Ethics & Sustainability Accounting

Unit Assessment

Miss Archchana Vekneswaran - 12501207

Date of Submission: 19th August, 2013

Submitted in partial fulfillment for the degree of Bachelor of Arts (Hons) Sustainable Performance Management

Word Count: 2216

An Analysis on Sustainability Practices of Shell and Role of Accountants

REPORT A Critical Analysis on the Role of Accounting in Ethical & Sustainability Practices of Royal Dutch Shell PLC

To

The Board of Directors Royal Dutch Shell PLC Management Accountant 19th August, 2013

From : Date :

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Executive Summary
As per TIG (2013), With businesses focusing on generating profits, sustainability was not a popular concern among companies up until recently. Increased media attention, pressures from NGO1s, rapid global information sharing has led to surge of sustainable business practices is (TIG, 2013). So in order retain customers and employees CSR2 initiatives started to gain more importance. The following report critically analyses the sustainability and ethical policies and practices of a multi-national energy corporation Shell PLC, and the role of accountants in overcoming such issues to avoid green washing initiatives to build up profits. The findings suggest that the ethical and sustainability practices of Shell do not portray a picture of corporate citizen. The sustainability reports are seen as a green washing initiative by most of public institutions and NGOs. Even though Shell does some philanthropy and community activities, it does not match the greater danger the company is imposing on the environment for instance the dangerous Arctic drilling. Even though accountants are not the people who would pop into mind when someone thinks of sustainability initiatives of a company, it was found that accountants could play a vital role in helping companies to be more sustainable in its operations by being in the roles financial accountants, management accountants, auditors and counselors.

1 2

NGO CSR

- Non Government Organizations - Corporate Social Responsibility

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Table of Contents
Executive Summary....................................................................................................................................... 2 1. Introduction .......................................................................................................................................... 4 1.1 1.2 1.3 1.4 2. Company Background ................................................................................................................... 4 Highlights of Global Energy Market .............................................................................................. 5 Existing Competition among Energy Giants .................................................................................. 6 Impacts from Regulatory Environment ......................................................................................... 7

Critical Discussion on Sustainability Policies and Practices of Shell..................................................... 9 2.1 Background ......................................................................................................................................... 9 2.2 CSR Initiatives of Shell ......................................................................................................................... 9 2.3 Review and Critiques of Sustainability Policies & Practices of Shell ................................................. 10

3.

Role of Accounting in Ethical and Sustainability Practices ................................................................. 15

Conclusion ................................................................................................................................................... 17 References .................................................................................................................................................. 18

List of Figures
Figure 1: Shell's Upstream and Downstream Product Portfolio ................................................................... 4 Figure 2: World Demand Trend for Energy ................................................................................................... 5 Figure 3: World Total Demand for Primary Energy Sources ......................................................................... 5 Figure 4: Per Capita Carbon Emissions per ton by Key Nations .................................................................... 6 Figure 5: Top 6 oil companies of the world .................................................................................................. 6 Figure 6: Details on Top Energy Corporations - 2008 ................................................................................... 7 Figure 7: Shell's CSR Initiatives...................................................................................................................... 9 Figure 8: Shell Sustainability Policies .......................................................................................................... 10 Figure 9: Impact of Social Footprint on Shell's Corporate Reputation ....................................................... 12

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An Analysis on Sustainability Practices of Shell and Role of Accountants

1. Introduction
1.1 Company Background
Shell is one of the largest multinational energy and petrochemical companies headquartered in Netherlands, which operate in approximately about 70+ countries with 87,000 employees (Shell Sustainability Report, 2012). Its strategic vision is to be the top performing and most admired refinery in Asia (Shell, 2013). It is a well-known enterprise for its technical innovation based on R & D3 in the fields of renewable energy sources. According to Shell (2013), Shells activities provide low cost, safe and reliable energy supplies for our customers, world-wide. As stated by Zhikhareva (2013), Shell owns 15.35% global market share which allows them to reach required profit margins to reinvest in innovation to come up with differentiated products.

