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Puma Energy environmental, social and governance (ESG) framework

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Contents

Introduction 3

Group overview 7

What we do 8

How we create value 9

Principles and commitments 10

Best practice framework 11

Glossary 36

Published April 2020.Information contained in this document correct at time of publication.

Creating a strong framework for managing our ESG impacts

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Tackling a critical global challengeThe world faces a critical challenge. On the one hand, the shift from climate change risk to climate change emergency calls for urgent action to limit greenhouse gas emissions. At the same time, continued social and economic development for a growing global population requires access to more power and technology, which in turn raises ESG dilemmas around the extraction and use of finite natural resources and decarbonisation. So, a key question of our times is how best to tackle the climate crisis while supporting the needs of a growing global population, including many underserved local communities around the world. We are playing our part in meeting this challenge.

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Puma Energy ESG framework

Energising communities passionately and responsiblyAt Puma Energy, our purpose is to energise communities to drive growth and prosperity by serving our customers’ needs in high-potential countries around the world. Taking a responsible approach to providing reliable, affordable, high-quality energy solutions for local people and businesses in often remote and underserved communities has always been at the heart of our business. As has our passionate, agile, can-do spirit.

It is on this strong foundation of enterprise and responsibility that we are creating our environmental, social and governance (ESG) framework. The framework is designed to integrate best practice ESG into our everyday action throughout Puma Energy, and to create a bold and ambitious set of principles against which to hold ourselves accountable.

Over the years, we have built a strong and enduring presence in the countries and communities we serve. We are there for our customers, focusing our deep expertise and resources and working with trusted partners on the ground to evolve our business to better serve them. We believe we are well poised to support the equitable transition to low-carbon and renewable energy in these markets,

whereby sustainable local development and prosperity goes hand in hand with decarbonisation. We are committed to play a key role – from developing new cleaner energy solutions for the communities we serve and are part of, to working with stakeholders to enhance legislation and develop infrastructure.

Tackling this multiscalar challenge will require business peers, customers, communities, governments, NGOs and civil society to come together. We are committed to working closely with everyone involved. We also want to take a leading role when and where we best can, to drive and support sustainable development, notably through solutions that contribute to the UN Sustainable Development Goals (UN SDGs).

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Establishing the frameworkIn line with our ambition to be a high-performance leader in our industry, we built on our strong foundation of responsible business to embed best practice insights and consider key stakeholder needs when creating our ESG framework. We focused on addressing investor requirements and community and customer expectations, while recognising that ESG issues are at the forefront of all stakeholder thinking.

The framework draws on the insight and guidance of multiple international and industry best practice codes, principles and frameworks for identifying issues, issue management and reporting. It seeks to ensure we manage ESG issues in line with good international industry practice.

The framework applies to all Puma Energy employees and business partners.

It is designed to ensure we provide practices and solutions that contribute to local UN SDGs and align to the Paris Agreement to limit global warming.


Our commitment to strong ESG is rooted in our purpose, values and culture, and essential to our future. We recognise that licence to operate has moved beyond health and safety to incorporate these broader challenges. To ensure the sustainable growth and success of our business and the communities we serve, we will manage our ESG impacts rigorously and passionately. To this end, we are setting out our ESG commitments in this framework and launching our Future of Energy Strategy. Emma FitzGerald,Chief Executive

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To drive substantial and tangible impact on the UN SDGs in our operating regions, we are concentrating our efforts where we can make the biggest impact, placing a special focus on goal 7: ensuring access to affordable, reliable, sustainable and modern energy for all (see principle 8, commitment 5 on page 29 for further for further details).

We are committed to carrying out and reporting on climate change scenario testing, in line with Task Force on Climate-related Financial Disclosures (TCFD) guidance, and to align to the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and International Petroleum Industry Environmental Conservation Association (IPIECA) reporting standards and principles. We have also set an ambition to become a UN Global Compact (UNGC) signatory. As a further demonstration of best practice, we are committed to external verification of our ESG data and reporting.

The framework was drafted by the ESG framework working group. Consisting of senior Puma Energy individuals, each were representative of the business and its core ESG issues.

The working group continues to be responsible for overseeing the direction of the framework as it evolves through testing, as well as its implementation. The group is working with our market leads across MEAP, the Americas and Africa to embed the framework, and planning initial implementation programmes in Latin America and Africa by the end of 2020.

Whilst we acknowledge the value of creating stretch targets, we have intentionally set an ambitious framework that focuses on practical milestones in order to rise to ESG challenges with urgency and ensure we lead in ESG governance. As the world around us changes and our business grows and evolves, we will continue to monitor, adapt and improve our ESG framework – to ensure we keep moving forward.

Ultimate project ownership and accountability Puma Energy accountable individual at leadership

level (ExCom)

Regional operational and capacity accountability ExCom appointed Puma Energy lead

and administrator in each region

Regional and national execution accountability Individuals responsible and accountable for

embedding and adhering to the framework within each country operation and product line

Board level accountability

ExCom accountability

ESG framework governance and accountability

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Group overview

Puma Energy is a leading global energy business focused on safely providing energy solutions to customers in 45 countries across the Americas, Africa, Europe, Middle East and Asia-Pacific.

Our purpose is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high-potential countries around the world.

Singapore

Switzerland

Estonia

Puerto Rico & US Virgin Islands

South Africa

Regional offices

Where we operate

Franchises

Global headquarters

2,900RETAIL SITES

84AIRPORTS SERVED

45COUNTRIES WHERE PUMA ENERGY OPERATES

2,750TRUCKS LOADED EVERY DAY

7.5m m3

STORAGE CAPACITY

9,300+EMPLOYEES

20,000+B2B CUSTOMERS

1,291SHOPS AT RETAIL SITES

103TERMINALS

147RESTAURANTS AND CAFES

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We focus our business around our customers – doing everything we can to meet their current and future energy needs. Delivering excellent quality and value, and building strong long-term relationships to energise communities around the world.

What we do

6 BunkeringOur modern fleet of bunker vessels fuel ships globally and is also specially adapted to service offshore rigs.

7 WholesaleWe supply our petroleum products to independent distributors throughout the world, who in turn sell them on to local retailers and customers.

8 LPGWe also bottle and transport liquefied petroleum gas (LPG), delivering our high-quality LPG to an expanding global base of customers at a competitive price and on time.

10 B2BOur ability to match the needs of a highly geographically diverse range of customers, some of whom operate in remote, demanding and potentially dangerous environments, gives us a competitive edge.

9 BitumenWe manufacture, store and supply bitumens and polymer-modified bitumens.

12 AviationWe provide consistently high-quality aviation fuel (Avgas and jet) and services to airlines, aircraft operators and aircraft owners around the world.

