the corporate responsibility report* - pwc · 2 the corporate responsibility report, february 2006...

The corporate responsibility report*

Volume 4 | February 2006 Welcome Message from PwC Global Sustainability Leader: Sunny Misser

Dear Colleagues,

Today’s business issues confronting companies are unique and unprecedented. Managing the environmental, social and economic impacts on the bottom line of busi-ness is prominent on management’s agenda. In recent times, corporate responsibility has become an executive level busi-ness issue due to increasing pressure from the spectrum of stakeholders, sustainability-related shareholder resolutions, increasingly demanding business-to-business buyers and consumers averse to buy-ing products that come from socially or environmentally conflicted sources.

At our recent Global Sustainability Summit in Barcelona, Spain, global business and NGO leaders addressed some of today’s most pressing sustainability issues—Reputation Management and The Future of Corporate Responsibility. Key messages from the panellists and other key highlights from that event can be found in this newsletter. In addition, you will find articles addressing key issues—corporate reporting on the economic dimension of sustainability; topical sustainability issues by industry (Forest and Paper Products) and by region (Scandinavia); and how PwC’s Sustainability and International Development Assistance networks collaborate to deliver sustainable development in developing economies.

I would like to thank our readers for their continued support of this newsletter. Internally, this publication is circulated to PwC Partners and Staff worldwide, with an external circulation to clients, governments, businesses, NGOs and academia, totalling in the several thousands.

We sincerely value your thoughts about our publication and encourage you to submit feedback through the Rate Our Newsletter section of this issue. If you would like further information on our practice or would like to learn more about our network, please see our new global website at www.pwc.com/sustainability.

Regards,

Sunny Misser Global Sustainability Leader

Contents

Transparency in the forest products fibre supply chain 2

Feature Client Interview: Lyn Brown, VP of Corporate Affairs and Social Responsibility, Catalyst Paper 5

The PwC Sustainability Secondment Programme 10

Perspectives: the Nordic approach to sustainability 12

Sustainable international development: expanding PwC networks 16

What is the economic impact of your company? 19

Highlights from PwC’s 2005 Global Sustainability Summit in Barcelona, Spain 24

New PwC Sustainability website 28

Calendar of Sustainability events 29

Useful links 29

www.pwc.com/sustainability/

2 The Corporate Responsibility Report, February 2006 | PricewaterhouseCoopers

Six years ago, most corporate consumers of wood and paper products would not have been aware of the debate over sustainable forest management. More recently however, customers and other key stakeholders are demanding greater transparency and accountability along the forest products supply chain. Whether an organisation manages and harvests timber or manufactures, distributes or sells forest products, companies are facing mounting pressures to demonstrate a strong commitment to environmental stewardship and responsible sourcing.

PricewaterhouseCoopers’ Global Forest & Paper Practice helps forest products companies and their customers understand their supply chain and demonstrate sustainable business practices. Our services include:

• corporate responsibility strategy;• sustainable forest management and environmental systems certification,

including chain of custody;• supply chain risk management, including fibre procurement policies and

performance improvement;• climate change and greenhouse gas strategies, assurance, transaction support

and compliance programs; and• sustainability reporting and assurance.

These services were developed in response to high profile sustainability issues in the forest and paper sector, such as those illustrated below.

Sustainable forest management and environmental management system certificationIn response to criticism of manufacturing and forest management practices, the forest industry and governments (both state and federal) supported the development of environmental and sustainable forest management standards and independent certification to the standards.

There are numerous sustainable forest management, environmental, and safety standards that have been developed around the world that are applicable to forest managers and forest products manufacturing. By undergoing an audit of one or more of the standards, a forest products company can provide third-party assurance to their customers that their products are responsibly produced.

Transparency in the forest products fibre supply chainSustainability issues in the forest and paper industryBruce McIntyre

“Whether an organisation manages and harvests timber or manufactures, distributes, or sells forest products, companies are facing mounting pressures to demonstrate a strong commitment to environmental stewardship and responsible sourcing.”


PricewaterhouseCoopers provides advice on the similarities and differences between the various standards and offers market-related information to assist with the development of an environmental procurement policy. To assist clients in the forest sector and other industries, PwC also provides assurance on conformance with the following critical standards:

• CSA Z809-02—forest management;• Sustainable Forestry Initiative® (SFI)—forest management;• ISO 14001—environmental management;• ISO 9001—quality management; and• OHSAS 18001—occupational health and safety.

Independent Chain of CustodyUntil recently, forest products customers paid little attention to the origin of the wood fibre in the products they purchased or distributed. Very few buyers or consumers considered the environmental, social or economic impacts of these products, and still fewer suppliers chose to disclose this type of information. More recently, a marked shift in stakeholder concerns and corporate values has propelled these issues to the top of the industry’s business agenda.

Today, customers along the supply chain through to the retail end of the market are using purchasing practices to stimulate transparency and accountability in the supply chain. Priority is given to suppliers that demonstrate a strong commitment to environmental stewardship and responsible forest management. As a result, many organisations are designing and implementing supply chain tracking systems and controls, or chain of custody management systems which allow them to track the sources and attributes of wood fibre products through the supply chain. These management systems also enable customers to report the environmental attributes of their products (i.e. certified or recycled content) to their stakeholders.

To help clients demonstrate responsible production and procurement practices, PwC has developed an Independent Chain of Custody (CoC) Standard which helps ensure that systems and controls are in place to meet stated management objectives. Organisations certified to the Standard provide a transparent link between the four key stages in the wood fibre value chain: harvesting, primary manufacturing, secondary manufacturing and distribution. Organisations wishing to certify to the PwC-ICoC Standard are required to implement their own CoC management system including objectives and controls, to ensure they meet the

Lumberjack in Lavington, British Columbia, Canada

“CoC certification provides a link between the forest, the manufacturer, and the end user, facilitating communication of reliable information between sellers and buyers …”


minimum requirements of the Standard at each production or distribution facility. CoC certification provides a link between the forest, the manufacturer and the end user, facilitating communication of reliable information between sellers and buyers with regard to the environmental attributes of wood and paper products.

Climate changeClimate change regulations are going to affect most industries. For example, while pulp and paper manufacturing facilities can be considered large emitters, there is also the opportunity for forestry companies to generate greenhouse gas credits in their woodlands operations. Therefore, most forestry companies are in the dual position of compliance and asset generation. The key to effective management of this issue will be the optimisation of resources.

PwC has a team of multi-disciplinary professionals that provide services in the area of strategic advice, greenhouse gas (GHG) data management system assessments, GHG project validation, GHG data assurance, due diligence on GHG credits, market transactions and assistance in the area of GHG project documentation. We have experience in many industries including the energy, mining, forestry and manufacturing sectors. We are familiar with the climate change regulations and programs developing at the international, federal and regional levels. We also have extensive experience in the development of international standards that are quickly becoming the reference point for climate change management and assurance.

Environmental and corporate responsibility reportingMany companies are including information in their annual financial reports or are producing a separate sustainability report for shareholders and other stakeholders to communicate more openly about their practices and product attributes. While reports previously focused primarily on environmental performance, the majority of corporate responsibility reports now contain information on both environmental and social performance. Predominant environmental issues include climate change (emissions and reduction programs), environmental impact of operations and products, and sustainable forest management and environmental management system certification. Social issues addressed in the reports include work force diversity, human rights, working conditions in developing countries, community involvement and philanthropy.

Corporate responsibility reports increasingly contain a third-party assurance statement to increase the credibility of information presented in the report. PricewaterhouseCoopers employs professionals with backgrounds in assurance, science, resource management and engineering to conduct these non-financial assurance engagements.

SummaryStakeholders increasingly expect businesses to be transparent in their handling of corporate responsibility issues and have shown that they are willing to make investment and procurement decisions consistent with this expectation. The sustainability issues in the forest and paper sector are complex, ranging from the need for effective environmental and social management systems, to tracking product attributes through the supply chain and publicly reporting on the results. PwC’s Global Forest & Paper Practice is at the forefront of developing solutions to these complex business problems and delivering services that meet the needs of our clients.

For further information go to www.pwc.com/forestry, or contact Bruce McIntyre at [email protected].

Bruce McIntyre, SBS Canada Leader and Sustainability Leadership Team member

“Corporate responsibility reports increasingly contain a third-party assurance statement to increase the credibility of information …”

http://www.pwc.com/forestry/


Sustainability: a source of competitive advantageA client interview with Lyn Brown, Vice President of Corporate Affairs and Social Responsibility at Catalyst Paper

Lyn Brown joined Catalyst Paper (formerly NorskeCanada) in January 2004 bringing 20 years of experience in corporate change and reputation management, government and public affairs, customer service, policy development and issues management. Prior to joining Catalyst Paper, she served in a leadership capacity with Aquila Networks Canada and TELUS. Lyn holds an MBA from Royal Roads University (2002), a BA from the University of Alberta (1994) and a journalism diploma from Grant MacEwan College (1980).

