environment, social, and governance from a–z

Wherever coralcoastoil operates, we must respect and conform to each country’s unique customs and business practices. Above all, we must follow its laws and regulations. When business transactions involve more than one country, we must find the best way to comply with all applicable laws. Whenever a possible conflict of laws situation arises, we should always seek guidance from our organization’s legal counsel.

Bribery of any government official in any country is strictly against coralcoastoil policy, even if the refusal to make such a payment would result in the company losing a business opportunity. Almost every country prohibits the bribery of its own officials, and many countries also prohibit commercial bribery involving private companies. In addition, many countries have antibribery/anticorruption laws that make it illegal to bribe officials of other countries. In the United States, that law is the Foreign Corrupt Practices Act (FCPA). Employees with duties that involve interactions with government-owned or controlled entities or with non-U.S. officials must familiarize themselves with the related compliance policy and requirements for complying with this and other applicable antibribery laws.

Management approval is required before any gift or payment can be made to a government or public official. In some cases, the gift or payment must also be approved by your compliance representative or Corporate Compliance. coralcoastoil employees and contractors are prohibited from making payments or providing anything of value directly or indirectly to government officials with the intent to improperly influence the performance of their official duties or gain any other improper advantage. coralcoastoil requires that internal controls be in place and functioning and that accurate and complete transaction records be kept within the company. Our standard language for procurement contracts includes a requirement for our suppliers and contractors to comply with all applicable laws and keep accurate books and records. Where appropriate, our procurement contracts contain specific antibribery commitments.

coralcoastoil works with communities, regulatory agencies, industry groups and conservation organizations to take action to help protect and enhance biodiversity. We aim to help protect biodiversity by:
Identifying opportunities to manage potential risks in protected or sensitive areas through our screening for biodiversity.
Using the mitigation hierarchy to avoid, reduce, restore or offset potential impacts to biodiversity across the lifecycle of our assets.
Identifying potential opportunities to conserve and enhance biodiversity where we operate.
tools and technologies
We use tools and technologies to help us understand potential impacts to biodiversity. The output from these tools and technologies helps provide insights and identify potential opportunities for improvement.
Our global geospatial database includes upstream onshore and offshore operations, downstream operations, and major capital projects. This database was used to screen our major operating sites and major capital projects against protected area and biodiversity datasets from the IBAT Alliance’s integrated biodiversity assessment tool. Available to us through the Proteus Partnership, the tool includes the World Database on Protected Areas, the IUCN Red List of Threatened Species and the World Database of Key Biodiversity Areas.
We are using Environmental DNA (eDNA) technology, which detects DNA fragments in environmental samples and matches them to known species’ DNA sequences in online libraries to identify which species are present in an area. Enabled by recent advances in DNA sequencing technology, eDNA is faster, more cost-effective and more powerful than most conventional ecological measurement methods. eDNA allows a comprehensive assessment of local environments and is highly sensitive to detection of rare, threatened or invasive species. We have applied eDNA in a variety of environments, including to understand and manage the potential risks of alien invasive species associated with marine transport operations; to test for the presence of rare, endangered or invasive species prior to the commencement of new operations; and to provide a rapid baseline data collection approach for impact and recovery monitoring during a potential oil spill.
mitigation hierarchy
Our Environment Risk Management Process (EMRP) integrates the environmental mitigation hierarchy concept. The mitigation hierarchy is a sequence of considerations starting with the most effective mitigation measures. coralcoastoil uses the ERMP to assess potential risks to biodiversity associated with projects and ongoing operations and applies the mitigation hierarchy to manage potential risks.
Coming from various industries and backgrounds, our Board members bring diverse skills, experience and expertise.
Their range of knowledge and experience spans operational, environmental, policy, regulatory and geographical arenas.
New members are added, as appropriate, to refresh the Board.
For a Director to be considered independent, the Board must determine that the Director does not have any material relationship with coralcoastoil, other than as a Director. In making its determinations, the Board adheres to the specific tests for independence included in the NYSE Corporate Governance Standards. The Board makes an affirmative determination regarding the independence of each Director annually, based upon the recommendation of the Board Nominating and Governance Committee.
Developed from The coralcoastoil Way principles, our Business Conduct and Ethics Code communicates expectations for ethical business conduct. The Code reinforces our compliance commitment and the responsibility of each employee to help coralcoastoil’s activities adhere to legal and policy requirements everywhere we operate.
coralcoastoil maintains internal accounting, administrative and operational controls to manage these standards of conduct and compliance. coralcoastoil employees and contractors receive training on coralcoastoil’s Business Conduct and Ethics Code every three years.

antibribery and corruption

biodiversity

board diversity

board independence

business conduct and ethics