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Sustainability Report 2019 Esg in Aker Bp Contents SUSTAINABILITY REPORT 2019 ESG IN AKER BP CONTENTS Company profile 4 Letter from the CEO 6 Our sustainability approach 10 Economic impact 15 Environmental impact 23 Social impact 39 Disclosures 60 REPORTING PRACTICE In Aker BP's sustainability report for the 2019 fiscal year, we describe our business activities considering sustainability performance and development and present our ap- proach to environmental, social and governance (ESG) issues. The purpose of the report is to provide the company's stakeholders, including existing and potential shareholders, customers and employees with information about the company's sustainability activities. Furthermore, we present a balanced picture of the opportunities and challenges we encounter in this area and how we work to address them. We always adopt a precau- tionary approach in the way we work in Aker BP. Our previous sustainability reports (latest report from March 2019) are based on the GRI G4 guidelines, while the 2019 Sustainability Report – ESG in Aker BP is inspired by the GRI Standards (GRI 2018). Reference has also been made to the United Nations Sustainable Development Goals (SDG), Task Force on Climate-related Financial Disclo- sures (TCFD) and Carbon Disclosure Project (CDP). This report is prepared by the HSSEQ department in cooperation with Communication, Human Resources, Supply Chain, Finance, Compliance and Legal. It has been reviewed by an internal review committee consisting of Chief Financial Officer, SVP HSSEQ, SVP Strategy & Business Development, VP Communications, VP Investor Relations and by the Audit and Risk committee prior to approval by the Board of Directors. 3 · Aker BP Sustainability Report 2019 – Supplier Engagement: A- Climate Change: B COMPANY PROFILE In 2019, we established an eight-module e-learning pro- GOVERNANCE Aker BP is a fully-fledged exploration and production company within the oil and gas service sector. Most Aker BP suppliers gramme addressing the key topics of the Code of Conduct. Aker BP's General Assembly is the highest authority of the with exploration, development and production activities on the are based in Norway. Some are based elsewhere in Europe, 82 percent of employees and consultants participated in the company and nominates the Board of Directors as the highest Norwegian continental shelf. Measured in production, Aker BP while a few are based outside Europe. Several suppliers have training in 2019. In 2020, our plan is to strengthen our compli- governing body. The Board of Directors approves the organi- is one of the largest independent oil companies in Europe. Aker sub-suppliers outside Europe. Our suppliers are generally ance training programme with classroom training for managers zation's purpose, values and strategy, reviews the company's BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, contracted for high-technology services such as engineering, and mandatory e-learning for all employees. risk profile and is responsible for decision-making on econom- Ula and Tambar, partner in the Johan Sverdrup field and has a equipment and drilling and well services, or rental of rigs and ic, environmental and social impacts. The Executive Manage- total of 141 licenses, including non-operated licenses. marine services. Aker BP aims to have a culture where speaking up about nega- ment Team makes daily decisions on these matters. tive conditions is acceptable. This is coupled with procedures, Aker BP holds no oil or gas assets outside Norway. All ac- Aker BP is a member of The Norwegian Oil and Gas Associ- which inform employees of where they can raise concerns and The Board of Directors has two sub-committees: The Audit and tivities are thus within the Norwegian offshore tax regime, ation and The International Association of Oil and Gas Pro- how reports are handled. Aker BP has a strict non-retaliation Risk Committee (ARC) and the Compensation and Organization- and to the extent the company has overseas activities, ducers. policy for a person reporting a concern. Reporting a concern al Development Committee. The ARC assists and facilitates the these are related to construction and engineering of field shall not have any negative impact on the individual’s oppor- Board's responsibilities within integrity of financial reporting, developments. ETHICS AND INTEGRITY tunities or professional development. the financial reporting process, internal controls, company risks, The company’s values Enquiring (Søkende), Responsible (An- corporate governance, compliance and auditing. The company is headquartered at Fornebu outside Oslo and svarlig), Predictable (Forutsigbar), Committed (Engasjert) and In 2019, Aker BP strengthened its whistleblowing procedure has offices in Stavanger, Trondheim, Harstad and Sandnessjøen. Respectful (Respektfull) define the way we work in Aker BP. and established a procedure for handling whistleblowing The Compensation and Organizational Development Com- The values also guide our behaviour in the workplace and reports. This process involved feedback from labor union mittee