Catalyst Paper (catalystpaper.com) is one of North America’s largest mechanical paper companies and one of British Columbia’s largest public companies. With over 3,800 employees, assets of $2.7 billion and roots extending back to the turn of the last century, Catalyst boasts preferred supplier status with some of the world’s most recognised brands. Crowning these notable successes is the Company’s recognition as an industry leader in the area of Corporate Social Responsibility (CSR).

In a recent interview with PwC, Lyn Brown, Vice President of Corporate Affairs and Social Responsibility at Catalyst Paper, discussed Catalyst’s views on the strategic value of sustainability including key company initiatives and accomplishments, as well as her own personal views on the critical importance of sustainability in the twenty-first century.

PwC: What is the mandate of the Corporate Affairs and Social Responsibility Department at Catalyst Paper?Lyn Brown: Our department operates as in-house counsel to anticipate and manage issues; engage with stakeholders, whether they are critics or friends; and provide stewardship of our brand and reputation assets. We’re very much part of the business strategy team with responsibility to provide policy insights and to serve as an early warning system if we find gaps emerging between our business and societal expectations. As Vice President, I report directly to the CEO.

PwC: Are the processes and objectives of Catalyst Paper’s CSR activities aligned with the company’s overall business model and strategy? Lyn Brown: The simple answer is CSR philosophy and practices are at the heart of the company’s business strategy. When I say we’re part of the business strategy team, I mean “strategy as a company” just as governance and other principles on which business is based, is part of the mandate of the entire executive team. For Catalyst, social responsibility is not an add-on. It is a core value of our business. And it defines who we are as a company.

To illustrate that point—we are reaching world-class standards in safety. We have a globally recognised reputation for greenhouse gas reductions. We have been recognised as one of the top 10 reducers of the decade by Businessweek. In the past few years, we have also married our commitment to greenhouse gas reductions with a drive to improve energy efficiency. In the last two years alone, not only did we lower our carbon footprint but we also avoided an additional 15 million in energy costs because we rely less heavily on natural gas and other fossil fuels. It helps make the point that good stewardship of the environment is integral to good business strategy.

http://www.catalystpaper.com


“A lot of people might think that the only way to cut greenhouse gas emissions is to shut down production. We have been able to make more and use less; only 12% of our reduction comes from shutting down assets …”

Catalyst Paper’s manufacturing base in British Columbia

PwC: So, in addition to having strategic importance, it seems that sustainability is a competitive advantage for Catalyst.Lyn Brown: For us, sustainability is a key competency linked with our focus on performance improvement and it helps to differentiate us as a preferred supplier to customers, an employer of choice, a credible voice in the ongoing dialogue with critics and friends, and a good neighbour in the communities where our facilities are based. Proof lies in our safety record, our community engagement effort, our chain of custody, our greenhouse gas (GHG) reductions, our partnership with WWF and other conservation groups, and the eco-logo certification of our sawdust pulp and biomass energy.

It’s a noisy, busy, competitive world. Environmental criteria are being embedded in procurement standards. Chain of custody is being embraced by publishers, retail advertisers and printers. Regulators continue to scrutinise practices. And, activists keep the environment and other social issues on the public policy agenda. Some press for simple solutions—like buying 100% recycled paper to save trees. Others may do a deeper analysis to determine that the carbon footprint of the natural fibre mill at Powell River, which draws its energy from hydro and biomass, is lower than recycled paper mills in the US and China, which run on fossil fuels.

In the marketplace, our goal is to use our sustainability record to open the door to new conversations and considerations with customers—from procurement agents to environmental managers and executives. This bundles the social merits of Catalyst with the technical merits of our products to give us a unique presence in the market.

PwC: Regarding your GHG reductions, what initiatives have enabled Catalyst Paper to achieve such success?Lyn Brown: First is shifting our energy use from fossil fuels to biomass or waste wood which is classified as green energy. Second is energy conservation by making our mills and equipment more efficient. A lot of people might think that the only way to cut greenhouse gas emissions is to shut down production. We have been able to make more and use less; only 12% of our reduction comes from shutting down assets (see table below). The majority of our reductions have come from finding better and more efficient ways to run our mills.

PwC: How many of these innovative ideas are a result of strategic alliances with The Climate Group or similar organisations? Lyn Brown: What The Climate Group and others help us do is focus on social expectations and share best practices among leaders across industries. Innovation itself comes from the people in our business. Linking better financial and environmental outcomes is something we all rally around as a performance driven business. Through a series of small changes, like improving steam recovery, upgrading power boiler igniters and energy monitoring systems, we were able to boost energy reliability and efficiency at a mill to keep a power boiler shut for the entire year. That saved energy costs and it lowered fossil fuel use. There are dozens of other examples like this. As employees of Catalyst, we live and work in one of the most beautiful regions in the world—it is something we don’t take for granted and it makes us take sustainability to heart.

Crofton Elk Falls

PRD (Van-

couver)

Port Alberni

Powell River

Total GHG weighted reduction

Absolute energy reduction % of 1990 -9 25 24 21 39 21.1%

Shutdown % of 1990 0 5 0 10 30 12.1%

Fuel Switching % of 1990 81 14 0 44 17 66.8%

Total % reduction in absolute emissions over 1990

72 44 24 75 86 100.0%


PwC: According to your 2004 accountability report, Catalyst Paper spent just over one billion dollars on sourcing from four thousand suppliers worldwide. With respect to CSR, what does the Company do to influence the conduct and business practices of its suppliers?Lyn Brown: We take a values-based approach for the most part. Through our own conduct, we try to make it clear that safety, community engagement and good stewardship of the environment are important. We support sustainable forest management with our chain of custody. We source old newspapers and magazines locally or backhaul supply from more distant markets for our recycle mill. Clearly, affordability and availability are factors we need to consider. For example, we would love to move more products by rail from an environmental standpoint, but rail cars need to be available and the routes need to be reliable to ensure customers receive on time, in full delivery. This is a factor that we need to weigh as we make decisions about our supply chain and suppliers. We’re always open to new ideas and solutions.

PwC: From Catalyst Paper’s perspective, what are the main drivers behind your decision to buy wood fibre in compliance with sustainable forest management principles? Lyn Brown: Well again, I would point to our values. It’s no secret that to be a sustainable paper and pulp manufacturer, we need to care about the sustainability of forests. We need those forests for the long term. Call it enlightened self-interest if you will. Sustainability is also a factor in customers’ procurement policies. So it’s really a push-pull that involves all the relationships we have—from commercial to conservation. In fact, we are participating with WWF Canada to put concrete form to social responsibility as an ingredient of our entire supply chain. As a member of Metafore, we’re working with customers and others to define the pedigree of paper in a more holistic way.

It’s very difficult to live and work in this region and not be an environmentalist at heart. When you ask what’s driven us to do these things, I would say it’s a natural extension of who we are and where we are.

PwC: Does Catalyst have many buyers demanding one hundred percent certified fibre, or are you selling certified fibre at a lower percentage in your products to all buyers?Lyn Brown: About 65 percent of our fibre suppliers are certified to one of the recognised standards in North America. Chain of custody helps to open the window from forest floor to our customers door. It provides third-party verification and transparency for customers who want to know they are buying paper made of fibre from sustainably managed forests. For customers who want clear

“It’s very difficult to live and work in this region and not be an environmentalist at heart.”

Residual chips, whole pulp logs and post-consumer fibre


assurance that they are making a responsible choice—they get it with our 100% certified chain of custody commitment. The bar doesn’t get higher than that, and we do not make the claim for a product that doesn’t represent 100% certified fibre. We use an allocation method to support the claim—which means we take all of our fibre input from a particular period and allocate 100% of it to certain products for customers who truly value certification.

PwC: Is there a growing demand for 100% certified fibre? Lyn Brown: There’s a growing demand for transparency and third-party verification. Customers want to know they are making responsible choices that are sustainable over time and that are simple to administer and stand behind. Fibre certification is one element of our paper’s pedigree. We elected to set the bar at 100%, but others may set the bar differently; the market approaches are evolving.

PwC: What is driving an increased conscientiousness around the environment? And is there a connection to what is driving many of your buyers to buy certified wood fibres?Lyn Brown: There are socially responsible people in business and among the customers we deal with. Environmental activists keep sustainability on the public agenda and top-of-mind for both customers and suppliers.

