ONGC mulls new reporting standard to improve credit rating

ONGC is eyeing to become one of the first PSUs to have the stringent reporting standard to strengthen transparencies

GN Bureau | May 30, 2018


#ONGC   #PSU  

Oil and Natural Gas Corporation (ONGC) is contemplating to adopt a new reporting standard with respect to environment, social and corporate governance (ESG), which is being benchmarked on the international sustainability reporting guidelines.

With this initiative, ONGC is eyeing to become one of the first public sector enterprises to have this stringent reporting standard to strengthen transparencies in its statutory reporting norms.

The new ESG reporting is going to enhance the corporation’s credit rating to a large extent, both in the country and abroad. This rigorous reporting format also immensely increases a corporate’s capacity to raise funds from both debt and equity markets worldwide.

In this new reporting format, the three parameters of environment, social and corporate governance are extensively studied. In the environment head, factors such as energy and emissions, preservation of the ecosystem, water utilisation and waste management are covered.

ONGC plans to hire a consultant shortly to revamp its integrated reporting system to strengthen its corporate governance policy and ensure greater transparency in its business.

Director (exploration) and director incharge, HSE, ONGC, A K Dwivedi said, “Globally, the ESG Reporting system is emerging as the latest trend in integrated reporting. The system embraces sustainability factors to help identify companies with superior business model and is said to offer investors long-term performance advantages”.
 

Comments

 

Other News

Who is Eknath Shinde, the auto driver who became CM?

Hailing from Satara district of Maharashtra, Eknath Sambhaji Shinde had to leave his education midway to financially support his family. He worked as an auto rickshaw driver, a lorry driver and also said to have worked in a brewery before he came in contact with Anand Dighe, Shiv Sena’s Thane unit pr

Metro 3 car shed to stay at Aarey, say new CM Shinde

Former Maharashtra chief minister Davendra Fadnavis stunned all at a press conference Thursday and named Eknath Shinde, the rebel MLA from Shiv Sena, as the next chief minister. Though Fadnavis said he would stay out of the government, a few hours later the BJP leadership announced he would be the deputy c

Uddhav Thackeray resigns as chief minister of Maharashtra

Minutes after the Supreme Court ordered a floor test on Wednesday night, Uddhav Thackeray in a televised address resigned as the chief minister of Maharashtra and also as a member of legislative council (MLC). He later drove down to Raj Bhavan and tendered his resignation to the governor Bhagat Singh Koshi

Gig workforce expected to expand to 2.35 crore by 2029-30

The gig economy has arrived in India, as the Covid-19 pandemic has propelled a flexibility of employment. As many as 77 lakh workers were engaged in the gig economy, constituting 2.6% of the non-agricultural workforce or 1.5% of the total workforce in India. The gig workforce is expected to expand to 2.35

How Antyodaya Saral is simplifying everyday life in Haryana

From obtaining an electricity connection to a driver`s licence, ration card, or old-age allowance, delivery of government schemes and services is an aspect of governance that impacts citizens at various points throughout their lives. The Haryana state government provides over 600 such schemes and services.

A blueprint of India’s economic future: From a former RBI governor

From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom

Visionary Talk: Sanjay Pandey, Mumbai Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter