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Ethics in the Oil Industry 2005
Management & Excellence, Feb 2005
2004 was a year of record oil prices and impressive earnings by the large oil companies. On the other hand, oil companies have reduced the oil they spilled, fatalities, litigation by employees and controversies in the media, with the exception of Russia's Yukos, which is not covered in this report. These facts speak for improved management and better ethics management by the oil companies.
In this study 'Ethics in the Oil Industry 2005' we look behind oil's strong numbers and public performance at how well companies are in terms of roughly 120 points of corporate governance, transparency, environmental management, ethics and corporate social responsibility— all areas of increasing interest to the investment community, politicians and the public.
This is the second study of the world's oil industry. In the first study we gave ethics management ratings; in this study we give scores of achieved points out of 100 possible percentage points (please see methodology section).
Report Structure The report is just under 100 pages. It consists of an Executive Summary, a chapter comparing the numerical results of all companies area by area, 10 individual reports, each divided into 12 sections (each on one area such as 'Corporate Governance', 'Human Resources' or 'Code of Ethics'), and a Bibliography. The report includes over 100 charts and graphs.
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