Sustainability
Whilst economic performance is a fundamental gauge of corporate health, Engen recognises
that those businesses seeking a sustainable future must balance the quest for financial
gain with a strong sense of social and environmental responsibility.
Engen operates in a complex industry on an equally complex continent. We treat each
country in which we operate according to its unique merits, at all times conducting
business that is informed by the particular customs, regulations and business methodology
of a particular country. Recognition is also given to the diverse needs and expectations
of our many stakeholders across Africa. The equitable meeting of these needs, however,
remains a significant challenge.
Financial sustainability
As Engen functions within a market economy, our primary responsibility is to ensure
our own financial sustainability and to deliver good shareholder returns.
The focus on corporate failures around the world in recent years has highlighted
the need to protect shareholders with strict governance rules. Engen believes that
disciplined corporate governance is essential to our business objectives and we
thus remain committed to the principles of openness, integrity and high ethical
standards in the fulfilment of our corporate responsibilities.
Engen abides by the Code of Corporate Practices and Conduct as set out in the King
Report on Corporate Governance. To have a high standard of corporate governance,
we have the following in place:
- A clear set of Corporate Values
- A Board and Committee Structure
- A clear task approval outline
- An internal audit division
- External auditors that express an opinion of Engen's annual financial statements,
and
- An Ethics Helpline
Broader sustainability
But aside from Engen's financial 'environment', we function in a complex set
of other 'ecosystems'. In the normal course of business we come into contact
with various groups that have an interest in the way we conduct our business. These
include our staff, government, communities, broader society and the natural environment.
Since their interests go beyond mere economic considerations, respecting them is
also the focus of our broader sustainability agenda.
HSEQ
Our staff and the environment enjoy constant focus within Engen's sustainability
activities, within a strictly enforced framework of health, safety, environmental
and quality practices and principles. Thanks to our association with PETRONAS, Engen
has standardised all group operations around a vast collection of world class standards
and guidelines governing our HSEQ practices, in order to reduce operational risks
and ensure best practices.
Corporate social investment
Engen devotes considerable financial and other resources to sustainable corporate
social investment (CSI), in support of government national priorities of socio-economic
development and other societal considerations. To ensure the sustainability of our
CSI efforts, we align ourselves with non-profit organisations' efforts in identifying
areas of true need - organisations that are also adept at applying resources to
societal problem areas.
Our CSI focus falls chiefly on education, the environment and safety.