I also think that there is a growing realisation that we need to perfect the art of the long view, to be thoughtful and to take care as a society to use the resources we have wisely to ensure their availability for future generations. Ethical businesses that do well financially by doing good socially and environmentally are the ones that are emerging as preferred suppliers, employers and business partners, not to mention preferred investments for stockholders.

PwC: What are the three critical challenges facing the forest and paper products industry today?Lyn Brown: I’ll speak from a distinctly Canadian perspective. We are a small sector and a small company in an industry of global giants. Yet, we are a large contributor to the national and regional economy and well-being. Striking a sustainable balance between market economics and public policy interests is a challenge. The impact of currency markets and emerging economies is a challenge. And, industry renewal is a challenge. In the nineties, policy makers shifted support and attention to technology and high-tech as the sunrise sector and it pushed the resource sector onto a back burner. But the truth is we’re the backbone of regional economies and rural communities coast-to-coast. Plus, paper products are essential in today’s world. But, to maintain a reliable supply of responsibly produced essentials like paper, we need a policy climate that encourages capital reinvestment in plant and equipment that is valued in equity, debt and customer markets, as well as by environmental and social activists.

PwC: How have all these challenges affected your CSR programme and its ability to attract young people today who want to work in companies they feel good about?Lyn Brown: We run co-op programmes providing university and college students a work placement that supports their academic studies. In the last round of co-op interviews in finance, every student cited our reputation for social responsibility as a reason for wanting to do a placement with Catalyst Paper.

“Ethical businesses that do well financially by doing good socially and environmentally are the ones that are emerging as preferred suppliers, employers and business partners, not to mention preferred investments for stockholders.”


Our reputation as an ethical company is attracting accountants, engineers, skilled traders, and in today’s competitive marketplace, social responsibility becomes an even more important company differentiator.

So, how has that affected our CSR programme? It’s made us more involved, in more ways, in our business. It stretches our resources but it also reinforces that it’s not what we say on the executive floor, it’s what we do in the day-to-day operation of our business that makes the difference.

PwC: This leads me to my last question—how did you personally get involved in CSR issues? Lyn Brown: Let me take a walk down memory lane with you. I’ve been with Catalyst Paper for just over two years and my first thought when I saw the opportunity was that I had been in training for this role my entire career. I started out as a journalist where I learned that today’s headlines are tomorrow’s de-inked pulp.

Then, at the Association of Engineers and Earth Scientists in Alberta I gained a deep respect for the ethical obligations to society practised by self-regulating professions. It was a profound learning experience in what the social license of business is about.

At Canada Post, a Crown company, we had three strikes in just over two and a half years which taught me that good wages alone won’t buy trust or mutual respect in the work place.

During my time in telecommunications, I realised that no one remembers who came in third. You need to stand out, to be distinctive to gain market, policy influence and respect. And, in my time in the electricity business, just before joining Catalyst Paper, I saw first-hand the impact of guilt by association when Enron went down, pulling others to the brink of bankruptcy just for being in the same industry. CSR has been the defining lesson of my entire business career even if it went by other labels.

PwC: Is there anything further that you’d like to share with our readers? Highlights or recent developments in the CSR programme that might pique our readers’ interests?Lyn Brown: We’re at a point where accountability for CSR is moving from the executive suite into day-to-day business decisions and actions along the entire supply chain and throughout society. It’s not good enough for any of us to demand higher standards from someone else, somewhere else. There’s a growing desire to show that sustainability and social innovation is not an abstract concept, it has form and function and it has a place in everyday reality and in every individual’s choices.

PwC: Thank you very much for your time and your insights.

“Our reputation as an ethical company is attracting accountants, engineers, skilled traders, and … social responsibility becomes an even more important company differentiator.”


PwC’s Secondment Programme has long offered tangible benefits both to the firm and to its professionals. Secondments typically provide participants with development opportunities by exposing them to new roles, practices and other countries and cultures. Most importantly, secondments also foster the acquisition of knowledge and new skill sets. The Programme’s value is not only widely praised but also ubiquitously practised throughout the firm. Through exchange and interaction, professionals receive a transfer of knowledge and expertise, participation in the growth of the global business (revenues, client relationships, people and talent, etc.) and acquire an understanding of key firm differentiators, such as Connected Thinking.

The Sustainable Business Solutions (SBS) Secondment Programme has enjoyed tremendous success in deploying its professionals. Thierry Raes, SBS France Leader and member of the Sustainability Leadership Team, has seconded two PwC-France senior consultants to Chile. He believes, “Secondment is a wonderful personal and professional opportunity to experience new things, eased by the real welcome and support from local PwC staff. It is very rewarding to create links with PwC colleagues, exchange thoughts and experiences and bring each other fresh perspectives.”

“In the emerging sustainability markets, we often face challenging management and commercial situations, therefore, improving our skills to analyse client needs, delivering a solution or managing an engagement grows increasingly important,” adds Sunny Misser, Global SBS Leader. Secondment often fills a gap or provides a new or necessary perspective for both host and home practices.

Host practice outcomes—the secondment enables the host country to develop business where it may witness demand but may not have the skill sets or expertise in its practice to develop the activities. In addition, the host country benefits from the knowledge transferred to the existing members of the team from the individuals seconded to the host country. This enables the host country to develop the knowledge and expertise within their team to continue meeting the demands of clients post-secondment.

Punta Arenas, capital of Magallanes province in Tierra del Fuego, Chile, the southernmost city in the world. PwC seconded two SBS senior consultants from France to Chile.

The PwC Sustainability Secondment ProgrammeTransferring skills globally to add value for clients locally

“In the emerging sustainability mar-kets … improving our skills to analyse client needs, delivering a solution or managing an engagement grows increasingly important …”


Home practice outcomes—the individual on secondment is expected to further develop management and client service skill sets, which the home practice will benefit from upon his or her return. Furthermore, the experience and network built during the secondment can enhance business development activities.

Thierry Raes emphasises that PwC’s programme is a key differentiator in the market. “Joining PwC means being given the chance to acquire international experience, not only by serving multinational clients but also by being exposed to new professional environments for one to three years. This differentiates PwC not only from local consultancy firms, but also from the rest of the Big Four who operate largely on a less international basis than PwC’s 40+ territories within the SBS Global Network.”

A case in point: climate change and PwC-ChileMathieu Vallart and Clement Lefevre, senior consultants with the SBS France team, experienced mainly in reporting and verification, social compliance and climate change, both sought a challenging international experience that would expose them more to the client-service side of the business. The experience would allow them to leverage their knowledge and technical expertise for business development purposes in an emerging market. Conversely, Luis Perera, SBS Chile Leader, saw an important opportunity in the sustainability services market in Chile and wanted to reinforce the local SBS team.

Mathieu and Clement contributed to the local team by helping sell a sustainability impact assessment to a large international player in the entertainment sector. They helped define the project’s scope and implications for the company, which plans continued investment in Chile. Clement was also involved in sustainability reporting and stakeholder engagement projects for the largest private copper mine in the world and one of the big players in Latin America’s industrial gas sector.

Mathieu took part in the verification of the sustainability reporting on the Latin American activities of a global energy player and a chemical group. He is also involved in local climate changes services development. According to Mathieu, “Navigating the socio-economic context of a developing country with very different business issues considerably increased my understanding of the sustainability concept and ability to adapt SBS services to deliver high value work for our clients.” Clement adds, “Our secondment enriched our knowledge of the SBS Network, especially working with our Latin American colleagues, who valued the power and the efficiency of PwC’s worldwide experts’ network.”

Lessons learned and ongoingThe PwC international secondment is an enriching experience both professionally and personally. It is a well-established framework organised and managed by the professionals of the International Mobility team. Whether in Chile or elsewhere, a secondment creates personal opportunities to meet new friends, to explore the country and to experience a new culture and habits. Furthermore, family obligations should not be viewed as an obstacle to enjoying the experience. For example, Mathieu celebrated the birth of Ana, his first daughter, while in Chile.

The SBS Secondment Programme is open to mid to senior level people within the SBS Global Network. Additionally, consultants with cross line of service experience are sought for the connectivity and value they bring between the SBS Network and the greater PricewaterhouseCoopers family. If you would like to obtain an application for exchange, please contact John Battaglia, SBS Global Network Manager, in New York at +1 (646) 471 1941.

Mathieu Vallart (left) and Clement Lefevre, senior consultants, PwC-France, on their secondment in Chile

Delphine Bauchot joined the SBS UK team several months ago after five years with SBS France. Her goals are to expand her cultural and corporate horizons. “I want to enlarge my experience and understand how companies deal with sustainability in another country and how the services we offer them impact their bottom line.” Delphine is currently involved in environmental due diligence, audit support and life cycle assessments. She lauds both SBS teams—SBS France and SBS UK—in supporting and managing her secondment so effectively. Delphine also credits the mobility teams in both countries for providing her with additional support and critical on-the-ground knowledge. On a personal note, her life abroad has been quite enjoyable and broadened her appreciation of British culture.


