Our CSR approach involves our Stakeholder Engagement procedures, particularly our community Relations, as well as the wider impact we can have on society and the environment. We are committed to undertaking CSR related initiatives across our areas of operations where we are actively working.
To achieve this commitment, our CSR Strategy has been designed to give RESPECT to our stakeholders and in our undertakings. We believe that respecting these values will provide Waltersmith the Licence to Operate (LTO) in its areas of operation and the long-term success of the company.
Our CSR strategy revolves around several undertakings where we aim to RESPECT, which means:
Our social investment initiatives aim to ensure direct and positive impact is realized with our communities. Some of these initiatives include economic empowerment/capacity building, education, social development programs that aim to alleviate poverty, infrastructure development and healthcare. It is important that these initiatives have the input of the communities and align with international frameworks and principles.
At Waltersmith, it is important that relationships with our host communities are conducted with an emphasis on integration and mutual respect. These relationships recognize that active and enduring partnerships are a central and fundamental element of our business and key to our success as an organization. We aim to promote the sharing of economic benefit created by our activities through the conduct of our community relationships, by contributing to the socio-economic growth, welfare and income generating capacities of communities in our areas of operation.
The Global Memorandum of Understanding (“GMoU”) entered into with the local communities that host its operations within OML 16 sets out the terms and conditions, as well as roles and responsibilities for our engagement with our local stakeholders. The GMoU provides a framework within which the both parties Company can jointly collaborate on capacity empowerment community projects and sustainable development.
Under the GMOU, a Project Advisory Committee (PAC) works together with the Ibigwe Field Management Board (IFMB) to carry out projects that empower our communities to take ownership of its development and ensure implementation of the development programs and projects outlined in the GMOU.
Our community initiatives:
- contribute to sustainable development and improvement in quality of life in host Communities;
- demonstrate Waltersmith’s commitment to the development of host communities;
- is anchored on transparent dialogue and continuous engagement;
- promote efficient utilization of social investment funds;
- secure LTO for WS on a sustainable basis;
- promote mutually beneficial relationship with host communities.
Waltersmith believes that local participation as well as a rich local content policy will act as a catalyst in the socio-economic development of our nation’s economy. Our Local Content Policy encourages the company to think “Nigerians” first and thus we encourage stimulation of our economy by working collaboratively with our local partners. Our partnership with NCDMB in the first phase of our modular refinery is a testimonial to our local content advocacy.
We encourage the stimulation of our domestic economy and remain irreversibly committed to encouraging local participation by empowering our host community with capacity-building opportunities, job creation and infrastructural support. Our employees are not left out as we continually seek to provide opportunities for capacity-building and acquisition of relevant skill sets in an ever-dynamic world.
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