Case study: How Jadestone promotes business ethics and transparency
Jadestone is an independent oil and gas company listed on the London Alternative Investment Market (“AIM”), whose business model focuses on acquiring mid-life producing assets and stranded discoveries in the Asia Pacific region and through significant additional capital investment, maximise reserves recovery and improve operating performance. Jadestone is committed to upholding the highest standards of responsible social and ethical behaviour and every employee is expected to make a commitment to these, and to contribute to protecting and enhancing the company’s reputation.
This case study is based on the 2019 Sustainability Report by Jadestone published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Jadestone seeks to conduct its business in accordance with all applicable laws and regulations Tweet This! and all of Jadestone’s employees, contractors and consultants are expected to conduct their activities for Jadestone fairly, ethically, and in a way that protects Jadestone’s reputation. In order to promote business ethics and transparency Jadestone took action to:
- implement a Code of Conduct
- combat corruption
- comply with the Extractive Sector Transparency Measures Act
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With this case study you will see:
- Which are the most important impacts (material issues) Jadestone has identified;
- How Jadestone proceeded with stakeholder engagement, and
- What actions were taken by Jadestone to promote business ethics and transparency
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What are the material issues the company has identified?
In its 2019 Sustainability Report Jadestone identified a range of material issues, such as economic performance, leadership and governance, climate change – GHG, occupational health & safety, emissions and discharges. Among these, promoting business ethics and transparency stands out as a key material issue for Jadestone.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Jadestone engages with:
To identify and prioritise material topics Jadestone engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Employees
| · Presentations · Internal news updates · Monthly ‘connect’ meetings · Townhalls |
| Communities | · Regular meetings · Website · Support through community programmes and events · Consultation prior to activities |
| Contractors and suppliers | · Regular meetings
|
| Regulators | · Regular meetings · Representation on industry associations · Site visits · Ongoing information sharing |
| Shareholders and investment community
| · Annual General Meeting · Investment conferences · Roadshows · Webcasts and conference calls · Website and social media · Direct correspondence and investor presentations |
| Non-government organisations | · Website · Representations through industry associations |
| Media | · Website · Media releases · Contact through dedicated media liaison function |
| Industry peers
| · Industry conferences and presentations · Representation on industry associations |
What actions were taken by Jadestone to promote business ethics and transparency?
In its 2019 Sustainability Report Jadestone reports that it took the following actions for promoting business ethics and transparency:
- Implementing a Code of Conduct
- Jadestone is bound by a Code of Conduct Policy (“the Code”) that applies to all employees and contractors. This Code provides the framework of principles for conducting business, dealing with other employees, clients and suppliers. The Code does not replace legislation and if any part of it is in conflict, then legislation takes preference. The Code reflects Jadestone’s commitment to a culture of honesty, integrity and accountability. All Jadestone onshore and offshore employees undertake an e-learning programme on the Code of Conduct on the commencement of their employment. The induction is monitored to ensure a 100% completion rate. Employees are also required to complete a refresher on the Code of Conduct every 12 months, including affirmation of their compliance with the Code.
- Combatting corruption
- Jadestone is committed to conducting business in accordance with all applicable laws and regulations and the highest ethical standards in all jurisdictions in which it operates, including with respect to the Corruption of Foreign Public Officials Act and the Criminal Code in Canada and the Bribery Act in the United Kingdom and similar statutes, in other countries. To that end, employees, consultants and agents are prohibited from offering, paying, promising, authorising or acquiescing in the giving of any bribe, kick back or other illicit payment, inducement, benefit or thing of value to any individual, directly or indirectly through a third party for the purpose of:
- (a) influencing an act or decision,
- (b) inducing such individual to do or omit to do any act to affect or influence any act or decision, or
- (c) securing any concession, contract or other improper advantage, in each case, in order to obtain or retain business or an advantage in the conduct of business in violation of applicable laws of Canada and the United Kingdom and any other anti-corruption laws of any jurisdiction in which Jadestone does business.
- Complying with the Extractive Sector Transparency Measures Act
- In accordance with Canada’s Extractive Sector Transparency Measures Act, Jadestone prepares a schedule of payments by payee and a schedule of payments by project, to provide to the Minister of Natural Resources Canada and to the Directors of the Company, detailing all cash payments made to a government. Jadestone reports all payments made by it, on its own behalf and in its role as operator, directly to any government on a gross basis. These schedules are available on Jadestone’s website and are updated annually.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standards addressed in this case are:
1) Disclosure 205-3 Confirmed incidents of corruption and actions taken
2) Disclosure 206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices
Disclosure 205-3 Confirmed incidents of corruption and actions taken corresponds to:
- Sustainable Development Goal (SDG) 16: Peace, Justice and Strong Institutions
- Targets: 16.5
Disclosure 206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices corresponds to:
- Sustainable Development Goal (SDG) 16: Peace, Justice and Strong Institutions
- Targets: 16.3
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References:
1) This case study is based on published information by Jadestone, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:
http://database.globalreporting.org/
2) https://www.globalreporting.org/standards/gri-standards-download-center/
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