ESG Risk & Remuneration

Genel’s commitment to further embedding ESG into the Company was reaffirmed in 2019 when it was agreed that ESG metrics would be incorporated into the remuneration evaluations of senior management for the upcoming year.

We recognise that sustainability is increasingly a core issue for our stakeholders and accordingly, the governance structure of the Group ensures that the management of social and environmental risks is integrated across all levels of the business and periodically reassessed. ESG risks are managed under the guidance and expertise of the HSSE Committee, which meets three times a year during which sustainability and ESG topics are included as part of our overall HSE performance. Genel is also participating in CDP disclosure for the first time in order to further enhance our ESG disclosures.

Genel also has various internal policies and standards in place that guide how we realise our sustainability goals. Genel’s business units are responsible for the implementation of these policies and standards at a local level, subject to the appropriate oversight and reporting within the Group.

In mid-2019, Genel underwent a bench-marking exercise to evaluate the company’s sustainability performance across industry standards and its peers. The analysis and recommendations of this exercise culminated in a company wide ESG work-plan to be implemented across 2019 and 2020. Climate risk is central to many of the action items outlined in the work-plan. Therefore the Remuneration Committee approved that the timely completion of the ESG work-plan should be included in the annual remuneration scheme for all employees in 2020. Bonuses per employee is set at a specific percentage of their base salaries. This reflects the importance Genel places on integrating climate-related risk mitigation into all facets of the company.

  • Integrity

  • Respect

  • Accountability

  • Collaboration

  • Ingenuity