ensures that remuneration arrangements support the Aker BP ASA is owned by Aker ASA (40 %), BP (30 %) and enable us to live by our Code of Conduct. representatives, safety delegates, HR, Legal and other key strategy of the business and enable the recruitment, succes- other shareholders (30 %). The company is listed on the Oslo functions. The Aker BP Speak Up channel is available for sion planning and leadership development, as well as motiva- Stock Exchange with ticker “AKERBP”. Information about Aker Aker BP's Code of Conduct sets out requirements for good employees and external parties and is managed by an inde- tion and retention of senior executives. BP entities included in the consolidated financial statements business conduct and personal conduct for all employees of pendent third-party ensuring confidentiality of the reports. is available to the public. Read more about Aker BP at www. Aker BP and members of its governing bodies. It also applies to All the documentation is stored in accordance with the rele- Oversight of HSSE and operational risks is retained directly by akerbp.com. directors, contract personnel, consultants and others who act vant documents for data retention, data protection and data the Board. In addition, the Board has established the Safety on Aker BP's behalf. Our Code of Conduct has been developed destruction. and Environmental Assurance Committee (SEAC) to strength- At the end of 2019, the company had 1,742 employees. 164 in dialogue with the management group and is supported by en the administration’s work on health, safety, cyber security new employees were recruited in 2019. There are no signif- the Board of Directors. The Code of Conduct is available on In addition, a campaign was launched internally to increase and environmental matters. This committee is organized as an icant changes to the organization or the supply chain in the our internal and external websites. awareness about the whistleblowing channel and importance independent committee with members from BP and Aker BP reporting period. of reporting integrity concerns. This resulted in an increase of and reports quarterly to the Board. As per our policy, the Code of Conduct will be reviewed reported cases in 2019 compared to 2018. Improvements in Aker BP purchased goods and services for about USD 3 billion every other year, and a new revision is due to be finalized in several policies and procedures were identified, as a result of More information about Corporate Governance in Aker BP is and engaged around 1,600 direct suppliers in 2019, mainly the first half of 2020. whistleblowing reports. available in the Annual Report. 4 · Aker BP Sustainability Report 2019 – Company Profile 5 · Aker BP Sustainability Report 2019 – Company Profile LETTER FROM There can be no doubt that meeting our shared climate targets IMPROVING OUR HSSE PERFORMANCE will require enormous effort and major investment. The petro- Any company licensed to operate on the Norwegian con- leum industry is Norway’s most important and profitable indus- tinental shelf must comply with Norway’s stringent health, try. As such, we are uniquely positioned to give back to society. safety, security, and environmental (HSSE) regulations. But THE In fact, for every NOK 100 in increased profitability, NOK 78 is independently of that, for Aker BP to lead on ESG, all our returned to the community in which we work. Another way of operations, drilling campaigns, and projects must be carried putting this is that we make a vitally important funding contri- out in accordance with the highest HSSE standards. Everyone bution to the necessary energy transition the world is facing. who works for the company — whether our own employees, CEO supplementary staffing, or contractors — must be able to per- Let me share with you Aker BP’s most important contributions form their work in an environment where safety comes first. to this energy transition. First, we are creating greater and more long-term value from the natural resources available to In 2019, Aker BP recorded zero process safety incidents at us — thus enabling society to restructure the economy and our facilities, an encouraging result that provides validation of introduce measures to halt climate change. Second, we are re- our key risk management processes and tools. Nevertheless, ducing emission intensity from our own operations so that we seven incidents with high potential were reported in 2019. contribute to lower global footprint. And last but not least, we The serious incident frequency, measured as incidents per are contributing our know-how, data, and expe- rience to emerging industries, thereby promoting broad-based growth and improvement beyond our own operations. From 2020 on, our goal is to OPTIMIZING ENERGY deliver an emission intensity Aker BP continues to be an operator with low “ carbon emission intensity. In 2019, Aker BP’s below 5 kg CO2/boe. CO2 intensity was below 7 kg CO2/boe (equity share), which is less than half the global industry average, and also below the average for Norwegian continen- million work hours, was 0.6 for the year.
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