Historically, the Nordic people are famous for being descendents of the Vikings. These days, they are famous for innovative sustainable development. Denmark, Finland, Iceland, Norway and Sweden lead in the development of natural energy sources such as wind-mills, and are among the top countries on the UN index because of their high levels of education, democracy, income and public health. The Nordic countries also rank among the top in the number of companies that are winners of sustainability report awards, Dow Jones Sustainability Index, etc. So what is so unique about these relatively small countries with a combined population of about 24 million?

The Nordic model has been known and respected for the past 100 years for implementing well-developed welfare states. Government interests in engaging companies in the effort to solve fundamental welfare dilemmas have led to dialogue and partnerships between governments and business. It is not surprising that the world’s first environmental account, ethical accounts and integrated annual report were invented in the Nordic countries. In that light, it is only natural that most Nordic companies incorporate values and social responsibility into their corporate strategy on both the domestic and international level.

PwC’s Nordic sustainability team In the Nordic countries, the PwC sustainability team consists of a group of 30 people specialising in assisting companies as well as governments in furthering their sustainable development efforts. Our people have skills and experience within financial and non-financial assurance, sustainability

Perspectives: the Nordic approach to sustainabilityHelle Bank Jørgensen

“… most Nordic companies incorporate values and social responsibility into their corporate strategy on both the domestic and international level.”


management, social and environmental issues, as well as industry expertise to undertake the assignments offered by Nordic and multinational companies and organisations. Our SBS practice comprises individuals with educational and professional background within financial and non-financial auditing and reporting, environmental engineering and management, corporate sustainability management, communications, business, the natural sciences and social sciences, as well as people from our financial audit services department. We even employ former police investigators to assist global managers in facing the challenge of corruption and bribery.

This well qualified mix of people and the many years experience delivering sustainability solutions to clients give PwC a huge advantage. This is the reason why PwC is the best known and most respected provider of sustainability solutions in the Nordic countries.

The team has special competencies in:

• sustainable supply chain management—one of our long standing customers is IKEA, a company which we have assisted for more than six years;

• implementation of Corporate Social Responsibility strategies; • climate change services including CO² verification in the EU Emission Trading

Scheme; • anti-corruption services—PwC provides training to Statoil, among others;• human rights and ethical training;• corporate reputation and stakeholder communications services;• transaction support on CSR and corporate reputation issues;• reporting and assurance—the Nordic team provides assurance statements to

companies that have gained international recognition for issuing best practice sustainability reports (Novo Nordisk, Kesko and Novozymes).

CEOs discuss business ethics and non-financial reporting with major investors PwC-Denmark’s initiative, the Network for Business Ethics and Non-Financial Reporting (NVIR), was formed in 2004 to examine value creation—both for the companies creating the value as well as for the shareholders investing in those companies. The objectives of the network are to:

• create a framework for discussions between investors and enterprises on issues of critical importance to corporate value creation; and

• prepare recommendations about good business ethics and non-financial reporting.

The fundamental question raised by the NVIR group: “Can and should enterprises report non-financials to improve share price, reputation and competitive advantage?” The simple answer was: “Yes!” Eighty-four percent of indicators deemed important to an enterprises’ future value were non-financial or ‘contextual’ indicators. It was found that ethics is perhaps the non-financial issue which is most difficult to quantify and value.

The NVIR recommended a process which enables companies to identify important ethics issues when implementing a strategy to create value in the future. This process is summarised as:

• defining the fundamental prerequisites of good business ethics;• identifying and prioritising relevant business ethics issues;• handling prioritised issues and implementation;• follow-up and internal reporting; and• external reporting.

“… PwC is the best known and most respected provider of sustainability solutions in the Nordic countries.”


Business ethics or social responsibility is not a new phenomenon. Historically, enterprises with high ethical standards have better reputations and generally perform better on the stock market than other shares. The value creation of an enterprise can be affected both positively and negatively by the requirements and expectations of its stakeholders. The increased focus on ethics issues has contributed towards moving the ethical boundaries—what used to be universally accepted a few years ago is no longer perceived as being ethically sound today. To companies and investors, increasing interest in ethical dilemmas will influence the pricing of shares.

Interested parties can contact Helle Bank Jørgensen at [email protected] for more information.

Recent eventOn February 2, 2006, PwC hosted a Nordic Market Place on Sustainable Development. Here, leading Nordic companies met to discuss and learn from each other ways to improve. There is no doubt that many Nordic companies see sustainability as a competitive advantage in the global fight for a sustainable future, not only for their company, but also for humanity and the well-being of the planet.

PwC’s projects in Nordic countriesNorway: PwC trains Statoil’s global managersIn Norway, the focus has been on anti-corruption assistance to companies in the oil & gas business. Included in these services are business ethics, anti-corruption compliance programme, management, training and risk assessments, and investigations.

PwC has assisted the leading Norwegian oil and gas company, Statoil, in training 500 global managers. The objective of the training is to enable the managers to identify and manage the operational risk that corruption and bribery poses for Statoil in order to protect Statoil’s reputation, prevent economical losses and provide a substantial contribution in reaching the strategic goals of the company. As a follow-up to the management training, PwC assists Statoil in developing an anti-corruption e-learning programme. Please contact Helge Kvamme at +47 (0) 95 26 12 70 for more information.

Finland: First accreditation of CO² verification in EU Emission Trading Scheme for PwC-Finland The accreditation requirements for verifiers and verification processes and national regulations and guidelines are set in the EU. PwC-Finland was the first in Finland and among the first in Europe to get official accreditation from the authorities. Verifications were started in 2005 without official approval, which was very useful to our clients. Kari Harjunen, from our Helsinki office, is involved in the verification teams in other countries as well. It is also possible, according to several national legislations within the EU, to use accreditations given in other member states, thereby providing greater flexibility. Please contact Kari Harjunen at +358 (0) 9 2280 1884 for more information.

Sweden: Code of conduct assessment for a global automotive supplierSBS Sweden offers the whole range of SBS services to the market. Recently, there has been intense focus in the media on sustainability matters, from climate change to supply chain issues. The global trend to outsource activities to low-cost countries is very strong. Reports in the media question the way Swedish companies manage their suppliers in Asia. The companies are struggling to formulate relevant codes of conduct and to implement them.

Helle Bank Jørgensen, Director, SBS Denmark

Helge Kvamme, Partner, SBS Norway

Kari Harjunen, Senior Manager, SBS Finland


Our SBS team is currently working with a Swedish supplier to the global automotive industry, in order to investigate to what extent the code of conduct is actually being used by the company’s personnel worldwide. Our project manager on this assignment is Fredrik Franke. Please contact Fredrik at +46(0) 8 5553 4207.

Denmark: PwC leading on health & safety management accountingA good working environment ensures efficiency, quality and innovation. In Denmark, the focus on the value of health & safety management is increasing as companies realise that a good working environment pays off.

PwC-Denmark leads in the development of measurements and tools for working with the organisation’s health and safety issues. Health & safety management accounting is a method used to uncover the health and safety issues from an economic perspective hereby leading to better decisions for health and safety in the future. Please contact Anne Søgaard Melchiorsen at +45 (0) 3945 3233 or Birgitte Mogensen at +45 (0) 3945 9276 for more information.

Fredrik Franke, Manager, SBS Sweden

Anne Søgaard Melchiorsen, Manager, SBS Denmark

Birgitte Mogensen, Director, SBS Denmark

For more than a decade, the European Federation of Accountants (FEE), which represents more than 500,000 accountants throughout Europe, has actively driven the sustainability agenda from the accountancy perspective. Papers such as Providing Assurance on Sustainability Reports (2002), FEE Call for Action Assurance for Sustainability (2004), FEE Alert Emissions Trading (2005) and Assurance for a Sustainable Supply Chain (2005) are some of the influential discussion papers issued under the chairmanship of Lars-Olle Larsson, SBS Sweden Sustainability Assurance Leader, PricewaterhouseCoopers.

As deputy chairman of the FEE Sustainability Working Party and chairman of the FEE Sustainability Assurance

Subgroup, Lars-Olle was also asked to become the FEE representative of the Sustainability Experts Advisory Panel (SEAP) set up by the International Federation of Accountants (IFAC) and the International Auditing and Assurance Standards Board (IAASB). SEAP advises IFAC and IAASB on issues related to reporting and assurance on sustainability. The Panel also advises on the development of third-generation guidelines on sustainability reporting recently issued by the Global Reporting Initiative (GRI).

