11 Social Licence to Operate in the Energy Transition Era …
361
needs of other interest groups impacted by the operations of a company,
i.e. stakeholders. Thus, merging profitability and social responsibility.
67
CSR emphasizes the activities of the organizations established within
society and how those activities should effectively contribute towards
social, economic and environmental well-being and progress that would
then pave the way for positive transformation in those societies. This
becomes a key component towards the delivery of projects because
success is no longer measured purely in financial terms.
68 The development of CSR into a strategic issue for companies, in turn, led to the
development of organizational ethics.
69 The competitive edge among
companies took a different direction; with greater emphasis on the
socially responsible behaviour of companies and the sponsorship of the
communities in which they are hosted and ultimately expand. This
means that how companies are perceived to behave is as important as
how they behave, and the faith that stakeholders have in the company
conduct is essential to company prosperity.
70 Notably, the reputational
damage to companies that can come from failing to consider CSR may
eventually impact its profitability and longevity.
This section will discuss the international initiatives to foster SLO in
oil and gas industries, including treaties, voluntary international declarations and oil and gas member association initiatives that influence the
same. The section will also highlight various CSR projects that private
companies have established in East African countries to acquire and
maintain SLO in the oil and gas sectors.
67 Frynas J, ‘Corporate Social Responsibility in the Oil and Gas Sector’ (researchgate.net, 2009). https://www.researchgate.net/publication/247577729_Corporate_social_respon
sibility_in_the_oil_and_gas_sector, accessed May 22, 2020.
68 Gayatri G, ‘Corporate Social Responsibility in Oil and Gas Industry—Insights—Energy Dais’
(Insights—Energy Dais, 2018) https://insights.energydais.com/corporate-social-responsibility-inoil-and-gas-industry/, accessed May 22, 2020.
69 The principles and values used by an organisation to govern its actions and decisions—
’Human Rights and Ethics in the Oil and Gas Industry’ (ipieca.org, 2020). https://www.ipieca.
org/resources/good-practice/human-rights-and-ethics-in-the-oil-and-gas-industry/, accessed May
22, 2020.
70 Frynas J, ‘Corporate Social Responsibility in the Oil and Gas Sector’ (researchgate.net, 2009). https://www.researchgate.net/publication/247577729_Corporate_social_respon
sibility_in_the_oil_and_gas_sector, accessed May 22, 2020.
361
needs of other interest groups impacted by the operations of a company,
i.e. stakeholders. Thus, merging profitability and social responsibility.
67
CSR emphasizes the activities of the organizations established within
society and how those activities should effectively contribute towards
social, economic and environmental well-being and progress that would
then pave the way for positive transformation in those societies. This
becomes a key component towards the delivery of projects because
success is no longer measured purely in financial terms.
68 The development of CSR into a strategic issue for companies, in turn, led to the
development of organizational ethics.
69 The competitive edge among
companies took a different direction; with greater emphasis on the
socially responsible behaviour of companies and the sponsorship of the
communities in which they are hosted and ultimately expand. This
means that how companies are perceived to behave is as important as
how they behave, and the faith that stakeholders have in the company
conduct is essential to company prosperity.
70 Notably, the reputational
damage to companies that can come from failing to consider CSR may
eventually impact its profitability and longevity.
This section will discuss the international initiatives to foster SLO in
oil and gas industries, including treaties, voluntary international declarations and oil and gas member association initiatives that influence the
same. The section will also highlight various CSR projects that private
companies have established in East African countries to acquire and
maintain SLO in the oil and gas sectors.
67 Frynas J, ‘Corporate Social Responsibility in the Oil and Gas Sector’ (researchgate.net, 2009). https://www.researchgate.net/publication/247577729_Corporate_social_respon
sibility_in_the_oil_and_gas_sector, accessed May 22, 2020.
68 Gayatri G, ‘Corporate Social Responsibility in Oil and Gas Industry—Insights—Energy Dais’
(Insights—Energy Dais, 2018) https://insights.energydais.com/corporate-social-responsibility-inoil-and-gas-industry/, accessed May 22, 2020.
69 The principles and values used by an organisation to govern its actions and decisions—
’Human Rights and Ethics in the Oil and Gas Industry’ (ipieca.org, 2020). https://www.ipieca.
org/resources/good-practice/human-rights-and-ethics-in-the-oil-and-gas-industry/, accessed May
22, 2020.
70 Frynas J, ‘Corporate Social Responsibility in the Oil and Gas Sector’ (researchgate.net, 2009). https://www.researchgate.net/publication/247577729_Corporate_social_respon
sibility_in_the_oil_and_gas_sector, accessed May 22, 2020.