13 RetailWe are a leading global retailer, with 2,900 retail sites worldwide. We provide fuel, supplementary services and a convenience offer. We have retail networks in many countries across Africa, Asia-Pacific and Central and South America, and in Australia.

11 LubricantsWe supply a full range of proven lubricants designed for a variety of general and specific applications in a wide range of markets throughout the world.

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4 Transport and safetyOur transportation networks encompass road, rail and sea, operating 24/7/365 to ensure prompt and efficient fuel deliveries globally.

2 Global supplyOur strategically located storage terminals allow us to source products globally, reliably and at competitive prices.

1 RefiningIn almost all instances we act as buyers from refineries, but we do operate two ‘pocket’ refineries that are critical to local supply systems, one in Nicaragua and the other in Papua New Guinea.

3 Onshore storageOur purpose-built terminals give customers access to high-quality storage anywhere in the world.

5 Marine systemsWe have developed a high level of competence and expertise in marine infrastructure and operations, as receiving and delivering oil products through marine facilities is a key part of our business worldwide.

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We live our values every day. They get to the heart of our way of energising communities around the world.

CustomersOur customers rely on us to deliver high-quality fuels and a wide choice of other products, swiftly, reliably and at a fair price. We add value through the customer service we provide, and by ensuring we are always there for them and are easy to do business with.

CommunitiesAs a business operating in many markets, we contribute significantly to our communities, through local taxes and employment. We also add value as a long-term, responsible partner and by engaging in many social, environmental and educational programmes, including targeted campaigns such as our Be Road Safe campaign, which is now in its seventh year.

EmployeesOur people are well rewarded and enjoy the opportunity to develop their skills and entrepreneurship to achieve their full potential. They each make their own individual contribution to the spirit of our diverse, collaborative, customer-focused organisation.

ShareholdersFinancial stability and sustainable business practices are critical factors to our success. We create long-term value for our shareholders by managing our business growth carefully and maximising the returns on their investment.

Delivering positive impact for our stakeholders

Underpinned by our values

Our energetic spiritOur distinctive Puma Energy spirit is at the heart of our high performance, forward momentum and innovation. It is our way of fulfilling our purpose and is distilled into our four values: customer focus, lead by example, collaboration, agility.

Key strengths drive us forward

Our customer focusWe focus our business around our customers. We aim to get close to our customers, to build strong relationships with them and to do everything we can to meet their current and future needs in line with our shared purpose of energising communities.

Our global networkOur broad and deep global network provides an essential foundation for our customer-focused business. We focus our extensive supply, refining, storage and transportation infrastructure on enabling our business lines to serve and excel for our customers.

Guided by

Our purposeWe are guided and inspired by our purpose – to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high-potential countries around the world.

Customer-led strategyWe have a clear three-part transformation plan to deliver our customer-focused strategy. In essence it focuses us on excelling at everything we do, growing in a highly focused way and exploring exciting new opportunities to energise communities around the world.

Impacted by

Our six capitalsIn line with best practice for integrated reporting, we report on the six capitals that together provide a true picture of value across the Group. This way of telling a comprehensive, connected story fits well with our holistic view of value and our focus on energising communities to create sustainable value for long-term good.

Lead by example Collaboration AgilityCustomer

focus

Financial strength

Customers and communities

Our people

Physical assets

Our businessFrom giving the people who visit our retail sites a great experience to working closely with industrial businesses to help them optimise their operations – we put our customers at the heart of everything we do.

We deliver for our customers through a range of global business lines dedicated to delivering the very best products, services and experience.

Our products and brands

Natural resources

Operational excellence

Focused growth

New business development

Supply

Aviation

RefiningWholesale

Lubricants Bitumen LPG

Marine SystemsBunkeringB2B

Retail

Storage

The world we live in is full of exciting opportunities for us to lead in energising communities. Capitalising on our distinctive strengths, we focus on creating value for our stakeholders.

How we create value

Our great peopleThe talent, commitment and sheer positive energy of our 9,300+ people sets us apart and enables us to succeed. Their excellence and enthusiasm make all the difference and we invest in helping our people to grow and thrive with us.

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Principles and commitmentsThe framework sets out our robust, best practice aligned approach to monitoring, managing and enhancing ESG performance. To ensure that our ambition is embedded across all markets and business lines and implemented on the ground, it features the following core components:

- Ten overarching principles covering core ESG areas- Stretching ambitions to drive organisational transformation- A series of bold commitments that underpin each principle and

drill down into material issues

- Commitment-specific and best practice informed implementation actions

- Metrics that will demonstrate ESG performance and progress

1. Assess all business activities,

strategy developments, and

new investment and offset

decisions against ESG principles

2. Apply good industry practice

and an ethical approach wherever

we operate

3. Promote transparent and

participatory engagement on key ESG issues

with all stakeholders

4. Invest in technology and

solutions to support the

equitable energy transition

5. Achieve zero carbon in our

operations by 2030

6. Target net zero environmental loss

7. Connect communities to a secure, reliable and sustainable

power supply and unleash the

transformational opportunities this

brings

8. Keep local prosperity at

our heart

9. Provide our employees and

business partners with a safe and healthy working

environment

10. Promote equal opportunities and foster a just and inclusive culture

1.1: Achieve robust baseline ESG assessments and data across all (material) ESG issues and regions

1.2: Develop the internal capacity to effectively implement the ESG framework and deliver on our commitments

1.3: Apply our ESG framework to all investment decisions and business activities

2.1: Operate in an ethical and transparent way

2.2: Respect international best practice principles

2.3: Report our ESG performance annually, in line with international good practice standards and investor expectations

3.1: Actively engage with local communities on all relevant ESG issues

3.2: Galvanise peers, convene expertise and support governments and regulators to drive ESG progress

3.3: Join, and where appropriate, lead industry dialogue and best practice programmes in ESG application, decarbonisation and reporting

4.1: Grow our energy transition offer for customers

4.2: Partner with trusted local entities to develop energy transition solutions and capacity, with a focus on high-potential markets

5.1: Optimise our energy use and move to renewable energy sources

5.2: Reduce our scope 1 and 2 emissions intensity year-on-year

5.3: Embed decarbonisation ambition into our supply chain and build capacity to enable this shift

6.1: Achieve zero major spills

6.2: Create biodiversity management plans for sensitive areas and all new developments

6.3: Improve our water usage at all sites and retail stations

6.4: Take a circular approach to business activity, maximising recycling and minimising waste

6.5: Align to good international industry environmental practice principles and standards

7.1: Improve access to reliable, sustainable power supply in high-potential markets, and beyond

7.2: Support local markets and governments to enable the highest fuel quality standards possible throughout the transition journey

