PETRONAS
1974 Year founded
Oil and energy
Industry
50,000
Number of employees
purposes . This is about transforming the business to be sustainable and also making profits in the future . It ' s about safeguarding the environment , creating positive social impacts . We must create social value , through our daily operations and adhere to responsible governance as well , which is really important to ensure that we ' re constantly reminding ourselves that we apply strong governance mechanisms and ethical business practices throughout . This is our top-down steer to effectively embed sustainability across our group , so not just through our decision making , but also for our daily business operations .”
The PETRONAS statement of purpose is , ‘ A progressive energy and solutions partner enriching lives for a sustainable future ’ and Wolff-Bye uses this as her guide as CSO .
“ The statement of purpose provides us the direction we need for everything we do now in the business . The world is changing . Our industry is transforming like never before , and this statement of purpose , provides us the guide of where we are going , and it reflects our growth agenda and also the innovation we are aspiring to .”
As PETRONAS is predominantly an oil and gas producing company , the role of the company is certainly changing .
“ We are focusing on customers and stakeholders , so no longer do we just supply our products .”
This is important in Malaysia , which will grow by a third in population over the next couple of decades , to surpass 40 million people .
“ At PETRONAS , we need to make sure we deliver reliable , sustainable , and affordable energy to support progressive growth , but it must be low carbon growth .”
ESG at PETRONAS There has been a tremendous growth in interest in ESG , but also in investments linked to ESG criteria . At PETRONAS , this has been welcomed .
“ It basically rewards good sustainability performance . If you think about investor dialogues , maybe even five years ago , rarely would they have been asking anything about non-financial performance , but now actually I think the world has woken up to sustainability challenges around climate change , loss of nature and inequality actually impact any business strategy . Now that ' s being embedded into evaluation criteria .”
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