Corporate Social Responsibility - Capturing the Value

Corporate Social Responsibility - Capturing the Value Cindy Overton Cindy Overton Convergence Advisors Search for other works by this author on: This Site Google Scholar Paper presented at the SPE International Conference on Health, Safety, and Environment in Oil and Gas Exploration and Production, Calgary, Alberta, Canada, March 2004. Paper Number: SPE-86787-MS https://doi.org/10.2118/86787-MS Published: March 29 2004 Cite View This Citation Add to Citation Manager Share Icon Share Twitter LinkedIn Get Permissions Search Site Citation Overton, Cindy. "Corporate Social Responsibility - Capturing the Value." Paper presented at the SPE International Conference on Health, Safety, and Environment in Oil and Gas Exploration and Production, Calgary, Alberta, Canada, March 2004. doi: https://doi.org/10.2118/86787-MS Download citation file: Ris (Zotero) Reference Manager EasyBib Bookends Mendeley Papers EndNote RefWorks BibTex Search Dropdown Menu nav search search input Search input auto suggest search filter All ContentAll ProceedingsSociety of Petroleum Engineers (SPE)SPE International Conference and Exhibition on Health, Safety, Environment, and Sustainability Search Advanced Search AbstractThis paper will provide an update on current Corporate Social Responsibility practices among energy companies, discuss internal and external drivers and underscore how these initiatives bring value to the bottom line. Experiences of Suncor Energy and Talisman Energy are presented to demonstrate the different challenges companies encounter and to share their lessons learned.IntroductionThe practice of Corporate Social Responsibility is evolving and becoming more sophisticated as the effort in the companies with the most advanced programs becomes embedded in operating philosophies. The benefits derived from a robust Corporate Social Responsibility program are driven to the bottom line, but without a strategic focus, these benefits cannot be fully captured.Where We AreTo level the playing field, we need a definitional understanding of Corporate Social Responsibility. The reason I begin here is that the concept of Corporate Social Responsibility is still not well understood, and confusion remains for many not intimately involved with it. Because it is a voluntary activity, it has not been uniformly embraced. There is no global definition and companies are using the terminology that best describes their internal vision and the message they choose to deliver. There is no single driver that has propelled companies to initiate a program, nor is there a specific set of circumstances that compel a company to act.Corporate Social Responsibility efforts are referred to as Corporate Responsibility, Social Responsibility, Corporate Citizenship, Sustainability, or Sustainable Development. Generally, we are talking about managing all environmental, social and economic aspects of the business while maintaining a business focus. Throughout this discussion, Corporate Social Responsibility and Sustainable Development will be used interchangeably. This is a reflection of how our industry (generally) is also using the term.A few representative definitions used in the industry:"Sustainable Development is about our commitment to conduct our business to promote economic growth, a healthy environment and vibrant communities, now and into the future. For our company, Sustainable Development provides a strong, pragmatic business model for addressing the needs and demands of society - advancing the growth of our company while improving living standards and enhancing environmental and social conditions."1"For our business this [sustainable development] is about engaging with our stakeholders to better understand and manage the impacts, both positive and negative, that our operations and products have on society and the environment today, and to identify business opportunities for the future."2"Meeting the needs of the present without compromising the ability of future generations to meet their own needs."3"...the best way to fulfill our commitment of good corporate citizenship is to build responsible practices into the fabric of our operations...through clearly defined standards of conduct, industry-leading policies and practices and ...management systems..."4"Managing our environmental and social impacts and improving performance."5"A coherent CSR strategy, based on integrity, sound values and a long-term approach can offer clear business benefits. These cover a better alignment of corporate goals with those of society; maintaining the company's reputation; securing its continued license to operate; and reducing its exposure to liabilities, risks and associated costs."6 Keywords: social responsibility, sustainable development, social responsibility and development, transparency, reporting, corporate social responsibility, bottom line, suncor, stakeholder, spe 86787 Subjects: Sustainability/Social Responsibility, Social responsibility and development This content is only available via PDF. 2004. Society of Petroleum Engineers You can access this article if you purchase or spend a download.

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