Corporate governance and CSR for sustainability in Oil and Gas: Trends, challenges, and best practices: A review
1 Independent Researcher, Lagos, Nigeria.
2 National Open University of Abuja, Nigeria.
3 Anambra State Polytechnic, Mgbakwu, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 078–090
Article DOI: 10.30574/wjarr.2024.21.3.0662
Publication history:
Received on 17 January 2024; revised on 25 February 2024; accepted on 27 February 2024
Abstract:
Corporate governance and Corporate Social Responsibility (CSR) are integral components of sustainability in the oil and gas industry, shaping the sector's environmental and social impact. This review explores current trends, challenges, and best practices in corporate governance and CSR for sustainability within the oil and gas sector. The review examines how corporate governance frameworks influence CSR strategies, highlighting the importance of board oversight and stakeholder engagement in driving sustainable practices. It also delves into the evolving role of oil and gas companies in addressing environmental concerns, such as climate change and resource depletion, through CSR initiatives and transparent reporting. Challenges faced by the industry, such as regulatory complexity, stakeholder expectations, and balancing short-term profitability with long-term sustainability, are analyzed. The review underscores the need for robust governance structures and effective CSR programs to navigate these challenges and maintain social license to operate. Best practices in corporate governance and CSR are explored, emphasizing the importance of integrating sustainability into core business strategies. Case studies illustrate successful approaches to CSR implementation, showcasing how companies can create shared value for stakeholders while driving positive environmental and social outcomes. In conclusion, the review calls for a proactive and holistic approach to corporate governance and CSR in the oil and gas industry. It advocates for increased transparency, stakeholder engagement, and alignment of CSR efforts with the Sustainable Development Goals (SDGs) to enhance sustainability and mitigate risks in the sector.
Keywords:
Corporate; Governance; CSR; Sustainability; Oli and Gas
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0