Figure 1: Shell's Upstream and Downstream Product Portfolio

Source: Shell Annual Report (2010)

3

R & D - Research and Development

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An Analysis on Sustainability Practices of Shell and Role of Accountants

1.2 Highlights of Global Energy Market

IMF4 (2013) reports that the persistent increase in oil prices over the past decade shows that global oil markets entered into period of increasing scarcity due to rapid growth of emerging economies and downshift of trend in oil supply. Competition seems to be high among companies in securing reserves for future production. The demand growth has triggered global CO2 emission levels on fossil fuels since 1969 (BP, 2013).

Figure 2: World Demand Trend for Energy

Figure 3: World Total Demand for Primary Energy Sources

Source: Shell (2011)

Among BRICS5 nations, highly populated economies such as China and India are facing an energy intensive economic growth which leads to increase in demand for fossil fuels (Shell, 2013). IMF (2013) has also reported that barrel of Brent crude oil crossed the US$100 threshold in January 2011. It is expected to continuously increase in the next 2-3 year period.

Due to marked mobility of individuals and natural decline of existing natural sources the world would need 40 million barrels of oil per day in future by 2030 (Brinded, 2010). Unconventional sources, mainly extra-heavy oil and gas-to-liquids, will take a growing share of world production says Brinded (2010). World has to invest more than $1 trillion each year on energy research projects to come up with new energy sources which are yet to be found (Brinded, 2010). This challenge is daunting.
4 5

IMF International Monetary Fund BRICS Brazil, Russia, India, China, South Africa

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Figure 4: Per Capita Carbon Emissions per ton by Key Nations

Source: HCF (2013)

When people use energy generated from fossil fuels 12.4 tons of emissions caused from household activities and 11.7 tons from automotive usage (HCF, 2013). According to Shell (2011), The majority scientific view is becoming increasingly pessimistic about the potentially devastating effects of climate change from greenhouse gases. UNs Coppengen summit 2009 to come up with revised carbon emission target became a failure and Gulf of Mexico oil spill created legitimate arguments on safety in producing oil and gas in an environmental friendly way (Shell, 2011).

1.3 Existing Competition among Energy Giants

There are thousands of firms operating in the oil industry. But competition is relatively high among large companies with high oil reserves. Small competitors serve to niche segments or to particular countries (Investopedia, 2013).

Source: Google (2013)

Figure 5: Top 6 oil companies of the world

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Figure 6: Details on Top Energy Corporations - 2008

Source: Google (2013)

1.4 Impacts from Regulatory Environment

Energy companies have to comply with global regulations on limits of exploration fields, CO2 emission controls etc. in order continue operations in various countries. In Canadian Alberta oil sands Shell has to comply with Environmental Protection and Enhancement Act, Alberta Water Act etc enforced by Federal Department of Fisheries and Oceans (Shell, 2009). Areas in which constant monitoring will be conducted are: Tailings Groundwater monitoring Wetland research Conservation and reclamation Waste management etc (Shell, 2009)

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An Analysis on Sustainability Practices of Shell and Role of Accountants

After the BP6 oil spill in Mexico Gulf regulations are tightened. In America, Bureau of Ocean Energy management, regulation and enforcement is keen on closely monitoring energy companies (Krauss and Broder, 2011). But in the UK former Shell chairmen Smith being a part of energy ministry of UK try to deregulate energy sector along with Charles Hendrey, the energy minister of UK (Donnovan, 2011). Shell is the market leader for energy in Nigeria where gas flaring causes trouble to the local community at the cost of environment (Donnovan, 2011). $2.5 billion worth of waste is recorded annually making Nigeria the second nation in gas flaring issues. President Goodluck Jonathan or any other pressure groups arent taking any action against this issue (Donnovan, 2011). Legislation which was developed in 2008 regarding these issues was not effective to date. Shell has been receiving grants and cooperation for its energy exploration and renewable resources production. In Alaska, Shell won a conditional approval from the Interior Department for the project of oil drilling in Beaufort Sea in North Slope, Alaska (Krauss, 2011). The decision is favorable to Shell as it has drawn the company near the arctic drilling after 5 years of continuous struggle to get through regulatory hurdles.UK government granted permission for London array (which includes Shell wind farms) to go ahead with the electricity project which is in line with renewable energy production system to encourage environmentally friendly production facilities (Shell corporate website, 2013). Signature payments, taxes, royalties and commissions are major sources of income for countries with energy resources (Shell corporate website, 2013). The UK government initiated EITI7 in 2002 to increase the transparency of revenues of oil and mineral activities. Shell ensures that host countries too to stick to the EITI scheme. So they have been a part of Nigerian EITI to enhance transparency in disclosing revenues to the government. It is also been promoted in Cameroon, Kazakhstan etc. The next chapter looks into a critical discussion on the policies and procedures of Shell PLC on CSR.