8.1: Enhance local economic prosperity, especially in high-potential markets

8.2: Protect and create jobs and businesses

8.3: Invest in the communities in which we operate

8.4: Understand social impact in our communities and mitigate accordingly

8.5: Align social investment with local development priorities and achievement of the UN SDGs

9.1: Achieve zero harm for our employees and business partners

9.2: Meet world-class standards on emergency preparedness

9.3: Set the industry benchmark for road safety

10.1: Ensure equal opportunities throughout the employee life cycle

10.2: Create an inclusive and respectful work environment

10.3: Champion human rights across our business and supply chain

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Best practice framework

Implementation action Suggested metrics

1 Assess all business activities, strategy developments, and new investment and offset decisions against ESG principles

1.1 Achieve robust baseline ESG assessments and data across all (material) ESG issues and regions

• Carry out best practice led ESG assessments and audits to identify core impacts to address and current performance – throughout the value chain and project life cycles, and across all regions (to be done in line with WBCSD Guidelines for Environmental and Social Impact Assessment and best practice sector guidance, e.g. OSHA and IPIECA)

% of regions and countries that have conducted an ESG baseline assessment% of regions and countries with verified baseline ESG performance data

1.2 Develop the internal capacity to effectively implement the ESG framework and deliver on our commitments

• Develop the governance structure and policies needed to embed the ESG framework, in line with best practice and peers – Clarify existing policies and consider new policies focused on key material issues: responsible sourcing, local content

• Provide training, capacity building and support to all businesses and staff in the application of the ESG framework, in line with best practice issue management and implementation guidance (above): – Deliver senior leadership training – Develop Manager training tool kits – Identify training targets and metrics to monitor and measure implementation; and report regularly

*Evolve and report Governance StructureCreate, develop and implement future policies:

– Environment Policy – Human Rights Policy – Responsible Sourcing Policy

Integration of ESG KPI’s in reward and remuneration (balance scorecard)Number/% of sites/businesses implementing best practice standardsNumber/% of Managers receiving ESG framework and related Code and Policy training, by role and location

* Metrics suggested by best practice reporting frameworks

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1.3 Apply our ESG framework to all investment decisions and business activities

• Apply ESG principles and commitments, and material issue impact considerations to investment decisions and capital expenditure due diligence. Key considerations include: – Local health epidemics – Human rights risks – Skill/human capital requirements and local capacity – Supply requirements and local capacity – Bribery and corruption risk – Land purchasing requirements and resulting involuntary resettlement and economic displacement – Infrastructure requirements and local capacity and risks – Biodiversity status and risks – Water requirements and local capacity and risk – Waste disposal requirements and local capacity and risks – H&S requirements and local capacity and risks

• Carry out best practice-led stakeholder engagement and social and environmental assessments and audits to identify the core impacts to review (in line with WBCSD Guidelines for Environmental and Social Impact Assessment)

*Number/% of significant operating sites in which biodiversity risk has been assessed and monitored % of new investments/projects/programmes screened for local community impacts (including indigenous people)Total number/% of operations that have been subject to social reviews or impact assessments, by country *Total number/% of operations that have been subject to human rights reviews or impact assessments, by country Total number/% of operations assessed for risks related to corruptionNumber/% of sites achieving ISO 14001 standard % of investment decisions to which the ESG framework and transition strategy have been applied


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2 Apply good industry practice and an ethical approach wherever we operate

2.1 Operate in an ethical and transparent way

• Clarify compliance and ethics accountability at Board, ExCom, Regional, country and Business line level; and outline Ethics and Compliance Committee responsibilities and management process

• Assess existing policies and procedures across all regions, to identify gaps to fill and good practice to amplify

• Conduct regular bribery and corruption risks assessments of operations, in line with international best practice (see principle 1)

• Embed internal and external (see commitment 2.2) best practice into Risk Register, stakeholder engagement procedures and all relevant current and future policies when they are implemented: – Anti-bribery and corruption Policy – Conflict of Interests Policy – Anti-Money Laundering Policy – No retaliation Policy – Environment Policy – Human Rights Policy – Responsible Sourcing Policy

• Integration of ESG KPI’s in reward and remuneration (balance scorecard)

• Training on Anti-bribery and corruption, Conflict of interests and Anti-money laundering policies and expected behaviours to all employees (contractors and business partners)

• ‘Speak up Helpline’ grievance management and resolution system and ensure access to all

• Regularly report investor-grade data on anti-bribery and corruption screening, training, reported incidents and consequences – in line with reporting best practice standards and UN SDGs (see commitments 2.3 and 8.5)

*Number/% operations assessed for risks related to corruption*Number/% of employees (including contractors), governance body members and partners completing Anti-corruption and bribery/Code of Business Conduct training, by geography *Number/% of confirmed incidents of corruption (and action taken)*Number/$ of non-compliance fines and sanctionsNumber of dismissals for non-compliance and unethical behaviour


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2.2 Respect international best practice principles

• Align management frameworks, processes and policies to best practice management and implementation standards: – UN Declaration of Human Rights – International Labour Organisation Core Conventions – Voluntary Principles on Security and Human Rights – Transparency International Corruption Perception Index

• Assess and engage with respected global organisations to identify opportunities for further participation: certification or membership. Consider: – GRI Standards verification – UNGC membership – WBCSD membership – WEF membership

Report annual Communication on Progress (member requirement)

2.3 Report our ESG performance annually, in line with international good practice standards and investor expectations

• In addition to regular internal updates; publicly report impact and progress annually against goals, targets and agreed best practice metrics and criteria, in line with global and industry reporting standards: – GRI standards – SASB standards – TCFD guidance – IPIECA principles – Transparency International Corruption Perception Index

• Evolve data to meet investor-grade requirements (informed by London Stock Exchange Group and MSCI guidance)

*Total monetary value of financial assistance received from any government (tax relief, subsidies, grants, etc.)*Total monetary value of financial and in-kind political contributions made directly and indirectly by the organisation, by country and recipient/beneficiary% of data meeting investor-grade quality requirements


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3 Promote transparent and participatory engagement on key ESG issues with all stakeholders

3.1 Actively engage with local communities on all relevant ESG issues

• Clarify community engagement accountability at Board, ExCom, Regional, country and Business line level; and outline Ethics and Compliance Committee responsibilities and management process

• Create robust community engagement programmes in all active and high-potential regions, informed by best practice guidance including IFC Environmental and Social Performance Standards

• Create grievance management and resolution mechanisms and ensure access to all

• Apply Social and Environmental Impact assessments to all investment decisions, capital expenditure due diligence (see principle 1)

• Report significant disputes and resolutions in line with reporting best practice (see principle 2)

% of operations with local community engagement, impact assessments, and development programmesNumber/% of sites with grievance mechanisms or similar conflict resolution procedures in placeNumber of significant disputes with local communities – raised, reviewed and resolved, by type