The World Congress of Accountants is the foremost international event for the accountancy profession. This year, the congress will be held in Istanbul, Turkey on November 13–17. Lars-Olle will be one of the speakers on the topic of sustainability reporting and assurance. Lars-Olle has for many years been actively involved with the Commission on Business in Society of the International Chamber of Commerce (ICC), The World Business Organisation.

Lars-Olle’s involvement in the above mentioned committees has contributed to issues being raised and addressed by The Institute for the Accountancy Profession in Sweden (FAR), the first institute in the world in 2004 to issue recommendations on assurance on sustainability reports. Lars-Olle actively reports on the global scene in tandem with the Nordic SBS team.

Nordic influence on the global sustainability agenda

Lars-Olle Larsson Director, SBS Sweden


The International Development Assistance (IDA) Network connects 350 PwC development specialists in 75 countries who come together in teams to bid for IDA projects as opportunities are identified. They generate approximately $80 million in fees annually for services to international finance institutions such as the World Bank and Asian Development Bank, bilateral donor agencies such as USAID and DFID (UK) and their beneficiary governments.

Our IDA service offerings are cross-industry and cross-regional, and fall into the four broad areas of assurance, financial services, public sector management and private sector investment in infrastructure. The work in this market is as diverse as monitoring donor fund flows from the world’s biggest HIV/AIDS prevention and treatment agency, reforming national tax regimes, training civil servants and restructuring the power sector in India to fuel new growth.

Over the last 10 years, the international development industry has undergone a paradigm shift that has radically changed the way we do business. When 50 years of input-oriented international aid failed the poorest countries in the developing world and indicators showed that in some countries, GDP was actually falling, it was clearly time for a change. Economists from the donor agencies, as well as academics and representatives from the stricken countries themselves, propelled by increasingly vociferous NGOs, put their heads together.

The ensuing top-to-bottom reassessment of the international aid industry eventually resulted in a more inclusive and sustainable model of development, in which development banks, donors, governments, NGOs and the private sector work together to achieve agreed outcomes embodied in the universally accepted Millennium Development Goals. The Goals, framed by the UN, aim to reduce extreme poverty by 50% by 2015. The eight goals cover education, primary heath care, infant mortality, the environment and the eradication of the most debilitating diseases. Every one of the goals implies a high degree of sustainability.

Sustainability in the development market: a truly global perspectiveThe new results-based model of development clearly favours sustainable, long-term solutions encouraging us to integrate sustainability into the services we offer our development clients. The big question is: what sort of sustainability? Corporate Social Responsibility means different things in Chicago and

Sustainable international development: expanding PwC networksTony Kingsley, Gopinath Menon

“The eight (UN Millennium Development) Goals cover education, primary heath care, infant mortality, the environment and the eradication of the most debilitating diseases. Every one of the goals implies a high degree of sustainability.”

Women carrying baskets of fish, Nyamiti Pan, South Africa

http://www.un.org/millenniumgoals/index.asp


Ouagadougou. Global warming presents different challenges to a cement conglomerate racking up carbon debits in Europe and a mother in Mali, cooking on charcoal from ravaged forests, which is the only fuel available to her.

How can we bridge this particular Developed vs. Developing divide? One answer is through organisations that think globally and act locally, that funnel shared knowledge and expertise around the world, but are firmly anchored in each territory where they are present. PricewaterhouseCoopers is such an organisation.

Of the 140 countries in which PwC has offices, 54 are international aid recipients. National partners own most of the practices in these countries. Eighty percent of our development work is contracted and undertaken by staff from our offices in emerging market countries. This not only means that we have a profound knowledge and understanding of the local context and culture in each donor target country, but also that the development dollars received in fees for this work are recycled back into the national economy.

Every year, PwC recruits thousands of the best young accountants and future business advisors in emerging markets countries and uses globally shared knowledge and technology to train them in international accounting standards. Some stay in the firm and others leave to enrich the national talent pool—an alumni list to be proud of.

PwC and the Global Fund (GF) to fight AIDS, malaria and tuberculosis The most striking illustration of the connectedness of our network in developing countries and its potential for adding real sustainability to development initiatives is our collaboration with the Geneva-based GF. While many AIDS funds fear losing control of their funds once they hit the ground, the GF has already spent $4 billion in 131 countries since 2001. Much of this success is to the way in which the GF monitors the flow of funds in the target countries, using Local Fund Agents (LFA). PwC is LFA in 67 countries, which represents a 55% market share.

The LFA model not only ensures that the monitoring accountants and advisors understand the local context and can circumvent cultural and institutional reserva-tions about the work of the Fund, but also removes the suspicion of an imposed governmental agenda and that the donors are looking over their shoulders.

In Denver, Colorado, curator Geoffrey Hargreaves inspects a core sample, stored at - 33˚F (- 36˚C), from the Greenland ice sheet for evidence of global warming caused by rising CO² levels

“Global warming presents different challenges to a cement conglomerate racking up carbon debits in Europe and a mother in Mali, cooking on charcoal from ravaged forests, which is the only fuel available to her.”


SBS group meets the IDA NetworkIf shared knowledge, a suitable ownership model and a deep regional network make PwC a finely tuned vehicle of development sustainability, the suite of products developed by the SBS group should have a ready means of transfer to the international development market. Indeed there are already instances of fruitful cooperation between the two networks.

The Ethical Tea Partnership (ETP)An association of European tea buyers made a decision to deal only with socially responsible suppliers. PwC specialists from SBS UK, worked with PwC local offices in Kenya and Tanzania to monitor terms of employment, health and safety issues, freedom of association, education and housing.

Climate changeThe SBS group in the US was hired by the World Bank to facilitate funding of renewable energy and energy efficiency markets in developing countries. This will create entry points in the market for our programme country offices.

Environmental impact assessmentThe Uganda office worked with SBS on an environmental impact study of the Bujaglai Dam project.

Sustainable tourism A specialist from SBS US worked with our Barbados office to provide technical assistance to the Caribbean Tourism Organisation to develop human resources for the Caribbean Regional Sustainable Tourism Development Programme.

Both SBS groups have also bid for an Asian Development Bank Pro-Poor Tourism study, a reforestation Biocarbon Fund project in Russia, and the development of a national climate change plan in China.

Future SBS and IDA Network coordinationA distinctive feature of the international development market is its geographical and sectoral spread. Add to this donors’ increasing tendency to decentralise many operations and it becomes clear that in order to succeed in the market one needs eyes and ears not only in the donor agency’s headquarters, but also in all the territories where funds flow. In addition to client account teams in Washington, London, Brussels and Manila, the IDA Network includes 10 regional knowledge managers, each backed by a regional IDA partner.

To ensure that Global SBS keeps abreast of the opportunities with SBS potential and that knowledge and market intelligence flow freely through both Networks, we have created a shadow SBS global coordination team with an SBS specialist virtually “attached” to each regional IDA coordinator and each client account team. Wherever possible, the two coordinators will be located in the same city.

With decisions driven ever closer to the market place, our SBS and IDA Networks will have greater leverage in strengthening our joint position in our agreed key areas of focus: sustainable tourism, climate change and some aspects of Corporate Social Responsibility.

Tony Kingsley, Director, IDA Network, Tanzania

Gopinath Menon, Director, SBS Indonesia


What is the economic impact of your company?Reporting on the economic dimension of sustainabilityMelissa Carrington

“Financial reporting focuses on direct monetary flows in and out of the profit and loss … Economic reporting, on the other hand, examines the wider societal costs and benefits …”

Why is the economic dimension important?The economic dimension of sustainability suggests that economic growth is seen as an essential prerequisite for sustainable development. However, evidence suggests that while economic growth is closely linked with increased levels of concern for the environment, in some countries actual improvement of environ-mental conditions provides little evidence that economic growth and development in the world economy, over the past few decades, has produced improved global environmental standards or income inequalities. The global environment is still deteriorating—climate change, reduced soil fertility, loss of habitats and biodiver-sity, and over-exploitation of marine fisheries. Also, inequalities between rich and poor within and between nations continue to increase.


The link between economic growth and sustainable development is not clear-cut. Economic progress can be a prerequisite for addressing environmental and social problems in developing countries. However, it does not always deliver the expected improvements in environmental and social outcomes. This implies a need to understand economic impacts and their relationship to sustainable development.

The role of the corporate sector Business is the core engine of economic growth, the primary source of investment in productive capacity and the main employer in most countries. Measuring, managing and communicating the economic footprint of business, and how this, in turn, creates social and environmental outcomes is clearly important if companies are serious about their commitment to sustainable development.

