The Oil & Gas Industry and the Environment
Module 6: Engaging Stakeholders
■ Stakeholder Concerns & Rights > Corporate Accountability & Transparency
 
Corporate Accountability and Transparency

In 1999, SustainAbility in conjunction with UNEP published “The Oil Sector Report”, the first report of a series of studies to examine how individual industries are addressing the expanding environmental and social reporting agenda. Part of the report involved identifying drivers for greater corporate transparency and accountability through environmental and social reporting.
In your mind, which are the most important drivers for corporate transparency and accountability.  Read the following statements; give each statement a ranking out of five, where 1 = not an important driver and 5 = very important driver.
 
Corporate environment and social reporting satisfy communities’ and individuals’ ‘Right to Know’ about impacts which directly affect their health, safety and local environment.  
   
Greater corporate accountability is important for the protection of our ‘licence to operate’.  
   
Corporate environmental and social reporting improves actual company performance in the social and environmental arena through the process of measuring and publicly reporting on progress in these areas.  
   
Improved social accountability leads to improved staff recruitment and retention.  
   
Corporate environmental and social reporting adds shareholder value through the demonstration of a superior ability to manage environmental and social impacts – and the communication of this competitive edge to financial analysts.