scholarly journals Conceptualizing Corporate Sustainability Reporting and Risk Management Towards Green Growth in the Malaysian Oil and Gas Industry

2021 ◽  
Vol 124 ◽  
pp. 04001
Author(s):  
Fong-Woon Lai ◽  
Muhammad Kashif Shad ◽  
Syed Quaid Ali Shah
Keyword(s):  
Risk Management ◽  
Conceptual Framework ◽  
Oil And Gas ◽  
Social Issues ◽  
Corporate Sustainability ◽  
Health And Safety ◽  
Sustainability Reporting ◽  
Oil And Gas Industry ◽  
Green Growth ◽  
Corporate Sustainability Performance

Recently, there have been many reports of catastrophic accidents in the oil and gas (O&G) industry which led to huge financial losses and hazards to humans and the environment. Apart from the primary operational (technical) risks, there exist numerous non-technical risk factors such as workforce protection, climate change, ecosystem, biodiversity, health and safety, governing compliance, and other environmental, and social issues. These risks if left without intervention could affect the green growth and eco-friendly resilience of the O&G companies. Thus, this work offers a conceptual framework on how corporate sustainability practices along with risk management implementation are stimulating green growth in the O&G industry. The presented theoretical and conceptual framework underpinned by the stakeholder theory proposed in this paper provides a foundation for empirical validation of the intertwined relationship between the pertinent variables. The measurement of the variables such as corporate sustainability performance, enterprise risk management and green growth is proposed to be drawn from earlier research and developed frameworks and guidelines by prominent organizations. The significance of this paper is to lend guidance to Malaysian oil and gas players to embrace green growth through sustainability and risk management implementation.

Using a Risk-Based Approach in Preparation of Corporate Sustainability Reporting by Oil and Gas Companies

Auditor ◽  
2021 ◽  
pp. 46-53
Author(s):  
Thi Lok Doan
Keyword(s):  
Sustainable Development ◽  
Oil And Gas ◽  
Corporate Sustainability ◽  
Sustainability Reporting ◽  
Oil And Gas Industry ◽  
Public Companies ◽  
Gas Industry ◽  
Corporate Reporting ◽  
Oil And Gas Companies

The article presents the author’s approach to the formation of corporate reporting of public companies using the example of the oil and gas industry. The key risks of sustainable development are disclosed that correspond to the interests of various significant groups of the company’s stakeholders. The approbation results of a typical corporate reporting model for oil and gas companies in the Petrolimex report (Vietnam) are presented.

scholarly journals How Oil Contracts Affect Human Rights

2018 ◽  
Vol 3 (4) ◽  
pp. 30
Author(s):  
Maria João Mimoso ◽  
Clara da Conceição de Sousa Alves ◽  
Diogo Filipe Dias Gonçalves
Keyword(s):  
Human Rights ◽  
Oil And Gas ◽  
Social Issues ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Oil Companies ◽  
The Social ◽  
Oil Contracts ◽  
The 19Th Century ◽  
The Impact

Since the beginning of the 19th century, we have assisted major proliferation of the oil and gas industry. This phenomenon of exponential growth is due to the fact that oil companies hold the world’s oil monopoly on the extraction, processing and commercialization. Therefore, as being one of the most influential sectors in the world, is crucial to strictly regulate how oil and gas contracts concerns the potential environmental and social impacts arising from the conduct of petroleum operations and how such behavior affects the human rights. As a matter of fact, the social issues field is an emerging area, and despite such importance, oil contracts do not often deal with them in great detail, corresponding to an actual emptiness of the human rights provisions. In terms of responsibly, oil companies, have an inalienable obligation to ensure that their actions do not violate human rights or contribute for their violation. This study aims to trace a detailed analysis of the impact of the oil and gas agreements in human rights. In order to fully comprehend the deep effects of this industry, we will examine, in detail, numerous of published oil and gas agreements, as well as, decode which are the real standards and practices accepted by this industry. We will use a deductive and speculative reasoning. We will try to demonstrate how incipient and short protection is given to human rights and what responsible conducts must urgently be developed.