However, corporate reporting on the economic dimension of sustainability or corporate responsibility often gets overlooked in favour of social and environmental issues. The argument has always been that companies are reporting fully on the economic dimension through the annual report and accounts. However, this has not been the case, traditionally. Financial reporting focuses on direct monetary flows in and out of the profit and loss, and on the assets and liabilities on the company’s balance sheet. Economic reporting, on the other hand, examines the wider societal costs and benefits that arise from an organisation’s activities. Companies increasingly assess and report on the wider economic impacts of their activities, particularly if they have a good story to tell.

Categorising business economic impactsThe economic impact of business concerns the process through which organisations affect the production, distribution and consumption of wealth in society and by different social groups. Traditional economic impact analysis distinguishes three types of business economic impact:

Direct impacts, which include the immediate impacts of the flows of money and goods between an organisation and its suppliers, customers, employees, investors, the government as well as the impacts on the organisation’s competitors. These might include economic benefits from the payment of wages, taxes, interest and dividends, or investment in human capital through the displacement of economic activity carried out by competitors. Companies have management control over much of their direct economic impact through the decisions they make, for example, on location, employment, wages, training, purchasing, product development, marketing, and tax planning.

Indirect impacts include the second round employment, income and output effects on suppliers and customers arising from their interaction with the organisation; including employment in the supply chain or increased productivity through use of company products. By definition, companies have less control over their indirect impacts, even those directly related to use of products, which may depend on the availability of existing infrastructure. However, companies do have influence which, if used appropriately, can greatly enhance the indirect economic benefits of their activities. Local sourcing, fair trade and prompt payment policies for suppliers are good examples of this.

One area of economic impact that is receiving particular interest is company tax payments, where PwC along with other organisations have been doing work to develop approaches to evaluate a company’s overall tax contribution. Click here for more information. Look for more information on this subject in the future issues of the Corporate Responsibility Report.

Induced impacts include the broader economic effects of a company’s direct and indirect impacts through increased personal income and household spending.

“Business is the core engine of economic growth, the primary source of investment in productive capacity and the main employer in most countries.”

http://www.pwc.com/Extweb/insights.nsf/docid/75D58AF8B3774A3C80256F8800586AC6

http://www.pwc.com/Extweb/insights.nsf/docid/75D58AF8B3774A3C80256F8800586AC6


Indirect and induced economic impacts, called “multiplier” effects, may be calculated using multipliers derived from input-output analysis of the flows of goods and services between sectors of the economy. Input-output tables are used to calculate the knock-on impacts of a change in output and employment in one sector on another. However, there are several limitations associated with such multipliers, which tend to lead to an overstatement in the indirect impacts associated with a business or sector. These arise from the fact that the multipliers used are essentially static and take no account of overall growth in an economy, offsetting decreases in demand, import and export substitution, competition, changes in prices, or the impact of full employment. “Net multipliers” address these problems by avoiding double counting and recognising the dependency between a sector or company, and the economy at large may run both ways; but they, too, remain static and do not capture dynamic effects.

How are companies reporting on their economic impacts?As one of the three components of the “triple bottom line” economic issues and indicators are addressed in the GRI Sustainability Reporting Guidelines (www.globalreporting.org). However, the Guidelines stop well short of a comprehensive treatment, focusing mainly on direct economic impacts through monetary flows to different stakeholder groups. Little guidance is included on assessing and reporting indirect and induced economic impacts, although companies are encouraged to develop their own understanding and reporting of indirect impacts. Likewise, the GRI sector supplements have failed to take up the challenge. This area requires on-going development.

Novo NordiskOne company exemplifying the GRI stakeholder led approach to categorising and reporting on economic impacts is Novo Nordisk (www.novonordisk.com), which developed its economic stakeholder model in 2001. Since then, its reporting discloses its direct and indirect economic impacts on customers, suppliers, employees, investors and the public sector on the global level, and at selected production sites. The company also reports its direct contributions to Danish national GDP, exports and employment while indirect employment generation was estimated by using the Danish National Statistics multiplier for the pharmaceutical sector. The company has invested in health economics studies to understand health as a driver of economic development and quantified the benefits of diabetes treatment in Denmark and Bangladesh.

Novo Nordisk 2005 annual report combines financial performance details with environmental and social performance

2 Novo Nordisk Annual Report 2005

Poised forcontinued growth

The year 2005 was another solid growthyear for Novo Nordisk. In the markets, thereis growing demand for the company’s dia-betes care products and biopharmaceut-icals. In production, global sourcing and efficiency gains help curb costs, and eco-

Four long-term financial targets ensure management focus on the long-term growth of the business and ensure achievement of a competitive shareholder return.

In 2005, Novo Nordisk increased sales by16% to a total value of DKK 33,760 million.

There has been a continued strong de-mand for Novo Nordisk’s key strategic prod-ucts: the insulin analogues and NovoSeven®.Sales of insulin analogues increased by62%, while sales of NovoSeven® increasedby 16%. Novo Nordisk’s other therapeuticareas have also experienced solid growth insales.

North America and International Oper-ations are strong growth drivers, with salesincreases at 27% and 25% respectively.

The operating profit increased by 16%to DKK 8,088 million while the underlyingoperating profit (measured in local cur-rencies and excluding non-recurring items)increased by approximately 20%. Net profitincreased by 17% to DKK 5,864 million andearnings per share (diluted) increased by20% to DKK 17.83.

In 2006, Novo Nordisk expects to increasesales measured in local currencies by at least10%, and reported operating profit is ex-pected to grow by slightly more than10%.

Dividend

At the Annual General Meeting on 8 March2006, the Board of Directors will propose a25% increase in dividend to DKK 6.0 pershare of DKK 2. A new share repurchaseprogramme of DKK 6 billion is expected tobe initiated in 2006.

Long-term financial targets

By 2005, Novo Nordisk is approaching theachievement of its long-term financial tar-gets, defined in 2001. The targets were established to ensure a long-term focus to-wards shareholder value generation and in-cluded operating profit, growth, profitabil-ity, financial return and generation of cash.

The four revised targets guide the finan-cial development of Novo Nordisk, giventhe current scope of business activities, andhave been prepared assuming that currencyexchange rates remain at the current level.Individually and combined these four finan-cial targets are considered to be competi-tive compared to the overall performanceof the pharmaceutical industry.

Environmental performance

In 2005, Novo Nordisk continued to improveeco-efficiency, a measure of the ability toproduce more products with use of less energy and water. In the period 2001–2005the average annual realised improvementswere 8% for water and 14% for energy, asmeasured by EPI indices. Hence, the five-year targets of improvements of the waterand energy use efficiency at 5% and 4% perannum, respectively, have been achieved.

Global implementation of environmentalmanagement standards progresses onschedule; in 2005, an additional two of NovoNordisk’s production facilities achieved ISO14001 certification. This is instrumental inputting local management focus on pollu-tion prevention and compliance.

In 2005, the environmental strategy wasreviewed. There are six corporate focus areas for 2005–2008: genetically modifiedorganisms, energy and climate change,sustainable process/product, product stew-ardship, transportation and sustainablesupply chain management.

During 2005, a total of 340 suppliers,

million DKK sales in 2005.

33,760

Financialperformance

Ratio Long-term financial targets Result Three-year average2001–2005 2005 2003–2005

Operating margin 25% 24.0% 24.2%Growth in operating profit 15% 15.9% 11.0%Return on invested capital (ROIC) 25% 24.7% 21.6%Cash to earnings (three-year average) 60% 82.4% 82.4%

efficiency measures are paying off in termsof significantly reduced use of water andenergy. And across the organisation peopleare reinforcing the company’s position as a values-based business.

business resultsperformance highlights

All exchange rates in this report are translated based on the currency rate at 31 December 2005.

30

25

20

15

10

5

01 02 03 04 05

Therapy areas Sales

DKK billion

Diabetes careBiopharmaceuticals:Haemostasis management (NovoSeven®)Growth hormone therapyHormone replacement therapyOther

Novo Nordisk Annual Report 2005 3

accounting for 20% of the total value ofNovo Nordisk’s purchases, were evaluatedon their environmental and social perform-ance. Of these, 87% reported a satisfactoryperformance. Novo Nordisk has requestedcorrective actions from those who achieveda rating for poor performance.

Long-term environmental targets

At the end of 2005, Novo Nordisk finaliseda climate strategy that sets an ambitious tar-get for reducing its CO2 emissions by 10%in the period 2004–2014, as compared with2004. In the absence of reduction initiatives,the company’s emissions would increase by67% in step with production growth. Thetarget has been defined in an agreementwith the WWF, making Novo Nordisk the10th company in the world to become amember of the Climate Savers programme.