6 7

BP British Petroleum Corporation EITI Extractive Industries Transparency Initiative

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An Analysis on Sustainability Practices of Shell and Role of Accountants

2. Critical Discussion on Sustainability Policies and Practices of Shell

2.1 Background
After the criticisms on Shell regarding Nigerian oil platform sink in 1995, it has been the pioneer to introduce first CSR report in 1998 (Ethical consumer, 2013). Shell established its first CSR committee in 1997 (Shell, 1998). The 20 million strategy helped the company to rebuild its public image and enhance reputation among the key decision makers and opinion formers (Ethical consumer, 2013). A previously critique of Shell, SustainAbilitys involvement contributed a lot in rebuilding the corporate brand (Ethical Consumer, 2013).

2.2 CSR Initiatives of Shell

Shell has taken substantial initiatives to comply with CSR. One of Shells corporate aims says to engage responsibly in oil, gas and chemicals, which gives an indication that the CSR objective is incorporated (Times corporate website, 2013). It is also said that in Shells R & D approaches to seek for efficient energy sources with CO2 emissions (Times corporate website, 2013). It is said in the case that through local partnership Shell tries to minimize the environmental impact on local communities living near refineries (Times corporate website, 2013). Shell complies with host country regulations and working with NGOs to address social issues and pollution related environmental issues (Times corporate website, 2013). The following figure displays Shells community projects, philanthropy and core projects in terms of women empowerment, water conservation etc.

Figure 7: Shell's CSR Initiatives

Source: Shell (2013)

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An Analysis on Sustainability Practices of Shell and Role of Accountants

2.3 Review and Critiques of Sustainability Policies & Practices of Shell

When it comes to sustainability practices Shell categorizes its initiatives into four as explained in the figure below. However the policies did not reflect a positive picture in terms of performance rankings by global agencies despite being a strong supporter of Kyto protocol and Shell is well above the threshold levels. Such ratings include Carbon Disclosure Leadership Rankings (CDLR), Dow Jones Sustainability Index, FTSE4Good Index and Shell was only been able to be presented in Goldman Sachs ratings (Shell, 2013). According to Carus (2013), Royal Dutch Shell hardly has the best reputation when it comes to social justice and environmental impacts: the dumping of the Brent Spar oil-rig; alleged human rights abuses in Nigeria; its controversial plans to drill in the Arctic Ocean that recently stalled. The main factor behind this indices highlights the fact that Shells has been downgraded and been omitted for is poor sustainability initiatives particularly in Nigeria and heavy investments in energy intensive projects where the company has openly quoted that, As our business grows and production becomes more energy intensive, we expect the direct GHG8 emissions from facilities we operate to rise in the coming years (Shell, 2013). The company expects its greenhouse gas emission levels would be higher than 74 million tons (Shell, 2013).

