Reliance Industries Limited (RIL) and Hindustan Petroleum Corporation Limited (HPCL) CEO Nishi Vasudeva are among a handful of global energy companies and individuals, awarded for their leadership, innovation and performance at the 17th annual Platts Global Energy Awards, often called the Oscars of energy.
Reliance Industries has been awarded under the category of corporate social responsibility, while Vasudeva has bagged the top honours for chief executive of the year. They were among 18 awardees announced at the Cipriani Wall Street in lower Manhattan, before an audience of 400 energy executives from 15 countries here late on Wednesday.
"Corporate social responsibility award illuminates ever important convergence of profitability and company values," said Platts, a resource on energy, petrochemicals, metals and agriculture, and part of the McGraw Hill group that has such brands as Standard and Poor's its portfolio. "Rather than an obligation, corporate social responsibility is a voluntary commitment which greatly motivates employee morale, is of fundamental interest to customers, investors and other key stakeholders and is a key determinant of a company's character," the organisation said."Reliance, India's second largest company by market value and led by India's richest man (Mukesh Ambani), earned 2015 revenue of $62.5 billion," said Platts, adding that against the requirement of earmarking 2 percent of net profit on social causes, Indian energy companies were the highest spenders last year.
Platts mentioned Reliance Industries' initiatives through institutions such as its foundation in areas like health, rural transformation, sports, disaster response, HIV/AIDS and building parks.
"Judges admired its robust long-standing portfolio, deriving much of its revenue from verticals in the energy value chain, including businesses in exploration and production, refining and marketing and petrochemicals. It has also balanced its portfolio with businesses in media, retail and telecommunications."
On Vasudeva, it said the judges applauded her leadership both in clarity of vision and financial management that helped the state-owned company deliver an increase of more than 200 percent in market value in her first year as chair and managing director. "She is the first female head of a large Indian oil company and is one of just 14 women to helm a Global Fortune 500 company."