The significant CO2 reductions will beachieved through a broad range of measuresincluding improved energy efficiency, fuelswitching and conversion to renewablesources.

Socialperformance

In 2005, Novo Nordisk extended its globalreach. Since 2000, the workforce hasgrown by 63%, now counting 22,460 em-ployees in 79 countries.

Recruitment, talent development, rewardsand mobility and performance are the cor-nerstones of the People Strategy that aimsto reinforce Novo Nordisk’s competitivemarket position. While respecting diversecultural and legislative conditions in its mar-kets, global standards are being rolled out.

Employee satisfaction surveys underscorethe internal support for the company’s values-based approach, and a 100% fulfil-ment of action plans arising from facilita-tions supports a company-wide adherenceto the Novo Nordisk Way of Management.

In 2005, Novo Nordisk has provided insulin for 12–14 million people, of whom6.5 million live in Europe, the US, Japanand Oceania, and the remaining 5.5–7.5million in the International Operations re-gion. The range is due to the fact that inthe developing world two or three peoplemay share a daily dose. Novo Nordisk’s ac-

cess to health programmes are estimatedto reach out to at least 22 million peopleworldwide through awareness raising, education, diagnosis or treatment.

In 2005, Novo Nordisk implemented anew global business ethics policy supportedby a set of guidelines. The policy adheres tothe principles of the UN Convention againstCorruption and the Global Compact. Imple-mentation measures include training, anadvisory function and compliance audits.

Long-term social targets

Novo Nordisk is leading the fight againstdiabetes. With its mission of changing dia-betes, concerted efforts focus on improvedhealth management for people with dia-betes and preventative measures for thoseat risk of acquiring it. In 2006, Novo Nordiskwill define long-term targets for impacts ofits interventions.

One initiative is the Oxford HealthAlliance, established as an independentbody to focus on prevention of chronic diseases.

return on invested capital in 2005.

cash to earnings ratio in 2005.

people work for Novo Nordiskaround the world.

24.7%operating margin in 2005.

24.0%growth in operating profitin 2005.

15.9% 82.4% 22,460

ÕSee the full financial and non-financial statements at novonordisk.com/annual-report

30

25

20

15

10

5

01 02 03 04 05

Geographical areas Sales

DKK billion

EuropeNorth AmericaInternational OperationsJapan & Oceania

24

20

16

12

8

4

01 02 03 04 05

Full-time positions Geographical areas

1,000 full-time positions

DenmarkEurope (excluding Denmark)North AmericaJapan & OceaniaInternational Operations

130

125

120

115

110

105

01 02 03 04 05

Eco-productivity index (EPI) Water

Index = 100

130

125

120

115

110

105

01 02 03 04 05

Eco-productivity index (EPI) Energy

Index = 100

“… in the GRI Sustainability reporting guidelines

… little guidance is included on assessing and reporting indirect and induced economic impacts, although companies are encouraged to develop their own understanding and reporting …”

http://www.globalreporting.org

http://www.novonordisk.com

http://www.novonordisk.com/investors/download-centre/default.asp?Year=2005


The relative importance of the three categories of economic impact for any particular company depends on the sector in which it operates, the nature of its goods and services and the geographical level at which the analysis is carried out. Differences between sectors are likely to be pronounced. Many employment-intensive service sector businesses, for example, will have direct impacts that will be more important than their indirect impacts. By contrast, the financial services and the information, communications and technology (ICT) sectors are examples of sectors where the indirect impacts, arising from the use of their products, have the potential to far exceed the direct economic impacts of their business operations—financial services through the economic stimulus provided by loans and investments, technology and telecommunications through improved business productivity, innovation and competitiveness arising from use of their products.

Microsoft’s 2004 Corporate Citizenship Report (www.microsoft.com) details the results of a study looking at the local economic impacts of IT in 15 EU member states. The study estimates the total size of the IT related market in those countries and estimates that “for every $1 of Microsoft revenue in the region another seven and a half were generated by other companies selling hardware or software that work on Microsoft operating systems or servicing that software.”

The geographic level at which the analysis is carried out is crucial and dramatically affects the size of the economic costs and benefits attributed to a company’s activities. At a local level, all new job creation arising from a company’s activities would normally be regarded as a benefit, while at a regional or national level, these job gains would not be counted if they came at the expense of a decline in employment elsewhere.

A study commissioned by the Andersonville Development Corporation (see www.newrules.org) finds that locally owned businesses generate 70% more local economic impact per square foot than chain stores. The study by Civic Economics analysed 10 locally owned restaurants, retail stores, and service providers in the Andersonville neighbourhood on Chicago’s north side and compared them with 10 national chains competing in the same categories. They found that spending $100 at one of the neighbourhood’s independent businesses creates $68 in additional local economic activity, while spending $100 at a chain produces only $43 worth of local impact. They also found that the local businesses generated slightly more sales per square foot compared to the chains ($263 versus $243). Because chains funnel more of this revenue out of the local economy, the study concluded that, for every square foot of space occupied by a chain, the local economic impact is $105, compared to $179 for every square foot occupied by an independent business.

In addition, all companies have a micro-level impact on individuals; but some, by virtue of size, may also impact macro-economic indicators such as a countries’ balance of payments and inflation level. Therefore, the local and national context should also be taken into account in assessing impacts.

BAE Systems (baesystems.com) is the principal defence contractor in the UK, and the government is one of its major customers. In its 2003 Corporate Responsibility Report it enumerates concerns about taxpayer cost of defence contracts, but little is known about the economic contribution made by the sector. For this reason, the company commissioned an independent study to assess BAE Systems’ contributions to the UK economy. The study results include an assessment of both the direct and indirect contributions to the UK economy, including direct and supply chain employment, contributions through taxes and social security, and the company’s overall contribution to net exports and the UK’s balance of payments.

“… locally owned businesses generate 70% more local economic impact per square foot than chain stores.”

Microsoft 2005 Global Citizenship Report

http://www.microsoft.com

http://www.newrules.org/retail/news_slug.php?slugid=269

http://www.newrules.org

http://baesystems.com

http://www.microsoft.com/citizenship/default.mspx


Unilever and Oxfam published a recent study on the relationship between Unilever Indonesia’s (UI) business and poverty reduction in Indonesia. Some key highlights from this study show:

• 5,000 people were directly employed by UI (40% contract workers, 60% direct employees);

• 300,000 people make their livelihoods in UI’s value chain;• two-thirds of the value generated from UI’s business is distributed to

participants other than UI (producers, suppliers, distributors and retailers);• taxes paid to the Indonesian government account for 26% of value generated

by the business; and• the closer and more formally workers in the value chain are linked with UI’s

operations, the more they benefit from the company.

Economic analysis can also shed light on the environmental and social dimensions of the “triple bottom line,” through the valuation of environmental or social “externalities.” Social cost, in economics, is the total of all the costs associated with an economic activity. It includes both costs borne by the economic agent and by society at large. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. Knowledge is an example of social benefit that seldom accrues exclusively to the agent creating it, thereby providing a positive externality. Externality studies capture these non-market costs and benefits. Although frequently used in the public policy arena, companies have not generally adopted economic valuation techniques for their contributions to environmental and social externalities.

ConclusionsDespite the obvious importance of the economic dimension of sustainability, corporate reporting on economic impacts is in its infancy. Many companies are adopting a GRI approach to reporting economic indicators, but these are often restricted to readily available data extracted from financial reporting. The data is usually unaccompanied by any narrative analysis of economic impacts or any contextual information. Some companies have gone further by measuring indirect, employment-related impacts. However, this frequently involves the inappropriate use of multipliers, which overstate a company’s true impacts.

There is little guidance for companies within the sustainability reporting field and no generally accepted identification and measurement framework. A few companies are creating their own approaches or commissioning one-off independent studies examining particular aspects of their economic impact in a more comprehensive manner.

There is a clear need for the development of new models and frameworks for identifying, measuring, managing, and reporting on corporate sector economic impacts. Following trends in other aspects of sustainability reporting, the development of understanding, conceptual models, and disclosure practices usually happen together and in an iterative fashion. Purists may argue that companies should not report indicators not used in business decision making. However, this ignores the tacit knowledge gained by companies who learn-by-doing, and the benefits imparted to others who gain from “knowledge externalities.” Our best advice is to keep experimenting.

Melissa Carrington, Senior Manager, SBS UK

“There is a clear need for the development of new models and frameworks for identifying, measuring, managing, and reporting on corporate sector economic impacts.”