Sustainability Reporting Driving Forces and Management Control Systems

2016 ◽  
Vol 28 (2) ◽  
pp. 103-124 ◽  
Author(s):  
Irene M. Herremans ◽  
Jamal A. Nazari
Keyword(s):  
Control Systems ◽  
Oil And Gas ◽  
Driving Forces ◽  
Sustainability Reporting ◽  
Oil And Gas Industry ◽  
Management Control ◽  
Gas Industry ◽  
Stakeholder Relationships ◽  
External Pressures ◽  
Insight Into

ABSTRACT This study investigates how seemingly similar external pressures elicited diverse sustainability reporting control systems and processes in a sample of Canadian companies in the oil and gas industry. Using interviews with companies and their stakeholders, we found that the type of sustainability reporting control systems depended on the managerial motivations and attitudes within companies as they responded to external pressures. More specifically, our results provide insight into how formal and informal sustainability reporting control systems were developed according to various managerial motivations and different types of stakeholder relationships. The type and balance between formal and informal control systems, in turn, influenced the sustainability reporting characteristics that the company was able to develop. We contribute to the literature by differentiating companies based on their institutional logics to deal with external pressures, managerial motivations, and stakeholder relationships, that in turn influenced their control system characteristics including reporting structures, information systems, and assurances.

Nimrod XV230—reflections on leadership, culture and priorities

2017 ◽  
Vol 57 (2) ◽  
pp. 374
Author(s):  
Martin Anderson
Keyword(s):  
Oil And Gas ◽  
Health And Safety ◽  
Oil And Gas Industry ◽  
Royal Air Force ◽  
Gas Industry ◽  
Leadership Culture ◽  
Key Issues ◽  
The Uk ◽  
Organisational Factors ◽  
Independent Inquiry

On 2 September 2006 a reconnaissance aircraft Royal Air Force Nimrod XV230 suffered a catastrophic mid-air fire on a mission over Afghanistan, leading to the total loss of the aircraft and the death of all 14 service personnel. This paper summarises key issues from an independent inquiry and challenges the oil and gas industry to reflect on these. The author, a Chartered specialist in human and organisational factors, contributed to The Nimrod Review as a Specialist Inspector with the UK Health and Safety Executive.

scholarly journals Proper Use of Technical Standards in Offshore Petroleum Industry

2020 ◽  
Vol 8 (8) ◽  
pp. 555 ◽  
Author(s):  
Dejan Brkić ◽  
Pavel Praks
Keyword(s):  
Large Scale ◽  
Oil And Gas ◽  
Petroleum Industry ◽  
Health And Safety ◽  
Oil And Gas Industry ◽  
European Economic Area ◽  
The European Union ◽  
Technical Standards ◽  
The North ◽  
Offshore Petroleum

Ships for drilling need to operate in the territorial waters of many different countries which can have different technical standards and procedures. For example, the European Union and European Economic Area EU/EEA product safety directives exclude from their scope drilling ships and related equipment onboard. On the other hand, the EU/EEA offshore safety directive requires the application of all the best technical standards that are used worldwide in the oil and gas industry. Consequently, it is not easy to select the most appropriate technical standards that increase the overall level of safety and environmental protection whilst avoiding the costs of additional certifications. We will show how some technical standards and procedures, which are recognized worldwide by the petroleum industry, can be accepted by various standardization bodies, and how they can fulfil the essential health and safety requirements of certain directives. Emphasis will be placed on the prevention of fire and explosion, on the safe use of equipment under pressure, and on the protection of personnel who work with machinery. Additionally considered is how the proper use of adequate procedures available at the time would have prevented three large scale offshore petroleum accidents: the Macondo Deepwater Horizon in the Gulf of Mexico in 2010; the Montara in the Timor Sea in 2009; the Piper Alpha in the North Sea in 1988.

ENVIRONMENTAL RISK MANAGEMENT: A PROPOSED SCHEME

1997 ◽  
Vol 37 (1) ◽  
pp. 714
Author(s):  
H.B. Goff ◽  
R.K. Steedman
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Environmental Risk ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Transport Processes ◽  
Assessment Process ◽  
Gas Industry ◽  
Environmental Risk Management ◽  
The Impact

Environmental risk assessment is becoming an increasingly important factor in the assessment process for new projects. The oil and gas industry is familiar with assessing and managing risks from a wide range of sources. In particular, risk assessment and management is fundamental to the evaluation and implementation of Safety cases. Risk assessment is essential in valuing exploration acreage. Various industry and government risk management standards and criteria have been developed for public and occupational health and safety.This paper examines the extension of these approaches to environmental risk management for the offshore oil and gas industry and proposes a conceptual management scheme.We regard risk as the probability of an event occurring and the consequences of that event. The risk is classified into four categories, namely:primary risk, which relates to the mechanical oilfield equipment;secondary risk, which relates to the natural transport processes. For example dispersion of oil in the water column and surrounding sea;the tertiary risk, which relates to the impact on some defined part of the physical, biological or social environment; andthe quaternary risk, which relates to the recovery of the environment from any impact.Generally the methods of quantitatively analysing primary and secondary risks are well known, while there remains considerable uncertainty surrounding the tertiary and quaternary risk and they are at best qualitative only. An example of the method is applied to coral reef and other sensitive areas which may be at risk from oil spills.This risk management scheme should assist both operators and regulators in considering complex environmental problems which have an inherent uncertainty. It also proves a systematic approach on which sound environmental decisions can be taken and further research and analysis based. Perceived risk is recognised, but the management of this particular issue is not dealt with.

