Sustainability in Business - the Kuwait Oil Company and Shell - Essay Example

Sustainability in Business Table of Contents Introduction 4 2.Company Analysis 5 2 Shell 5 2 1.SWOT Analysis 5 2 2.Company Ranking 6 2 3.Media Coverage 6 2.2.Fluor 7 2.2.1.SWOT Analysis 7 2.2.2.Company Ranking 8 2.2.3.Media Coverage 8 2.3.KOC 8 2.3.1.SWOT Analysis 8 2.3.2.Company Ranking 9 2.3.3.Media Coverage 9 3.Barriers & Drivers and Success in Implementing Sustainable Strategies 10 4.Issues in Corporate Sustainability 11 3.1.Business Strategy 12 3.2.Corporate Governance & Leadership 13 3.3.Environmental Issues 14 3.4.Corporate Ethics 15 3.5.Community Responsibility 16 3.6.Workforce Diversity 17 3.7.Labor Relations 17 5.Conclusion 18 References 20 1. Introduction At the wake of the 21st century, it was hardly known to most of the organizations that the business scenario will change drastically over the years to come. A myriad of developments that have been taking place in different walks of life are bringing about sea changes in the world of business which has, unquestionably, become highly competitive and volatile. Because of the breakneck competition that has characterized the state of corporate affairs, “we have seen enterprises widely acclaimed one year as high performers only to fail the next and we have also seen a similar phenomenon with nations” (Dunphy, 2000, p.5). As a result, the question arises as to how organizations as well as societies which are capable of sustaining exceedingly productive performance can be developed. Moreover, it has become increasingly comprehensible that “sustained economic success and quality of community life depends on developing a different relationship with the natural environment” (Dunphy, 2000, p.5), and hence, it is necessary to realize the fact that much of the economic affluence has been attained at the cost of global resources that have been exploited at an unsustainable rate. In the light of these facts, the current research will aim at evaluating the corporate sustainability of three global majors, viz. Royal Dutch Shell plc (Shell), Fluor Corporation (Fluor), and The Kuwait Oil Company (KOC) in terms of the sustainable profiles of different countries wherein they operate. The report will address a range of corporate sustainability issues that organizations commonly face, in order to substantiate the fundamental premise of this research. 2. Company Analysis 2.1. Shell 2.1.1. SWOT Analysis Strengths: The major strengths of the Shell include its internal factors that have lead to rapid growth of the company. It is one of the largest oil companies and it has acquired very strong market position in global oil industry. It enjoys an upper hand position in the market. The company has taken vertical integration for its operations that allows it to enter downstream and upstream activities like oil and gas exploration and refining, business-to-business sales etc (Shell-b, 2009). The company internal strategies and management team are efficient in maintaining the global operational business operations. The company has acquired high technical advancements for their business operational projects. Weaknesses: Since last five years, the weaknesses of Shell have become more prominent due to certain negative factors. Firstly, the decreasing profit and sales margins are the major weakness of the company. Since last five years the sales revenue of the company is decreasing significantly (Shell-b, 2009). Due to increasing competitions in South and North America, the performance of the company has badly affected. In spite of growing American market, Shell earns very low sales comparing to other regions. Opportunities: The increasing demand for natural gas is rising at higher speed in Asian countries like China and India. Over the next years, the industrialization of developing countries will lead to increase the requirement of natural gas. The demand for petrochemical like propylene, ethylene, etc. is also rising at a higher rate. By 2012, in China, the demand for petrochemical is expected to grow by 8.9%. Therefore, it must grab this opportunity. Threats: The prime operating region of the Shell is Nigeria, which is politically very unstable, and the economic condition of the country is also weakening. The increasing global completion in oil industry is the prime reason for its decreasing sales revenue. The company must follow a strong competitive strategy to encounter the competitors. The global downturn during 2008 affected European market. The European countries are at recovering stage and growth has become slower. 2.1.2. Company Ranking Shell has been deleted from the Dow Jones Sustainability Index (Dow Jones, n.d.). 2.1.3. Media Coverage Shell is famous for its activities that focus on the protection of the ecology. As one of the latest development, the company has signed a contract with the Massachusetts Institute of Technology (MIT) “to invest $25 million in the research and development of high value, sustainable technologies designed to drive innovation in energy delivery” (PR Newswire Association LLC, 2010). 