At Cairn, we operate with integrity at all times, recognising that in doing so the Company will maintain the trust of its many stakeholders. We are committed to working responsibly as part of our strategy to deliver value for all stakeholders. This means working in a safe and secure, as well as environmentally and socially responsible manner.
The Cairn Board is committed to promoting high standards of corporate governance and understands that an effective, challenging and diverse Board is essential to enable the Company to deliver its strategy in line with shareholders’ and other stakeholders’ long-term interests, whilst also generating confidence that the business is conducting itself in a responsible manner. Further information on our governance, culture, strategy and business model and commitment to working responsibly can be found in the Strategic Report section of this Annual Report and Accounts.
Our culture is based on acting responsibly at all times. This means having the right values, principles and policies in place, that they are embedded throughout the organisation, and that the right people are in place to implement and uphold our values. At Cairn, our culture is underpinned by a core set of values which reflect how we do business and the behaviours expected of our people. We communicate these throughout the business as ‘the three Rs’, which stand for Building Respect, Nurturing Relationships and Acting Responsibly.
Cairn’s business is international in scope and carries political, commercial and technical risks. Accordingly, particular attention is paid to the composition and balance of the Board to ensure that it has wide experience of the industry and regulatory environment in which Cairn operates, and appropriate financial, operational and risk management skills. In each Board appointment, whether executive or non-executive, objectivity and integrity, as well as skills, experience, ability and diversity, assist the Board in its key functions, and are prerequisites for appointment. This also applies to senior management appointments below Board level and to our succession planning.