3.2 Galvanise peers, convene expertise and support governments and regulators to drive ESG progress

• Clarify stakeholder engagement accountability at Board, ExCom, Regional and Business line level; and outline Ethics and Compliance Committee responsibilities and management process

• Create robust engagement programmes in all active and high-potential regions, informed by best practice guidance including IFC Environmental and Social Performance Standards

• Host open round tables/forums with peers, experts and regulators to discuss collaborative solutions

• Advocate for binding policy to drive sector-wide rapid positive ESG progress


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3.3 Join, and where appropriate, lead industry dialogue and best practice programmes in ESG application, decarbonisation and reporting

• Assess respected global organisations to identify engagement and partnership opportunities to embed the ESG framework. Consider issue identification, action, management and reporting-focused organisations (see principles 1 and 2)

• Assess local implementation organisations to identify partnership opportunities to deliver framework targets and related programmes. Apply framework principles and commitments to all partnership and investment decisions, capital expenditure due diligence (see principle 1)

• For markets where no industry dialogue exists, take the lead by creating a Puma Energy ESG and decarbonisation ‘play book’.

Number of local partnerships supporting the delivery of our ESG framework and transition strategyMemberships of global best practice organisations that support our capacity to deliver the ESG framework (#)Memberships of global best practice organisations that support our capacity to decarbonise our operations (#)

4 Invest in technology and solutions to support the equitable energy transition

4.1 Grow our energy transition offer for customers

• Clarify clean energy accountability at Board, ExCom, Regional, country and Business line level; and outline Finance and Investment Committee and HSEC Committee responsibilities and management process

• Assess high-potential regions, business lines and products to identify opportunities for clean energy alternatives/solutions

• Embed broader ESG framework principles and commitments into clean energy solution investments and capital expenditure due diligence (see principle 1)

• Apply identified solutions to the Future of Energy Strategy

• Align to relevant UN SDGs

• Regularly report investor-grade clean energy mix and impact data in line with best practice standards and UN SDGs (see commitments 2.3 and 8.5)

• Pilot solutions in high-potential markets and share learning to scale up – implement in line with IFC Environmental and Social Performance Standards

*% of clean energy products and services, by MWh OR tons of CO2e (proportion of total energy) *$ spend on clean/green/transition activities (plus focus on emerging economies)*Total amount of renewable/alternative energy generated (for sale or internal use) in MWh, by source (Solar, hydrogen)*Volume of biofuels produced and purchased meeting sustainability criteria/third-party certified (litres)*GHG emissions savings from transition activities/investments (clean energy, technology, offsets) t CO2e% energy efficient product sales (of total sales) at retail stations


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4.2 Partner with trusted local entities to develop energy transition solutions and capacity, with a focus on high-potential markets

• Assess customer access to clean energy solutions and infrastructure in all regions/markets

• Identify high-potential markets and seek out trusted local partners

• Align to relevant UN SDGs

• Review potential partners for human rights risks and compliance, in line with the UN Guiding Principles on Business and Human Rights

• Operate JV projects in line with IFC Environmental and Social Performance Standards

• Apply broader ESG framework principles and commitments to all partnership and investment decisions (see principle 1)

• Monitor, measure and regularly report local clean energy investment, in line with best practice standards and UN SDGs (see commitments 2.3 and 8.5)

*$m spend on clean energy technology, infrastructure and R&D/transition activities, by region (plus focus on emerging economies), e.g. EV and charging, clean energy storage% of clean energy technology, infrastructure and R&D spend/transition activities spend) with local suppliers, by region (of total transition activities spend)Number/% of trusted partners helping to deliver clean energy solutions that are locally based $m budget spend on emissions off-setting, by region% of emissions off-setting spend with local enterprises, by region (of total spend)


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5 Achieve zero carbon in our operations by 2030

5.1 Optimise our energy use and move to renewable energy sources

• Clarify energy use accountability (in line with commitment 4.1)

• Monitor and measure energy use and efficiency, by source, business line and region – and fully understand in order to measure progress

• Assess business activities to identify opportunities for energy savings and best practice solutions to scale up

• Embed internal and external best practice into Environmental Management System, Risk Register, Environment Policy, Responsible sourcing Policies and Future of Energy Strategy

• Embed broader ESG framework principles and commitments into energy efficiency technology and renewable energy investments and capital expenditure due diligence (see principle 1)

• Set energy efficiency targets in line with Science Based Targets (SBTis); regularly report investor-grade data, in line with reporting best practice standards (see principle 2); and externally verify data

• Align investment decisions and energy efficiency targets to relevant UN SDGs

• Pilot renewable energy sourcing in high-potential markets and share learning to scale up – implement in line with IFC Environmental and Social Performance Standards

• Assess and report efforts to encourage sustainable consumption of products – campaigns/education to reduce, reuse and recycle lubricants and use energy more efficiently

*Total energy usage/intensity, by site and source *Energy efficiency/reduction


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5.2 Reduce our scope 1 and 2 emissions intensity year-on-year

• Clarify GHG emissions accountability at Board, ExCom, Regional and Business line level; and outline HSEC Committee responsibilities and management process

• Monitor and measure scope 1 and 2 emissions, by type and source, across the business

• Fully understand key data and sources and assess current mitigation activities in order to scale up good practice and set reduction targets

• Outline position and initiatives on GHG emissions off-setting (and select any solutions from internationally recognised and accredited providers)

• Run three climate change scenarios (including the IEA’s SDS 1.5°C scenario) on financial impacts and stability; and report outcomes in Annual Report

• Embed internal and external best practice into Environmental Management System, Risk Register, Environment Policy and Future of Energy Strategy

• Set Scope 1&2 GHG emissions reduction targets (using SBTis); regularly report investor-grade GHG emissions and intensity data, in line with reporting best practice standards (see principle 2); and externally verify data

*Scope 1 Direct GHG emissions, Mt CO2e/CO2 *Scope 1 Direct GHG emissions intensity *% scope 1 emissions covered under emissions-limiting regulations*Scope 2 Indirect GHG emissions *Scope 2 Indirect emissions intensity


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5.3 Embed decarbonisation ambition into our supply chain and build capacity to enable this shift

• Clarify GHG emissions accountability (in line with commitment 5.2)

• Measure scope 3 GHG emissions across operations, supply chain and customer use to understand their scale and impact

• Articulate Puma Energy’s supply chain scope 3 focus

• Assess current mitigation activities in order to scale up good practice and set reduction targets

• Embed internal and external best practice into Environmental Management System, Risk Register, Environment Policy, Future of Energy Strategy, and over time, Responsible Sourcing Policy

• Set Scope 3 GHG emissions reduction targets (in line with Science Based Targets for net zero by 2030) and regularly report investor-grade GHG emissions and intensity data, in line with reporting best practice standards (see principle 2)