2.2. Fluor 2.2.1. SWOT Analysis Strengths: Fluor is a leading construction and engineering company and its primary operations have been a major strength for the company. The company is globally recognized on grounds of ethical conduct as well as anti-corruption as it has efficiently maintained its business ethics and compliances. For its operational activities, this has acquired very efficient, skilled and diverse work force which is one of the most vital strength for the company. The company is also very active in managing the health, social and environmental issues along with its vast operations. It has contributed towards community and social development (Fluor Corporation, 2010). Weaknesses: The major weakness of Fluor is its losses incurred from discontinued operations (Fluor Corporation-b, 2010). The company’s 54% of total revenue comes for its oil and gas segments. However, excess dependency on this segment is a drawback for the company. Fluor is unable to capture the market share Asian and African market (Fluor Corporation-d, 2009). Opportunities: The company is operating in oil & gas and infrastructure development industry. These industries are highly profitable and hence, must penetrate into new and emerging markets like Asia and Africa. The company is developed its goodwill for best labor practices and may attract skilled and talented staff by virtue of the goodwill acquired through ethical practices. Threats: The oil & gas and infrastructure industry has become highly competitive sector. In future, it is expected that more number of potential entrants may enter into this sector and profitability may reduce. Due various macro-environmental constraints in its operational regions, the company may discontinue some of its operations 2.2.2. Company Ranking Fluor was invited in 2009 for enlistment on the Dow Jones Sustainability Index (Dow Jones-a, n.d.). However, further information is not available. 2.2.3. Media Coverage Fluor’s contributions to the society had been recognized in 2007, when “it was named one of the Worlds Most Ethical Companies by Ethisphere Magazine, a national publication dedicated to illuminating the important correlation between ethics and profit” (Fluor Corporation-c, 2007). This is undoubtedly one of the most prominent laurels that have adorned Fluor’s crown so far. 2.3. KOC 2.3.1. SWOT Analysis Strengths: The company has large amount of the capital to invest in project. The company has acquired vast areas enriched with natural oil and gases In Kuwait. The company is politically very strong as it gets supports from very influential people like Amir of the State of Kuwait, Crown Prince and the Prime Minister of Kuwait. The company has developed into a very respectable brand through its corporate social responsibilities. Weaknesses: The company has been unable to enter in the markets like Europe and Australia. The company has entered into contacts with many oil and gas exporting companies. However, due to the increasing competitions, the company is unable to enter into new contacts with new exporters. The company’s competitive strategies are not quite able to encounter the competitions. Opportunities: It has acquired high expertise of technology for operational activities. IT can extend its operational activities in many emerging and unexploited markets. The increasing demand of natural oil, gas and petrochemicals is the most significant opportunity for the company. Threats: The major threat for this company is the decreasing storage of natural oil and gas. The company has not yet diversified its operations fully and hence, in future the company may face negative growth. KOC enjoys political supports from high ranked people but the internal political condition of this country does not predict a stable political condition. The lack of skilled labor In Kuwait may pose threat for effective operations of KOC. 2.3.2. Company Ranking Relevant data is not available. 2.3.3. Media Coverage According to the company’s website, “Kuwait Oil Company participated actively in this important exhibition with a range of topical conference sessions, senior keynote speakers and exceptional exhibition that included more than 170 exhibiting companies from around the world” (KOC, 2009). This had helped the company gain a lot of media attention. 3. Barriers & Drivers and Success in Implementing Sustainable Strategies For implementing the sustainable strategies Shell, Fluor and Kuwait Oil Company have to consider some major barriers and drivers. The three companies are in natural oil and gas industry and this industry has a direct negative effect on environment. The sustainability strategies also include the corporate social responsibility and in this respect the society is the major driver. The companies have to understand the various social issues and they also must recognize their internal strengths for resolving the social issues. Shell Shell has realized the underlying issue of Nigerian society and the company has contributed toward the social performance. Shell has identified that internal economic growth is another major drivers for sustainable strategies. Achieving the energy efficiency is one the major factor for Shell’s sustainability. Hugh Mitchell, Chief Human Resources and Corporate Officer has identified the “energy demand and growing environmental stresses” as an important challenge of sustainability (Shell-c, 2010). Fluor Fluor has identified that the culture is the major driver for sustainability. This culture includes the social and business culture. According to Fluors Health, Safety and Environmental Director, Kralik, “Culture change is always challenging and there is often misunderstanding and resistance” (Dunlap, 2010). . The characteristics of existing employees are very crucial for the implementation of sustainable strategies. The employees with passive employees have always been challenge for the company. Kuwait Oil Company For the Kuwait oil Company, the external supports like from the governments and other organization is the major driver of sustainability. KOC is efficient in maintaining its sustainability objectives. It has developed its internal policies which are its major strength in this respect. 