Oil Search is committed to transparently reporting on the Company’s approach to managing important aspects of social responsibility.  This includes providing a balanced and timely view on performance across these areas to enable stakeholders such as shareholders, investors and host communities and governments to review and compare our performance and provide informed feedback. Social responsibility reporting at Oil Search continually evolves in line with changing Company priorities and risks, and stakeholder expectations.

Reporting our Performance

The content for the 2015 Social Responsibility Report microsite reflects issues that have been highlighted as important through stakeholder engagement, benchmarking, media analysis and Company strategy analysis setting, as outlined in the Fundamentals section. Our approach to managing these issues and recent updates on performance has been reported under the five key elements of social responsibility at Oil Search: Fundamentals, Integrity and Transparency, Sustainable Development, Responsible Operator and People and Organisation.

The Reporting Index outlines how international reporting frameworks have been addressed in Oil Search’s reporting, including the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines, GRI Oil and Gas Sector Supplement and the International Petroleum Industry Environmental Conservation Association (IPEICA) Sustainability Reporting Guidelines. The Report’s quantitative data has been compiled in accordance with the 2015 Oil Search Basis of Preparation Document, available from the Downloads section.

Representatives from across Oil Search work with the Social Responsibility team to compile Oil Search’s annual social responsibility reporting. All the information in the Company’s annual social responsibility reporting is reviewed by the senior management team and endorsed by the Board HSS Committee. Oil Search also participates in global and industry-based reporting initiatives such as the Carbon Disclosure Project (CDP). The Company has submitted a response to CDP Carbon since 2010 and CDP Water since 2014. Oil Search’s responses are available from the Downloads section.

Independent Assurance

External assurance enhances the credibility and transparency of Oil Search’s social responsibility data among our stakeholders and helps identify improvements for future reporting. Oil Search obtains independent assurance over selected social responsibility data in accordance with Australian Standards on Assurance Engagements ASAE 3000. The Assurance Statement outlines the scope and basis of the assurance provided.

Oil Search’s social responsibility reporting has been subject to independent assurance since 2011. It is the Company’s intention to continue obtaining assurance over these disclosures and we will look to expand and strengthen the scope of this assurance as our systems and processes mature. The assurance findings are presented to senior management and the Board HSS Committee. As Oil Search’s social responsibility reporting assurance provider is also Oil Search’s financial assurance provider, our relationship is subject to similar independence and approval processes. The Oil Search Board Audit & Financial Risk Committee is aware of this and all other work done for Oil Search by our financial assurance provider.

Membership and Commitments

  • The United Nations Global Compact (UNGC) consists of 10 Principles that offer guidance on what constitutes leading practice in sustainability, including human rights, labour, anti-corruption and the environment. As signatory to the UNGC since 2011, Oil Search annually reports on progress towards implementing the 10 Principles.

  • Oil Search is an active member of the UNGC local area network in Australia and participates regularly in leadership groups on anti-corruption, environment and human rights. Oil Search is represented on the Global Compact Network Australia’s Board, the Governance & Nominations Committee and is Chair of the Sustainable Development Leadership Group.

  • The Extractive Industries Transparency Initiative (EITI) is a coalition of governments, companies and civil society. It promotes a global transparency standard that encourages more openness around the payments that governments receive for the use of natural resources. Oil Search has been an EITI Supporting Company since 2013 and has published payments data since 2012. When requested, Oil Search contributes payment data for inclusion in national reconciliations.

  • The International Association of Oil & Gas Producers (IOGP) represents members from the international oil and gas industry. It seeks to promote safe, responsible, and sustainable operations. Oil Search became a member of the IOGP in 2005 and submits safety and environmental data annually for inclusion in the IOGP’s industry performance reports. Oil Search is represented on the Security Committee.

  • The Business Coalition for Women is a group of companies and corporate leaders who are working together to drive positive change for women and businesses in PNG. Oil Search became a member in 2015 and participates in a number of working groups including the Addressing Violence Working Group.

Ratings and Awards

  • The Dow Jones Sustainability Indices (DJSI) are a benchmark of companies that are implementing sustainable best practices. Oil Search has been included in the DJSI Australia Index since 2013 and has submitted a response to the DJSI questionnaire since 2014.

  • Oil Search was also listed in the 2016 DJSI Sustainability Yearbook, which includes companies that performed within the top 15% of their industry and within 30% of their industry leader’s score. Oil Search was awarded the RobecoSAM Industry Mover Medal for achieving the largest proportional improvement in sustainability performance compared to the previous year within our industry’s top 15%.

  • Oil Search has been included in the FTSE4GOOD Index since 2015. To be included in the index, companies must meet a set of globally recognised ESG criteria covering a diverse set of themes including human rights, labour standards, climate change, water, waste, anti-corruption and risk management.

  • Oil Search is listed in the STOXX Global ESG Leader Index. This includes leading global companies in terms of environmental, social and governance criteria, based on ESG indicators provided by Sustainalytics.

  • In 2012 , 2015 and 2016 Oil Search was included in the Vigeo World 120 Index. Included companies that demonstrate the highest level of assurance within their universe for their ability to integrate ESG objectives and manage related risks.

  • Oil Search has been selected for inclusion in the Ethibel Excellence Investment Register since March 2015.  Companies that perform better than average in their sector in corporate social responsibility are selected for inclusion.

  • At the 2015 East Coles Corporate Performance Awards, Oil Search received 2nd overall and 1st in the energy category for best ESG. Within the energy sector, Oil Search also won best company, CEO and Board. The awards are based on research conducted by East Coles into analysts’ (fund managers and brokers) opinions of S&P/ASX200 companies.

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