Our performance in the BITC CR Index has seen us progress from silver to gold status within a year, with a 10% increase in our score and the added accolade of the most improved company in our sector.
It’s yet another step in the right direction. Our performance in the BITC CR Index has seen us progress from silver (2007) to gold status (2008) within a year, with a 10% increase in our score (from 81% to 91%) and the added accolade of the most improved company in our sector.
The CR Index assesses the extent to which corporate strategy is integrated into business practice throughout an organisation. It provides a benchmark for companies to evaluate their management practices in four key areas of corporate responsibility (community, environment, marketplace and workplace) and performance in a range of environmental and social impact areas.
“Investors consider the CR Index to be a useful indicator of a company’s CR performance,” commented Annette Pendrey, group CR manager. “Achieving gold status should therefore stand us in good stead among the investor community and help to maintain our reputation as a leading CR performer.”
How it works…
In 2008, more than 140 companies used the index as a management tool (126 companies participated publicly). The other companies in our sector were Friends Provident, Legal & General, Royal & Sun Alliance, Standard Life, and Zurich Financial Services (UK).
Each company completes six impact areas – three environmental (climate change and waste & resource management, plus one self-selected area) and a selection of three social areas.
We chose to focus on the following issues: climate change; waste & resource management; water consumption; health, safety and well-being; equality, diversity & inclusion; and community investment.
Corporate rewards
The CR Index rewards companies for placing CR values at the core of their business strategy with a system to identify key social and environmental risks and opportunities, and whether these are addressed by policies. Of course, it’s not enough simply to have a strategy – this ethos needs to be implemented throughout a business. So this often requires internal communication and training.
Leading companies are able to demonstrate the following:
- Policies to ensure responsible behaviours across the business
- Objectives and targets to drive continuous improvement
- Clear responsibilities defined at all levels
- Effective communication systems to share knowledge and latest information
- Training for relevant staff to ensure competency and delivery of objectives
- Process for stakeholder consultation and engagement across all key areas
- Monitoring systems to assess and report progress
- Key issues, targets and performance reported publicly.
According to the FT the key themes that jump out from this year’s CR Index are “the increased focus of boards on corporate responsibility, investment in people, workplaces, talent and skills development and long-term sustainability.”