Case study: China Petroleum & Chemical Corporation
Create a Sustainable Development Report against requirements of the United Nations Global Compact for China Petroleum & Chemical Corporation.
China Petroleum and Chemical Corporation (Sinopec) is an integrated Fortune 500 energy and chemical company with upstream and downstream operations.
With most of its physical assets located in China’s burgeoning east and south, Sinopec Corp is the nation’s largest listed company and oil refiner. Sinopec Corp commissioned ERM to review its first sustainable development report for release in June 2007.
As a United Nation’s (UN) Global Compact signatory, Sinopec Corp’s report was also prepared as its first annual communication of progress prior to its participation in the 2007 UN Global Compact Leaders Summit. The UN Global Compact is a framework for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labor, the environment and anti-corruption.
ERM consultants in Beijing, Hong Kong and Melbourne worked with Sinopec to obtain information and data, edit sections and chapters and design the report’s layout and graphics. ERM then reviewed the report in Chinese and English to ensure it met all UN Global Compact requirements.
Benefits and Value
Sinopec Corp’s report was well received at the Summit confirming its commitment to the ten principles of the UN Global Compact. Taking such an open approach to sustainable reporting has in turn enabled Sinopec Corp to improve its relations with regulatory authorities, local communities and external stakeholders.
On the strength of last year’s performance, Sinopec Corp has now asked ERM to review its 2008 sustainable development report.