• Commit to externally verified data and target integration into a balanced scorecard for leadership remuneration

• Embed specific efficiency/reduction targets into supplier contracts. Take a phased approach, starting with suppliers in regions with mature infrastructures who are best able to respond, whilst building up capacity in those regions less able (for example advising and supporting local governments; and providing supplier development support to help bring suppliers up to Puma Energy ESG framework standards)

*Scope 3 Indirect GHG emissions *Scope 3 Indirect GHG emissions intensity Total GHG emissions Total GHG emissions intensity$/hours of training/support to help local suppliers reach Puma Energy ESG framework requirements; and type of training/support provided


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6 Target net zero environmental loss

6.1 Achieve zero major spills

• Clarify spills accountability (in line with commitment 5.2)

• Monitor and measure hydrocarbon spills and recovery by volume, source/activity (e.g. transportation, natural disaster, etc.) and location

• Assess current mitigation activities in order to scale up good practice

• Record and share Tier 1 and 2 Loss of Primary Containment Process Safety Events (and learnings), as well as near misses (Tier 3 safety system challenges); and define Tier 1 and 2 severity/consequences

• Conduct regular externally verified audits on safety management systems and Emergency preparedness and response programmes, in line with international best practice: OSHA, IPIECA and ISO14001

• Embed internal and external best practice into Environmental Management System, Risk Register and Environment Policy

• Implement ISO14001 consistent (not compliant or accredited) management systems across all sites

• Regularly report investor-grade spills data, in line with best practice guidance (see principle 2) and externally verify data

• Integrate targets into balanced scorecard for leadership remuneration

*Number and volume of hydrocarbon spills (> than 1 bbl reaching the environment)*Number of Underground Storage TanksNumber of Underground Storage Tanks with failuresAge of Underground Storage Tanks, per country


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6.2 Create biodiversity management plans for sensitive areas and all new developments

• Clarify biodiversity accountability at Board, ExCom, Regional, country and Business line level; and outline Finance and Investment Committee and HSEC Committee responsibilities and management process

• Engage local communities and interested parties on biodiversity risks and opportunities for current and future sites and projects. Use best practice engagement processes (see principle 3)

• Review operational sites and activities to understand impact, risk and opportunity, and to scale up good practice and set reduction targets

• Establish biodiversity baseline in current Puma Energy operations

• Assess future developments for risk and impact, carrying out externally verified biodiversity audits aligned with international best practice, e.g. WBCSD Guidelines for Environmental and Social Impact Assessment

• Embed biodiversity principles and commitments and the preservation of endangered nature and wildlife into investment decisions and capital expenditure due diligence (see principle 1)

• Develop biodiversity management plans for identified target sites/sites in environmentally sensitive areas, aligned to UN SDGs, WBCSD guidance and IFC Environmental and Social Performance Standards

• Articulate Puma Energy’s approach to biodiversity off-sets (and select from internationally recognised and accredited providers)

• Embed best practice into Environmental Management Systems, Environment Policy and Future of Energy Strategy

• Set biodiversity net gain target and regularly report investor-grade biodiversity data, in line with reporting best practice standards and UN SDGs (see commitments 2.3 and 8.5)

*Km2 and % of operational sites owned, leased, and/or operated in or adjacent to ‘environmentally sensitive areas’ (protected conservation status, high biodiversity value or endangered species habitat)Number/% of sites near to ‘environmentally sensitive areas’ that have developed biodiversity plans*Number/% of significant operating sites in which biodiversity risk has been assessed and monitored *Number of IUCN Red List species present in areas used or affected by operations


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6.3 Improve our water usage at all sites and retail stations

• Clarify water usage accountability (in line with commitment 6.2)

• Monitor and measure freshwater withdrawal, consumption and recycling by volume, source and geography

• Review current mitigation activities in order to identify gaps, scale up good practice and set reduction targets – especially for any water stressed or scarce areas

• Install water recovery systems, where appropriate

• Test and report on future water availability and its financial impacts on the business as part of TCFD scenario testing


• Embed water conservation principles and commitments into investment decisions and capital expenditure due diligence (see principle 1)

• Set freshwater reduction/recycling targets or local community freshwater availability target and regularly report investor-grade water data, in line with reporting best practice standards, UNGC principles, UN SDGs and TCFD best practice guidance (see principle 2 and 8)

*Total freshwater withdrawal, by source (1,000m3)*% Total freshwater consumed, % recycled and % reused*Total/% of freshwater withdrawal in regions of high or extremely high baseline water stress% sites with water recovery systems

6.4 Take a circular approach to business activity, maximising recycling and minimising waste

• Clarify waste accountability (in line with commitment 6.2)

• Monitor and measure waste creation and disposal by volume, waste type (i.e. hazardous waste), source, disposal method and geography

• Review existing initiatives and performance against local waste infrastructure capacity – to identify opportunities to scale up good practice, invest in local waste infrastructure, and set reduction targets

• Embed waste reduction principles and commitments into investment decisions and capital expenditure due diligence (see principle 1)


• Set waste reduction targets and regularly report investor-grade waste data, in line with reporting best practice standards and UN SDGs (see principles 2 and 8)

*Waste generated and disposed, by disposal method (Mt)*Total weight of hazardous waste transported, exported and imported (and % through ‘environmentally sensitive areas’)*Weight of hazardous waste generated and disposed, by disposal method (Mt)


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6.5 Align to good international industry environmental practice principles and standards

• Clarify environmental accountability (in line with commitment 4.1)

• Review international frameworks principles and standards – to support best practice environmental management and reporting – to identify and embed those most aligned to Puma Energy’s business and ESG ambitions (see principles 1 and 2)

7 Connect communities to secure, reliable and sustainable power supply and unleash the transformational opportunities this brings

7.1 Improve access to reliable, sustainable power supply in high-potential markets, and beyond

• Clarify access to clean power accountability at Board, ExCom, Regional, country and Business line level; and outline Finance and Investment Committee and HSEC Committee responsibilities and management process

• Survey existing and high-potential regions to gain an accurate understanding of access to power and access to clean power – considering proximity and price

• Engage with civil society organisations, affected communities and all relevant stakeholders, through a participatory and transparent engagement process, to understand need and barriers, using a best practice engagement processes (see principle 3)

• Embed engagement insight, best practice guidance (see principle 1) and ESG framework commitments into community investment and other relevant policies in addition to Future of Energy strategy planning and the development of clean energy solutions

• Identify project and global metrics to monitor and measure access; and report progress regularly, using investor-grade data in line with reporting best practice (see principle 2)

