Health, Safety and Environment
Waltersmith’s HSE policy is critical to the achievement and sustainability of the long-term goals of the company. The Company adopts a zero-tolerance approach to non-compliance to the policy which is in line with global standards. There is an HSE-MS in place with key performance indicators which are constantly monitored and evaluated to ensure compliance by staff and contractors.
The policy is principally directed at the prevention of injury to Staff and Service Providers, the damage to facility and environment, considering legal requirements and statutory regulations with respect to health, safety and environment.
The objectives of the policy are as follows:
- Initiate and implement safety procedures and instructions covering all recognizable risks related to the company’s activities
⦁ Allocate sufficient resources to provide and maintain conditions at work that are, so far as is reasonably practicable, safe and healthy
⦁ Provide training to employees in respect of their personal and collective responsibilities with regards to health, safety and environment
⦁ Provision of adequate medical services to all employees
⦁ Provision of personal safety equipment and other means to maintain safe and healthy environment conditions in the work areas
⦁ Ensure an adequate feedback mechanism and framework
HSES is monitored on daily basis across all operations. Full awareness of the policy is achieved through rigorous supervision, regular updates and organizing in-house safety sessions for staff. In addition, an annual HSE week provides the opportunity to carry out a week-long campaign program to ensure that the importance of HSE remains in the consciousness of staff always.
Code Of Corporate Governance
Corporate governance is a key element in enhancing investor confidence, promoting competitiveness, and ultimately improving economic growth. Waltersmith operates a corporate governance structure in line with international standards and has run all operations in compliance with the Nigerian Petroleum Legislation and practices.
Much of the recent emphasis on corporate governance has arisen from high-profile corporate scandals, globalization and increased investor activism.
In this regard, the Waltersmith Corporate Governance Manual contains the Code of Best Practices which details the following:
- The Shareholders: identifies the key practical issues the rights and equitable treatment of the financial shareholders and the role of other stakeholders
- The Board of Directors: defines the overall direction of Waltersmith on behalf of its shareholders and determines the relationship of the Board of Directors with the Executive Management
- Corporate Governance & Compensation Committee: details the pillars of Corporate governance and Compensation guidelines and provides for the appropriate remuneration to its key stakeholders
- Audit Committee: ensures Waltersmith is accountable and transparent to its shareholders and other stakeholders (such as employees, creditors, customers and the wider society)
- Technical Committee: ensures that the core business of Waltersmith in oil exploration and production is subjected to the best professional industry practices and conforms with statutory regulations
- Government Relations Committee: determines the contribution of Waltersmith to sustainable economic development by enhancing the performance of the organization through the maintenance and promotion of cordial relations with all Government agencies.
Anti-Bribery and Corruption
Waltersmith’s bribery and corruption policy is hinged on a strong corporate governance culture which drives corporate integrity. The Company is committed to the provisions of the Corrupt Practices and Other Related Offences Act 2000.
Bribery is illegal. Waltersmith does not accept or offer bribes in any form or disguise. All employees, contractors are expected to comply with the provisions of the Act. The Company’s policy is a zero tolerance towards bribery and corruption.
Under the company policy, sanctions for contravention include dismissal and in the case of contractors/suppliers, deregistration with the company.