Pearl Partners With Shell In Accountability Initiative

Pearl Partners with Shell In Accountability Initiative

SHJARJAH, (Pakistan Point News - 23rd Sep, 2018) The Pearl Initiative, an independent non-profit corporate governance initiative which encourages Gulf businesses to develop a corporate culture of accountability and transparency, signed a Memorandum of Engagement (MoE) with Shell EP International Ltd, the global group of energy and petrochemicals companies, for Shell to join the growing network of Pearl Initiative partner companies, which champion the goals of engagement, education and ethical business practices.

This collaboration is significant, given Shell’s track record and expertise in applying sustainability practices to meet the world’s growing need for cleaner energy solutions in ways that are economically, environmentally and socially responsible. Shell has championed corporate governance and transparency in the energy and petrochemical sectors in the region, and globally by voluntarily reporting their environmental and social performances in 21 sustainability reports since 1997.

According to a recent World Economic Forum article, despite an increase in renewable energy, oil and natural gas will still account for 77 percent of world energy usage in 2040. As a region, the Gulf accounts for the largest share of oil reserves and energy production in the world. The collaboration between Shell and the Pearl Initiative highlights the impact of energy companies in the region committing to corporate governance practices in the long term, and in turn, their contribution to more effectively and sustainably meeting this growing energy demand.

The agreement, signed by Carla Koffel, Executive Director of the Pearl Initiative, and Mounir Bouaziz, Shell Country Chairman for Dubai and the Northern Emirates, recognises Shell’s importance as a private sector partner and its leadership in instilling core values of ethics, transparency, initiative and quality as a mainstay of its business conduct and their contributions to society and the environment.