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Welcome to Talisman Energy Inc.’s fifth Corporate Responsibility Report (the Report). When we first began producing these Reports in April 2000, social and environmental reporting was in its infancy. Since then, the Company has expanded its interests from eight to 13 countries, exploration and development spending has increased from $1.2 billion to $2.5 billion and a new paradigm in corporate expectations has emerged. In recognition of this evolution, we’ve made significant changes to our corporate responsibility reporting process this year.
We’ve realigned the information in the Report to reflect work done relative to our Policy on Business Conduct and Ethics. We’ve added key activity summaries in each section of the Report and included comprehensive data tables (pages 31-33) comparing our year-over-year performance against a set of core indicators. We’ve added the complete list of Global Reporting Initiative Key Performance Indicators (KPIs) and definitions and expanded our reporting scope. And we’ve expanded the information included on our website at www.talisman-energy.com. We believe the changes in this year’s Report provide the foundation for future Talisman reports.We want to know your thoughts. Fill out the feedback form and tell us how you think we’re doing.
The Report focuses on Talisman’s corporate responsibility priorities set out in the Company’s Policy on Business Conduct and Ethics (Policy) including ethical business conduct, personal conduct, employee practices, health, safety and the environment, human rights, community relations and compliance.The Report is not intended to be an exhaustive review of all activity that Talisman has undertaken or supported. Rather, Talisman aims to illustrate through the Report the breadth and scope of action that has been, and is being, taken.
Wherever possible, country-specific data has been used, while regional and aggregate data have also been included. Unless otherwise indicated, figures are reported in
metric units and all financial information is reported in Canadian dollars. Unless the context indicates otherwise, a reference in this Report to “Talisman”, the “Company” or “we”
includes direct or indirect subsidiaries of Talisman Energy Inc. and partnership interests held by Talisman Energy Inc. and its subsidiaries. An independent third party
has reviewed the data marked with the symbol 
contained in the Performance Data Summary at the back of the Report (see page 30 for more).
Talisman’s Corporate Responsibility Report was prepared in accordance with the Global Reporting Initiative (GRI)’s 2002 Sustainability Reporting Guidelines.While the Report endeavours to address many of the GRI’s key performance indicators, it is a summary of progress against priorities we set ourselves. For more about the GRI, see www.globalreporting.org.
The Report deals with the Company and its wholly owned subsidiaries operating around the world from January 1, 2004 to December 31, 2004.Talisman’s last Report was published in April 2004 and the next edition is scheduled for publication in April 2006. This Report complements information found on our website at www.talisman-energy.com.
Talisman is a signatory to the United Nations-led Global Compact initiative and this Report addresses the Company’s progress implementing the Global Compact and its ten principles. See page 6 for a summary of Talisman’s efforts in this area or visit www.unglobalcompact.org for more information.
This Report has been prepared for all Talisman stakeholders.The Company defines its stakeholders as its employees, shareholders, suppliers, customers, service providers, and those communities, investors, debtholders, governments, regulators, indigeneous groups and Non-Governmental Organizations affected by, or that can affect, Talisman’s operations.
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The “bullhorn” symbol indicates stakeholder commentary collected by the Company and PricewaterhouseCoopers LLP (PwC) throughout the year. |
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The “checkmark” symbol in the Data Summary section of the Report indicates that PwC has provided assurance in relation to the footnotes, tables and graphs marked by the symbol. For an explanation of the work they performed and their conclusions in relation to this symbol, see the Independent Reviewer’s Report on page 30. |
“Why not print your Report on recycled paper?”
To minimize the environmental impact of our 2004 Report, we have carefully reviewed our reporting process. This year we have substantially decreased the amount of full-length printed Reports we produce and distribute from 60,000 to 8,000. In their place, we have printed a Summary Report, which has been distributed to all shareholders unless otherwise requested. All Corporate Responsibility Reports are printed on recycled paper and are available at www.talisman-energy.com.