Oil & Natural Gas Corporation has formally disputed an Environmental, Social, and Governance (ESG) rating report issued by ESGRisk.ai on September 10, 2026, which assigned the company a score of 44, categorized as "Inadequate".

The Company Secretary, Shashi Bhushan Singh, informed the National Stock Exchange of India Ltd and BSE Limited that ONGC did not engage ESG Risk Assessments & Insights Limited for the report nor was it finalized in consultation with the company. Management stated the overall score is low and not commensurate with its decarbonization initiatives, governance structure, and detailed disclosures in its Business Responsibility and Sustainability Report (BRSR).

Rating Breakdown and Material Events

The ESGRisk.ai report assigned weighted scores across three pillars: Environment (33.8, 44% weight), Social (61.24, 27% weight), and Governance (42.57, 29% weight). The agency noted that while ONGC demonstrates a structured framework with board-level oversight, it operates in a carbon-intensive sector with substantial emissions.

The rating was significantly impacted by material events, resulting in an overall deduction of 12.18 points. These events included:

• Environmental: A gas leak at Well No. 21 in July 2025 and an H2S leak at Kesanapalli in March 2025. Additionally, the National Green Tribunal directed ONGC to pay over ₹1 crore in additional environmental compensation for non-compliance with effluent discharge standards at KG Basin facilities.
• Social/Occupational Health: A fatal fire at the Borholla Group Gathering Station in January 2025 and a gas blowout at the Mori-5 well in January 2026.
• Governance: Penalties from BSE and NSE totaling ₹28.62 lakh for board composition gaps, and disputed tax demands including GST penalties of ₹6.62 crore and ₹8.74 crore.

Year-on-Year Performance

The report indicates a decline in ONGC's ESG scores compared to the prior fiscal year. The overall ESG score fell from 48.54 in FY25 to 43.75 in FY26. Similarly, the Transition Score decreased from 42.01 to 40.78. However, the Core Score improved from 38.95 to 42.17, and the Core Transition Score rose from 25.49 to 29.44.

What the Numbers Show

The divergence between the rising Core Score (+3.22 points) and the falling overall ESG Score (-4.79 points) suggests that ONGC's fundamental operational metrics may be improving, but these gains are being offset by significant deductions related to material controversies and compliance incidents. The 12.18 point deduction for material events represents a substantial portion of the total score, highlighting how discrete operational failures can disproportionately impact aggregate ESG ratings despite broader structural improvements.

Oil & Natural Gas Corporation Ltd has released the final e-voting results and scrutinizer’s report for its 33rd Annual General Meeting held on August 31, 2026. All 11 business items were passed with the requisite majority, confirming the final dividend of ₹1 per equity share and several key board appointments.

The meeting, conducted via video conferencing, saw participation from 204 members. Remote e-voting was available from August 27 to August 30, 2026. The scrutinizer’s report was submitted by Sachin Agarwal of M/s Agarwal S. & Associates on September 1, 2026.

Voting Outcomes

Shareholders approved all ordinary and special business items. The promoter group voted unanimously in favor of all resolutions. Public institutional investors showed varying levels of support for board appointments, while non-institutional public shareholders overwhelmingly supported all proposals.

Board Composition Updates

The special business items focused on reshaping the board. Key appointments confirmed include:

• Reappointment of Arun Kumar Singh as Chairman
• Appointment of Satyan Kumar as Director (Strategy & Corporate Affairs)
• Appointment of Anupam Agarwal as Director (Finance)
• Reappointment of Praveen Mal Khanooja as Government Nominee Director
• Appointment of Vinod Seshan as Government Nominee Director
• Appointment of Dr. Archna Thakur as Independent Director

Vikram Saxena was reappointed as Director (Technology & Field Services) after retiring by rotation.

Shareholder Engagement

During the meeting, 25 registered speaker shareholders raised queries regarding performance, geopolitical impacts on ONGC Videsh, capital allocation, and dividend policy. Management responded to these concerns during the session. The Company Secretary confirmed that voting results and the Scrutinizer’s Report are uploaded to the company website and NSDL portal.