Sustainable Development Report
Woodside understands that the future of our company is not just about economics. New growth opportunities for Woodside will be determined by us being a preferred partner for industry, government and communities. Executing these opportunities will depend on our ability to operate in an economically, socially and environmentally responsible manner.
That is why continuous improvement in sustainable development is fundamental to Woodside’s strategy for growth. Whereas high standards in this area provide Woodside with our licence to operate, only sustained excellence will underwrite our licence to grow. We are making good progress towards embedding sustainable development values across all aspects of our business.
This is demonstrated in a number of measurements, including our improved ranking in the 2011 global Dow Jones Sustainability Index. This was a pleasing outcome that puts Woodside on a par with the world’s leading oil and gas companies in sustainability performance.
It is further reflected throughout the 2011 data presented in this report, including our growing number of Indigenous employees and trainees and our declining number of workplace injuries.
Excellence in sustainable development also involves less tangible aspects, such as the values that underpin our work and the quality of our relationships with external stakeholders.
At Woodside we share an aspiration to be a company known for our reliability and integrity, delivering on our commitments and being open and transparent in our dealings. We believe these principles are increasingly evident in the way we do business on a daily basis.
2011 Highlights
Woodside’s sustainable development highlights for 2011 include:
- Reduction in recordable workplace injuries and exceeding our safety and environmental ‘Good Day Frequency’ target;
- More than US$1 billion paid in State and Federal taxes and royalties, benefiting Western Australian and Australian communities;
- A$7.7 million dedicated to our social investment program in 2011, putting us on track to reach our social investment target of 0.5% of Profit Before Tax by 2015;
- Increasing our Indigenous workforce by 45%, and launching our second Reconciliation Action Plan featuring comprehensive commitments over a five-year time frame;
- A Native Title Agreement with the Goolarabooloo Jabirr Jabirr native title claim group and the Western Australian Government in support of our proposed Browse LNG Development, including a significant package of employment, education, training and business development initiatives for the Kimberley Indigenous people, subject to a positive final investment decision; and
- An extensive range of environmental studies in support of our proposed Browse LNG Development, contributing to the Draft Environmental Impact Statement for the upstream component of the development.
Our report has also been prepared in accordance with the Global Reporting Initiative (GRI) Guidelines Version 3.0. Where possible, we have also provided data in accordance with the additional requirements of the GRI G3.1 guidelines.