Strong, mutually respectful relationships with key stakeholders are essential for our business success and for achieving our vision. By communicating with and engaging stakeholders, we can keep up with their evolving priorities and concerns, ensure we respond appropriately and inform them of what we are doing.
Identifying and understanding our stakeholders
We consider stakeholders to be anyone who is affected by our Company’s actions or can impact or influence our decisions. This includes:
- Groups and individuals on whose services or products we directly or indirectly depend.
- Those for whom we have a current or future legal, commercial or ethical responsibility.
- Those who rely on immediate action from us for wider environmental, social or economic reasons.
We monitor our interactions with these groups so we can identify and understand key stakeholders and ensure we engage with them appropriately. This includes identifying and mapping their level of influence, capacity to engage, relationships with other key stakeholders and major concerns.
Methods of engagement
We target these interactions and communications to meet the information needs and expectations of different stakeholders.
All members of our senior management team play a key role in stakeholder engagement. Our approach includes:
- Engaging them continuously during all stages of a project.
- Engaging honestly, ethically and constructively about all matters of importance to them and our Company.
- Ensuring stakeholders are sufficiently informed about our plans and are adequately consulted.
- Being accessible and responsible, and engaging in a culturally appropriate manner.
- Proactively monitoring emerging societal issues and trends.
Oil Search’s stakeholder engagement standards and procedures outline our principles and minimum performance requirements. We conduct key stakeholder mapping every year — or more frequently if required — and develop Stakeholder Engagement Plans to support specific projects or upcoming events.
The Oil Search Public Disclosure Policy outlines our commitment to providing accessible, balanced and understandable Company information to promote effective communication with our shareholders. We also conduct perception surveys with investors to gauge the effectiveness of our engagement with the investment community.
The themes we identify from ongoing stakeholder engagement, along with peer benchmarking and media and social media analysis, provide an overall view of stakeholders’ perceptions of our actions and performance as well as the issues facing the industry. They inform our forward planning and annual reporting, other Company communications, team and individual work-plans and KPIs. These and other stakeholder matters are reported regularly to the Board HSS Committee and management committees.
Our opinions are often sought by policy-makers wishing to obtain an industry-specific perspective or insights into broader PNG socio-economic issues. As a socially responsible operator, we contribute with integrity and engage in an accurate, factual, transparent and meaningful way. We restrict such engagements to issues where we have a legitimate business interest i.e. when a proposed action may directly affect our operations.
See Public Policy Engagement for further detail on how we interact with governments on policy.