*Proportion of population with access to electricity/Number of communities connected to the grid (with focus on least developed countries)*Proportion of local community with access to clean powerNumber/proportion of previously excluded communities given access to electricityProportion of local community choosing/purchasing clean power$m invested in Decentralised Energy solutions and partnerships, by region and by solution, e.g. Community retail village, Mini grids, Demand response, Smart Meters, Infrastructure


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7.2 Support local markets and governments to enable the highest fuel quality standards possible throughout the transition journey

• Clarify fuel quality accountability (in line with commitment 7.1)

• Collaborate with governments and wider social stakeholders to advance the quality fuels agenda and improve national benchmarks

• Engage with governments to understand fuel quality ambitions and barriers

• Open opportunities for dialogues on cleaner fuel and support governments to raise national quality levels by advising and where possible investing in infrastructure capacity and R&D

• Embed ESG principles and commitments into investment decisions and capital expenditure due diligence (see principle 1)

• Identify National, product and global metrics to monitor and measure fuel quality standards, fuel efficiency, capacity and access; and report progress regularly, using investor-grade data in line with reporting best practice (see principle 2)

*Benzene, lead and sulphur content in fuels (ppm) by product type and region$ investment in cleaner fuel capacity, by geography*Number of incidents of non-compliance with regulations and/or voluntary codes concerning the health and safety impacts of products and services


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8 Keep local prosperity at our heart

8.1 Enhance local economic prosperity, especially in high-potential markets

• Clarify local prosperity accountability at Board, ExCom, Regional, country and Business line level; and outline Finance and Investment Committee and HSEC Committee responsibilities and management process

• Monitor and manage tax transparency, local content (products and services), community satisfaction and economic impact

• Review approach to tax in line with GRI and WEF best practice – preparing to report transparent and fair tax payments in all jurisdictions where listed entities (included in Puma Energy’s audited consolidated financial statements) are resident for tax purposes

• Engage local communities to gauge satisfaction levels: Are people happy that Puma Energy operates in their community? Is Puma Energy having a positive impact on the local economy? Use best practice engagement processes (see principle 3)

• Review existing initiatives and programmes on local content to scale up good practice

• Embed internal and external best practice (including World Bank and IPIECA Local Content Strategy guidance) into Social Impact Policy, Responsible Sourcing Policy, procurement processes and the Risk Register

• Set targets on local expenditure and regularly report investor-grade local prosperity data, in line with the UN SDGs and reporting best practice (see principle 2 and 8)

*Total $ payment to government (taxes, royalties, dividends, license fees), by geography*% expenditure on locally sourced goods and services GDP growth, by operating geography GDP growth per person, by operating geography *Annual growth rate of real GDP per employed person


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8.2 Protect and create jobs and businesses

• Clarify job safeguarding and creation accountability at Board, ExCom, Regional, country and Business line level; and outline HSEC Committee and ESG governance responsibilities and management process

• Monitor and manage local job safeguarding and creation, livelihood restoration, local capacity building and direct economic impact

• Assess impact to employment throughout project life cycles when making investment decisions and carrying out capital expenditure due diligence (see principle 1)

• Review existing initiatives and programmes on local employment and capacity building to scale up good practice (for example supplier development programmes to help bring local suppliers up to Puma Energy supplier of choice standards, training and work experience initiatives to develop local talent, and start-up and SME development to help local businesses around Puma Energy sites to thrive) and create mitigation measures to further address identified risks

• Create livelihood restoration plans to compensate individuals where jobs can’t be safeguarded

• Embed internal and external best practice (including IPIECA guidance, FCA Performance Standards on Environmental and Social Sustainability and International Labour Organisation Core Conventions) into Social Impact Policy and the Risk Register

• Set targets on local employment and capacity building; and regularly report investor-grade data in line with reporting best practice (see principle 2) and UN SDGs on access to decent work for all (see principle 8)

*Number/% of expatriate (or local) employees in total workforce (and by geography)*Number/% of expatriate (or local) employees in senior roles% employees retained when assets acquiredNumber of local new hires*$/hours of local supplier training (capacity building) and type of training provided $/hours of training provided to develop local talent/Number of work experience recipients from local communities Number of start-ups and SMEs supported/Number of start-ups and SMEs receiving mentoring and support


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8.3 Invest in the communities in which we operate

• Clarify community investment accountability (in line with commitment 8.1)

• Assess local communities to understand need, risks and opportunities; engaging in an open, consultative and transparent manner

• Review existing community initiatives, programmes and investments to identify opportunities to scale up support and amplify good practice

• Embed internal and external best practice (including IPIECA and SASB guidance and FCA Performance Standards on Environmental and Social Sustainability) into the Corporate Social Investment Policy, Social Impact Policy, and Risk Register

• Apply ESG framework principles and commitments to community investment decisions, emergency response actions and capital expenditure due diligence (see principle 1)

• Embed processes to regularly assess and evaluate social investment effectiveness and contribution to local community quality of life (informed by London Benchmarking Group best practise guidance)

• Set targets on community development; and regularly measure, monitor and report investor-grade data in line with UN SDGs and reporting best practice (see principles 2 and 8)

*Total social investment expenditure ($), by geography and/or focus*% of annual pre-tax profits towards contributions to host communities*$ investment in infrastructure and support services


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8.4 Understand social impact in our communities and mitigate accordingly

• Clarify community investment accountability at Board, ExCom, Regional and Business line level; and outline Ethics and Compliance Committee and HSEC Committee responsibilities and management process

• Carry out a Social and Environmental Impact Assessment (in line with WBCSD Guidelines for Environmental and Social Impact Assessment and IFC environmental and Social Performance Standards) for all new developments, investments and projects to identify the key social impacts to tackle, e.g. health epidemics, human rights risks and land purchasing and resulting involuntary resettlement and economic displacement

• Use a thorough process (see principle 3) to engage with affected communities and gain deep insight

• Set out mitigation, and where necessary restoration and compensation plans, plus related policies and programmes in line with best practice guidance (the UN universal declaration of human rights, IFC Environmental and Social Performance Standards and GRI and IPIECA issue management guidance)

• Embed internal and external best practice (see principles 1 and 2) into Social Impact Policy, and Risk Register

• Report significant impacts, e.g. unavoidable resettlements or economic displacements in line with reporting best practice (see principle 2)

*Number of households resettled due to involuntary resettlement required by business activities (by operations)*Livelihoods affected and restored due to involuntary resettlement required by business activities

8.5 Align social investment with local development priorities and achievement of the UN SDGs

• Clarify social investment accountability (in line with commitment 8.4)

• Engage with the countries in which we operate to identify local development priorities (include review of publicly available information, e.g. national legislation and UN SDG targets). Use best practice engagement processes (see principle 3)

• Apply a materiality lens to the UN SDGs, identifying the goals and targets against which Puma Energy can contribute the most progress – initially at global level, then aligned to country set targets

