ESGWe are committed to delivering energy, responsibly.
Net Zero Target
We support the goals of the Paris Agreement and the net zero emissions by 2050 targets set by the UK Government and the European Commission. We recognise the combined challenge of meeting increasing energy needs driven by a growing global population and the urgent need to reduce global carbon emissions. As such, we aim to take an active role in reducing the carbon footprint from our activities as we develop as a company and to support the energy transition through playing an active role at a company and industry level to promote best practice in environmental stewardship.
We also support the UN Sustainable Development Energy Goal and plan to develop our business so that we have a sustainable strategy as an oil company providing safe and responsible energy at a low cost with low emissions.
Accordingly, we are committed to:
- supporting the energy transition through playing an active role to promote best practice in environmental stewardship;
- pursuing a strategy of delivering low Scope 1 and Scope 2 emissions per barrel, to minimise carbon intensity of operations (incl. no routine flaring) and transparent annual disclosure of GHG emissions;
- prioritising renewable energy sources in the powering of operated and non-operated platforms where possible;
- using an internal carbon price for investment decisions; and
- being net zero by 2050 with an earlier target date to be set dependent on the profile of the assets acquired
Following the acquisition of oil and gas assets, we shall issue an annual sustainability statement with transparent disclosures of key ESG data.
We are committed to:
- maintaining the management team’s core principles of working with integrity, equality and transparency;
- upholding high standards of corporate governance guaranteeing robust disclosure, transparency and engagement with all stakeholders;
- building an organisation based on the principles of diversity and inclusion, creating equal opportunities for all; and
- we have appointed leading industry advisers to guide us on key governance criteria, including remuneration, ABC and sustainability (incl. ESG performance)
- We will identify impactful community programmes to be funded as part of the longer-term corporate social investment strategy
Anti-Bribery and corruption
The Company has a dedicated Anti Bribery and Corruption (‘ABC’) Policy in place which demands the highest standard of behaviour and conduct of its Directors, officers and employees, together with all agents, co-ventures, contractors, suppliers and other third parties acting or purporting to act on its behalf or on behalf of any member of the Company. The ABC Policy sets out the main policies, procedures and mechanisms adopted by the Company following appropriate risk assessment that are intended to prevent and/or effectively combat instances of bribery or corruption in the course of the Company’s business and ensure compliance with applicable anti-bribery and anti-corruption laws in those countries where the Company conducts business.
Anti-facilitation of tax evasion
The Company’s Anti-facilitation of tax evasion Policy is to conduct business in an honest way, and to seek to prevent, where practicable, the use of corrupt practices including tax evasion.
Business Principles and Ethics
The Company is committed to maintaining high standards of corporate governance to ensure that it is managed with openness, honesty and transparency. The Company’s Business Principles and Ethics Policy is key to the way we work both internally and externally.
Corporate Governance Code
The Directors recognise the importance of sound corporate governance commensurate with the size of the Company and the interests of all shareholders. As a company quoted on AIM, the Company has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code, as amended from time to time, and will seek to comply with premium listed company norms to the extent appropriate for the size and nature of the Company.
Health, Safety & Environment
We are committed to ensuring the health and safety of all who work with us and protecting the environment in which we work. We uphold excellent health and safety standards in order to reduce accidents and ill health within the workplace and to minimise the impact of our operations on the environment. We also insist that all contractors maintain the same high standards.
As stated in the our HSE Policy, the Company is committed to respecting and preserving the natural environment. Our policy is to minimise the undesirable effects on the environment resulting from our operations and work to prevent pollution and reduce emissions. The Company will assess and manage its performance to continually improve its environmental performance.
Following the acquisition of oil and gas assets, the Company will report the emissions of GHGs that have been generated as a result of its operated exploration and production activities as part of its annual HSE monitoring programme. GHG emissions are reported annually to the Norwegian Environment Agency and to BEIS (Department for Business, Energy & Industrial Strategy) in the UK.K.
Longboat Energy is an equal opportunities employer and will recruit, employ and develop employees in line with best practice and based on the qualifications, experience and skills required for the work. The Company aims to create an inclusive culture where employees of any background can be themselves and fulfil their potential. Our Diversity Policy is to ensure there is no discrimination in employment, including in relation to gender, race, age, disability, marital status, sexual orientation or religious belief. We support the principles of, and promote respect for, the Universal Declaration of Human Rights.
The Company is fully committed to meeting its responsibilities towards its staff, contractors and third parties who may be impacted by its activities, and to adhere to all applicable national and local legislation as well as the principles for business and human rights embodied in international initiatives, such as the United Nations Global Compact and the United Nations Guiding Principles on Business and Human Rights. Adhering to and implementing this Human Rights Policy is a requirement of anyone who works for or on behalf of Longboat.
Modern Slavery Statement
The Company is committed to acting ethically and with integrity in all its business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains, consistent with our disclosure obligations under the Modern Slavery Act 2015. We expect the same high standards from all of our contractors, suppliers and other business partners. As part of our contracting processes, we expect our suppliers to comply with the Modern Slavery Act 2015.
Role of the Board and its composition
The Board is responsible for delivering the long-term success of the Company and provides leadership as it sets the Company’s strategic objectives, ensuring that they are properly pursued and that major business risks are monitored and managed.
Specifically, the Board’s responsibilities include reviewing trading performance, setting and monitoring strategy, examining acquisition and divestment possibilities, approving major capital expenditure projects and corporate overhead costs, significant financing matters and reporting to shareholders.
There are specific set of matters reserved for the Board, which are reviewed regularly to ensure that it is fit for purpose to deal with future growth in line with its aspirations.
The Board is currently comprised of the Non-Executive Chairman, Chief Executive Officer, Chief Financial Officer and three independent non-executive directors.
We operate a Whistle-Blowing Policy which encourages all employees and contractors to report any situation where they have reasonable belief that there has been a breach, or potential breach, in the Company’s policies or standards.