Annual Report 2011

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CORPORATE RESPONSIBILITY THE CR FRAMEWORK The Code of Conduct Lundin Petroleum’s Code of Conduct, which is at the core of its CR commitment details the Vision, Values and Principles by which the Company is guided, as well as Responsibilities towards its shareholders, staff, host countries, host communities and the environment. A formal review of the Code of Conduct was conducted in 2011, on the occasion of Lundin Petroleum’s 10th anniversary. The Values, Principles and Responsibilities remain essentially the same as they continue to reflect Lundin Petroleum’s CR commitment. The Code now includes endorsement of the United Nations Global Compact’s (UNGC) Ten Principles on Human Rights, Labour Standards, Environment and Anti-Corruption, as well as a statement regarding Climate Change. The new version of the Code of Conduct was approved by the Board of Directors in May 2011 and can be found on the Company’s website under Corporate Responsibility. In order to familiarise staff with the Code of Conduct and provide them with the necessary tools to exercise CR leadership in relation to other staff, contractors and stakeholders, Lundin Petroleum conducts staff inductions and provides staff with an induction presentation and an Employee Handbook, which detail requirements under the Code and Policies. The Staff Induction documentation was amended in 2011 to reflect CR framework document updates. that they will be protected from reprisals or victimisation for whistleblowing in good faith. Anti-Corruption Lundin Petroleum’s Anti-Corruption Policy elaborates on Lundin Petroleum’s Code of Conduct commitment to “act in an honest way” and to “refrain from accepting or offering improper payments, gifts or engaging in bribery or corrupt business practices”. The Policy was issued together with Anti-Corruption Guidelines (see below The Corporate Guidelines) as part of its UNGC commitment. The Anti-Corruption Policy and Guidelines were adopted by the Board of Directors in December 2011. THE HSE MANAGEMENT SYSTEM The Green Book Health, Safety and Environmental (HSE) Management System, the Green Book, sets corporate requirements for the systematic and comprehensive integration of HSE issues in the management of the Company’s worldwide operations. It aims to achieve continuous improvement of HSE performance through a pro-active management process covering planning, implementation, monitoring and review activities. The HSE Goals In order to reinforce commitments made in Lundin Petroleum’s Code of Conduct, HSE Policies and the Green Book and to avoid potential negative impacts on people, assets and the environment, the Company promotes the following high level HSE goals throughout its operations: » Zero fatalities » Zero incidents » Zero harm to the environment The HSE Goals have been communicated throughout the Group, together with suggested “Promote, Prevent & Reduce” actions. The Corporate HSE Plan Lundin Petroleum issues a Corporate HSE Plan on a yearly basis. The purpose of the Plan is to have a systematic approach to HSE management, to increase HSE awareness among staff within the Company and involve them in planned activities, to promote a sound HSE culture at corporate management level and to reinforce the Company’s corporate HSE goals. The Corporate HSE Plan is developed in relation to the Company’s activities throughout the Group. The Corporate HSE Plan covers actions required in relation to general, management system, audit and verification, as well as office activities; it is reported on to senior management and the Board of Directors at least quarterly. A key 2011 HSE Plan activity was the carrying out of HSE Management System audits of all Lundin Petroleum’s operated assets, namely France, Indonesia, Malaysia, Norway, Russia and Tunisia. The audits were conducted against corporate Management System Requirements (MSR) and Self-Assessment Forms. All assets were found to generally conform to corporate THE POLICIES Health & Safety Lundin Petroleum’s Health & Safety Policy commits to conduct all operations in a manner that protects people and property and complies with applicable legislation. The principal health and safety objective is to provide a safe working environment for employees, contract personnel and members of the general public. Environment Lundin Petroleum’s Environmental Policy commits to protect the environment and to ensure that exploration, development, and production operations are conducted in compliance with applicable environmental laws and regulations and meet company-specified environmental requirements. Community Relations Lundin Petroleum’s Community Relations Policy commits to enhance the living standards and well-being of the people in the areas it operates by, for example, hiring local staff and/or participating in community projects. Whistleblowing Lundin Petroleum’s Whistleblowing Policy and Procedure provides an avenue for employees and contracted personnel in the Group to raise concerns about improper, unethical or illegal conduct in the workplace and to obtain reassurance 34 Lundin Petroleum ANNUAL REPORT 2011

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