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oil firms slip up on corruption

January 2005

Ten of the world’s 23 largest oil and energy companies have been involved in serious corruption incidents during the past five years, says a new study by GES Investment Services, a Scandinavian CSR research group.

Eight companies still had either no policy on corruption, or only a ‘vague’ one. Ten of the 16 judged to have a good policy had no satisfactory procedures for implementing it, researchers found. GES says this means most will find it ‘very difficult’ to comply with the United Nations Global Compact’s new 10th principle on corruption. GES is particularly concerned about the oil companies Amerada Hess, ExxonMobil and Marathon Oil. All three are involved in corruption allegations in Equatorial Guinea being investigated by the US justice department and the Securities and Exchange Commission.

GES recommends that its institutional clients which collectively manage €80billion ($105bn, £55bn) either exclude these three from portfolios or seek improvements through ‘active dialogue’.


Further Information
http://www.ges-invest.com
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