(3BL Media/Justmeans) – Responsible business is not just
about how a business spends its money, but also about how it makes its money.
It is about managing corporate growth responsibly while reducing its
environmental footprint. It is also about social responsibility, which is how a
business operates as an employer, manufacturer, supplier and customer, and how
it can help to build vibrant local communities as a neighbor.
Business in the Community, the Prince's Responsible Business
Network in the U.K., has released its annual benchmark of responsible business,
the Corporate Responsibility Index (CR Index) for 2015. The Index provides an
insight into how leading companies are driving responsible business practices
and serves as a valuable self-assessment tool. This robust benchmarking tool
involves a rigorous process to assess companies against a diverse range of
factors, from how engaged their board and senior managers are with responsible
business issues to the link between remuneration and CR performance.
Analysis of the 2015 CR Index data indicates that strong
progress is being made to shift responsible business up the corporate agenda.
An increased number of companies are taking social and environmental concerns
into account when developing new products and processes and making investments.
The overall average score of the CR Index has risen from 85 percent in 2014 to
91 percent today, revealing the positive trend in making CR integral to
business operations.
Research conducted by Business in the Community this year
shows significant progress, but challenges remain. Out of the participants in
the Index, 81 percent have carried out formal risk and opportunity assessments
in the context of global megatrends. When making corporate investment
decisions, 82 percent have taken ESG considerations into account. Furthermore,
85 percent of the participating companies compute the financial value that CR
brings. All of these have gone up from around 65 percent last year.
Last year, Business in the Community reported a gap
between the degree of stakeholder engagement and the extent to which feedback
impacted business decisions. This year, it reports a significant reduction in
this gap, with 82 percent systemically monitoring outcomes of stakeholder
engagement and 74 percent establishing indicators to measure the quality of
stakeholder engagement. Furthermore, three in four companies now incentivize
suppliers by developing customized support to address key sustainability
issues.
Source: BITC
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