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Worldâs Most Sustainable and Ethical Oil Companies -
2006
Shell tops the list of the worlds most sustainable and
ethical oil companies for the third year running. In
the 2006 study Shell achieves the highest score of any
oil company ever, achieving 89.01%. This is the result
of the third in-depth study measuring oil companiesâ
compliance with over 280 key areas of sustainability,
corporate governance, ethics, social responsibility
and transparency by the Madrid-based ethics research
and rating company Management & Excellence S.A.
Shell was able to substantially improve its already
strong 2005 performance of 82% even though this
yearâs study covered roughly twice as many areas as
the 2005 study, thus adapting to higher benchmarks in
sustainability in the oil business. Shell subscribes
to no fewer than 12 codes of human rights and its
board met a record 29 times in 2004. By comparison,
top-rated BPâs board only met 8 times. The company
offers grievance channels for its personnel in over 50
countries and is implementing 120 biodiversity
projects worldwide. No oil company studied was as
transparent as Shell: the company publishes 13
separate reports on topics ranging from environmental
impact assessment to animal testing.
Ranking
1 Shell 89,01%
2 BP 83,52%
Petrobras 83,52%
4 Statoil 83,15%
5 Total 76,19%
6 Norsk-Hydro 73,26%
Repsol 73,26%
8 Chevron 72,53%
9 ExxonMobil 68,13%
10 Conoco 66,30%
11 Pemex 62,64%
12 ENI 62,27%
13 Lukoil 58,61%
14 Gazprom 35,90%
15 Petronas 20,15%
Other major movements in the M&E league table, which
scores the actual compliance by oil companies to
established standards in sustainability and related
fields, includes Brazilâs Petrobras , which moves up
this year from 7th in 2005 to 2nd position. While
Exxon scored 80% in 2005, it only achieved a score of
68,1% this year, owing to gaps in reporting and thus
dropping it from 2nd to 9th place in 2006. For a
company its size, Exxon gives little information on
its employee performance measurement systems, supplier
management, and is not listed in the FTSE4Good or Dow
Jones Sustainability indices.
On the other hand, companies are generally improving
their transparency. Russiaâs Lukoil manages to raise
its total score by 23 percentage points from 35% to
58.61%, or a jump of 67%. In September 2005 Lukoil
brought out its first sustainability report discussing
its achievements in environment, employee benefits and
community support, which more than doubled its
transparency score from 29% in M&Eâs 2005 ranking to
62% in 2006. Lukoil is known to be the internationally
most widely traded Russian equity, listed in London as
an ADR.
Environment Still First Priority:
Being in an environmentally risky business, oil
companies still consider environment a top priority.
Investments by European and U.S. companies in
âenvironmentâ outpace health and safety expenses.
Italyâs Eni spent about â670m (about $800m) on the
environment while health & safety was only a third of
this figure. Among companies in first world countries,
recultivating polluted or effected land makes up the
lionâs share of environmental expenditures. ENI
allocates over 30% of its environmental budget to this
area and spends an additional 6.4% on environmental
restoration, compared with 2.3% for R&D and 0.5% for
environmental training.
Fourteen of the 15 companies ranked here publish
annual environmental reports. Even Russian gas giant
Gazprom has been publishing ecological reports since
1995. While plant modernizations are the focus of
companies with older facilities such as Lukoil,
Gazprom, Petrobras and Pemex, European and US
companies are concentrating on reducing emissions and
energy use. BP consumed 200 GJ less in energy in 2004
over 2003 and instituted a five-year $350m internal
innovation program to reduce energy consumption
throughout the company. Besides improving
sustainability and profitability, this means lower
emissions generated by producing oil products. BP
claims to have generated 400.000 tons of greenhouse
gases due to this program alone. BP also saved
electricity by using cogeneration processes in which
it generates electricity from heat waste in its own
production facilities, saving 6 million tons of CO2
gases and an undisclosed sum of money.
Known for its environmental scandals, Rio de
Janeiro-based Petrobras completed an about-face a few
years ago when it launched an R$ 40m, 30 project
environmental investment program. The program
immediately paid off as equipment was modernized and
oil spillages abated. In a recent public survey in
Brazilian cities by Omni, the public now considers
Petrobras to be the most environmentally and socially
responsible company in Brazil. The good public image
did not come without concerted effort. It invested a
total of R$ 18 m in sponsorship programs alone. And it
reached out to the people with everything it could,
including organizing surf competitions in Buzios, a
famous resort near Rio. For 2006 Petrobras advertises
its sponsorship program and requesting applications
for sponsorship.
Low Priority Given to Alternative Energies:
While most companies were proud of reducing water and
energy use and reducing emissions, many appear at best
ambivalent on new and renewable energy sources. Under
âNew Energyâ Statoil merely describes its energy
conservation efforts. In its detailed outlook for
energy consumption, Exxon claims that energy derived
from solar and wind will grow by 11% annually but
still might only constitute 1% of the energy market.
Yet others are taking alternative energies seriously
as business opportunities, notably Norsk Hydro and BP.
Norsk operates its own water power and alternative
energy division Hydro, which owns rights for large
scale water power through 2051. BP operates BP Solar,
a globally growing solar panel company. Both companies
are involved in wind power as well. The âclean
fuelâ hydrogen, which burns at a rate of 90% is
being pushed by Hydro, BP and Statoil, which aims at
becoming a major hydrogen producer. Being a gas
company, Gazprom is pushing to expand the use of gases
as an automotive fuel throughout Russia.
