Our Approach

Our Approach

Our Approach

At Tesoro, our Vision, Strategic Priorities and Guiding Principles inform the way we conduct business and act as a good corporate citizen and successful Company.

 

Vision

Every day create a safer and cleaner future as efficient providers of reliable transportation fuel solutions

Strategic Priorities

  • Improving operational efficiency and effectiveness with a focus on:
    • Safety and reliability
    • Cost leadership
    • Business improvements
  • Driving optimization of our integrated value chain
  • Exercising financial discipline
  • Delivering value-driven growth
  • Creating a high-performing culture

Guiding Principles

  • Always abiding by our Core Values:
    • Safety and Environment
    • Respect
    • Integrity
  • Attracting, developing and retaining Exceptional People
  • Aligning with a Shared Purpose
  • Fostering Powerful Collaboration
  • Focusing on Superior Execution

Governance

We hold ourselves to the highest standards of business conduct. We foster accountability in all areas of the Company, especially at the board and executive levels, and have established processes to uphold ethical behavior by our employees.

Tesoro Corporation’s Board of Directors represents the Company’s shareholders and has the ultimate oversight responsibility for the Company. At 2016 year end, the Board comprised 10 independent directors and our CEO.

The Board of Directors oversees four standing committees that consist of independent directors and adhere to written charters outlining the purpose and principal responsibilities for each committee. For detailed information about each committee, please visit www.tsocorp.com/investors.

Human Rights

We respect human rights throughout our operations, supply chain and engagement with communities. As such, we provide human rights training for all our employees and a supplemental training for those with direct supply chain responsibilities. We also ask employees to report any violations in their work or with suppliers through an annual compliance certification and other internal reporting channels. There were no reported grievances, nor were we subject to any human rights reviews last year.

Suppliers are held to the same human rights standards as our workforce. We require verification that suppliers follow all child labor, forced labor and human trafficking laws, and we reserve the right to conduct compliance audits.

Nondiscrimination is an important element of human rights, and we have a specific policy to guide us. This policy extends to equal treatment of union-represented and non-union-represented employees, and we work to make sure they receive the same training, safety, and health and wellness programs.  We also support employee inclusion teams that focus on women, veteran, LGBTQ, multicultural and multigenerational issues to promote diversity, foster inclusion, and help prevent discrimination and bias.

Code of Business Conduct

Our Code of Business Conduct provides clear guidelines for responsible and ethical conduct expected of everyone who represents Tesoro. Each year, all employees are required to complete Business Conduct training. Our CEO and senior officers are held to additional standards relevant to their duties and commitments to the Company. We also expect certain of our suppliers, contractors and business partners to be familiar with our Code of Business Conduct and to require similar compliance guidelines within their own organizations.

Employees are empowered to report possible Code of Business Conduct violations and seek guidance through multiple channels, including an anonymous third-party helpline. We believe strongly in protecting individuals who raise concerns and will protect them from retaliation.

Anti-Corruption

Tesoro is committed to ethical business conduct and acting in compliance with all applicable U.S. and foreign anti-bribery and anti-corruption laws, including the Foreign Corrupt Practices Act.

Through our anti-corruption program, we adhere to strict policies and procedures regarding third-party due diligence, gifts, entertainment, travel, charitable contributions and record keeping. Employees – as well as certain contractors, agents and others who work on our behalf – are held to the standards and behaviors detailed in the program. Employees who interact with foreign government officials on our behalf are required to complete our anti-corruption training.

Advocacy and Public Policy

Tesoro operates in a highly regulated and often politicized environment. We believe it is our responsibility as an industry leader to advocate for sound energy policies and actively engage in the political process. For more about how we do this, please visit www.tsocorp.com/advocacy.

Shared Value

At Tesoro, we aim to conduct business in a way that creates value for our communities, our partners and our Company. This is called Shared Value, and it enables us to build strong stakeholder relationships, identify and address risks and opportunities, reduce costs, innovate, and earn our license to operate and grow.

Our Shared Value strategy focuses on five key stakeholder groups: employees, customers and partners, communities, the environment, and government, and is supported by a comprehensive governance structure that ensures an appropriate level of oversight, direction and accountability.