Our vision represents the spirit and energy of Staatsolie’s successful history of development, growth and its distinctive value-based performance culture.
Energizing a bright future for Suriname.
Developing energy resources to maximize the long-term value for Staatsolie and Suriname.
Develop offshore and renewables, optimize onshore and downstream, and grow capabilities, with an engaged workforce, inspired by our values.
We strive for zero harm to the planet and our people, especially the communities and the environment around us.
We are honest and do what we say we will do.
We accept responsibility, deliver high quality work with a sense of urgency.
Trust and respect each other, collaborate and create a non-blaming environment.
CORPORATE GOVERNANCE KEY PRINCIPLES
The Executive Board has overall responsibility for the conduct of the Company and all operational matters, allocation of resources, and direction-setting towards the achievement of the Company’s strategic plans as approved by the Supervisory Board.
The Supervisory Board has overall responsibility for the stewardship of the Company. The Executive Board agrees the strategic direction with the Supervisory Board and discusses the status of strategy implementation with the Supervisory Board at regular intervals, based on the strategic plan developed by the Executive Board and approved by the Supervisory Board.
The Executive Board and Supervisory Board are responsible for creating long-term value creation of the Company and promoting openness
The Company’s overarching principles include:
• The Supervisory Board and the Executive Board have a fiduciary duty to act in the best interest of Staatsolie and apply the principles of independence, probity, honesty, and diligence.
• Staatsolie should be governed by an independent Supervisory Board that oversees the strategy and long-term value creation of the organization.
• The Supervisory Board should review its composition at least annually or on an as needed basis to confirm it is operating within its full capacity, it comprises of members with appropriate expertise, skills, diversity and independence.
• The Supervisory Board, together with the Executive Board must confirm that the necessary resources are in place for Staatsolie to meet its strategic objectives and establish a framework of prudent and effective controls, which enable risk to be assessed and managed.
• The Supervisory Board shall seek the interest of its shareholders and thus maintain open communication and constant engagement by its shareholders.
Supervisory Board Sub-committees
The Supervisory Board will establish and maintain as standing committees:
• Audit, Risk and Compliance Committee (ARCC)
• Nomination and Remuneration Committee (NRC)
Criteria and tenure of the Supervisory Board
The Supervisory Board should be comprised of suitably qualified members with business acumen and knowledge in diverse disciplines. All Supervisory Board members should possess the following qualities:
• The ability to assess, analyze, suggest and promulgate alternative strategies.
• Previous experience and/or exposure to relevant disciplines of the Company’s business.
• Awareness of current developments in their relevant disciplines and the wider industry.
• The highest standards of integrity and probity.
• Critical assessment and judgment skills.
• The ability to listen and the ability to forge relationships and develop trust.
In order to support good governance practices and to adhere to leading international standards, a person appointed as Chairman or Supervisory Board member may not serve as a member of the Supervisory Board in any capacity for a period of more than two consecutive terms.
Conflict of interest
Supervisory and Executive Board members have a duty to act with objectivity in all matters where a specific conflict of interest does not arise. The Supervisory Board and Executive Board may authorize any matter or situation proposed to them which would otherwise involve a member breaching his duty to avoid conflict of interest considering integrity aspects.
Code of conduct
We wants our core values 'integrity' and 'accountability' to be lived by all our employees. A code of conduct has been established to give direction to this behavior. This code should ensure that our reputation and integrity will be protected.
Staatsolie’s Code of Conduct is established to detail requirements and expected behaviors with respect to key principles, including, but not limited to, confidentiality, objectivity, competence, treatment of peers, business and personal relationships, health, safety, security and environment and company assets. The Code applies to all Staatsolie employees and any persons who act in an official capacity on behalf of the Company. Staatsolie has also established an Integrity Committee to enforce and monitor compliance with the Code, and to provide support to employees on ethical matters.
Staatsolie has established a Whistleblower Policy to guide good governance and promote transparency within the Company, by means of secure reporting and in-depth investigations.
The Integrity Committee supports the whistleblowing process by receiving, reviewing and/or coordinating investigations or other complaints received through established whistleblower channels.
The Supervisory Board shall support the Company’s commitment to protect the environment and contribute towards sustainable development. All Staatsolie employees are encouraged to actively participate in Company’s initiatives to safeguard and minimize our impact on the environment in the course of achieving the Company’s strategic objectives, vision and mission.
Corporate Social Responsibility (CSR)
Staatsolie aims to actively and positively engage in the communities where we work and live, and as such, our employees are expected to continuously respect our communities and our environment, and help the Company achieve its CSR goals, inclusive of encouraging team member volunteerism in our respective communities, investing resources in organizations and
programs that help enhance the well-being of local communities and supporting appropriate CSR initiatives of our business affiliates.
Our employees are invaluable assets of the Company and play a vital role in achieving the vision and mission of the Company. The Supervisory Board shall oversee the Executive Board’s implementation of comprehensive and documented policies and procedures with respect to occupational safety and health, industrial relations and fair practices in respect of employees.
Being accountable for people and the environment is one of our core values. It is important to us that no harm is done to the environment and the community. We demonstrate our corporate citizenship, also through the Staatsolie Foundation for Community Development Foundation, by supporting initiatives that improve the health, education and development of the population of Suriname. Since 2017, we have been emphasizing close cooperation with the communities in areas where we operate. To this end there is regular contact with the communities and representatives of the local government.
Before we develop activities in new areas, the possible environmental and social impacts are assessed. These environmental and social impact assessments (ESIAs) are done by external experts. The ESIA report proposes mitigation measures to manage possible effects on the environment and communities.
Check out our Media Center for all our Governance documents.
Here you will find the latest version of our Articles of Association.
Articles of Association
Staatsolie demonstrates a firm commitment to Health, Safety, Environment & Quality (HSEQ) by effectively using an integrated management system.
Read our HSEQ policy here.
Staatsolie Maatschappij Suriname N.V. is a Supporting Company of the Extractive Industries Transparency Initiative (EITI). As the National Oil Company of Suriname, Staatsolie is commited to transparency and to supporting the activities of the Extractive Industries Transparency Initiative (EITI). Staatsolie has actively participated in the process led by the government of Suriname in becoming a candidate country, as of 24 May 2017, and is a primary member of the Multi-Stakeholder Group responsible for implementing the EITI in Suriname. By supporting EITI, we commit to encourage initiatives for transparency of revenues related to natural resource extraction, reduction in poverty and progress in the fight against corruption.
For more information on EITI, please visit the website.