INDIACSR News Network
MUMBAI: The Global Reporting Initiative (GRI) has awarded A+ level to RIL’s Sustainability Report 2011-12. This is the seventh year in a row RIL has received the highest application level on sustainability reporting. RIL is also the first Indian company to adhere to the GRI 3.1 Oil & Gas Sector Supplement, released in February 2012.
RIL has received the coveted rating this year for its report titled ‘Partnering India’s New Future. Sustainably’. The company adheres to all sustainability reporting guidelines and allocates sufficient resources towards its environmental stewardship, product responsibility and social institution building efforts.
The report was presented to GRI, Amsterdam, the Netherlands for application level check, as per the New GRI 3.1 Guidelines. RIL’s report also takes into account guidelines laid down by the American Petroleum Institute and the International Petroleum Industry Environmental Conservation Association. The report is also aligned with the National Voluntary Guidelines for Social, Environmental and Economic Responsibilities of Business, released by the Ministry of Corporate Affairs, Government of India, in November 2011.
The Global Reporting Initiative (GRI) is a non-profit organization that promotes economic, environmental and social sustainability. GRI provides all companies and organizations with a comprehensive sustainability reporting framework that is widely used around the world.
Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of INR 339,792 crore (US$ 66.8 billion), cash profit of INR 31,994 crore (US$ 6.3 billion) and net profit of INR 20,040 crore (US$ 3.9 billion) as of March 31, 2012.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ and ‘World’s Top 100 companies’, ranking 99th in terms of revenues and 130th
in terms of profits in 2012. RIL ranks 68th in the Financial ‘Times FT Global 500’ list of the world’s largest companies. RIL is ranked amongst the ’50 Most Innovative Companies – 2010′ in the World in a survey conducted by the US financial publication – Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.