Report chastises companies for lack of transparency
A survey of disclosure practices by hydraulic fracturing (fracking) companies has found the majority of such companies do a poor job of sharing information with the public. However Calgary-based Encana received the best score out of the 24 producers analyzed.
As You Sow Boston Common Asset Management Green Century Capital Management and the Investor Environmental Health Network collaborated to create Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations the first of what the groups say will be an annual report.
“No firm succeeded in disclosing information on even half of the selected 32 indicators related to management of toxic chemicals water and waste air emissions community impacts and governance. Even the highest scoring company Encana Corporation provided sufficient disclosure on just 14 of the 32 indicators” the groups say in a joint press release.
Of the 24 companies nine have operations in Alberta. Talisman Energy was the other Calgary-based firm surveyed. It was found to publicly disclose information on three of the 32 issues the report examines.
The purpose of the study is to aid potential investors who are keen to understand how fracking companies handle some of the most contentious issues facing the industry.
The report states consistent secretiveness only damages a company’s reputation and public concerns about the impacts of fracking are so serious that the thorough sharing of information cannot be underrated.
