Azerbaijan's SOCAR AQS, an integrated drilling and well services management company, has become the first company in the country to join the Global Reporting Initiative (GRI) Community, which develops international standards for sustainability reporting and transparency, the company announced on Friday.
According to the company announcement, the company through GRI will apply cutting-edge standards for enhancing transparency and reporting, which are regarded as important factors in economic development, advanced management, establishing forms and methods, and improving monitoring systems and data infrastructure.
Commenting on the development, Ramin Isayev, CEO of SOCAR AQS said the current global economic processes, globalization and other global factors require a number of important steps to be taken to improve reporting and transparency.
"Considering reporting and transparency as one of the most important parts of its work, SOCAR AQS consistently applies the highest world class standards in its reporting processes," he affirmed.
He also confirmed that when reports SOCAR AQS produce are in line with GRI standards, it would ensure the company operates in a transparent manner to gain the trust of all stakeholders, including customers, investors, suppliers and community.
"The GRI membership of the company will significantly contribute to the strengthening the company's corporate image globally," he asserted.
The GRI, founded in 1997 and headquartered in Amsterdam, is the world's leading international organization for reporting standards.
The GRI encourages public institutions, private sector and civil society to adopt criteria for transparency and reporting in their activities as requested by international standards.
By Gulsen Cagatay