I would like to say a few words about our Corporate Responsibility activities. Our policies encompass our relationships with all stakeholders including shareholders, employees, contractors, local communities and host governments, as well as with the environments in which we work. In 2012, the Group participated in a wide range of education, health, employment, entrepreneurship and infrastructure initiatives within the communities across our countries of operations.
Since IPO we have delivered Total Shareholder Returns of 556% to end 2012, representing an upper quartile performance against our peers. This growth has only been possible through the recruitment of exceptional and specialised operational, technical and financial human talent. The scarcity of such talent is compounded by the fact that we operate in oil and gas provinces in the world where security and political stability is of great concern. The Group continues to recruit across its operations and the competition for such talent continues to intensify given the ever-increasing focus on Africa and the Middle East by the Majors, African National Oil Companies, Asian National Oil Companies, private equity groups and US independent oil companies. Our remuneration philosophy reflects the need to retain the most able people in a highly competitive talent market and we will provide appropriate rewards for exceptional achievement leading to the long-term increase in Company value.
With a pipeline of large-scale development projects and multiple exploration and appraisal wells planned being worked on by our talented and dedicated staff, the Company has an exceptionally strong platform in place to realise further value for our shareholders in 2013 and beyond.
(Source: Afren)
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