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2002 ChevronTexaco Corporate Responsibility Report Overview & StrategyCorporate Responsibility StrategyAn Integrated Corporate Responsibility Strategy: A New ImperativeImmediately following the 2001 merger of Chevron and Texaco, weconducted an internal assessment of our corporate responsibility practices.Our company has a number of policies, programs and activitiesthat relate to corporate responsibility, and around the world, we havegained on-the-ground experience addressing issues ranging from HIV/AIDS to operating in ecologically sensitive regions. But we saw anopportunity to take a more integrated approach to corporate responsibilityand, in some instances, enhance or formalize our efforts. This wasdriven by our desire for our activities and operations to create benefitsfor society, the environment and the communities in which we work,while simultaneously creating value for our stockholders.Reviewing Our Policies and ProcessesAn important early step in our process of developing an integrated corporateresponsibility strategy was to inventory and evaluate our policiesand processes related to the issues we believe are most relevant to us andour stakeholders. We are a founding supporter of the Global SullivanPrinciples, an external standard covering a range of social and environmentalissues. We also have numerous internal policies, programs andactivities related to various aspects of corporate responsibility. We saw,however, an opportunity to approach corporate responsibility in a moresystematic way. As a result, we have begun developing some new policiesand processes that span our worldwide operations which we believe willenable us to manage these issues more effectively.ChevronTexaco’s Corporate Responsibility Approach+ChevronTexacoOctober2001Merger2001Better Understanding Our Operating Environmentand Changing ExpectationsWe recognize that, like all companies, we must be cognizant of how wemanage the social, economic and environmental impacts of our operations.To help us learn about emerging issues, we undertook a series ofdiscussions with corporate responsibility experts and other stakeholdersto increase our understanding of these changing expectations and theirperceptions of our performance. We also researched what other companiesare doing to address corporate responsibility. As we’ve sought tobroaden and deepen our understanding of the issues that affect ourbusiness and the impacts of our operations, we’ve focused on the issuesthat we believe are of particular relevance to the energy industry giventhe nature, location and impacts of our operations. These include:> ethics, transparency and financial reporting;> community engagement and development;> human and labor rights;> health and safety;Internal & ExternalAssessmentStrategy DevelopmentPolicy DevelopmentMeasurement & Reporting> environment, conservation and climate change;> workplace practices and employee relations;Integrated Corporate ResponsibilityManagement Piloting> integration of corporate responsibility considerationsinto our supplier relationships.Corporatewide Deployment2002 2003 2004 2005 20065Our Near-Term Corporate Responsibility PrioritiesBuilding on our existing corporate responsibility policies and activities,we are focusing efforts in the following areas:> Corporate Responsibility Guiding Principles – We are developingprinciples that will provide additional operational guidance toemployees about how to put The ChevronTexaco Way commitmentto “conduct our business in a socially responsible and ethical manner,respect the law, support universal human rights, protect theenvironment and benefit the communities where we work” intopractice in our day-to-day actions and decisions.> Pilot Projects – We are planning pilot projects in a sampling of operationallocations to gain practical experience in taking a more systematicapproach to corporate responsibility management. We want to identifywhere we can better integrate social and environmental considerationsinto our existing management systems as well as areas where we mayneed to develop new processes to more consistently incorporate theseconcerns into day-to-day decision-making. The goal is to learn techniquesand develop tools that can then be applied across our company.We believe the pilots also will help us learn additional ways to measureand assess our corporate responsibility performance.> Human Rights and Community Engagement – Our review identifiedthese two issues as being of particular and increasing importance toChevronTexaco. Building on our existing policy framework, we aredeveloping a corporate Human Rights Statement to provide additionalguidance on conducting our operations in a manner consistent withuniversal human rights principles. We are planning to test implementationof the statement in the coming year. We also initiated an assessmentof our global community engagement activities to learn ways toincrease the impact of our efforts.© 2003 ChevronTexaco Corporation. All Rights Reserved.
2002 ChevronTexaco Corporate Responsibility Report Overview & StrategyEngagement & DialogueManagement SystemsWe think of our stakeholders as all those who affect, are affected by orhave a legitimate interest in our company’s performance. Our stakeholdersinclude our stockholders, employees, business partners, host governments,customers and the local communities where we operate. We viewengaging these stakeholders as an essential part of corporate responsibility.ChevronTexaco also consults and works with nongovernmentalorganizations, multilateral agencies and others committed to constructivedialogue. ChevronTexaco engages stakeholders in a variety of ways,including formal consultations, informal or ad hoc feedback, surveys, aswell as through other interactions that arise in the course of business.As a decentralized company whose operations span the globe, we havefound it effective to do a great deal of listening, learning and dialoguingdirectly at the local level. As we work to develop a more integratedapproach to corporate responsibility, we also are looking at ways to bemore systematic in engaging our stakeholders and others. We aim tobuild better processes to transfer learning from the local level throughoutthe company so that we can better understand and respond to emergingissues. At the corporate level, we are focusing on being more proactive inengaging on important, global issues that cut across our operations.Integrating Corporate Responsibility into Our BusinessAs part of our effort to develop and implement a more integrated corporateresponsibility strategy, we are reviewing our existing managementsystems and processes to identify where corporate responsibility considerationscan be more fully or consistently integrated into them. Currentprocesses are already in place to systematically address health, environmentand safety considerations;ethics and compliance performance; andhuman resources issues.Strategic and Business Planning ProcessThe backbone of our company’s management systems is our Strategicand Business Planning Process. This process is designed to set and buildinternal alignment around the strategic direction for the company. Italso incorporates an assessment of the future risks and uncertaintiesChevronTexaco faces. Our Strategic and Business Planning Process setsperformance objectives for each business unit, including those relatedto health, environment, safety and reliability. Managers at all levels areexpected to systematically monitor performance against their objectives.Operational Excellence Management SystemA significant component of our overall approach to managing our businessis our Operational Excellence Management System (OEMS), whichspells out specific requirements for management of health, environmentand safety (HES) issues, in accordance with our HES Policy. Reliabilityand efficiency also are addressed by the OEMS.First published in 2001, the OEMS includes many expectations previouslyin place in ChevronTexaco legacy companies, some dating to theearly 1990s. The OEMS establishes a common set of expectations forChevronTexaco businesses. These expectations cover areas ranging fromfacility design and construction through operation and decommissioning.The system is flexible enough to allow our businesses to addresspriority issues for their operations while meeting corporate-level expectations.Since the merger in October 2001, deployment of the OEMS hascontinued across our businesses, supported by a network of appointed“OE Champions.”ChevronTexaco’s OEMS is consistent with other generally accepted environmentalor HES management systems. The system establishes clearexpectations for performance, processes for establishing priorities, andrequirements for developing and implementing plans for continualimprovement. The OEMS also provides for regular evaluation of the© 2003 ChevronTexaco Corporation. All Rights Reserved.6
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