Sustainability & MOL
Sustainable Development, for us, means a corporate commitment to the balanced integration of economic, environmental and social factors into our everyday business operations, to maximise long-term stakeholder value and to safeguard our licence to operate.
Sustainable development, as ensuring permanently improving living conditions for an increasing population within the limits of resources available on our globe, –is one of the greatest challenges of the 21st century. We need every social player’s contribution to achieve this goal: individuals can do the most through their everyday behaviour and consumption habits and patterns, the government agencies by preparing appropriate regulations and applying efficient market incentives, civil organisations by representing the public interest, and finally, the companies by evolving their products and services to sustainable. For a publicly-traded company, „corporate sustainability” can secure the best framework for this activity, where the key thing is that the company takes into consideration the critical factors, environmental protection challenges and social effects for its long term economic results during its operations.
MOL Group, as a major oil and gas company has a critical role in the life of the society and economy. Through its products it can contribute to efficient traffic, transportation of goods, energy generation, as well as the petrochemical sector can produce feedstock for the plastic industry, indispensable in modern age. Nevertheless, it is a high risk business in respect of safety, and has, directly and indirectly, major impacts onto the environment. As a consequence, not only the increasingly rigorous permanently national and international legal environment, but also stakeholders’ expectations and investors’ aspects influence the appropriate management of the said risks.
During its operations, MOL has been for long time seriously applying the principle of sustainability, and providing relevant information to the society and the stakeholders. MOL Plc., as the first company in Hungary, published its HSE Report in 1997, where targets and results in health protection, safety and environmental protection were presented. The scope of content of this report was expanded, then, since 2002 this document has been published under the titled „Sustainable Development” presenting MOL Group’s results.
In June 2006 the Sustainable Development Committee of MOL Board of Directors was established in order that SD can receive the highest-level support. During the same year we developed the processes that can enable MOL to further improve and develop its operations in conformity with the best international practice and on the basis of regular measurement and evaluation also in the area of sustainability.
Triple bottom line
Sustainable corporate operations, and, as a result, contribution to sustainable development can also be defined as operations in conformity with the principle of triple bottom line. This means that the company sets out the target of permanent improvement in its performance in economic, environmental and social areas.
The economic pillar has outstanding significance also for participants of market economy, thus also for MOL. The stabile financial position and maintaining authenticity and validity towards investors are the key elements of the sustainable business model, and fundamental preconditions for operating as „good corporate citizen”. Moreover, we think that other areas contributing to the company’s long term business successes, like product development, risk management, client relations, corporate governance, business ethics and transparency all belong to this group of values.
The environmental dimension presents the need to reduce the environmental footprint and to improve the so-called eco-efficiency, in addition to securing compliance with the environmental protection laws and regulations. In addition to reducing emissions, preventing effluents, maintenance of excellent waste management and protection of natural values, efficient water consumption and improving energy efficiency are also pre-conditions for producing good results in this environmental pillar.
The social pillar of SD covers all areas and topics, where the stakeholders, i.e. local communities, employees and the public at large can directly influence the corporate operations. This category includes respect of human rights, support of culture, cooperation and knowledge-sharing, securing equal chances, as well as to provide continuous training for MOL Group employees and conditions for safe workplaces and conditions of work.