|Petron Named Top RP Company In 3rd Asian Sustainability Ratings|
Leading oil refining and marketing company Petron Corporation emerged as the top Philippine company in the 3rd Asian Sustainability Ratings (ASR) conducted by CSR Asia, besting other local publicly-traded corporations. This is the second time that Petron has topped the ratings board which measures a company’s performance in key areas such as environment,social, and governance (ESG).
Petron ranked No.1 among Philippine companies and 7th out of 49 Asian companies in the energy sector surveyed by the ASR. It also placed in the top ten percent of the 750 companies surveyed in ten Asian countries.
Launched in 2009, the ASR examines the publicly available information of leading listed companies in ten Asian countries and provides investors, companies and other stakeholders with a view of the strategic sustainability of these companies. The ten countries included in the ASR are: Australia, China, Hong Kong, India, Japan, Malaysia, Pakistan, Philippines, Singapore, and Thailand.
“In a world where transparency and accountability are increasingly important, the ASR is the first ESG benchmarking tool to analyze the largest listed companies in Asia. The ASR allows companies, investors and other stakeholders to understand the economic, social and governance activities of listed companies. It also encourages listed companies to address ESG performance through disclosure and realistic target setting,” a report prepared by CSR Asia said.
“As Petron’s business grows, our initiatives in the areas of sustainability and corporate social responsibility likewise increase,” Petron Chairman and CEO Ramon S. Ang said. “We believe that adhering to sustainability across our operations is essential to the long-term viability of our business.”
“If you take a look at the leading companies across the region, they have overcome business challenges by doing the right things. A strong company does right by its employees, customers, and other stakeholders,” Mr. Ang added.
Earlier this year, Petron received two distinctions from the Management Association of the Philippines for integrating corporate social responsibility and sustainability into its daily business operations. MAP awarded Petron the coveted Integral CSR Award and the Special Award for Environment and Sustainable Development during the CSR Leadership Challenge 2011.