July 13, 2024

Advancing Corporate Yields

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Business ethics | TotalEnergies.com

Table of contents:

Fighting corruption

We work with governments to promote fiscal transparency and fight corruption, helping to create the right environment for economic development.

We apply a principle of zero tolerance for corruption among our employees and suppliers.

Learn more on fighting corruption

Both employees and third parties can refer to this Committee by writing to [email protected]

Fighting tax evasion

With a presence in close to 130 countries through 1,149 consolidated entities, TotalEnergies carries out its operations in a constantly changing environment and is subject to an increasingly complex set of tax regulations, which may be in conflict when combined or subject to varying interpretations, thus giving rise to potential tax risk.

In this context, TotalEnergies has developed a responsible tax approach based on clear principles of action and rigorous governance rules as set out in its tax policy statement, which is available to the public on the website of TotalEnergies.

Learn more about fighting tax evasion

TotalEnergies’ CEO and Chairman’s B Team endorsement letter

B Team’s Responsible Tax Principles

Promoting financial transparency

TotalEnergies is committed to ensuring full transparency in respect of the revenue generated by its activities. The Company actively participates in intergovernmental initiatives and dialogue in this regard.

Promoting transparency among host States

The Extractive Industries Transparency Initiative (EITI) brings together international and local players from civil society, 55 host States, several OECD member governments and dozens of extractive companies. Its main purpose is to improve transparency in investments and transactions between governments and companies from the extractive industry.

Because it reaches all international oil, gas, mining and commodities players in EITI member countries, this initiative also contributes to strengthening the principles of accountability, fair competition and good governance.

TotalEnergies joined the EITI as soon as it was launched at the 2002 Johannesburg Summit. The Company has always supported this initiative and the objective of the EITI Association to make the EITI Principles and the EITI Standard the internationally accepted standard for transparency in the oil, gas and mining sectors and continues to be actively involved, particularly with the presence of a TotalEnergies representative on the Board of Directors.

Promoting the principles of transparency is part of a framework which is respectful of the sovereignty of the host countries: no lasting result can be achieved without the voluntary commitment of the States. In conjunction with the initiative’s secretariat, the Company is committed to promoting the EITI principles among the host States in which it operates, and to assist them in the practical implementation of these principles.

TotalEnergies supports governments efforts towards advancing transparency in accordance with the EITI framework. An example is TotalEnergies’ public stance in favor of the publication by host governments of all our Petroleum contracts and licenses, whenever signed.

To do this, TotalEnergies strives to:

  • foster dialogue between our management and representatives of States, civil society and the EITI;
  • participate in the efforts of the EITI Board and its main committees;
  • promote the EITI and its principles among the States in which it operates through national committees and, more generally, whenever it has the opportunity;
  • share resources and recommendations based on our experience.

The initiative is consistently recognised through the G7 CONNEX Initiative, the OECD Policy Dialogue and by the Partnership Against Corruption Initiative (co-chaired by TotalEnergies’ Chairman and CEO).

Why support the EITI?

The EITI has the advantage of being a voluntary, win-win initiative.

For companies, a transparent approach should facilitate the emergence of stable economic and political conditions, guaranteeing the sustainability of their investments. This process contributes to improved relationships with our shareholders and greater confidence in the markets. It also allows for better risk management and relationships with local communities.

Conversely, the stabilization of economic conditions attracts foreign investors, contributes to sustainable development of the host State and reduces poverty. The International Monetary Fund and the World Bank pay special attention to how transparent countries are, and as such encourage EITI membership.

Local communities benefit from a better understanding of how oil revenues are allocated.

Finally, host countries, civil society, investors and international organizations all benefit from an effective dialogue. The EITI promotes good governance which strengthens public institutions and raises civic awareness.

In addition to our commitment to the EITI, we report payments made by the Company’s extractive companies to the governments, States and territories in which we operate in compliance with French law and the EU Accounting Directive. We detail the total amount and type of payment, by country, by project and by government in our annual 2022 Universal Registration Document.