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Repsol YPF

Repsol YPF

OVERVIEW

Spain's Repsol issued a whopping 190-page sustainability report in 2006 and is included in the two main sustainability stock indices (DJSI and FTSE4Good). Despite the extensive report, Repsol has yet to share specific targets for reducing emissions or improving safety. Plus, there is strikingly little diversity in executive and management ranks.

MANAGEMENT SCORE: 11 out of 25

While Repsol declined to make executives available for interviews, its documents and website provide Big Oil’s highest level of transparency. It has a strong system for tracking environmental impacts, especially emissions, and makes that data public. It also measures workplace satisfaction among employees: 70% of staffers say they’re “proud” to work for the company.

Master plan In 2006, Repsol announced a two-year corporate-responsibility master plan with goals in six strategic areas (such as safety and health) and nine action plans (including training and monitoring); the company says two programs—staff diversity and environmental biodiversity—are already showing results. It is not clear how this is linked to manager rewards.

IMPACT SCORE: 34 out of 100

Repsol produced 412 million barrels of oil or equivalents in 2006, releasing just 29 million tons of greenhouses gases into the atmosphere in the process, a better-than-average performance. “We are placing great effort into improving efficiency, developing cleaner fuels, and minimizing the environmental impact of the processes,” CEO Antonio Brufau Niubó declared in the company’s 2006 corporate-responsibility report.

Diversity Repsol ranks last among the top 10 for overall gender and ethnic diversity. Only one of 16 board members is a woman, and only one is from outside Spanish-speaking countries. Some 8% of managers are women, as is one-quarter of the global workforce.

Overseas operations Repsol ranks second from last, above Eni, on the countries in which it chooses to source energy. Of the 29 countries providing oil for Repsol, 19 (or 66%) are rated low for human rights and governance by Transparency International and the World Bank.