Acclaim for sustainability report

November 9, 2004, 13:55 CET

A Norwegian award for the best sustainability reporting in the 2003 fiscal year has been presented to Statoil today, 9 November.

This prize is backed by a number of organisations, including the Grip foundation for sustainable production and consumption created by the Ministry of the Environment.

Others are the Confederation of Norwegian Industry and Business, the Norwegian Financial Services Association and the Norwegian Institute of Public Accountants.

These organisations assess reporting on such aspects as the natural environment, social responsibility and financial conditions.

Statoil received the award for best coverage of social responsibility in its Transparency and trust report for 2003.

“We’re very gratified to receive this award,” comments Rolf Magne Larsen, senior vice president for country analysis and social responsibility.

“It’s an acknowledgement of our sustainability reporting. We’ve placed great emphasis in our work on presenting a clear explanation of fairly complex issues.”

He adds that it also recognises the actual work Statoil does in the field of social responsibility, including its work to reduce greenhouse gas emissions, protection of biodiversity, dialogue with the community, social investment and development of a policy on HIV/Aids.

The prize is intended to stimulate Norwegian companies to improve their reporting on social responsibility and environmental protection.

It also aims to enhance interest in and awareness of these issues, and of sustainability in general.

In early November, Statoil was placed 13th among 50 companies world-wide for sustainability reporting. This ranking was made by the Sustainability consultancy, US rating agency Standard & Poor’s and the UN Environment Programme.

The group was also named in September as the world’s best energy company for sustainability by the Dow Jones Sustainability Index.

Statoil is already included in the FTSE4Good Europe sustainability index, which assesses companies in relation to socially responsible investment (SRI) criteria.