We are committed to working responsibly as part of a strategy to deliver value for all stakeholders. This means working in a safe, secure, and environmentally and socially responsible manner.
Everything we do is guided by our core values, which we call the ‘3Rs’:
- Building Respect: We act with respect for people, their communities, the environment, human rights and the law.
- Nurturing Relationships: We act honestly, transparently, and with integrity to develop strong and lasting relationships with all our stakeholders.
- Acting Responsibly: We behave fairly and ethically, and are accountable for our actions. We believe in, and act on, our responsibility to care for people, society and the environment.
Our Business Principles
Along with our core values, our long-established Business Principles frame how we work, helping us to manage risks and behave ethically and responsibly to people, to the environment and to wider society.
Our Business Principles are integrated into our systems and processes, including our Corporate Responsibility Management System (CRMS) and Capricorn Operating Standards. They are expressed in our Code of Ethics (‘the Code’).
Managing the environmental and social governance issues affecting our business and our stakeholders is fundamental to working responsibly.
Every two years, we carry out focused engagement with our stakeholders to feedback on the issues we have identified as material to the business.
In alternate years, we conduct an externally assured review of our materiality process and assessment. In 2020, this involved an expert review of the application of our internal materiality procedure and assessment of the position of material issues in our materiality matrix. This determined ‘high’ material CR issues for inclusion in our 2020 Annual Report and Accounts.
‘High’ and ‘medium’ materiality issues are covered in more depth in our CR Report.
Working with our stakeholders
Listening to our stakeholders enables us to take their interests into account and respond to their concerns in a structured way.
We seek to gain stakeholder input in many ways:
- presenting to investment analysts, investors and shareholders;
- feedback from investor, analyst and rating agency assessments;
- partnering with contractors and suppliers;
- participating at industry events;
- and briefing employees.
We respond to individuals and organisations on a wide range of issues, including company strategy and performance, diversity, remuneration, the global energy transition, safety and accident prevention, and biodiversity. At a project level, we develop and maintain bespoke Stakeholder Engagement Plans to help
- identify stakeholder concerns;
- understand risks;
- identify and manage actions to mitigate
those risks; and
- communicate effectively.
See the stakeholder engagement section in our Annual Report and Accounts for further information