Cairn is committed to working responsibly as part of our 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 Cairn Operating Standards. They are expressed in our Code of Ethics (‘the Code’).
To work responsibly, we need to manage the most significant issues affecting our business and our stakeholders.
Every two years, we engage representatives from each of our five groups of stakeholders to gain feedback on the issues we have identified as material to the business. We last undertook this engagement process in 2019.
In alternate years, we undertake a thorough review of our materiality process and assessment, which is externally assured. In 2020, this involved an expert review of the application of Cairn’s internal materiality procedure to the preparation of a materiality matrix, to determine CR issues for inclusion in our 2020 reporting and recommendations on positioning.
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 dedicate considerable time and effort to engaging with stakeholders by, for example, presenting to investment analysts, investors and shareholders; partnering with contractors and suppliers; participating at industry events; and briefing employees. We also respond directly 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, bespoke Stakeholder Engagement Plans help us: identify stakeholder concerns; understand risks; identify actions to mitigate those risks; and communicate effectively. The plans are reviewed regularly so that changes in project scope, risk profile and stakeholder expectations can be taken into account.
See the stakeholder engagement section in our Annual Report and Accounts for further information.