Petrobras elected leading ethical oil & gas multinational – Covalence Ethical Ranking

http://www.petroleumworld.com/story09013019.htm

CARACAS
Petroleumworld.com, Jan 30, 2009

Petrobras was elected the leading ethical reputation multinational enterprise by Geneva-based Covalence Ethical Ranking 2008, ahead of 29 other Oil & Gas sector corporations.

Covalence publish last week its annual ethical ranking covering an enlarged universe of 541 multinationals and based on a renovated calculation methodology combining popularity and diversified performance.

The ranking covered multinationals operating in 18 distinct sectors based on criteria such as the environmental impact the company’s production has, its social responsibility, recycling, information for consumers, ecological innovation, international presence, environmental risk, labor standards, and anticorruption policy.

The purpose of Covalence is to increase the density of information about sustainable development.

In the global ranking, among all sectors, Petrobras appears as the best assessed Brazilian company, holding position 38.

In the previous listing, the Company had ranked 65th in the general score, and 7th in the Oil & Gas sector.

In January 2009 Covalence is applying a renovated calculation methodology to its EthicalQuote and Ethical Rankings. Three innovations are introduced: an ethical rate to control the effect of size; an erosion factor to control the effect of time; and the use of criteria groups to control the effect of trends.

The objectives are to allow a better comparison of companies of different sizes, to offer a more dynamic measure of ethical reputation, and to favour integrated performance.

Covalence’ s ethical quotation system is a reputation index based on quantifying qualitative data, which is classified according to 45 criteria such as Labour standards , Waste management , Product social utility or Human rights policy . It is a barometer of how multinationals are perceived in the ethical field.

Published since 2005, the Covalence Ethical Ranking works as a thermometer as to how multinationals are perceived with regard to ethics.

The system gathers information from the media, enterprises, NGOs and research institutions.

See The Full Oil & Gas Ranking

Story from Petroleumworld
Petroleumworld 01/30/2009

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