CSR and Sustainability Policy of ONGC

ONGC adopted CSR and Sustainability Policy in the year 2014. 

0
520

NEW DELHI: PSU Maharatna ONGC is India’s largest producer of crude oil and natural gas, contributing around 70% of Indian domestic production. It is country’s Top Energy Company and ranks 20th among global energy majors (Platts).

In February, 2016 in a written reply to Lok Sabha, Corporate Affairs Minister Arun Jaitley said a total of 460 listed firms has so far disclosed spending Rs 6,337.36 crore in the year 2014-15. This included 51 public sector units (PSUs) that spent Rs 2,386.60 crore.

ONGC (Rs 495.23 crore) was second largest CSR spender after Reliance Industries (Rs 760.58) crore in the year 2014-15.

ONGC has developed this Corporate Social Responsibility (CSR) and Sustainability Policy in consonance with the CSR Policy framework enshrined in the section-135 of Companies Act, 2013 (Act) and in accordance with the Companies (CSR Policy) Rules, 2014 (Rules) notified by Ministry of Corporate Affairs, Government of India and Guidelines on Corporate Social Responsibility and Sustainability for Central Public Sector Enterprises issued by Department of Public Enterprises, Government of India (DPE Guidelines, 2014) which are effective from 1st April 2014.

“It shall apply to all CSR Projects / Programmes undertaken by ONGC as per liberal interpretation of activities listed in Schedule-VII of the Act, within the geographical limits of India alone, preferably towards the benefit of marginalized, disadvantaged, poor and deprived sections of the community and the environment. Any point not covered by this Policy would be interpreted in accordance with the existing Companies (CSR Policy) Rules and DPE Guidelines, 2014, with the former taking precedence over the later in case of any conflict.”, ONGC CSR policy document said.

Preamble of CSR Policy clearly said, “ONGC conducts its business as a responsible corporate and believes in holistically addressing all issues related to People, Planet and Profit for a sustainable business and better future for all living beings and is committed to achieve inclusive growth of the marginalized and deprived sections of the society through its CSR initiatives to be implemented within the geographical boundaries of India, with preference to its Operational Areas, by supplementing government’s effort and/or by making independent efforts.”

Vision

  • To support responsible and sustainable initiatives, while taking care of the concern for People, Planet and Profit.

Mission

  • Continually enhance the triple bottom line benchmarks of economic, environmental and social performance through committed involvement of the employees.
  • To develop social wealth for the communities we engage with.
  • Promote efficient usage of scarce resources, encourage green energy initiatives and develop innovative solutions to fulfil the vision by stepping beyond the mandatory provisions.

Objective

  • To understand the stakeholder expectations through structured engagement process and communication strategy and leverage this understanding to develop and implement outcome based and impact oriented projects in the select areas.
  • To adopt Environmentally Sustainable business practices in ONGC’s normal operations with a view to gradually reduce our carbon and water footprint, innovative management of waste, prudent energy management and biodiversity conservation.
  • To envision, execute and manage long enduring projects with a wide geographical spread and larger social impact with focus on inclusive growth of marginalized and deprived sections of the society.
  • To create adequately empowered organizational structure and a system of management oversight, review and control.
  • To persuade our business partners for adopting similar practices for CSR and Sustainable development.

Download CSR Policy of ONGC

Comments

comments