4. Issues in Corporate Sustainability More than being just a scientific perception, sustainability symbolizes “a focus for a new value debate about the shape of the future”, and for this reason, it has been argued that this concept “is a signpost pointing to a general direction we must take, while the debate is engaged about the best path to lead us forward” (Dunphy, 2000, p.5). It has been observed that sustainability ensues from various activities. These activities, though different in many aspects, aim at enhancing the performance of systems wherein they are carried out. Such activities “extend the productive life of organizations and maintain high levels of corporate performance”; in addition, they have been observed to “enhance society’s ability to maintain itself to solve its major problems” (Dunphy, 2000, p.6). The spectrum of issues that are encountered by organizations while managing sustainability is generally comprised of (1) business strategy, (2) corporate leadership, (3) environmental issues, (4) corporate ethics, (5) industry and community issues, (6) workforce diversity, (7) corporate governance, and (8) labor relations. Each of these facets will be discussed in the following sections, while keeping in mind their importance to Shell, Fluor and KOC. 3.1. Business Strategy Shell has defined itself as “a global group of energy and petrochemical companies employing 101,000 people in more than 90 countries”, and has asserted that it’s “aim is to meet the energy needs of society in ways that are economically, environmentally and socially responsible” (Shell, 2009, p.2). As per its business strategy the energy company that is also the largest in its sector, “helps power and sustain people’s lives” (Shell, 2009, p.4). On entering a new growth-phase the company is sharpening its business performance while stepping up its delivery. Going by its 2009 sustainability report, the strategy of Shell includes the development of “cleaner fossil fuels and alternative energies” (Shell, 2009, p.4) that comply with its business. While paying uncompromised attention to technology as well as innovation, the company aims at centering its operations on sustainable development. Likewise, at Fluor, it has been observed that “sustainability is characterized by a purposeful, proactive approach to stakeholder engagement” (Fluor Corporation, 2010). Being a “global services company focused on the design and construction of highly complex capital projects”, this Texas based organization that has an international workforce of more than 35,000 employees uses various processes that “range from direct day-to-day interactions, to sophisticated client feedback and employee engagement surveys” (Fluor Corporation, 2010) in order to arrive at an alignment with its stakeholders, viz. employees, clients, investors, communities, and various non-governmental organizations (NGOs). The company has clearly asserted that it aims at ensuring, through all its processes, its decision-making benefits its operations as well as the welfare of its key constituencies. It is worth mentioning that according to KOC, “sustainable development can be defined as an enhanced quality of life for everyone, including present and future generations” (Kuwait Oil Company, n.d., p.9). KOC plans to achieve certain ambitious goals by 2020. The company aims to scale up its production facility substantially, simultaneously it plans to maximize oils reserves as well as explore and produce gas. In addition, it wants to ensure healthy and safe working conditions and protect the environment. The company aspires to position itself as a technology-leader, and wants to augment its leadership position by “developing a skilled and motivated workforce with the maximum, appropriate level of Kuwaitization” (Kuwait Oil Company, n.d., p.15). Finally, it desires to be recognized as an organization which is performance-based as well as customer-focused. It has been observed that the strategy adopted by KOC is unique because “it applies the United Nation’s criteria for social responsibility and sustainable development” (Kuwait Oil Company, n.d., p.15). 3.2. Corporate Governance & Leadership In order to be at the top of any industry, an organization needs to inculcate qualities of leadership within its members who, it feels, have the capability of steering the company towards its desired goal(s). It has been found that Shell has “helped bring together the business community to establish the Corporate Volunteer Council of Greater Houston and helped establish the Volunteer Center of the Texas Gulf Coast” (Tichy, McGill & St. Clair, 1997, p.91). Although this is an initiative that aims at bettering the community, it needs to be mentioned that such decisions ensue only from a battery of leaders who fully realize the fact that any organization is but a part of the greater environment within which it operates. It has been observed that Shell “has long understood that developing leaders is a significant source of competitive advantage”, having said that, it has to be mentioned that “the foundations of its developmental planning lie within its core business strategies and values of integrity, professionalism, respect for people, long-term focus, and pride without arrogance” (Fulmer & Goldsmith, 2001, p.11) – a mélange of aspects that not many organizations can boast of. On shifting the focus to