Sustainable development requirements are integrated into the key business planning processes for the company:
- Long Range Plan
- Capital Project Development and Program Authorization
- Health, Safety and Environment Management System
- New Country Entry
Additionally, corporate, business unit and functional sustainability risk assessments, action plans and reporting provide specific focus on sustainable development significant focus areas, including climate change, water, biodiversity, stakeholder engagement and social responsibility.
Since 2009, this has enhanced our global goal setting process, focused our actions, and provided an improved means for documentation of results. The line-of-sight goals for business units and key functions are shown as specific action items within action plans. Progress against these goals is recorded annually in the web update and the performance report. We include global goals, business unit goals, numerical targets and specific topic goals to comprehensively address each issue and prepare the company to address future risks and expectations.
This creates a complete system of continuous improvement for new ventures, exploration, projects, programs, transactions and assets at all life cycle stages. We regularly assess the effectiveness of our performance framework for sustainable development to help drive continuous improvement in our approach.
We recognize that it is challenging to implement comprehensive integrated programs and we periodically assess the maturity and completeness of implementation. We also recognize that internal and external expectations and the business environment are not static. We adjust our plans and actions as needed over time. On the wide spectrum of change toward increasingly sustainable performance, we must seek to understand the pace at which change is meaningful, lasting, and appropriate for the business environment. To be truly sustainable, we recognize that our system of performance management should drive increasingly beneficial economic, environmental and social performance.