scholarly journals The State of Occupational Health and Safety Management Frameworks (OHSMF) and Occupational Injuries and Accidents in the Ghanaian Oil and Gas Industry: Assessing the Mediating Role of Safety Knowledge

2020 ◽  
Vol 2020 ◽  
pp. 1-14
Author(s):  
Suxia Liu ◽  
Edmund Nana Kwame Nkrumah ◽  
Linda Serwah Akoto ◽  
Emmanuel Gyabeng ◽  
Erasmus Nkrumah
Keyword(s):  
Occupational Health ◽  
Oil And Gas ◽  
Safety Management ◽  
Occupational Injuries ◽  
Health And Safety ◽  
Occupational Health And Safety ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Workplace Accidents ◽  
Safety Knowledge

Background. The study examines the mediation effect of safety knowledge in causal the relationship between Occupational Health and Safety Management Frameworks (OHSMF) and occupational injuries and workplace accidents in the Ghanaian Oil and Gas Industry. The study explores different dimensions of occupational health and safety management systems, workplace accidents, and occupational injuries. The study adopted a cross-sectional survey design. A total of 699 respondents through a convenience and purposive sampling technique were selected in three government-owned oil and gas organizations for the study. Correlation, multiple regression analysis, and bootstrapping methods were used for data analysis. The findings of both the regression and correlation analysis indicated that there is a moderately strong negative and significant relationship between Occupational Health and Safety Management Frameworks (OHSMF) and workplace accidents and occupational injuries. Safety knowledge significantly mediates the causal relationship between OHSMF and workplace accidents and injuries. Safety training was found to be a significant predictor of safety knowledge, work-related injuries, and workplace accidents. The negative relationship between OHSMF and workplace accidents and injuries shows that the existing OHSMF are either ineffective or lack the acceptable safety standards to control hazard exposures in the industry. Management must invest in frequent safety training and orientations to improve safety knowledge among workers. The study further recommends government and industry players to extend serious attention towards the promotion and improvement of occupational health and safety management systems in Ghana.

Corporate sustainability disclosure’s importance in China: financial analysts’ perception

2019 ◽  
Vol 16 (8) ◽  
pp. 1169-1189
Author(s):  
Jhunru Zhang ◽  
Hadrian Geri Djajadikerta ◽  
Terri Trireksani
Keyword(s):  
Corporate Sustainability ◽  
Financial Analysts ◽  
Health And Safety ◽  
Sustainability Reporting ◽  
Global Reporting Initiative ◽  
Environmental Aspect ◽  
Content Type ◽  
Sustainability Disclosure ◽  
The Social ◽  
Level Of Importance

Purpose Corporate sustainability in China has become a subject of increasing international concern. Corporate sustainability disclosure (CSD) is considered a useful tool to facilitate the empowerment and acknowledgement of stakeholders in the quest for sustainability. However, the degree of cultural and political influences for being sustainably orientated can be significantly different between countries. This study aims to examine the perception of financial analysts, as CSD report users, in China about the level of importance of various indicators of corporate sustainability described in the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines. Design/methodology/approach A set of questionnaires was developed based on GRI G4 guidelines to measure the perception of financial analysts in China on the level of importance of each sustainability indicator described in the GRI G4. A five-point Likert scale was used to measure the report users’ perceptions of each of the indicators. Findings The findings of this study increase our understanding of how Chinese CSD report users perceive corporate sustainability differently from the GRI guidelines. The main results show that the environmental aspect of sustainability was seen to be important in China, followed by the social and economic aspects. Indicator-wise, “water”, “effluents and waste”, “emissions”, “compliance” and “energy” were perceived as vital in the environmental category, while “customer health and safety”, “customer privacy” and “compliance” were considered significant in the social category. Originality/value This study addresses the need for differing corporate sustainability guidelines for different nations and cultures, specifically within the Chinese context. It also contributes to the corporate sustainability literature by adding to our understanding of how financial analysts in China, as CSD report users, perceive aspects of sustainability.

Sign in / Sign up

Export Citation Format

Share Document