A Study of Sustainability Disclosure Practices in Select Petroleum Companies of BRICS Countries

Abstract

Reporting on SDP is a process to get aware and to be responsible about economic, environmental and social aspects. It is also important to inform the stakeholders whether the companies are attaining the goals of Sustainable Development or not. In present scenario there are various Sustainability Guidelines available to make reporting reliable and authentic. In this regard voluntary guidelines are available known as GRI G4 Guidelines, providing theoretical framework for SDP. This study considers Sustainability Disclosure Practices in selected petroleum companies of BRICS countries. The study is based on both secondary data and primary data. Two petroleum exploration companies have been selected from each of the countries that make up the BRICS group, for a total of ten companies. A total of 184 individuals participated in the collection of primary data for the study purpose. (i.e.Stakeholders). Checklists were used to look secondary data. Data were subjected to various tests like ANOVA, T-test and Kruskal-Wallis Test. newlineIn the present study, researcher has studied the SDP of selected petroleum companies of BRICS countries based on GRI G4 Guidelines and examined the framework and background of GRI. newlineResearcher analyzed the performance indicator of Sustainability Disclosure Practices in selected petroleum companies of BRICS countries. In overall performance, researcher found that results are insignificant and same is found in social performance indicator as well. On the other hand, analysis shows Sustainability Disclosure Practices have a significant role in economic performance indicator and same is found in environment performance indicator in selected petroleum companies of BRICS countries. newlineThis study is done on BRICS nations and it is found that perception regarding Sustainability Disclosure Practices is almost same in all BRICS nations. Governments are taking initiatives to improve the quality of SDP. They also play an important role to accelerate and transparent the reports on SDP, but the companies should follow the norms regarding SDP and should appoint experts to make Sustainability Reports. It is a challenge for companies to create transparency about risk and opportunities in SDP and to fulfill the needs of economic, environmental and social aspects. newline newline