Embracing a new Oil and Gas: Can it be Diverse, Inclusive and Profitable?


PETEX Diversity And Inclusion Session – Thurs 29th November 2pm, Clubroom 

 

 

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“Around 12.5% of the UK population are BAME (Black, Asian and minority ethnic) yet they hold just 6% of top management positions. Closing this representation gap is an urgent challenge – and a major opportunity, which could add £24bn to the economy annually“ (The Chartered Management Institute, Delivering Diversity). Indeed Businesses are 35% more likely to outperform if they have an ethnically diverse leadership,

35% LGB employees are not open to their colleagues about their sexual orientation (Institution of Engineering and Technology,2014) and nearly half of trans people are not living permanently in their preferred gender roles stating that they feared it might effect their employment status. Upsettingly people aren’t unfounded in these fears; according to a national study conducted by Manchester Business School and Plymouth University (The ups and downs of LGBs’ workplace experiences, 2014) LGBT employees were more than twice as likely to be bullied and 12% of BAME LGBT employees lost their jobs because of their sexuality (Stonewall LGBT in Britain Work Report, 2018 ). For example Former BP CEO Lord Browne who did not reveal his sexuality for the 38 years he worked in the industry stating:

 

“It was immediately obvious to me that it was unacceptable to be gay in business and most definitely the oil business,”

(offshoretechnology.com – It’s time to talk about homosexuality in the oil, gas & engineering industries, 2014).

 

The Oil & Gas Industry is trailing behind according to the Human Rights Campaign Corporate Equality Index 2014, the Oil & Gas sector is particularly bad for having LGBT equality policies. With only one company scoring 100% (Chevron) as opposed to banking with 81 and finance with 36. Even in 2018 86% of the top 80 energy companies have all-male executive boards (POWERful Women, 2018). Of the top 100 UK-headquartered energy companies listed on the London Stock Exchange (LSE)  only three companies have boards with at least 30% women, the level at which a minority group is believed to have a critical mass and a voice.