Corporate Governance Still Weak
Of the five overall areas studied (sustainability,
corporate governance, corporate social responsibility,
ethics and transparency), companies do worst in
corporate governance, averaging only 58.61%. The
differences between the companies is the greatest in
this area with Shell and Petrobras both achieving
83.3% and Petronas only getting 4.1%. State companies
such as Gazprom and Pemex generally did worst, lacking
a management structure controlled by independently
staffed board committees. Surprisingly, the three U.S.
companies barely made it over the 60% mark despite
Sarbanes-Oxley, NYSE laws and the like.
Sponsorships Help Image and Productivity
Sponsorships have a long tradition in the oil business
and all other businesses having a potentially negative
impact on peoplesâ health or well-being. Last year
Exxon spent over $106m on community-related
sponsorships. Sponsoring sports, especially motor
sports, is typical in oil, as exemplified in the
Petronas-Sauber formula 1 team.
Getting people involved in voluntary work is also a
popular approach for accruing image points and making
friends with employees and local communities.
Mexicoâs Pemex runs a telethon involving volunteers
which raised $135.000 in 2005, supporting nearly 200
handicapped children. Exxon met $26m its volunteers
gathered with a grant of nearly $21m. BP spends $500m
every three years in education, enterprise development
and access to energy in countries where it operates.
Most companies invest heavily in human resource
development and training, such as Franceâs Total
which spends â160m on training ($192m) annually.
Training entails higher productivity but also fewer
expensive accidents in what is a fairly dangerous
business. To this end, Statoil trained 23.500
employees and contractors in 100 safety seminars. Most
companies are proud of a continuous drop in injuries
and absenteeism among employees and even suppliers. At
Total, injuries among employees and contractors
dropped from 46 in 2002 to 20 in 2004.
The strong link between employee satisfaction and
productivity has prompted an increasing number of
companies to carry out annual employee satisfaction
surveys. Chevron claims that 89% of its employs
thought it behaves âresponsibly in relation to the
environmentâ and 80% think Chevron cares about the
health and well-being of its employees.
Europeans Ahead of Americans in Transparency:
Two years ago Shell made headlines for misreporting
its reserves and in 2005 Repsol downgraded its
reserves. Both cases cast doubt on the transparency of
oil companies. In fact, accurately reporting oil
reserves is a complicated matter, often depending on
unpredictable factors such as drilling arrangements
with partner companies. To counter the impression that
it wasnât telling the whole truth, Shell now
publishes a 40-page document explaining how it
determines and monitors actual reserves and how this
process complies with SEC guidelines.
Yet oil companies have been among the most transparent
businesses around, using sustainability, social
responsibility and ethics as good promotion topics.
And thus they continue to upgrade their transparency,
which has helped raise the average performance of all
companies in M&E study from 62% in 2005 to a current
67.5%, despite the first time inclusion of Petronasâ
very weak numbers. European oil companies have proven
more transparent than their American counterparts. The
average overall transparency score for the six
European companies is nearly 80% while the three
Americans only attained 65.5%. Industry-leader
ExxonMobil scores only 57%, which is the same as
Mexican state-owned Pemex and lower than Russiaâs
Lukoil.
Oil companies have been regularly improving their
websites as the world goes online. The key topics are
corporate governance and environmental issues,
followed in recent years by reports on social and
employee projects. Alexey Miller, CEO of Gazprom, even
addresses the companyâs new website as the main
topic of his welcoming statement.
Under corporate governance Shell and BP, for example,
publish how often each board member attended board
meetings. In 2003 Lukoil created three board
committees for auditing, compensation and strategy to
comply with international governance standards. Proxy
statements are normally revealed by all public
companies. BP offers direct links to 76 national BP
websites in their respective languages.
Another trend is to publish detailed and colorful
sustainability, environmental and social reports. BP
publishes the full report in English, German, Spanish
and Russian and Petrobras has published a social
responsibility report annually since 2001 while others
are doing it for the second or third (e.g. Total)
year. Petrobras is even increasing the pace by already
having its 2005 data ready for release by mid-February
of 2006. Gazprom, by comparison, has not gotten beyond
publishing its 2002 data.
Most On Top in Ethics
On the average, companies scored highest under
âethicsâ with an average of 73.3%. Ethics in
essence means having and promoting a detailed code of
conduct and staying out of trouble. Companies with low
scores, such as Gazprom and Petronas, largely failed
to communicate and implement a code of conduct and
ethics, although this is among the least expensive
ways of gaining points. Top performers, such as
Chevron, Statoil and Total, implemented codes
explaining how employees should deal with difficult
cases of bribery and conflicts of interest.
Statoilâs general code of ethics is 31 pages long.
In addition, the company publishes codes for its
financial management and suppliers, which were last
updated as recently as December 2005.
Management & Excellence (M&E) was one of the first
companies to research and rate companies in
sustainability and ethical areas, starting in 2001. It
specializes in the oil business and Latin America
where it is partnered with SR Rating, one of Latin
Americaâs largest credit rating agencies. M&E
markets its oil study jointly with Oil & Gas Journal
Online Research Center.
The current study âWorldâs Most Sustainable and
Ethical Oil Companiesâ uses the M&E Facts Onlyâ¢
method which consists of a list of over 280
internationally recognized standards in
sustainability, corporate governance, social
responsibility (CSR) and ethics customized to the oil
industry. M&E surveyed all companies and researched
public information services to determine actual
point-by-point compliance with these standards. All
percentages refer to the number of points with which a
company complies out of a total of over 280. The
entire study is available for sale.
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