We recently benchmarked 31 large publicly-listed oil and gas, mining, and chemical companies to understand how these firms report on issues related to ESG for non-controlled ventures. We looked at 20 ESG metrics, including emissions, human rights, fatalities, community engagement, and corruption. What we found was that the largest companies in these sectors provide little or no public reporting or commitments on ESG performance in this asset class. While a handful of companies, including Chevron, BP, BHP, and Rio Tinto, have made commendable recent advances, they are the exception rather than the rule.
The purpose of this briefing paper is to summarize the findings from our benchmarking, describe the key barriers companies face in reporting on and improving ESG performance in their non-controlled ventures, and outline some ideas for addressing these barriers – all while making the case that companies can, and should, do more.