• Set business ESG 2030 targets and interim milestones in line with the SDGs and partner guidance (including Science Based Targets)

• Report regular and transparent progress against targets (see principle 2)

Priority goal:*UN SDG 7: Affordable and clean energyFocus goals:*UN SDG 8: Decent work and economic growth*UN SDG 9: Industry, Innovation and Infrastructure*UN SDG 10: Reduced inequalities*UN SDG 11: Sustainable cities and communities*UN SDG 12: Responsible consumption and production*UN SDG 13: Climate action*UN SDG 15: Life on land


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9 Provide our employees and business partners with a safe and healthy working environment

9.1 Achieve zero harm for our employees and business partners

• Clarify HSS accountability at Board, ExCom, Regional and Business line level; and outline HSEC Committee responsibilities and management process

• Monitor and measure fatalities, injuries, incidents, work-related illnesses and absenteeism by role, business line and geography

• Review, identify and where appropriate/material, address significant workforce health issues at local, regional and global level, in line with best practice guidance (see principle 1)

• Assess current HSS and wellness activity, programmes and procedures to integrate a culture of safety in order to scale up good practice

• Conduct regular externally verified audits on safety management systems and security risk assessments throughout the value chain and project life cycles, in line with international best practice: OSHA and IPIECA

• Train employees (including contractors and business partners) on HSS policies and expected behaviours

• Embed internal and external best practice into the Code of Business Conduct, Health and Safety Policy, Security Policy, Safety Management System, Risk Register and Environment Policy

• Set zero harm targets and regularly report investor-grade HSS data, in line with reporting best practice standards and UN SDGs (see principles 2 and 8); and externally verify data

• Enable health targets – set at geography level – informed by local material risks and aligned where relevant to UN SDGs to end AIDS, tuberculosis and malaria epidemics by 2030

• Integrate targets into balanced scorecard for leadership remuneration

*Fatalities, by geography and business activity**Lost time injury frequency rate (LTIFR) based on 1,000,000 hours worked, by geography*Total recordable incident rate (TRIR) based on 1,000,000 hours worked, by geography*Number/% of employees and contractors completing Occupational Health and Safety training (other workers covered)*Number of cases/Recordable work-related ill health frequency rate


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9.2 Meet world-class standard on emergency preparedness

• Clarify HSS accountability (in line with commitment 9.1)

• Using best practice processes (see principle 3), engage local communities on emergency preparedness needs and concerns; and use insight to optimise response plans

• Monitor, measure and share Loss of Primary Containment Asset Integrity Events at Tier 1 and Tier 2 level, as well as near misses to enhance continual learning and improvement. And define Tier 1 and 2 severity/consequences and assessment

• Conduct regular externally verified audits on Emergency preparedness and response programmes, in line with international best practice: OSHA and IPIECA

• Assess current Management System, programmes and procedures to address physical and cyber safety, in order to scale up good practice

• Construct all new terminals to international standards

• Embed best practice in the Code of Business Conduct, Health and Safety Policy and Security Policy

• Train employees (including contractors and business partners) on emergency preparedness, response programmes, cyber security, Health and Safety Policy, Security Policy and the Code of Business Conduct

• Embed internal and external best practice into Safety Management System – throughout the value chain and project life cycles, Risk Register, Environment Policy, Health and Safety Policy and Security Policy

• Set incident reduction target and regularly report investor-grade HSS data in line with reporting best practice standards and UN SDGs (see principles 2 and 8) and commit to externally verified data

*Number and rate of Tier 1 Process Safety Events, by business activity*Number and rate of Tier 2 Process Safety Events, by business activity*% workforce covered by Occupation H&S Management system*Number/% of employees and contractors completing Occupational Health and Safety training (other workers covered)Number of Code of Business Conduct violations Near misses


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9.3 Set the industry benchmark for road safety

• Clarify Road Safety accountability (in line with commitment 9.1)

• Monitor, measure and share Motor Vehicle Crashes – for fuel trucks and company cars – by severity, geography and km travelled; as well as near misses to enhance continual learning and improvement

• Assess current programmes and procedures to scale up good practice

• Invest in vehicle and driver safety technology – embedding ESG principles and commitments into investment decisions and capital expenditure due diligence (see principle 1)

• Partner with globally respected and accredited road safety champions, like FIA, to enhance road safety awareness and infrastructure; and to advance industry road safety standards.

• Embed internal and external best practice into Road Safety Management procedures and programmes, Corporate Social Investment Policy and Road Safety Policy

• Train employees (contractors and business partners) on Road Safety, including Defensive Driving Training

• Regularly report investor-grade road safety data, internally and externally, in line with GRI, IPIECA and SASB best practice guidance

• Set crash reduction target (building on the UN SDG to halve road traffic deaths and injuries by 2020); regularly report investor-grade road safety data, in line with reporting best practice standards (see principle 2); and commit to externally verified data

*Number/rate of fuel delivery Motor Vehicle Crashes per km driven, by severity (covering employees and suppliers)*Number/rate of company car Motor Vehicle Crashes per km driven, by severity*Number/rate of severe fuel delivery Motor Vehicle Crashes per km driven (covering employees and suppliers)*Number/rate of severe company car Motor Vehicle Crashes per km driven*Number/% of employees, contractors and sub-contractors completing Road Safety training, including Defensive Driving Training (other workers covered)Number/% of employees monitored and scored for safe drivingNumber/% of suppliers monitored and scored for safe driving


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10 Promote equal opportunities and foster a just and inclusive culture

10.1 Ensure equal opportunities throughout the employee life cycle

• Clarify Inclusion and Diversity (I&D) accountability at Board, ExCom, Regional, country and Business line level; and outline Remuneration Committee and ESG governance responsibilities and management process

• Monitor and measure diversity throughout the employee life cycle (attraction, development, promotion, retention), by category across all regions

• Carry out annual people survey to gather up to date data to analyse and address; and annual pay equity reviews

• Assess initiatives and programmes throughout the employee life cycle to identify good practice to amplify

• Embed internal and external best practice in the development of our Inclusion and Diversity (I&D) and Reward Policies and key employee processes (recruitment, promotion, performance assessments)

• Create and roll-out training on I&D Policy, the Code of Business Conduct and expected behaviours to all employees (contractors and sub-contractors)

• Embed ‘Speak up Helpline’ grievance management and resolution system and ensure access to all

• Set targets and regularly report investor-grade data in line with data analysis, reporting best practice standards (see principle 2) and UN SDGs on equality and pay equity (see principle 8)