Fluor, it has been observed that the management of the company is monitored by its Board of Directors (BoD), which also believes that the CEO “as the individual with primary responsibility for managing the company’s day-to-day operations, is best positioned to chair regular Board meetings and to lead and facilitate discussions of key business and strategic issues” (Fluor, 2009, p.23). KOC has been quite frank in expressing that it “never would have succeeded without the full support of the State of Kuwait’s wise leadership, represented by HH The Amir of Kuwait Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah, HH The Crown Prince Sheikh Saad Al-Abdullah Al-Salem Al-Sabah, HH The Prime Minister Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, HH Minister of Energy Sheikh Ahmad Al-Fahed Al-Ahmad Al-Sabah, and the sincere efforts of KOC’s employees, who have shown the determination to make the social responsibility of the Company an integral part of their daily work” (Kuwait Oil Company, n.d., p.7). It is highly praiseworthy of a company that thanks all its members, irrespective of their position in the organizational hierarchy, on the same platform. It goes without saying that KOC is well aware of the importance of efficient leadership. 3.3. Environmental Issues The environmental issues are is an inevitable part of corporate social responsibilities that determines the sustainability of an organization. The Kuwait Oil Company and Shell are the leading multinational oil company and Fluor Corporation is a popular construction and engineering company. These companies have realized that their operational activities directly affect the environment and therefore, they have drafted and implemented sustainability strategies for the safety of environment. In order to maintain safe and healthy environment, Shell has been focusing on seven major areas that includes activities related to climate change, biodiversity, product stewardship, preventions of spills, cleaner air and reduction of water use. The efficient effort and effective environmental issues related activities have led the company to achieve environmental responsibilities. In 2009 Shell has been able to reduce the direct green house gas emission (GHG) by 11% comparing to 2008 (Shell, 2009, p.9). By bringing the technological advancements, the company achieved the lowest amount of operational spill. The company also works for reducing the use of water. The requirement of water for operational activities was reduced by 26 million cubic meters in 2009. Since last five years, the environmental activities of Fluor have been improved significantly. The company’s prime concern is to increase the energy efficiency and conversation. In this respect, the cost-effective solutions have helped the company’s carbon footprint. During 2009, the voluntary green initiative activities of Fluor, it has reduced its energy consumptions by nearly 8.4 million kilowatt-hours by managing the office space of 7.4 million square feet in 27 countries (Fluor, 2009, p.39). It has also recycled 2.4 million pounds of assorted unused material. Fluor’s global initiative includes activities for landfill avoidance and conservations of water and trees. To enhance the safety and environmental performances, Kuwait Oil Company (KOC) continues to assess the environmental impact and issues. During 2009, to develop healthy environment, KOC has conducted many environmental related programs and projects like waste management, rehabilitation of oil lake beds, air quality control etc. Due to its significant contributions to environmental welfare it has received environmental awards like ISO 9001:2000, C&MD’S awards etc (Kuwait Oil Company, n.d.). 3.4. Corporate Ethics The corporate ethics is the one of the basis criteria for suitability of the companies. For maintaining corporate ethics of international standards, Shell has developed its own code of conduct that guides its employees and partners to meet its business principal of integrity respect and honesty. To set a high standard of performance and ethics, it has created guidelines and a global helpline. The guidelines of the company have developed considering the four areas and these are general business principles, basic code of conduct and code of ethics. The general business principles and the code of conduct (CoC) guide the employees and partners for maintaining ethical corporate culture. The code of ethics depicts the requirements of principal executive and financial officers for governing the general business principles. Shell’s CoC, “covers such areas as: Fighting Corruptive Practices, National and International Trade, Health Safety and the Environment, Safeguarding Information and Communications” (Shell-a, 2010). This business principles and ethics of Shell strive to relate the customers, colleagues and communities. Fluor believes that its ongoing success is a result of its strong business principles and social responsibilities. It has developed it specific business code that ensures business compliance and ethics. For anticorruption initiatives, it has created “compliance and ethics hotlines” that is available for round the clock (Fluor Corporation-a, 2010). KOC has realized the importance of maintaining the sound and safety culture within the organization. It has developed its standard for doing proper business. This set of standard includes regulations for employees and contractors. 