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ONGC releases first sustainability report

The first ‘Sustainability Report’ of ONGC has been released by the executive committee of the board for the period from April 1, 2009 to March 31, 2010. The report covers ONGC’s domestic exploration and production operations at onshore and offshore (excluding joint ventures and subsidiaries).

This sustainability report is unique in terms of its comprehensive coverage and assurance standards followed. Its validity against the best global standard gives the highest credibility to the report.

The report is based on the reporting principles and methodology given in the Global Reporting Initiative (GRI) 2006.

There are over 750 organizations globally, who have published their sustainability reports in 2010 of which five are Indian companies. With its first externally assured sustainability report, ONGC now enters this select group of organizations with voluntary and assured non-financial reporting. It is to be noted that the first sustainability report of ONGC has been released by the executive committee of the board on September 15. This report has been prepared based on the reporting principles and methodology given in the Global Reporting Initiative (GRI) 2006 Sustainability Reporting Guidelines Version 3.0 (G3).

The report has been developed for GRI application level of B and has been externally assured by Det Norske Veritas against Account Ability’s AA1000 Assurance Standard 2008 (AA1000AS 2008). The reporting boundary for the first report covers ONGC’s domestic exploration and production operations at onshore and offshore (excluding joint ventures and subsidiaries).

In recent times, more and more corporations are coming out with sustainability reports and particularly those reporting with GRI reporting guidelines. Currently, as available from GRI statistics there are about 750 organizations globally, who have published their GRI G3 based sustainability reports in 2010, out of which five are Indian companies. As per latest GRI sources, about 35 Indian companies have published their sustainability reports.

The first ONGC sustainability report is unique in terms of its comprehensive coverage and assurance standards followed; as its validity against the best global standard AA1000AS-2008 gives the highest credibility to the report.
Global peers have been consistently bringing sustainability report which have now become trendsetters in the sustainability reporting universe and thus helped to position these organizations appropriately in the sustainability space.

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