Figure 8: Shell Sustainability Policies

Source: Shell (2013)

8

GHG Green House Gas

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Shell is a pioneer in very feasible scenario planning techniques where this helped the company to develop an image of being a far sighted company among all energy giants (Holding, 2013). These scenarios explains that solar energy will be the key energy source by 2100 and earth could only be able to absorb 565 gigatons of CO2 emissions whereas this hurdle would be reached within next 16 years if the energy manufacturers didnt switch sustainable energy reforms (Holding, 2013). Having said that, with Shells history of well predicted and planned insights into the future, how could they predict a carbon free future while there competitive strategy is still to reposition themselves as the leader in oil and gas sectors? (Holding, 2013). Shell has also sold their solar business in 2006 realizing low profitability compared to fossil fuels raises the question on whether the large conglomerate hiding something from public reports. Shell is deviating from its scenarios and investing in LNG9 plants and projects to capture more than five time oil reserves of Saudi Arabia and spends a lot on conventional with more than $7 billion worth of investments on R & D (Holding, 2013). The organization doesnt seem very transparent in reporting on what they intent to do in future and hiding them inside acclaimed social reports which could harm the stakeholders in terms of climate change in near future. Would Shell be accountable then? Shell is one of the energy firms to pursue Arctic drilling to explore new oil reserves in ice and global environmental groups heavily criticized as this could initiate major and unexpected oil spills and environmental catastrophes which could be detrimental. As per geologists the cleaning plans are not up to the par and Shells has a glorified mop and bucket in the name of disaster management plan (Green peace, 2013). With the history of oil spill in UK and in Nigeria, Shell still claims that they could clean the mess of 90% whereas even 1-2% is not possible in this offshore ice sea of Alaska (Green peace, 2013). 23% of Shells reserves are from Canadian Tar sands and this is an energy intensive project which is high in its carbon emission levels and the communities around the tar sands faces health issues and waterways are contaminated with chemicals. Shells explanation for this is that there are producing something the society requires by complying regulations. Reserves Replacement Ratio (RRR) is very key ratio among public quoted energy companies where the investors would be very pleased to invest based the availability of new oil reserve
9

LNG

Liquefied Natural Gas

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An Analysis on Sustainability Practices of Shell and Role of Accountants

discoveries and Shell might be a victim to this requirement and hence trying to stick to conventional fossil fuels. People could recall that Shell overstated its reserves by 20% and faced legal consequences (Greenpeace, 2013). Solar energy investments being low profitable might make the investors channel their capital to other companies. This shows that Shell management facing dilemma to satisfy two different stakeholder groups needs Shareholders Vs Community. In terms of social footprints of Shell which measures the impact of energy companies of the labour, communities, human rights etc. GRI10 is the only standard which governs this part of business reporting as a way of letting the companies stakeholders to know how the business affects them. As mentioned in Fig 7 Shell involves in community related activities to something back to the community.

Figure 9: Impact of Social Footprint on Shell's Corporate Reputation

Source: Shell (2011)

Especially in Nigeria, a country in which Shell been receiving negative pressures for its gas flaring activities, a dedicated team has been working on training 3000 entrepreneurs in the fields

10

GRI

Global Reporting Initiative

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An Analysis on Sustainability Practices of Shell and Role of Accountants

of project management, catering, welding etc. (Shell, 2011). Shell Live WIRE program has been helping local entrepreneurs to seek career opportunities which are suitable for their talents (Shell live wire corporate website, 2011). Shell has also been engaged with road safety campaigned and urged various governments around the world to avoid risky transportations (GRSP road safety corporate website, 2011). Shell has invested more than $78 Million and been working with UNAIDS for AIDS awareness campaigns also ensures that no person is discriminated based on AIDS and tries to promote communities and families to engage in AIDS awareness initiatives (Kaye and Shell corporate website, 2011). However all these social welfare projects seem like a green washing attempt to hide the major impact on the communities due to oil exploration. Earlier this year, a Dutch court ruled that Shells Nigerian subsidiary guilty of burning out farming fields, destroying the natural inhabitants and harming the communities due to gas flaring (Ugochukwu, 2013). As any third world countries Nigerian delta has a very instable government with loopholes in the regulation and Shell has been blamed to be using these gaps in the system for more than 50 years now (Ugochukwu, 2013). Above mentioned case was the first victory of Nigerian community over Royal Dutch Shell which indicates that it would awaken more pressures and the company might face various litigations the environmental damage if they do not find alternative ways to gas flaring. It should also be noted that Shell as the major company with the second largest revenue holds board positions in organizations which could lobby against Shell. This is very unhealthy practice and Shell diverts all the boards interest to satisfy their plans of expanding fossil fuel business and even recommended UK government to wind up from their wind and solar projects and stick to conventional techniques. Are they acting as good corporate citizen or just being very biased towards preserving their self-interests to maximize profits and hurt the environment in which they operate by manipulating the officials? Exxon Mobil mostly accused as the bad guy of the energy business, follows the social code very enthusiastically than Shell. (green peace, 2013). On the other hand on a positive note, Shell established Shell foundation (Fig 7) since 2000 to invest in sustainable development project worldwide (Europa, 2003). Since its inception, in has created 21400 jobs and helped save 3.4 million tons of carbon (Carus, 2013). Shell disbursed about $111.9 million since 2000 to catalyze scalable and sustainable solutions to globally developing challenges (Chapman, 2011). Shell centenary scholarship fund program helps 900
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An Analysis on Sustainability Practices of Shell and Role of Accountants

