Lukoil initiates discussion on non-financial reporting
On May 16 in Brussels, Lukoil initiated a panel discussion titled ‘Global non-financial reporting trends in energy sector, assessment criteria and investor relations.’ The ever-growing demand for non-financial reporting by large companies and its assessment by governmental authorities, investment funds and rating agencies was addressed in the course of the event.
The event held in Brussels was attended by leading international experts in corporate social responsibility, representatives of fuel and energy companies, EU authorities and the European investment community, mass media and non-profit organizations. Lukoil’s sustainable development performance, presented by Gleb Ovsyannikov, Head of Public Affairs at Lukoil, sparked a lively discussion within the professional community.
Experts thoroughly studied Lukoil’s experience in making the Report, including the methods and technologies used, discussed ways to increase the corporate social responsibility of fuel-and-energy companies and create optimal formats for reporting on sustainable development. The participants of the discussion came to the conclusion that it is necessary to create a global initiative of rating agencies assessing the compliance of the corporate sector with the list of the UN Sustainable Development Goals.
PJSC Lukoil 2015-2016 Sustainability Report was prepared in accordance with the Sustainability Reporting Guidelines of the Global Reporting Initiative (G4), the United Nations Global Compact and the Social Charter of Russian Business. The Report’s compliance with the requirements of the GRI Guidelines and the reliability of the information provided are confirmed by KPMG, one of the world’s leading independent auditor companies. The Report was publicly endorsed by the Council for Non-Financial Reporting of the Russian Union of Industrialists and Entrepreneurs (RUIE), the most reputable organization authorized to review such documents in Russia.
The document comprehensively reflects economic, environmental, and social results of Lukoil’s activities.
The company has published Sustainability Reports since 2005. The previous Report was published in autumn 2015 (for the period from 01.01.2013 to 31.12.2014). Up until the 2016 reporting year inclusive, the company published its reports every second year. In order to increase the relevance of the information provided and in accordance with the recommendations of the Council on Non-Financial Reporting of the Russian Union of Industrialists and Entrepreneurs following public confirmation of the previous report, the company intends to move to an annual reporting cycle in 2017 and expand the reporting boundaries by including foreign assets in the scope of the Report.
Lukoil is one of the world’s largest public vertically integrated oil and gas companies. The company is responsible for 2% of global oil production, and 2% of global oil refining. In Russia, the figures are 15% for both oil production and refining.
Lukoil is active in more than 60 regions of Russia and more than 30 countries, including Russia.
The company’s business model is built on a full production cycle, from the extraction of hydrocarbon raw materials to the sale of petroleum products and petrochemical products.
