.
We increasingly select and work with business partners and contractors who can align with our sustainability focus. We support that by continuing to integrate universally accepted principles on human rights, labour, the environment and anti-corruption into in our selection criteria for suppliers and contractors, while elements such as their fuel use, HSE strength and risk processes are also analysed.
We have introduced an OMS model that focuses on sustainability issues throughout all phases of an asset life cycle, looking at the resource reuse and recycling, rehabilitation, health and safety and social impacts associated with that particular asset. Although we tend to exit an asset before the decommissioning stage begins, we have a management plan to ensure best practices are followed to enable the sustainable decommissioning of an asset to happen in the future.
Capricorn requires the highest standard of ethics, strong reporting transparency and compliance with all appropriate regulations to maintain our licence to operate and this builds trust for our employees, partners, host countries and wider stakeholders. The culture of the Company is about working responsibly and the Board, ExCo and Management Teams are accountable for ensuring this happens through transparent reporting, making additional disclosures, reporting tax and payments to Governments and by engaging transparently with all our stakeholders.
We have a zero tolerance position on bribery, fraud and corruption. We have developed mitigation measures and undertake anti-bribery and corruption assessments whenever we enter a new territory or seek new business partners, and maintain due diligence in all of our operating locations even when our presence is established. Our business partners, service providers and staff are expected to act with honesty and integrity, while all of our employees are trained in anti-bribery and corruption policies and procedures.
We take grievances and complaints of wrongdoing by employees or external stakeholders seriously and will take the most appropriate action in response. We provide clearly accessible and confidential channels through which reports can be made and our grievance mechanisms are provided in many languages. All employees, contractors and suppliers are required to sign and adhere to the terms of our Code of Ethics, with audits for the latter two to ensure its constant application.
We have a CMAPP protocol and other arrangements in place to ensure we assess and address any potential risks to our people, operations, assets and surrounding communities. A detailed review of this procedure took place in 2022 to meet the needs of major accident prevention competency and a linked training manual is available on our learning portal. In Egypt, an Emergency Response Plan has been put into place with appropriate training and simulations given to staff.
We recognise the threat of data and cyber security breaches to an oil and gas company and have put measures in place to protect our corporate infrastructure and data storage. These arrangements are regularly assessed against current or potential threats and regular communications highlight the potential dangers to our employees. We act in compliance with GDPR requirements with mandatory training given to staff to maintain GDPR compliance and internal risk governance.
As we develop our assets, we need to find ways to use cleantech to increase our operational efficiency in order to minimise our emissions. Our major focus is currently on decarbonising our Egyptian operations, implementing a number of initiatives such as replacing diesel generators, electrifying well sites and integrating solar power options where possible in order to reduce our GHG emissions. We support that focus by looking at carbon capture, utilisation and storage opportunities.
To demonstrate the importance of sustainability to the company ethos, sustainability and other ESG matters link to senior management remuneration and incentivisation packages. The Company’s performance in areas such as D&I implementation, the positive impact of social investment, the progress and emission reductions of our net zero pathway and the communication of our environmental strategies across the Group are all used to determine Executive Director bonus opportunities.
More detailed information can be found on all of our material issues in our Sustainability Report.
US$56,000 investment supports community IT plans
Schools in Totness, Coronie have only limited computing equipment, so the community hub was established in 2010 to provide extra IT support for students and adults within the community. Students could access IT to help them with their homework and assignments, while also increasing their own knowledge of the technology. Outside of school hours, the hub attracted people from across the local community who used it for their own research and education.
However, the community hub had not been used for 18 months until Capricorn Energy’s investment. During this time, schoolchildren and local residents were often having to make lengthy bus trips to access computing facilities in other towns. However, Capricorn Energy’s support allowed the hub to purchase 25 desktop computers, five laptops, two printers and a variety of office equipment and stationery in 2022.
The upgrade to the facilities means that the community hub now hosts between 200-300 schoolchildren from six different schools every week, often arriving as a class for 2 hour long lessons. At weekends, the hub hosts IT workshops for the local adult community helping increase the many benefits felt by the local community. Capricorn Energy’s investment has also secured the ambitions of the community hub for the long-term, with no concerns that it will fall back into disuse.