• Conciseness
• Connectivity of information
• Materiality
• Strategic focus and future orientation

Key observations:

Tullow Oil has used the 2013 Report to restructure the risk management and principal risk discussion in line with the UK regulations. This has been done by identifying the most strategic risks for inclusion in the Strategic Report, and the 'evergreen' risks – which are more long-term in nature – within the Directors' Report.

Within the Strategic Report, Tullow Oil provides an insight into the activities undertaken during 2013 which have developed the company's risk management capabilities. This is followed by a review of the '2013 short-to-medium term risks and uncertainties' identified in the prior year Report. Within this review Tullow Oil identifies how the business has performed against these risks, with insights into how the risks have been managed and mitigated. The section is concluded with the principal risks which have been identified for 2014 to 2016.

Clear signposting is then provided to the Directors' Report which contains the company's long-term or 'evergreen' risks and more detailed insights into the company's risk profile and mitigation processes.