SPOTLIGHT ON CORPORATE SOCIAL RESPONSIBILITY EXPECTATIONS
In a speech given at CERAWeek 2006, CERA Senior Director Susan Ruth discussed the corporate responsibility challenges that oil and gas companies face. These challenges are at the center of concerns about energy security of supply, political tensions, climate change, and new resources to drive economic growth. Her speech focused on three concepts:
- In the spotlight. With oil companies competing for access to new energy resources in a period of sustained higher oil prices, host governments will expect oil and gas companies to help develop their economies.
- Integration. Increasingly, environmental and social issues are becoming integrated into day-to-day business activities and the investment decision process. These are no longer bolted on but embedded into information systems, performance metrics, and investment criteria.
- Individuals. For a recent study, Corporate Responsibilities: Testing the Boundaries, CERA talked to more than 30 oil and gas company executives about their approach to the issues. When faced with debate over company investments and activities, the most successful individuals were able to assess problems from the view of all stakeholders and think about the potential solutions in new ways, not bound by traditional approaches.
