stakeholder engagement and issue prioritization
Submitted by Chevron Corporation
Our sustainability reporting focuses on environmental, social and governance (ESG) issues that matter to our business and our stakeholders. Thoughtful engagement around priority issues (sometimes called “material issues” in the context of ESG reporting frameworks1) helps us assess and, where necessary, refresh our ESG strategy and commitments and validate priorities in relation to business risk and opportunities.
The content for our Corporate Sustainability Report (2021) was identified through issue prioritization processes and engagements with internal and external stakeholders throughout the year. To gain insight into ESG issues and reporting trends, we engage with numerous third-party groups, including: World Business Council for Sustainable Development, World Economic Forum, Business for Social Responsibility and Ipieca. In addition, we benchmark and obtain third-party reviews of our prior year’s Sustainability Report and send questionnaires to more than 100 internal subject matter experts and stakeholders to test our thinking. In 2021, we had more than 100 engagements with investors and other stakeholders in which a wide range of issues was discussed, such as climate change, corporate culture, cybersecurity, water, human capital management and employee mental health following COVID-19. As part of our reporting cycle, we provide relevant members of the Executive Leadership Team and senior management, the Global Issues Committee, and the Board’s Public Policy and Sustainability Committee with the opportunity to review and provide input to the planned content for our voluntary Sustainability Report.
Since 2020, we have partnered with Datamaran, an ESG risk identification and monitoring software company that uses a comprehensive data-driven process to identify, prioritize and monitor ESG issues. Its business intelligence tool aims to leverage artificial intelligence to incorporate a wide array of inputs, including corporate reports, global regulations, Sustainability Accounting Standards Board (SASB) metrics, social media and online news. We believe this tool is one of many useful inputs into our overall process for assessing the relevance of ESG issues and trends and that it helps us evaluate our alignment with diverse and sometimes competing stakeholder interests.
Commitment to transparency
We demonstrate our commitment to transparency by reporting metrics and performance data annually. To determine which metrics to include, we consider the reporting guidance, indicators and terminology of the SASB, Task Force on Climate-related Financial Disclosures (TCFD), Sustainability Reporting Guidance for the Oil and Gas Industry (2020) by Ipieca, the International Association for Oil & Gas Producers and the American Petroleum Institute, as well as other leading reporting frameworks. We have also disclosed our ESG data, including GHG emissions data, in the IHS Markit ESG Reporting Repository to enable investors and other stakeholders to efficiently compare ESG data across sectors and reporting frameworks in the absence of consistent mandatory reporting requirements.
Responding to our stakeholders
Our stakeholder engagement process has resulted in action in our business and enhancements to our reporting. These are but a few examples:
Read the full Chevron 2021 Corporate Sustainability Report
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California.
Affordable energy is a catalyst for economic growth and prosperity. Our company’s values drive us to provide that energy responsibly while protecting the environment and working with our partners to strengthen communities because our success is tied to the success of the communities where we operate.
We conduct our business in a socially responsible and ethical manner, protect people and the environment, support universal human rights, and benefit the communities where we work.
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