3.5. Community Responsibility The three companies have realized their responsibility towards its local community and they have included the social activities as an integral part of their business policies. Shell aims to serve its communities by conducting local programs. It is committed to support the local community by bringing the economic development and growth. It has been engaged with many NGOs for many social programs. It works for its people for protecting them from HIV/AIDS. It has extended its operations in Nigeria so that it can bring social development for Nigerian unprivileged people. It has spent “$132 million on social investment, mostly on community development projects” (Fluor, 2009, p.9). The business culture of Fluor includes the tradition for offering community services. For spreading the awareness on recycling, it has been engaged in several programs. The company also motivates its employees for offering volunteering services for social welfare. In order to serve the society, KOC has established many community centers, public parks hospital etc. It donated around KD 70000 for construction of mentally challenged children. 3.6. Workforce Diversity Shell has it global operations sprawled over 90 nations. It is quite logical that the behemoth has a diverse workforce. While reorganizing its structure, the company has maintained an “approach to diversity in gender, ethnicity and hiring local people” (Shell, 2009, p.4); furthermore, during 2009 number of female employees holding senior positions also went up by 0.4%. The company has also reported that “in 37% of countries, local nationals filled more than half the senior positions, compared to 32% in 2008” (Shell, 2009, p.4), and the overall satisfaction quotient of its employees also increased. Fostering diversity among the workforce and benefitting optimally from the same are two important aspects that should be learnt from corporate giants. It has been observed that Fluor strives to maintain diversity by attracting, developing, supporting, and retaining “a world-class workforce well-equipped to meet the challenges of the future”, and it also offers employees “an engaging work environment that presents each person with opportunities to attain his or her full potential” (Fluor, 2009, p.27). KOC, on the other hand, is based mostly in Kuwait and doesn’t have significant levels, if any, of diversity. However, the company has to think about this facet if it spreads its operations to other nations in the future. 3.7. Labor Relations Shell has communicated through its sustainability report that it “supports the UN global compact and its 10 principles covering human rights, labor, environment and anti-corruption” (Shell, 2009, p.i). Moreover, the company has been striving to enhance sustainability standards within its “biofuels supply chain for a number of years” (Shell, 2009, p.14), and has expressed that its approach is centered on “the introduction of explicit sustainability clauses into new and renewed supply contract” (Shell, 2009, p.14). Interestingly, these initiatives have helped Shell eliminate the employment of child and/or forced labor, and have also assisted in avoiding harmful impact on protected areas. Similarly, Fluor is also an organization that maintains healthy labor relations by virtue of its expertise in the area of human resource management. Reportedly, the company “has had no incidents of child, forced or compulsory labor anywhere in the world”; in addition, the security personnel at Fluor “are trained in company policies and procedures related to operational human rights issues” (Fluor, 2009, p.29), thereby making the activity of grievance management prompt. However, these are activities that most of the companies undertake at varying degrees. In a bid to mention what has come across as an exemplary idea, it must be iterated that “the company hires local residents whenever possible, and offers ethics and compliance training so that all employees are comfortable reporting concerns about improper practices” (Fluor, 2009, p.29). KOC has been observed to be a responsible employer, as the company trains its employees on a regular basis in order to manifest its “strategy of placing health, safety and environment as top priorities”; what is more, the company has also revealed that “a two-year contract was made between KOC and ‘DuPont de Nemours International SA’ on July 20, 2004, for modifying the HSE-related behavior of Company staff” (Kuwait Oil Company, n.d., p.32). 5. Conclusion It has been observed during the course of the current research that sustainability is one of the major keywords that reverberate across the contemporary global business scenario. It is true that human civilizations as well as the myriad of developments that has been taking place since time immemorial has been achieved at the cost of natural resources. In a bid to strike a balance, organizations all over the world have been striving towards rendering the environment sustainable through ‘greener’ practices and are, at the same time, aiming at making their operations sustainable. It has been observed that Shell, Fluor, and KOC are giant players that have been emphasizing on the key issues pertaining to corporate sustainability and trying their best to become responsible corporate citizens. Each of these companies undertakes a series of activities in order to cause lesser harm to the environment. Moreover, they try to maintain a synergistic internal working environment, wherein a diverse workforce can continually enrich themselves through team learning efforts and in turn contribute optimally towards the organizational success. 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