Committed to Sustainable Development and Responsible Practices
Uncompromised commitment to ESG
At Parex, we are committed to driving continuous improvement in our ESG performance. To do this, we have identified four ESG focus areas where we have established short, medium, and long-term performance goals. Annually, as part of our Sustainability Report, we provide an update on our performance for each goal, highlighting how we are doing, where we are achieving success, and where we need to improve.
This is one of the ways we are highlighting our commitment to transparent disclosure.
Invest 1-2% of yearly capital in community and economic development projects.
Launched Community Investment Program across all locations.
Measured the impact of select community projects and assessed potential targets for enhancing the impact of investments (based on results of pilot in progress).
Assess initiatives to promote economic development, within communities after closures.
Committed to building a robust sustainability strategy amid regulatory changes
Parex remains committed to taking actions that reduce our impact on the environment and will continue to undertake activities in communities near our operations in support of this goal.
In June 2024, the Canadian Government passed amendments to the Canadian Competition Act, which has created significant uncertainty for how companies with environmental targets can publicly communicate their progress. Until more clarity is provided by the Canadian Competition Bureau about how the new law will be interpreted and enforced, we have decided to restrict public access our environmental-related communications at this time.
Foster an engaged workforce and build a diverse and inclusive work environment.
Enhanced YoY Diversity, Equity & Inclusion (DE&I) awareness, delivered two training sessions per office location in 2023.
Continued external assessment of regulatory trends and
practices on DE&I to improve strategy and approach to disclosure.
Use water responsibly as a trusted neighbour.
Completed water footprint assessment and developed management plan.
As of August 15, 2024, Parex received an ESG Risk Rating of 21.7 from Morningstar Sustainalytics and was assessed to be at Medium Risk of experiencing material financial impacts from ESG factors (4th Percentile). In no event the presentation shall be construed as investment advice or expert opinion as defined by the applicable legislation. Such information and data are proprietary of Sustainalytics and/or its third-party suppliers and are provided for informational purposes only. (2) As of December 26, 2023, Parex scored 56 out of 100 in the 2023 S&P Global Corporate Sustainability Assessment. The Company performed in the 90th percentile of the OGX Oil and Gas Upstream and Integrated Industry. As of July 17,2024, Parex received an MSCI ESG Rating of AA (on a scale of AAA-CCC). The use by Parex of MSCI ESG Research LLC or its affiliates(“MSCI”) data, and the use of MSCI logos, trademarks service marks or Index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Parex by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided “as-is” and without warranty. MSCI names and logos are trademarks or services marks of MSCI.
In 2020, Parex became a participant of the United Nations Global Compact (UNGC) and made the commitment to align its corporate management and business practices with the 10 UNGC principles in the areas of Human Rights, Labour, Environment and Anti-corruption.
This step demonstrates Parex’ commitment to building a robust sustainability strategy along with its ability to evaluate, measure and communicate it, especially in terms of taking action in support of broader UN goals such as the UN Sustainable Development Goals (SDGs).
