BP, the oil and gas major, has topped Fortune’s prestigious annual ranking for 2007 for being the most accountable company in the world.

BP received the top rating last month from amongst a pool of 100 global corporations, including heavyweights such as Barclays, ENI, HSBC Holdings and Vodafone, said an official spokesman.
 
Produced by Fortune in partnership with London think tank AccountAbility and for-profit consultancy CSR Network, the rating, now in its fourth year, rigorously assesses companies in terms of the quality of their commitment to social and environmental goals.

Four categories, including strategy, governance, stakeholder involvement and performance, were selected as the determining factors when assessing each company.
 
“BP is committed to social development and environmental sustainability. From developing safety standards for our people and communities to investing in innovative technology that reduces impact on the environment, the company has continuously set new goals for corporate responsibility. This most recent recognition from Fortune is certainly a great honour for us, and it means that BP Group will end 2007 on an especially high note,” said regional vice-president, BP Middle East, AbdulKarim Al Mazmi.
 
Part of BP’s success has been attributed to its independent assurance statements, good governance structure, high-level of public disclosure and multi-stakeholder initiatives like the Extractive Industries Transparency Initiative, and the US Climate Action Partnership.

Also significant has been BP’s focus on greener technologies including making inroads in the areas of enhanced oil recovery, difficult hydrocarbons and alternative energy. – TradeArabia News Service