BAKU, Azerbaijan, October 26. Sustainable
Fitch, one of the leading international rating agencies, has
affirmed the ESG Rating of SOCAR at ‘3’, while raising the
Company’s ESG Entity Score from 41 to 43.
According to SOCAR, the assessment by Sustainable Fitch
recognised SOCAR’s achievements in strengthening its environmental,
social and governance (ESG) management system and broadening its
ESG disclosures. These achievements are grounded in leading
international standards and practices and reflect the expectations
of international investors and financial institutions for
transparency, comparability and high-quality reporting.
Sustainable Fitch also highlighted SOCAR’s progress in reducing
greenhouse gas emissions and developing a systematic approach to
managing its environmental impact. Despite the environmental
challenges inherent to the oil and gas sector, the assessment
results indicate that SOCAR has been strengthening its efforts in
decarbonization and environmental responsibility.
In the social pillar, Sustainable Fitch acknowledged SOCAR’s
corporate approaches, grounded in internationally recognised
standards, to managing human rights and labour relations, as well
as its initiatives to support local communities. At the same time,
the assessment identified limited disclosure of information on
third parties, including contractors, as one of the areas for
improvement.
In the governance pillar, Sustainable Fitch took into account
the availability of independent auditor’s statements, the Company’s
two-tier governance structure, and its risk management system,
which covers all of the Company’s operations and is based on the
principles of the ISO 31000 international standard.
The assessment results reflect SOCAR’s achievements in advancing
its ESG management and enhancing the transparency of its corporate
reporting. Enhancing its sustainability management practices,
monitoring key performance indicators, and improving disclosure
remain important priorities for the Company.
