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Document Abstract
Published: 2007

The effectiveness of multi-stakeholder initiatives in the oil and gas sector: summary report

Are multi-stakeholder CSR initiatives in the oil and gas sector effective?
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This report explores the effectiveness of multi-stakeholder initiatives in governing the oil and gas sector. Initiatives included in the analysis are the UN Voluntary Principles on Security and Human Rights, the Extractive Industries Transparency Initiative, and Transparency International’s Business Principles on Countering Bribery.

The report highlights some of the accomplishment of these multi-stakeholder initiatives. They:

  • raised significant awareness of the issues they are concerned with, within businesses and other stakeholder groups
  • promoted dialogue amongst a range of stakeholders and created for where, to a greater or lesser extent, business and NGOs can explore differences and build understanding
  • developed benchmarks against which corporate performance can be judged
  • led to some, if not all, companies engaged in the initiatives (and some outside) taking concerted management action to fulfil the expectations of the initiative
  • seen their benchmarks adopted by international financial organisations, investors, and ratings agencies
  • acquired learning about what it takes to manage and lead multi-stakeholder initiatives.
The report concludes that while each has delivered notable value to date, there are two fundamental challenges where the initiatives need to show progress:
  • clearly demonstrating that the initiatives make a difference in the lives of individuals and communities where oil and gas companies operate
  • integrating Chinese, Indian, Russian and Latin American oil and gas companies, and their corresponding governments, into the process.
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Authors

J. Morrison; L. Wilde

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