High vulnerability comes in short-term and long-term ways. In the short term, there may occur natural hazards like that of oil spills as well as improper sewage of excess natural gas and so on. The long-term vulnerabilities include social risks like poorly paid labor, inadequately maintained equipment and threat to the indigenous people at stake facing atrocities and negligence and in some cases they are even killed (Multiple uses of the coastal zone, n.d. ). Thus the historical evidences backed by this obnoxious phenomenon have urged the oil and gas TNCs (Transnational Corporations) to play a pioneering role in developing strong leadership roles in the development of good corporate practices as well as rules of behavior in the place of work and engagements in diverse dimensions within the society (Mendenhall, 2008, p.
13). Various oil companies like that of ‘ Shell, Chevron, BP-Amoco, ExxonMobil, Occidental, TotalFinaElf, ENI, etc, in the United Nations’ Global Compact’ , have established the “ Global Reporting Initiative (GRI), the Sullivan Principle, the Voluntary Principles on Security and Human Rights, the Millennium Development Goals, Dow Jones Sustainability Index” (Tuodolo, 2009, p. 531) as basic safeguard measures in the prevention of proper CSR practices.
Large-scale investments are also made by the companies in the management of corporate social responsibility (Hancock, 2005, p. 256). As for instance, it can be stated that British Petroleum has taken the initiative in investing around $ 8 billion in alternative energies like solar, hydrogen and wind power (Millstein, 2006). The companies are also maintaining eco-friendly as well as socially conscious sustainability reports. It is a fact that the oil companies maintain the very presence of the CSR policies in their records, but if in-depth scrutiny is implemented then the evaluation of the appropriateness of the policies develops a legitimate question.
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