students around the world since 1998 for their higher studies in UK (Shell scholar corporate website, 2011). Despite all the negativity on the independence of the foundation, this establishment remains independent and drives toward development of technologies and new business ventures.

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An Analysis on Sustainability Practices of Shell and Role of Accountants

3. Role of Accounting in Ethical and Sustainability Practices

In terms of power and influence you can forget about the church forget politics. There is no more powerful institution in society than business. . . The business of business should not be about money, it should be about responsibility. It should be about public good, not private greed -Anitta Roddick (2000, cited in Tilt, 2009)

Sustainability and accountability increased its prominence in the recent present when powerful nations dominated poor countries, when the multinationals dominated and polluted the natural environment and when there were increased concern on the human rights issues due to business operations. As per Adams and Gonzalez (2007), this concern leads the scholars to research on social and environmental accounting which could trigger organisational change in a capitalist system. This develops a conflict based perspective that accounting plays an important role in the perpetuation of social relations (Adam and Gonzalez, 2007: 333). Many companies including Shell peruse sustainability accounting and reporting in order to maintain its status quo or to maintain its own agenda to portray themselves as companies saving the Earth for the future generations (Adams and Gonzalez, 2007). Accountants play a vital role when it comes to social accounting where they provide the mechanism for the firms to be accountable for what they do (Tilt, 2009). Corporate social disclosure can be the responsibility for all three types of accountants. A financial accountant could be responsible for the social and environmental aspects of the assets and liabilities and report them in a standard way (Tilt, 2009). A management accountant could perform a cost benefit analysis on the environmental issues and auditors could verify the numbers and impacts to present the true and fair position of the said company (Tilt, 2009). GRI discloses its vision as companies should report their social, economic and environmental performance in comparable way to their financial records (Tilt, 2009). Thus the accountants become a group of individuals making the company transparent and disclose the non-economic impact through sound and transparent disclosures of triple bottom line reports (Tilt, 2009).

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An Analysis on Sustainability Practices of Shell and Role of Accountants

The International Federation of Accountants set a framework on how the accountants could play a vital role when it comes to enhancing the corporate reporting stance of the business. According to IFAC (2011), Competent and versatile accountants in the finance departments should include sustainability considerations into the business plans, strategies, capital expenditure decision making, performance management reports and costing structures to improve the sustainability of the decision made on the higher level. In order to maintain integrated management it should involve management of opportunities and risks and to provide insights to the analysis and decision making which would enhance high value business partnering of professional accountants. To improve the quality of external communication with stakeholders, accountants should play a vital role to setup robust systems which could capture quality data and to maintain and report them. They should play the role of project managers to put such systems into practice, establish controls and process for continuous monitoring of the performance. Be aware of the pressures of sustainability and be able to measure the social costs and benefits in relation to the business case. It is also essential that the accountants do not get involved in the managements efforts towards shadow accounting. They should carefully consider the changes in the regulatory environment in relation to sustainable reporting to change the corporate reporting accordingly. Accountants could benchmark the sustainability practices along with other similar business ventures to adapt to good practices. Professional accountants could act as the counselors when the management requires some guidance in terms of environmental reporting. As accountants records are considered as the business language, they should be competent enough to provide such advisory services by continuously improving their skills and knowledge by involving in CPD11 activities. They should be aware of the companys emission trading schemes and carefully monitor market trends to help the top tier make better decisions (IFAC, 2006).

