Corporate Responsibility

At Talisman, corporate responsibility initiatives are integrated into day-to-day operations and decision-making processes. The Company recognizes corporate responsibility is a tool to help manage risks, including maintaining its social licence to operate, employee recruitment and retention and the need to access capital. Talisman is committed to respecting the environment, the communities where it operates and its employees.

Responsibility for Talisman’s social, health, safety and environmental performance rests with its Board of Directors. Comprehensive corporate responsibility reviews and updates are provided to the Board on a regular basis.

policy on business conduct and ethics

Governance of corporate responsibility at Talisman is guided by its Policy on Business Conduct and Ethics (“Policy�) and the Company’s commitment to a number of international standards. These include the Universal Declaration of Human Rights and the Global Compact, as well as initiatives such as the Extractive Industries Transparency Initiative (EITI) and the Voluntary Principles on Security and Human Rights.

The Policy is a statement of principles to which Talisman is committed, designed to ensure ethical business conduct. The Company has a mandatory online Ethics Awareness training program, which all Talisman employees, the majority of its contractors and its directors are required to complete.

security and human rights

The objective of Talisman’s Security Policy is to assist in creating a safe work environment for its employees and to promote respect for human rights. Talisman joined the Voluntary Principles on Security and Human Rights Plenary Group in 2008 and is currently the only Canadian company participating.

transparency

Transparency in dealing with host governments is critical in maintaining and enhancing the Company’s corporate reputation. The EITI is a global coalition that supports improved governance through the publication and verification of company payments and government revenues from oil, gas and mining activities.

risk assessment

Talisman reviews numerous investment opportunities every year. Prior to an investment decision in a new country, Talisman performs risk assessments of the technical, economic, commercial, legal, political, regulatory, environmental, security and human rights situations related to the opportunity. Following investment, Talisman assesses and manages above-ground risks on an ongoing basis through stakeholder engagement and evaluation of operating performance against the Company’s policies and standards.