Corporate ValuesCorporate Values
The Group has adopted a Policy on Professional Ethics and Standards to be followed by the Group’s Directors, officers, employees and principal consultants. The Policy is also to be followed, where appropriate, by the Group’s agents and representatives, including consultants where specifically required. The purpose of the Policy is to, among other things, promote honest and ethical conduct, avoid conflict of interest, protect confidential information and comply with the applicable government laws and securities rules and regulations. The Group promotes the open communication of instances of unethical behaviour within the organisation. An employee that breaches the Policy may face disciplinary action. If an employee suspects that a breach of the Policy has occurred or will occur, he or she must report that breach to the Managing Director or Company Secretary, via the Group’s confidential “Whistle Blowing” process. No employee will be disadvantaged or prejudiced if he or she reports in good faith a suspected breach. All reports will be investigated, acted upon and kept confidential. The Group’s anti-bribery and anti-corruption policy is set out in the Policy and has been aligned to meet both UK and US laws governing anti-bribery and anti-corruption. The Group takes a zero-tolerance approach to acts of bribery and corruption by any Directors, officers, employees and contractors. The Group will not offer, give or receive bribes, or accept improper payments to obtain new business, retain existing business or secure any advantage and will not permit others to do so on its behalf.
The Group recognises the importance of employee involvement in the development and execution of its business strategy. The Group places great importance on attracting and retaining high quality employees who are committed and motivated by the success of the Company.
The Group takes seriously its responsibilities to employees and, as a policy, provides employees with information on matters of concern to them. It is also the policy of the Group to consult throughout the year with employees so that their views may be taken into account in making decisions likely to affect their interests. All employees are encouraged to voice their feedback through their supervisors or directly to the Managing Director, Finance Director, or Chairman.
The Group operates a share option plan which aims to ensure that each employee has a direct benefit from the growth of the business as it translates to the Company’s share price.
Corporate social responsibilityCorporate Social Responsibility
Corporate social responsibility (“CSR”) is a fundamental part of implementing the Group’s corporate strategy and is an essential part of good management. We integrate CSR initiatives into our business, not only to enrich the lives of the communities in which we work and live but also to create tangible value for our employees, customers and shareholders. The Group intends to continue its commitments to be a responsible corporate citizen through continual review of its policies and procedures and education of employees.
The Group carefully evaluates all future projects and areas of operation, assessing their economic viability, future value for the Group as well as the effect on the local communities and surrounding areas.
The Group acknowledges its responsibility as a participant in the communities in which it operates. To that end, the Group’s CSR policies include a framework that addresses local community needs and expectations within the context of the contractual commitments of the Company and prudent business operations. The Group’s commitments to the local communities are manifested, by way of example, in the following activities:
- Employment of local personnel at market rates that provides for sustainable living standards.
- Active participation in the construction and maintenance of access roads that provide multiple beneficial uses.
- Periodic seminars that provide training and education on various topics including technical labor, environmental and social issues.
- Support for local communities through the furnishing of supplies and farming equipment.
- Participation and sponsoring of reforestation initiatives in areas affected by our operations.
The Group has ongoing communication and relationship development processes with local authorities in the communities in which we operate in Colombia. The community leaders have the opportunity to provide feedback directly to our local employees and Group representatives on their level of satisfaction with our corporate presence.
Both of the oil and gas contracts that the Group holds in Colombia are covered by strict environmental permits and the Group’s adherence to these should continue to reduce any adverse impact on the areas or communities surrounding the contracts held. The Group has taken a commitment to comprehensively and proactively review its compliance with all environmental requirements in its environmental licenses, environmental management plans and in the environmental regulations and norms applicable to our operations.
We undertake regular environmental monitoring at both oil and gas contracts to identify significant impacts including: health and safety, air, noise and underground water quality, soils monitoring and disposal of solid and liquid waste.
The Group’s employment policies are based on a commitment to equal opportunities, from selection and recruitment processes through training, development, appraisal and promotion. We encourage a work environment which values and respects all employees. Should an employee become disabled during their employment, where possible, the Group will actively retrain and adjust the environment to allow the employee’s potential to be maximized.
The Group made no political donations during the year.
Donations by the Group for charitable purposes are made to local communities and charities within the Group’s operating environment in Colombia.