*Workforce by gender, age, nationality and ethnicity (by role and geography)*Individuals within governance bodies by gender, age, nationality and ethnicity (by geography)*Turnover number and rate by age, gender, nationality and ethnicity*Pay equity %/Ratio of basic salary and remuneration of women to men, by employment category*Ratio of basic entry-level wage by gender, compared to local minimum wage for specific categories of workersRatio of employee salaries vs average market rates


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10.2 Create an inclusive and respectful work environment

• Clarify I&D accountability (in line with commitment 10.1)

• Carry out annual people survey to measure and monitor employee sentiment throughout the employee life cycle – analysing data by region and diversity category to understand true sentiment

• Monitor and measure grievance incidents, remediation and dismissal by region

• Embed best practice (including the Voluntary Principles on Security and Human Rights and International Labour Organisation Core Conventions) into No retaliation Policy and Risk Register


• Roll-out training on human rights, ‘Speak up Helpline’ process, No retaliation Policy, the Code of Business Conduct to all employees (contractors and business partners)

• Regularly report investor-grade data on inclusive culture, in line with reporting (see principle 2) and International Labour Organisation Core Conventions best practice

% movement (improvement/deterioration of company overall engagement score) Employee engagement rate (annual people survey)Employee productivity rates% of employees covered by grievance management and resolution system *Incidents of discrimination and % reviewed, remediated and ongoing Number of dismissals for non-compliance and unethical behaviour


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10.3 Champion human rights across our business and supply chain

• Clarify Human Rights accountability at Board, ExCom, Regional and Business line level; and outline Ethics and Compliance Committee responsibilities and management process

• Carry out Human Rights impact assessments on all new business acquisitions and partnerships (see principle 1); progressive assessments (including baselines) across all existing businesses; and regular operating site audits to identify actual and potential human rights impacts, including forced labour, child labour, compulsory labour, modern slavery and security service behaviour. Align to the UN Guiding Principles on Business and Human Rights and the Voluntary Principles on Security and Human Rights best practice guidance

• Monitor and measure all reported human rights risks, incidents and remediation measures

• Embed internal and external best practice into No retaliation Policy, Human Rights Policy, Modern Slavery Statement, Risk Management Framework, and Future of Energy Strategy


• Roll-out training on Human Rights Policy, Code of Business Conduct and expected behaviours to all employees (contractors and business partners)

• Regularly report investor-grade data on human rights incidents and suppliers considered to have significant risks, in line with reporting best practice (see principle 2)

Annual modern slavery risk assessmentDue diligence screening of suppliers to ensure they adhere to our Code of Business Conduct, the Modern Slavery Act as well as comply with all other laws and regulationsNumber/% suppliers screened for forced, labour, child labour and compulsory labour risk *Suppliers considered to have significant risk for incidents of forced, labour, child labour and compulsory labour Number/% Number/% of employees receiving Human Rights Policy/Code of Business Conduct training, by role and location


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Glossary

EV: Electric Vehicles

GRI: Global Reporting Initiative. An international independent standards organisation that helps organisations understand and communicate their impacts around material sustainability issues: https://www.globalreporting.org/Pages/default.aspx

H&S: Health and Safety

HSS: Health, Safety and Security

IEA: International Energy Agency. Its World Energy Model outlines a Sustainable Development Scenario to transform the energy sector and deliver the three energy-focused UN Sustainable Development Goals: https://www.iea.org/

IEA SDS 1.5°C scenario: The IEA’s World Energy Model outlines a Sustainable Development Scenario (SDS) to transform the energy sector to achieve the global ambition of capping emissions at well below 2°C above pre-industrial levels (1.8 °C max), with the ultimate ambition of 1.5 °C. This global ambition was articulated in the Paris Agreement and confirmed in the IPCC’s 2018 Special Report on Global Warming of 1.5°C: https://www.iea.org/reports/world-energy-model/sustainable-development-scenario

IFC: International Finance Corporation. An international financial institution (a member of the World Bank Group) that offers investment and asset management advice and services to encourage private-sector development and tackle poverty in less developed countries. Its Environmental and Social Performance Standards outline environmental and social responsibilities for investors in these markets: https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home

IPIECA: International Petroleum Industry Environmental Conservation Association (only the acronym is now used). This oil and gas sector-focused organisation develops, shares and champions good practice and knowledge to help the industry improve its environmental and social performance: http://www.ipieca.org/

I&D: Inclusion and Diversity

ISO 14001 standard: A globally respected Environmental Management System standard and development criteria: https://www.iso.org/iso-14001-environmental-management.html

IUCN: International Union for Conservation of Nature. The organisation’s Red List of threatened species is used in many best-practice frameworks, including GRI, as a critical indicator of biodiversity health: https://www.iucn.org/

LTIFR: Lost-Time Injury Frequency Rate. The number of lost-time incidents multiplied by 1,000,000 divided by total man-hours worked

MSCI: The most commonly used and trusted ESG index for investors: https://www.msci.com/esg-ratings

OSHA: Occupational Safety and Health Administration. OSHA is part of the United States Department of Labor. With the Occupational Safety and Health Act of 1970, Congress created the Occupational Safety and Health Administration to ensure safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education and assistance: https://www.osha.gov/

SASB: Sustainability Accounting Standards Board. A US and investor-focused independent standards organisation that is rapidly growing in global popularity

SBTi: Science Based Targets initiative. The initiative supports companies to set targets that define a pathway to future-proof growth, by specifying how much and how quickly they need to reduce their greenhouse gas emissions. Targets are considered ‘science-based’ if they are in line with the latest scientific advice to meet the goals of the Paris Agreement – limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C: https://sciencebasedtargets.org/

Scope 1: Greenhouse gas direct emissions from owned or controlled sources (Greenhouse Gas Protocol definition: https://ghgprotocol.org/)

Scope 2: Greenhouse gas indirect emissions from the generation of purchased energy (Greenhouse Gas Protocol definition: https://ghgprotocol.org/)

TCFD: The Task Force on Climate-related Financial Disclosures. A set of voluntary guidelines on best-practice reporting disclosure for lenders, investors, insurers and other stakeholders: https://www.fsb-tcfd.org/

TRIR: Total Recordable Incident Rate. A measure of occupational health and safety

UNGC: United Nations Global Compact. A voluntary initiative based on CEO commitments to implement universal sustainability principles and to support UN goals: https://www.unglobalcompact.org/

UN SDG: United Nations Sustainable Development Goals. 17 global 2030 sustainable development goals to achieve a better and more sustainable future for all: https://www.un.org/sustainabledevelopment/sustainable-development-goals/

WBCSD: The World Business Council for Sustainable Development. A global, CEO-led organisation of more than 200 leading businesses working together to accelerate the transition to a sustainable world: https://www.wbcsd.org

WEF: World Economic Forum. An independent international organisation committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas: https://www.weforum.org/

For further information please contact the Corporate Affairs and Marketing Team.

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