Ventspils Nafta and Sustainability Achievements

Ventspils Nafta has been recognized for its commitment to sustainability, achieving a Platinum rating in the Sustainability Index. This annual evaluation highlights the performance of companies in Latvia regarding sustainable practices. The recognition of Ventspils Nafta alongside other notable companies emphasizes the importance of sustainability in business operations.

CSR as a Development Factor

Inese Karpovica’s Thesis on CSR: Inese Karpovica, a recent graduate with a BA in the Management of International Communication from Turiba University, explored CSR as a critical factor in business development. Her thesis revealed that CSR is essential for company development, leading to:

• Customer Loyalty: Enhanced trust and loyalty from customers.
• Better Risk Management: Improved ability to manage potential risks.
• Improved Financial Performance: Better financial results due to responsible practices.
• Enhanced Reputation: A stronger and more positive public image.

Members of AmCham noted that CSR activities foster stronger cooperation and partnerships among members, with the Human Development Award being cited as a particularly successful initiative.

Human Development Award

Awards Ceremony: The Human Development Award of Latvia celebrates individuals and organizations making significant contributions to human development. During the Awards Ceremony Dinner at the State Gymnasium No.2, the following recipients were honored:

• Jurmalas Aizsardzibas Biedriba
• Ikskiles Briva Skola
• RMHC Latvija
• Andris Ceksters

Each winner received a custom-made sculpture titled “Sprout,” designed by artist Olga Silova, an award certificate, and other special prizes from program partners and sponsors. This award highlights the impactful work of individuals and organizations dedicated to improving human development in Latvia.

Notable Companies in the Sustainability Index

The Sustainability Index also recognized other companies for their dedication to sustainable practices:

• Cemex, Nordea Bank AB Latvia Branch, and SEB Bank: Achieved Gold status.
• Coca-Cola HBC Latvia: Earned a Silver rating.
• GlaxoSmithKline and RISEBA: Received Bronze awards.

Overall, 3 Platinum, 11 Gold, 18 Silver, and 7 Bronze awards were given, showcasing a broad commitment to sustainability among Latvian businesses.

Summary

These recognitions and initiatives reflect the growing importance of corporate social responsibility and sustainability in business practices. Companies like Ventspils Nafta and others mentioned have set a high standard, demonstrating that responsible business practices not only contribute to societal and environmental well-being but also enhance business success and reputation. The Human Development Award and the Sustainability Index serve as important benchmarks for measuring and encouraging sustainable development in Latvia.