Whalesbook
Governance Ki Gadi Atki? Sabse Bada Issue Yeh Hai
Sabse pehle baat karte hain Governance ki, kyunki wahi sabse bada issue hai. SEBI ke rules follow karne mein ONGC ne gadbad kar di hai. Board mein jitne Independent Directors (IDs) hone chahiye, utne nahi hain, aur yeh koi pehli baar nahi ho raha. Is wajah se stock exchanges ne penalties bhi lagayi hain. Ek independent director ko appoint karne ke process par bhi sawaal uthe hain, jismein 'cooling-off period' jaisi cheezein miss hui hain. Aur toh aur, Related Party Transactions (RPTs) mein bhi transparency ki kami aur pricing justification par sawal hain. Yeh dikhata hai ki investors ka trust thoda dol raha hai, kyunki ek independent director ke appointment par 20.63% public shareholders ne 'No' kaha.
Scores Mein Badi Girawat
Is sab ka asar dekho, FY25 mein company ke overall ESG scores mein kaafi girawat aayi hai. Environmental pillar ka score 49.3 ho gaya hai, jo pehle 63.5 tha. Social pillar bhi 68.3 par aa gaya (pehle 76.8). Governance ka score bhi 67.2 ho gaya hai, jo pehle 70 tha. Matlab, teeno front par thoda slide dikh raha hai.
Environment Aur Social Front Pe Kya Chal Raha Hai?
Chalo, ab environment wali baat karte hain. Company ka Net Zero 2038 tak ka target hai aur 2030 tak 10 GW renewable energy ka plan hai, yeh positive hai. Lekin numbers kya bol rahe hain? Greenhouse Gas (GHG) emissions (Scope 1, 2, aur 3) asal mein badh gaye hain. Aur toh aur, energy conservation par jo investment tha, woh bhi kaafi kam ho gaya hai. Aise mein, renewable sources se company ki total energy ka sirf 0.25% hi aa raha hai. Kuch environmental non-compliance notices bhi mili hain aur chhote-mote penalties bhi bharni padi hain.
Social front par bhi kuch numbers dikkat wale hain. Workforce mein diversity aur benefits improve hue hain, lekin unfortunately, fatalities ki sankhya 3 ho gayi hai, aur work-related injuries 39 tak pahunch gayi hain. Health & Safety training bhi 50% se kam logon tak pahunch rahi hai. Yeh numbers bhi chinta badha rahe hain.
Aage Ka Outlook Aur Risks
Toh ab sawal yeh hai ki aage kya hoga? Sabse bada risk toh governance ki gadbad se hi hai. SEBI ke rules ko follow na karne se aur sakht penalties lag sakti hain, regulatory oversight badh sakti hai, aur company ki reputation ko bhi nuksaan pahunch sakta hai. RPTs mein transparency ki kami foreign investors ko bhi rok sakti hai. Environmentally bhi, emissions badhna aur conservation mein kam investment long-term mein problems khadi kar sakta hai. Aur toh aur, badhti hui fatalities aur injuries bhi liability aur reputation ke liye risks hain.
Ab investors ko ONGC ke next steps par nazar rakhni hogi ki woh SEBI non-compliance ko kaise theek karte hain, board independence kaise strong karte hain, aur RPTs ko kaise transparent rakhte hain. Saath hi, Net Zero aur renewable energy targets par bhi sacchi mein progress dikhana hoga. Agar yeh masle hal nahi hue, toh score girte rahenge aur valuation par bhi pressure aa sakta hai. Agle 1-2 quarters yeh decide karne mein important honge ki company track par wapas aati hai ya nahi.