REG - 88 Energy Limited - 88 Energy Adopts Global Standard for ESG Reporting

88 EnergyAnnouncement

30/06/2021 07:00

RNS Number : 5148D
  
88 Energy Limited
  
30 June 2021
  
 

 
30 June 2021
88 Energy Limited
88 Energy Adopts Global Standard for ESG Reporting
Highlights 
·    88 Energy adopts Environmental, Social and Governance (ESG) framework designed by the World Economic Forum (WEF) 
 
·    Impact monitoring technology company, Socialsuite, a leading provider of Impact Management Systems, to measure 88 Energy's performance across 21 core ESG metrics and disclosures
 
·    88 Energy to report its ESG progress across each sustainability area 
 
 
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E, OTC:EEENF), including its subsidiaries, is pleased to advise shareholders and stakeholders that it is adopting the Environmental, Social and Governance (ESG) framework developed by the World Economic Forum (WEF). This framework is regarded as the global standard for ESG reporting and encompasses 21 core metrics and disclosures. 
 
The Company has engaged independent impact monitoring technology provider, Socialsuite, to assist with measuring, monitoring and reporting of these core ESG metrics.  In accordance with best practice ESG disclosure, 88 Energy plans to keep the market updated regularly on its ESG performance and progress as it sets a new standard in measuring the sustainability and ethical impact of the Company. 
 
88 Energy Managing Director, Ashley Gilbert, commented: "I am delighted that the 88 Energy Board has adopted this universal ESG framework to measure and report on our performance in these areas.  88 Energy continues to build on its success as an energy explorer on the North Slope of Alaska, whilst also contributing to the development of this region.  We are proud to be introducing the global gold standard in ESG principles to our way of thinking and how we do business."
 
Adopting the global standard 
 
88 Energy's Board has resolved to adopt the WEF ESG framework for the purpose of implementing measurement of, and reporting against, performance across each key sustainability area within its business.  The Company has committed to report on ESG factors including governance, anticorruption and bribery practices, ethical behaviour, human rights, carbon emissions, water consumption, ecological sensitivity, diversity, inclusion, pay equality and tax payments. 
 
The table below shows the 21 core indicators of the WEF ESG framework. 
 



Governance  


People 




·      Setting purpose 
·      Governance body composition 
·      Material issues impacting stakeholders
·      Anti-corruption practices
·      Mechanisms to protect ethical behaviour
·      Integrating risk and opportunity into business process 


·      Diversity & inclusion 
·      Pay equality 
·      Wage level 
·      Child, forced or compulsory labour
·      Health & safety 
·      Training provided 




Planet 


Prosperity 




·      GHG emissions
·      TCFD Implementation
·      Land use and ecological sensitivity
·      Water consumption 


·      Rate of Employment 
·      Economic contribution 
·      Financial investment contribution 
·      Total R&D expenses
·      Total tax paid



 
About Socialsuite 
 
Socialsuite is a fast-growing technology provider based in Melbourne, Australia with clients across Asia Pacific, the Americas and Europe including corporations, financial institutions, government agencies, philanthropic foundations, not-for profit groups and NGOs that want to monitor and fully understand how they impact on others. Socialsuite's Impact Management Software helps a diverse range of organisations to monitor the effectiveness of their social investment.
 
Media and Investor Relations:



88 Energy Ltd
Ashley Gilbert, Managing Director     


Tel: +61 8 9485 0990                                                                                                                         Email: investor-relations@88energy.com
 




Finlay Thomson, Investor Relations
 


Tel: +44 7976 248471




Fivemark Partners, Investor and Media Relation Andrew Edge / Michael Vaughan
 


Tel: +61 410 276 744
Tel: +61 422 602 720




EurozHartleys Ltd
Dale Bryan
 


Tel: + 61 8 9268 2829
 




Cenkos Securities
Neil McDonald / Derrick Lee
 


Tel: + 44 131 220 6939



 
                                               
 
                                               
 
                                                                
 
                                                                                
 

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