Magseis Fairfield ASA (“Magseis Fairfield” or “the Group”) strongly believes that good and sound corporate governance creates shareholder value and reduces risks, and the Group has made a strong commitment to develop high standards of corporate governance.

The Group has complied, and will continue to comply, with the latest revision of the Norwegian Code of Practice for Corporate Governance (“the Code”) which is available on the Norwegian Corporate Governance Board’s web site www.nues.no. The Code is based on the “comply or explain” principle. If the Group deviates from the requirements of the Code, the Company will provide a justification for the deviation.

Magseis Fairfield considers the development of high Corporate Governance standards as a continuous process and will continue to focus on improving the level of corporate governance. The Board of Directors has the overall responsibility for implementation of sound corporate governance principles within the Group.

The current corporate governance principles of the Group are laid down by the Board of Directors in the Corporate Governance Report

In addition, there was continued focus throughout the year upon anti-corruption. This included review and update of the Anti-corruption standard STD-CEO-016 and Code of Conduct STD-CEO-005, implementation of additional training for agents and Magseis representatives, the Magseis Board of Directors, the Magseis senior management team and employees considered at higher risk of exposure to corruption. An annual report has been prepared by the compliance officer and presented to Management and the Board in February 2018.

People - Human rights and labour
The Group strive to uphold internationally proclaimed human rights, including treating people in a morally fair way and without discrimination. Internally in the organisation this is documented through terms and conditions of employment, Health & Safety and the Code of Conduct. The Code of Conduct section 5.2 states:

5.2 Equal employment opportunities and discrimination
We value diversity in our workforce, as well as in our clients, contractors, suppliers, and others. We provide equal employment opportunity for all applicants and employees. We do not discriminate on the basis of race, colour, religion, sex, national origin, ancestry, age, disability, sexual orientation, marital status, gender identity, genetic information or any other characteristic protected by law, regulation, or ordinance. When possible, we also make reasonable accommodations for disabled employees and applicants, as required by law. We follow these principles in all areas of employment including recruitment, hiring, training, promotion, compensation, benefits, transfer, and social and recreational programs.

With respect to our suppliers, this is managed through supplier pre-qualification and monitoring/ management. On a wider scale, our business’s impact on individuals and on the communities affected by our operations is managed through project planning and execution, hand in hand once again with the Code of Conduct.

UN Global compact principles:

  • Human Rights - Principles 1 and 2
  • Labour - Principles 3 to 6

The United Nations Global Compact Principles 1 through to 6 are derived from:

  • Universal Declaration of Human Rights
  • International Labour Organization’s Declaration on Fundamental Principles and Rights at Work

Planet - Environment
Our top level Environmental policy statement identifies our commitment to the planet, stating that:
‘We recognise that our activities have an impact on the environment in the use of raw materials, emissions to air and water, waste generation, and interaction with marine life and habitat. We are committed to minimising this impact as far as is reasonably practicable for both offshore and office-based activities. We do this by maintaining a programme of continual improvement in environmental performance incorporating suitable measurement, monitoring and feedback.’

The Policy is put into practice through the Environmental Manual, procedures and instructions which together constitute the Magseis Management System.

In 2017 the focus was upon Quality, achieving certification to ISO 9001:2015 in May, in 2018 the focus is upon Occupation Health and Safety, with certification to ISO 45001 already well under way, and in 2019 the intention is to focus upon the Environment, working towards ISO 14001 certification.

UN Global compact principles

  • Environment - Principles 7 to 9

Business Practice
This captures the essence of fair business practice, supporting the principle that The Group aspires to be an honest and trustworthy company. Beyond anti-corruption which is the 10th principle of the UN Compact, it also incorporates Internal Control, Corporate governance and Ethics and Compliance.
These are managed on an operational level through the Code of Conduct, Anti-corruption compliance standard and a series of operating instructions which together constitute the Magseis Management System.

UN Global compact principle

  • Anti-Corruption - Principle 10