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19th Aug 2022

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Joining expertise for better corporate social responsibility

  • Large companies in the EU will be obliged to report on environmental, social and employee-related issues, human rights, anti-corruption and bribery, as well as diversity policies under the new Financial Information Disclosure starting from 2018. (Photo: European Parliament)

CSR Europe organised an expert seminar for ‪‎LUKOIL‬ on the future of ‪‎CSR‬ ‪‎reporting‬ and best corporate social practices worldwide.‬‬‬‬‬‬‬ An opportunity to share best practices.

The event has been initiated by LUKOIL as the company aims to constantly improve its strategy for corporate social responsibility (CSR). Growing the number of regions where the company operates provides additional potential for synergy.

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LUKOIL provides over 2% of the world's crude oil needs and operates across 4 continents and 39 countries worldwide, 20 of which are within Europe. As a global player in the energy sector, LUKOIL considers CSR as an integral part of its business operations.

Global outreach creates a number of challenges for many global companies. The need for experience exchange in this sphere led to the founding of CSR Europe. Now it is the leading European business network for Corporate Social Responsibility. It unites around 70 corporate members and 42 National CSR organisations, as well as over 10,000 companies and acts as a platform for those businesses looking to enhance sustainable growth and positively contribute to society.

The joint seminar of CSR Europe and LUKOIL last week in Brussels provided another valuable opportunity to share best practices that exist in different companies and regions of the world.

Multi-regional approach to CSR projects

LUKOIL presented its CSR activities to CSR Europe and its members, focusing on multiregional projects.

In 2012 for example, LUKOIL became the first company in Russia to sign a cooperation agreement with the International Labour Organization (ILO), in the CIS (Community of Independent States).

The project set out to improve the effectiveness of policies and programmes for youth employment. By providing support to governments and social partners LUKOIL is able to fill the gap in a much-needed youth developmental space and support the promotion of good practices in job creation and youth employment.

One of LUKOIL's recent success stories is Lukoil Children's Champions Cup. Started in 2013 it unites children from 30 countries under the slogan "Play against racism".

In 2014, Lukoil Children Champions' Cup numbered 4000 players across 23 countries and 250 goals scored with the 2014 final taking place in Istanbul and awards offered to the best players.

Due to LUKOIL's global presence and extensive geographical reach, cultural diversity forms a major policy factor within the Group.

Reporting trends

At the event in Brussels CSR Europe experts and member companies discussed LUKOIL experience, shared their recommendations on integrated approach to CSR and touched upon the recent trends in non-financial reporting in the EU.

Europe is creating a level playing field on non-financial transparency.

The European Directive on Non-Financial Information Disclosure of Certain Large Companies requires 6000 large companies in the EU (with more than 500 employees) to report on environmental, social and employee-related issues, human rights, anti-corruption and bribery, as well as diversity policies starting from 2018.

At the same time international standards are being constantly improved to provide better transparency.

Global Reporting Initiative (GRI) has introduced in 2013 the new generation of its Global Reporting Guidelines – the G4.

G4 includes all aspects covered by the EU Directive on Non-Financial Information Disclosure and will be a fundamental tool for companies during the implementation of this Directive.

LUKOIL is already reporting its CSR in compliance with GRI. Sustainability reporting using the GRI ensures that LUKOIL is able to measure the environmental and social impacts of the company's activities, while enabling the organisation to present its values and governance model, clearly demonstrating the link between LUKOIL's strategy and its commitment to a sustainable global economy.

"We are very grateful to our colleagues for their valuable advice. As the number of LUKOIL CSR projects grows we aim ever greater synergy between them and want to better integrate them into company's operational activity," Vladimir Gerasimov, Head for Regional Policy LUKOIL, said after the event.

"CSR Europe offers great networking platform to share best practices".

Disclaimer

This article is sponsored by a third party. All opinions in this article reflect the views of the author and not of EUobserver.

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