Impact of Regulatory Requirements on Sustainability Initiatives
Sustainability is relate to the managing the legislative requirements, the report, standard, codes, incentives programs etc. The regulations have the direct relationship with the sustainably. There are many companies, across the worlds that are successful as they follow the requirement for sustainability. For the sustainability initiatives, they practices must be followed that directly affect by the regulations, reporting requirements, standards etc.
There is environmental sustainability, social sustainability etc. that are under the legislation and regulations, the company want to get success should follow the laws and regulations regarding sustainability. For the sustainability company are taking initiative so they can survive and get benefits in the competitive market, there are several ways, t attain the sustainability requirements (Oecd, 2010).
For the sustainability, the company name, Saudi Aramco, is taking initiative, they are successful in Saudi Arabia, since they founded in 1933. The company is under the Saudi Arabian Government, it is the state owned enterprise company and under the oil and gas industry. The company has the world largest proven oil reserves, it manages 100 fields of oil and gas, and there are 60,000 numbers of employees, who are working for the sustainability of the community and company.
The regulatory policies are the policies that are ensuring the regulation for the public interests. Many companies are working for the sustainability, as by decreasing the operating costs; by decreasing the cost of products, they are generating more revenue. The business can be enhanced in various ways.
Focus of Aramco towards Sustainability Initiatives:
They have fulfill all the regulatory requirements, they have the corporate values, to conduct their business, they conduct business under the all operation, there mission or values are to sustain or maintain the position in the market. As they are the, one of most respected company in Saudi Arabia, they value their employees, under regulations and promote the values, throughout the business.
They have the campaigns, to encourage and give awareness to their employees, about the current trends. They have the initiative about, how to fulfill the regulatory requirements and how they can stay committed to the sustainability. They engage their employees, through seminars and through conducting workshops. The value their employees and managers, they are dedicated towards safety, accountably, citizenship and integrity.
They have strengthened their business through, keeping in mind the future of Saudi Arabia; they are dedicated to shaping tomorrow. They enhance the positive impact on the young people; they are focused about the natural environment, as they are the oil and gas company, there core purpose is to contributing towards the corporate social responsibility. They strive for the strong and consistent business, as they follow all the regulations they know their importance for the Saudi Arabia, or Saudi government (Aramco, 2012).
In the kingdom of Saudi Arabia, they are just not focus on their own strength, however, they want to see the nation or country prosperous, and for that, they are taking every possible step. They have long-term ambitions, as they want to get the positive outcomes, by shaping, tomorrow they are benefiting the Saudi economy, expanding their knowledge and expertise, and they are expanding into new energy market.
Saudi Aramco had played, and efficient role in supporting the infrastructure, participates towards the cultural and economic development. They are the need of the current and future society, they increasing towards the innovation, strategic approaches and targeted under the laws and regularity. They know the needs of the company, the needs are clearly defined, and they operate their functions for the development and sustainable objectives.
Sustaining the Growth of Economy:
For the shared values and strength of the organization, they are creating strategic collaboration, they want to ensure corporate citizenship, and they are focusing on the targets. The company is successful, as their priority is the future of economy; they have the advance petroleum products and have insight for the further or future development. They also participate for the sustainability, in the private sectors, so may be good ideas come out, from them, young Saudis could be encouraged, and enter in the job market.
They are focused for the long-term; their business activities are balanced, they want to grow in a sustainable and balanced way, they are providing training to the local manufacturers and suppliers. They have the safety of ethics, they focus totally on the creating the sprit that contribute towards the growth of economy under the laws and regulations. They are supporting the entrepreneurship; they are focus on their training, as they want the competitive workforce in the kingdom of Saudi Arabia (Alyousef & Abu-ebid, 2013).
They have hired the 29% employees in 2011, they provide training programs to the schools graduates, as they are the future of the country and can participate, in the business programs.
Priorities for the Future:
For the world most competitive nation, they are developing their nest generation, by educating and training them about the knowledge based economy, they are focused on the science and technology. They are dedicated towards the significant resources; they are motivating government bodies to provide the relevant techno and support them so there could be advantages in the future.
There approach is building the capabilities in their nation and in the potential worker, so the country could grow and sustain, vocational training is important for the new employees or students.
Every nation or country could only be successful if they know the importance of the regularity requirnmet; company has to follow the requirements given by the government; government emphasis on the regulating the proper strategies, as they are concerned about the nation and country development.
In the case of Saudi Aramco, they are growing towards sustainability year after years as they are so much concerned about the regularity strategies; they want to give benefits to the economy and the nation. They want to see the country developed. They need to more focus on the universities students or young generation, as young generation is the asset of Saudi Arabia.
As an oil and gas company, the vision of Aramco should be the sustainability of the country, and they need to minimize the impact of climate that are not favorable for the situations of the country, they should recognize the growing global demand of the population and oil challenges. For the sustainability of the climate, they can change the business environment by investing in the technology.
- Alyousef, Y., & Abu-ebid, M. (2013). Energy Efficiency Initiatives for Saudi Arabia. Energy Research Institute , 1-31.
- Aramco. (2012). Shaping Tomorrow. Corporate Citizenship Report , 1-35.
- Oecd. (2010). REGULATORY POLICY AND THE ROAD TO SUSTAINABLE GROWTH. 1-107.