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All dealings on Talisman’s behalf must reflect high standards of ethical behaviour. Talisman employees must be aware of, and comply with, all applicable laws, rules and regulations as locally interpreted and administered in all jurisdictions in which the Company conducts business. Our employees have a duty to inform themselves of any laws relevant to corporate activities.
The integrity of Talisman’s reserves data is critical to the Company’s ability to fulfill legal and regulatory obligations which maintain investor confidence. The Company is committed to ensuring consistent reserves reporting and continued compliance with applicable Canadian and US securities legislation. Talisman updated its Reserves Data Policy and Procedures manual in 2004. For more information, see Talisman’s Annual Information Form for the year ended December 31, 2004.
The Company has established Compliance Guidelines for Anti-Bribery Legislation to reinforce Talisman’s commitment to the Corruption of Foreign Public Officials Act (Canada), the US Foreign Corrupt Practices Act and other similar legislation applicable to Talisman, its subsidiaries around the world and its officers, directors, agents and employees.
In accordance with the Canadian federal government’s Bill C-24, Talisman discontinued all political contributions at the federal level in 2004, except for an annual maximum of $1,000 collectively to a Party’s candidates, nominations contestants and electoral district associations. At the provincial level, the Company revised its Canadian contributions policies in 2004 to ensure a more consistent approach to political donations.
In 2004, contributions totaling $32,300 were provided to the governing and opposition Parties in BC, Alberta, Saskatchewan and Ontario. Fortuna also made modest contributions totaling approximately $5,900 to New York State politicians. No political payments or contributions were made in other international operating areas. In accordance with the Company’s established guidelines, Talisman’s President and CEO must authorize all political contributions made on the Company’s behalf
In 2004, new privacy legislation affecting Talisman was officially introduced in Canada to balance an individual’s right to privacy of his or her personal information with the need of organizations like Talisman to collect, use or disclose certain personal information for legitimate business purposes. The legislation and relevant legislation in other operating areas affects the Company’s ability to collect, use and disclose the personal information of employees, applicants, residents, landowners, contractors and other stakeholders. Talisman has specific corporate policies and ongoing processes and procedures in place to assist the Company in meeting its obligations to its employees and the public under the legislation.
Talisman encourages suppliers providing goods or services to, and for, the Company to operate in accordance with the principles outlined within our PBCE. Most contracts for goods or services tendered by the Company include a copy of the PBCE and a provision that the contractor has acknowledged receipt of the PBCE and agrees to operate by the provisions therein. See page 4 for more information.
Employees must act with integrity in dealings with all persons inside and outside the Company, including government officials, customers, suppliers and members of the community. Employees must follow established standards in procurement, and must treat tenderers fairly and equally. Detailed procurement procedures apply in each jurisdiction and must be scrupulously followed.
No employee may give to outside companies or individuals, or accept from them, any material gift or extravagant entertainment, or any similar benefit. Employees must properly record in Talisman's accounts any amounts spent on gifts or entertainment. Guidelines on gifts are available to all employees on the Company intranet.
To help our employees meet corporate expectations, Talisman has clearly defined its corporate position regarding conflicts of interest, confidentiality of corporate information, compliance with laws, integrity in business dealings, compliance with accounting policies, public disclosure and compliance with Anti-Bribery Legislation in our PBCE.
“This important industry faces many challenges as it attempts to satisfy customers, a concerned citizenry, and governments that simultaneously demand solutions yet enact stiffer laws.” The Corporate Ethics Monitor, Ethics and the Energy Industry, Volume 16, Issue 1, January-February 2004. Editorial by Vincent di Norcia.