In 2021, we reported our S.P.E.E.D. and Environment, Social and Governance metrics according to the Global Reporting Initiative (GRI) standards as well as the sustainability reporting guide of the Global Oil and Gas Association for Advancing Environmental and Social Performance (IPIECA, 2020) and the Sustainability Accounting Standards Board (SASB, 2018).
Among the material sustainability topics included in our 2020 S.P.E.E.D. and ESG report are: safety and health management, supply chain management, stakeholder relations, legal compliance, employee development and training, integrated water resources management, energy efficiency, emissions management, biodiversity protection, social risk assessment, and relationship with indigenous communities.
On March 26, 2021, we received a rating of BBB (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. We progressed from B in 2018 to BBB in 2021. The improvement in ratings was principally due to governance and greenhouse gas emission plan. The 2021 upgrade was based on our improvements in Health & Safety and Carbon Emissions.
Our approach on human rights seeks to conduct business in a way that is consistent with the UN Guiding Principles on Business and Human Rights (the “UN Guiding Principles”), the ten UN Global Compact Principles and the Voluntary Principles on Security and Human Rights. Our commitment to the Voluntary Principles on Security and Human Rights is reflected in our S.P.E.E.D. program, as well as in all our policies and procedures. Human rights aspects are integrated into relevant internal management processes, tools, and trainings. On-going activities, business relationships and new business opportunities are assessed for potential human rights impacts and aspects, following a risk-based approach, with continued efforts to strengthen the diversity of our workforce, considering gender, nationality, background, ethnicity, competence, age and preferences.
In 2021, we continued the strengthening of our processes for managing human rights in our supply chain and on raising awareness. A compliance appendix, covering human rights and anti-corruption standards for suppliers, was introduced for all material contracts.
On October 13, 2021, five United Nations rapporteurships on human rights matters, coordinated by the working group on the issue of human rights and transnational corporations and other business enterprises, delivered to our Chief Executive Officer a letter under the special procedures of the United Nations Human Rights Council, to request: i) clarification on the information received from the Siona Buenavista Indigenous community, located in Puerto Asis, Putumayo, related with human rights alleged violations and, ii) information on the Human Rights Due Diligence procedures, policies, processes and actions implemented by us to prevent, mitigate and remediate human rights violations within its operations.
On December 7, 2021, we replied to the letter received from the UN Special Procedures Secretariat dated October 13, 2021, providing information on each of the matters addressed therein.
On December 14, 2021, and January 4, 2022, the chancelleries of Chile and Colombia submitted their reply to the United Nations Human Rights Council letter, respectively.
In February 2022, we met with the Latin American representative to the UN Working Group on Business and Human Rights, to establish direct contact with this group, which will enable further communication as may be required.
Transparency, ethics and anti-corruption
Transparency is a cornerstone of good governance. It is embodied in our corporate values. Transparency allows business to prosper in a predictable and competitive environment. We believe that doing business in an ethical and transparent manner is a prerequisite for sustainable business. We have zero-tolerance policy towards all forms of corruption. This policy is embedded across our Company through our corporate values, our Code of Conduct (Our Code), and our Compliance Program. They prohibit all forms of corruption and bribery and reflects our values and our commitment to high ethical standards in business activities; they apply to all our employees, board members and third parties.