Wendy's Blog

Many of us remember the disastrous BP oil spill in the Gulf of Mexico last April. That incident not only left environmental contamination and a poor reputation for BP but also raised awareness for the corporate responsibilities to clean up their own messes.

Companies such as Imperial Oil Ltd, ConocoPhillips, Chevron Corp. and the Canadian Association of Petroleum Producers, who hope to drill in the Arctic have assured they would operate safely and take entire responsibility throughout their project.

Michael Peacock, the exploration manager of Imperial, stated that: “… If we can afford to drill in this environment, then we should have the financial strength to fund any cleanup.” Most readers would be happy to see such large corporations make such commitments in protecting the local environment and demonstrating such business ethics. But upon further examination, it is clear that the companies have no intention in putting money aside to pay for possible spill-related costs. Peacock states that “Financial guarantees…. create little benefit for the public while adding to the cost of the operation.”

In my opinion, there are two parts to business ethics. The first is the ability to promise to do wrong by none (openly stating their beliefs and morals). The second is the ability to carry out their promises. The public is more likely to be convinced if companies such as those of Mr. Peacock’s are more willing to act upon their “beliefs” rather than shielding themselves from the situation.

Globe and Mail: Oil drillers willing to accept liability for accidents in Arctic

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