Fajr Energy Persian Gulf Company (FEPG) has published its sixth corporate sustainability report covering the years 2021 and 2022.
According to the public relations department of FEPG, the company has been continuously engaged in responsible reporting efforts for nearly a decade, aiming to enhance diversity in reporting perspectives. The 2021-2022 sustainability report represents the sixth biennial report of Fajr Energy, crafted and published with a scientific and technical approach.
Throughout various reporting periods, FEPG has strived to present more sustainability indicators and their impacts. The recent report encompasses different chapters and notably marks the first time FEPG has employed multiple reporting standards.
Following announcements by governing bodies such as the Social Advisory Department of the Ministry of Petroleum and the Securities and Exchange Organization, FEPG initiated the process of preparing and completing its corporate sustainability reporting based on scientific methods from March 2023. This endeavor involved approximately 500 person-hours.
Given the rapid and extensive changes in today's world, reporting indicators must also incorporate these changes and their various impacts. The current report endeavors to precisely analyze these changes and their positive and negative effects on the organization under review.
The report further emphasizes that the vitality of organizations is intertwined with the vitality of the ecosystem in which they operate. A sustainable ecosystem encompasses all the effects that organizations and governments, as entities, impose on their stakeholders from social, economic, environmental perspectives, as well as in management and governance.
Sustainability reporting has always been an essential tool for companies in evaluating their impacts and ensuring transparency in their activities to their stakeholders. The goals and performance evaluation information presented in sustainability reports can lead to increased transparency, reliability, and comparability of companies'/organizations' performance over several years, aiding internal decision-making and improving external stakeholders' understanding.
Improved aspects of the report compared to previous years include the inclusion of FEPG's social and public missions in line with the United Nations' sustainable development goals and the reference of the report to general, social, and economic indicators within the GRI 100-400 framework.
Additionally, similar to the fifth report on social responsibility (biennial 2020-2021), efforts have been made to utilize the GRI-STANDARD framework by internal experts of the company.
It is worth mentioning that FEPG has been successful in obtaining two gold awards in the field of corporate sustainability reporting at social responsibility conferences within the oil industry sector.