Noble Energy is committed to the highest standards of ethics, integrity, honesty and compliance when it comes to global tax laws. We value our reputation for integrity and we expect the highest standards of integrity and ethical behavior from all of our employees, business partners and advisors who work on tax-related matters. We strive to build positive relationships with governments, including government taxing authorities.
The Vice President of Tax, Chief Financial Officer and Audit Committee of the Board of Directors own and oversee our compliance to tax. Jointly, they oversee the effectiveness of our compliance and ensure that policies and procedures are followed. Our approach to tax is reviewed periodically to account for changes in the business environment, and our operations and activities as well as applicable tax laws and regulations.
We conduct tax planning that supports our business and is aligned with our commercial and economic activity. We seek to minimize tax cost across all of our operations and major transactions. We do not engage in artificial tax arrangements. We will take steps to reduce the risk of double taxation of the same income and adhere to relevant tax laws. We evaluate tax incentives and exemptions offered by taxing jurisdictions and determine their applicability to our business. Overall, we conduct tax planning with an understanding that tax is only one of the many costs to be considered when making investment decisions.
Tax Risk Management
Given the scale of our operations and scope of our tax obligations, there is always a possibility that tax risks will arise. Such tax risks typically include uncertainties due to changes in legislation, tax law, and regulations. We actively seek to identify, evaluate and manage tax risks as part of our broader corporate wide risk management and internal control processes. We implement risk management measures including tax specific advice, training and internal controls over the tax compliance processes. We seek external advice when significant uncertainty or complexity exists as an additional method of managing our tax risk.
Relationship with Governments and Taxing Authorities
We seek to create and maintain a respectful, open and cooperative relationship with the tax authorities of the jurisdictions in which we operate. We aim to work collaboratively with all tax authorities and provide requested information on a timely basis. In working with governments to develop sound tax policy, we engage with them either directly or through trade associations. We believe that efficient tax administration benefits both the taxpayer and the taxing authority and can lead to more effective tax policies.