Strong, mutually respectful relationships with key stakeholders are essential for 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 any individual or organisation who is either directly or indirectly affected by our Company’s actions or who can impact or influence our decision making.
Oil Search's stakeholder typically include:
- Governments and regulators
- Shareholders, lenders and analysts
- Business partners, suppliers and contractors
- Our people
- Non-government and industry organisations
We monitor our interactions with these groups so we can identify and understand priority 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.
See our Social Responsibility Report for more information on how we have engaged with stakeholders and the key topics raised during the reporting year.
Methods of engagement
We target our 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 stakeholders regularly, honestly, ethically and constructively about all matters of importance to them and our Company,
- Ensuring they are sufficiently informed about our plans and are adequately consulted,
- Being accessible and responsible, and engaging in a culturally appropriate manner, and
- 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’ expectations and 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, work-plans and performance indicators. 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.