BP and Shell come top of oil companiesMarch 2002
BP and Shell have fared best in an analysis of the social and environmental performance of eight large oil and gas companies carried out by the Co-operative Insurance Society (CIS).
The ratings, which examined performance on community involvement, the environment and human rights, placed the two UK companies highest ‘not only for adhering to necessary policies and procedures but also for showing leadership by establishing best practice’.
By contrast, the two US companies assessed – ExxonMobil and ChevronTexaco – were judged to have been ‘slow to embrace all of the major issues of risk facing the sector, especially in the social and ethical areas’.
The four continental European companies considered – TotalFinaElf, Eni, Statoil and Norsk Hydro – were also deemed to have performed well below their UK counterparts, especially on human rights.
The analysis was carried out by the responsible shareholding unit of CIS, which applies socially responsible investment principles to its £25billion ($36bn) investment portfolio. The eight firms studied were those in which CIS has the largest holdings.
CIS says the study will ‘show us which companies we need to engage with on best practice.’
Already a member? click here to login