Methodology for assessing information disclosure on stakeholder risks in non-financial reporting of oil and gas companies

Abstract

The subject of the study was the public non-financial reporting of oil and gas companies in Vietnam and Russia. The research methodology is based on the analysis of theories, methods for assessing and rating the best practices of public non-financial reporting from the standpoint of disclosing stakeholder risks when making economic, including investment decisions. The analysis revealed the limitations of the studied methods within the framework of openness and the absence of an important component of quantifying the satisfaction of stakeholders with the disclosure of information that is of high importance to them from in terms of key risks associated with the company’s activities. In this regard, the purpose of the study was to develop a methodology and analytical tools to assess the degree of disclosure of information about stakeholder risks in the non-financial reporting of oil and gas sector companies (the degree of satisfaction of the most significant stakeholders). The methodology is based on the identification and correlation of companies’ key risks with the interests of the most significant stakeholders, which is the theoretical significance of the study, and also includes a compliance approach, mathematical and statistical assessment of the degree of satisfaction of stakeholders’ interests. The empirical base of the study was the 20 leading companies in Russia according to the RUIE 2022 ranking and the 23 largest companies in Vietnam according to the VN 500 2022 ranking in terms of revenue. The practical significance of the methodology lies in the fact that its results make it possible to increase the effectiveness of the company’s communications with the most significant stakeholders in order to achieve the goals set in the field of sustainable development.