Integration
Integrating Corporate Responsibility Into Our Business
As populations increase and living standards rise, more energy is needed. Our role as a company is to provide the clean, affordable energy needed to fuel economic growth around the world. At the same time, we recognize that supplying the energy for economic growth must take place in a manner that is sustainable from an environmental and socioeconomic perspective.
The values described in The Chevron Way, which include conducting our business "in a socially responsible and ethical manner," are essential to our thriving as a business. We must be the partner of choice for governments, communities and other businesses. We must attract and retain people with the ingenuity and insight to tackle the tough issues we encounter. We must protect people and the environment, on which we all depend. These are among the reasons corporate responsibility is integrated into our business.
At Chevron, corporate responsibility is defined as:
- Consistently applying our core values, set out in The Chevron Way.
- Maximizing the positive impact of our operations on current and future generations.
- Integrating social, environmental and economic considerations into our core practices.
- Engaging with and balancing the needs of our key stakeholders.
In 2005, we took a number of steps, described in this section, to do this. In the balance of this report, you will find additional examples of how we are integrating corporate responsibility into our business through existing business systems and processes.
"Chevron is a company that is up and coming relative to its oil and gas peers on a combination of environmental, social and corporate governance performance; exposure to the industry's Top 100 legacy assets; and cash returns on investment, in our opinion.* We see potential for improvement on a sustainable investing basis.
Chevron is in the top quartile of the Goldman Sachs Energy ESG Index and ranks in the middle of the majors. We have seen improvement in environmental and social reporting and policies and performance in the areas of employee safety, human rights and business ethics from 2002 to 2004.
We believe environmental performance is the area where Chevron has the most potential for development, such as resource use intensity, waste and emissions intensity, and carbon impact. Along with a continued focus on employee safety and compensation, human rights and local communities, together with clear and consistent reporting, this would allow Chevron to access and operate the industry's best new legacy assets."
Goldman Sachs Group, Inc.