11

CPD Continuous Professional Development

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An Analysis on Sustainability Practices of Shell and Role of Accountants

Conclusion
The ethical and sustainability practices of Shell do not portray a picture of corporate citizen. The sustainability reports are seen as a green washing initiative by most of public institutions and NGOs. Even though Shell does some philanthropy and community activities, it does not match the greater danger the company is imposing on the environment for instance the dangerous Arctic drilling. The corporate disclosure openly states how could they are in term of providing what the community needs by clearly hiding the negative impacts it has on the universe through its energy intensive operations. Even though accountants are not the people who would pop into mind when someone thinks of sustainability initiatives of a company, it was found that accountants could play a vital role in helping companies to be more sustainable in its operations by being in the roles financial accountants, management accountants, auditors and counselors. How the accountants at Shell could bail out the company from its green washing initiatives will be discussed in the presenting on the upcoming board meeting.

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An Analysis on Sustainability Practices of Shell and Role of Accountants

References
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Brinded M., (2010), Challenges and Developments in the NOC- IOC relationship, [online], Available from: http://www.shell.com/home/content/media/speeches_and_webcasts/archive/2010/brinded_oxford_2 3072010.html [Accessed on 16th August, 2013] British Petroleum (2013), BP Statistical Review [online]. http://www.bp.com/statisticalreview [Accessed on 27th August, 2013] Available from:

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Google images corporate website, (2013) [online]. http://www.google.lk/imghp?hl=en&tab=wi [Accessed on 17th August, 2013]

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Shell corporate website, (2013) [online]. Available http://www.shell.com/home/content/aboutshell/at_a_glance/ [Accessed on 27th July, 2013]

from:

Shell foundation corporate website (2013) [online], Available from: http://shellfoundation.org/pages/core_lines.php?p=corelines_content&page=breathing [Accessed on 8th August, 2013] Shell livewire corporate website (2013) [online], Available from: http://www.shell-livewire.com/ [Accessed on 7th August, 2013] Shell scholar corporate website (2013) [online], Available from: http://shellscholar.org/home/ [Accessed on 7th August, 2013] The Prince Whales Charities (2012) Accounting for Sustainability [online], Available from: http://www.accountingforsustainability.org/wp-content/uploads/2012/07/A4S-Integrating-Reportingand-Integrated-Thinking.pdf [Accessed on 3rd August, 2013] The Times corporate website (2013), Balancing stakeholder needs at Shell, [online], Available from: http://www.thetimes100.co.uk/case-study--balancing-stakeholder-needs--76-403-1.php [Accessed on 15th August, 2013] TIG (2013), [online], Available from: http://issues.tigweb.org/csr?gclid=CL7OrPHO0asCFUl76wod9XB2Uw [Accessed on 5th July, 2013] Tilt, C (2009), Corporate Responsibility, Accounting and Accountants [online], Available from: www.springer.com/cda/content/.../cda.../9783642026294-c1.pdf [Accessed on 3rd August, 2013] Ugochukwu, P. (2013), CSR in the Nigerian oil and gas sector, [online], Available from: http://www.academia.edu/2700307/Corporate_Social_Responsibility_in_the_Nigerian_Oil_and_Gas_Se ctor_Legal_barriers_facing_claims_of_environmental_liability_against_Multinational_oil_companies_in _Nigeria [Accessed on 16th August, 2013] Zhikhareva A., (2013) Shell tops in Sales, Wawa most efficient and Chevron flexes its pricing power [online]. Available from: http://newsandresearch.metisresources.com/2011/05/12/shell-tops-in-saleswawa-most-efficient-chevron-flexes-its-pricing-power/ [Accessed on 27th July, 2013]

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