In its latest Global Sustainability Report, Tecpetrol underscored its pledge to transparency by sharing detailed information about its sustainability performance. We talked to the Compliance team to find out how they drew up the report covering the company’s activities in 2023.

As it does every year, Tecpetrol has just published its Global Sustainability Report , a detailed presentation to the company’s stakeholders of its performance in economic, social, environmental and governance matters. The report received input from a wide range of sectors in the company, and was compiled by an interdisciplinary team especially set up to pull together the information and produce the final result. One of the key premises is to check the quality of the reported data so that it can be reported clearly and precisely according to the criteria established to analyze traceability and comparability. This also involved submitting it to an independent limited assurance verification process.

The Compliance department took on the responsibility for preparing the report for the second year running. Camila Delfino, Risk Management Analyst, explained that, “the metrics used as a basis for this report are defined according to international standards. We also refer to the company's contributions to the UN Sustainable Development Goals (SDGs) that outline a global agenda designed to help organizations around the world achieve a more sustainable future."

During the planning stage of the Sustainability Report, the Compliance department carried out a materiality and trends analysis, enabling them to expand the reference framework used. This meant taking into account the 2021 Global Reporting Initiative (GRI) standards as well as the Sustainability Accounting Standards Board (SASB), the guidance provided by the International Petroleum Industry Environmental Conservation Association (IPIECA) for drawing up sustainability reports, and the requirements enshrined in the Spanish Act 11/2018 on non-financial information disclosure and diversity. “This is our approach to aligning with industry standards and proactively preparing for the regulations we anticipate in the next few years,” defined Liliana De La Cruz, Policies & Procedures Lead Analyst.

Issuing the Sustainability Report as close as possible to the publication date for the Consolidated Financial Statements is becoming increasingly important for stakeholders in general. Accordingly, Javier Buzzone, Organization & Compliance Sr. Manager, explained that, “in this edition, our main aim was to optimize information collection and analysis times. We worked with all the sectors involved to apply a number of key improvements that contributed to reducing management times while maintaining the quality of supporting data.”

“To ensure greater transparency and boost stakeholder confidence in the information reported, the report is submitted to an independent limited assurance verification process,” pointed out Camila.

“For the next edition, our aim is to raise the bar and challenge ourselves by integrating a new set of metrics from the standards implemented. This will boost accountability, enhance stakeholder trust, and give our sustainability efforts greater visibility,” concluded the Compliance team.