Sustainable business practices are a global concern, but that global concern can seem abstract until more than one hundred sustainability practitioners from across the world assemble in one place to consider the state of the art—and the science. Then, there is no further doubt: the issues are global, multidisciplinary and complex—encroaching into time horizons that we can, and have to, understand.

The 3rd Annual PricewaterhouseCoopers Global Sustainability Practitioners Summit convened in Barcelona from November 2 to 4, 2005. The view through the conference centre windows was exceptional: on one side a busy Mediterranean port, on the other side one of the most beautiful cities in Europe. The view within the conference itself, as ideas and discussions unfolded, was exceptional in its own way.

This article shares insights into the sessions attended by external delegates: our clients, global opinion leaders and institutions. It does not cover the dialogues that focused on the development and delivery of services across our global market space. It highlights opinions provided by our guests. However, we cannot do justice to all opinions, for the discussions covered too many details on the issues on management’s agenda. So we have simply summarised these to give a sense of the breadth and depth of the debate.

Samuel DiPiazza, Jr., Global CEO of PricewaterhouseCoopers, offered his thoughts and welcome in an opening video. He participates in the development of the sustainability debate through multiple leadership roles as a member of the Executive Committee of the World Business Council for Sustainable Development. In his opening talk, Mr. DiPiazza referred to “… some of the most critical and challenging business issues of our time: the role of business in society, corporate social responsibility, sustainable business practices, and the management of corporate reputation….” He went on to say: “The increasing expectations that stakeholders have with respect to stewardship of resources and sound corporate citizenship represent both a challenge and an opportunity for our clients and for the way in which we run PwC as a global business. A challenge, insofar as business practices perceived as unsustainable can result in significant damage to reputation and shareholder value. And an opportunity because organisations that differentiate themselves through responsible practices can harvest significant benefits for their stakeholders including contributors of capital, employees, suppliers, their communities and society as a whole.”

Managing reputationThe panel on the first day was “Managing Reputation: What does it take?” The distinguished participants were Macario Fernández-Alonso Trueba (Chairman, Autoridad Portuaria de La Coruña), John Fraser (Chairman and CEO, UBS Global Asset Management), Richard Kauffman (Chairman, Financing Group, Goldman, Sachs & Co.), Georg Kell, (Executive Head, United Nations Global Compact Office), Esteban Morrás Andrés (CEO, Acciona Energía), with moderator Sarah Barclay (Reporter, BBC Television). The panel discussion spoke to the multiplicity

Highlights from PricewaterhouseCoopers’ 2005 Global Sustainability Summit in Barcelona, SpainRoger Lipsey

Willem Bröcker, PwC Global Managing Partner – Regions, presents a review of PwC’s global business

“… organisations that differentiate themselves through responsible practices can harvest significant benefits for their stakeholders including contributors of capital, employees, suppliers, their communities and society as a whole.”

Samuel DiPiazza, Jr., Global CEO, PricewaterhouseCoopers


of issues involved. Sarah Barclay lined up some key questions at the outset: Reputation—what is it, how do you acquire it, what happens when you lose it, what can be done to retrieve it once lost? How well prepared are people in different sectors for the kind of event that might rock an entire organisation? How does globalisation affect reputation? How might one small decision in a remote corner of a supply chain threaten the reputation of an entire organisation? And how well prepared are companies to address this kind of issue?

Mr. Fraser commented: “Maintaining a good reputation is part and parcel of good management. On the other hand, good management won’t necessarily protect your reputation because there are so many extraneous factors. But in the absence of good management, it’s very hard to think that a company can sustain a reputation. It’s like the two parts of the scissors: one blade is useless without the other.”

Mr. Kauffman enlarged on this perspective: “Ultimately,” he said, “a firm’s reputation is about how it touches all its constituents. Much of this falls outside the span of control of management because any employee can do something to impair a firm’s reputation. What protects a firm’s reputation is its culture—how things really operate in the organisation and how its people operate.” Similarly, Mr. Trueba added, “Managing a firm’s reputation is best achieved by having company meetings on the topic of business integrity, encouraging people to speak out and finally, through transparency. This is not just significant to control, but also to spread integrity through the organisation, as well as the company’s culture and values.”

Mr. Kell emphasised the dynamic nature of reputation: “You have to earn it, obviously—it’s generated by what you do and how you do it, and it accumulates. But here’s the challenge: it’s a moving target. The world is no longer static. You’re dealing with different constituencies, shifting focus by region and by types of actors. The picture is becoming quite complex, and the more global you are, the greater its complexity.”

Mr. Morrás brought a perspective that focused on the origin of reputation and its demonstrable application: “The most important factor for reputation is to do things that are positive for the society. I can say that my entire professional life has been dedicated to the challenges of renewable energy, and that is my company’s focus. But even a company’s dedication to positive work for society is not enough. Personal integrity is also needed in the daily life of a business. I don’t think it’s possible to be a good person in one’s personal life and a shark in the business world.”

Leadership panel (left to right): John Fraser (UBS), Georg Kell (UN Global Compact), Richard Kauffman (Goldman Sachs), Macario Fernández-Alonso Trueba (Autoridad Portuaria de La Coruña), and Esteban Morrás Andrés (Acciona Energía)

“What protects a firm’s reputation is its culture—how things really operate in the organisation and how its people operate.”

Richard Kauffman, Chairman of Financing Group, Goldman, Sachs & Co.


The issue of corporate culture and individual integrity loomed large in the panel discussion. Mr. Kauffman returned to it memorably: “Culture ultimately is what’s inside each person. Each person has to act, so you would hope that the people you attract and train and retain in your organisation have a set of congruent values that will advance the organisation. Loss of reputation in most companies doesn’t occur because the people at the top are bad people—but they may well have failed to put appropriate emphasis on code of conduct and prudent decision-making all the way down through the organisation.” Mr. Kauffman added that when bad things happen to good companies, the loss of morale can be devastating: “When people are no longer proud of working at their firm, the strongest talent may leave, and that in turn can set up a vicious circle—people leave, then the business really performs badly, and so on.”

Mr. Fraser was less forgiving of top management. “The higher you are on the apple tree, the more responsibility you carry for your firm’s reputation. I think the prime responsibility of a chief executive officer is to set the tone, and you set the tone in many ways—through your attitudes to work and your management style, but above all, through your integrity.”

Mr. Kauffman responded with an interesting view about downward momentum: “It’s not as if there’s always a gap in troubled companies between people of integrity and people of no integrity. It’s that there is a kind of momentum, a slow momentum that just moves along, and nobody ever says stop, look, and listen. How you get an organisation to stop, look, and listen is a really important thing.”

As the panel discussion drew to a conclusion, Mr. Kell conveyed a key message from the perspective of his unit of the United Nations to the financial and energy leaders seated beside him: “It is my hope,” he said, “that the financial community will increasingly embrace environmental, social, and governance criteria more explicitly in its long-term investment analysis and decision making. That is where the real leverage is, you know.”

Georg Kell speaks on business and societyGeorg Kell, Executive Head of the United Nations Global Compact Office, has been for some years a friend of the PricewaterhouseCoopers Sustainable Business Solutions (SBS) practice. PwC, in turn, is an early supporter of the Global Compact (see www.un.org/Depts/ptd/global for further information on this UN partnership with businesses worldwide). “The UN and business,” he said, “have very different purposes. The UN is about peace and development and poverty reduction in its broadest sense. Business is about profit and growth. However, as the world has opened up in the last 15 years, the interdependencies between the UN and business have deepened in many, many ways. The overlap between the two different sets of purposes has grown. You can argue that, for as long as openness continues as a political and economic reality, there will be an increase in shared concerns—in building markets, in investment, in sustainable employment, without which poverty reduction cannot be achieved.”

Mr. Kell takes a dynamic view of the businesses worldwide—now well more than 2,000 in number—which participate in the Global Compact and aspire to adhere to its principles of corporate social responsibility. He speaks, for example, of “early learners,” companies just beginning to “come to grips with the meaning of decent workplace conditions in the supply chain. What kinds of tools are there to progress? The same is true on the environment.” He has adopted what he calls a “flying geese model, a continuous performance improvement model.” He explained, “You need a strong front end to keep the direction going, you need leaders. But you also want to be open at the tail end because you want to be inclusive.”

“The higher you are on the apple tree, the more responsibility you carry for your firm’s reputation.”John Fraser, Chairman and CEO, UBS Global Asset Management

http://www.un.org/Depts/ptd/global.htm


Corporate Social Responsibility (CSR)The second day of the conference convened a panel on “The Future of Corporate Social Responsibility,” viewed from the perspective of executives in varied industries who are directly responsible for CSR programs in their companies. Again ably moderated by Sarah Barclay as before, the extensive panel included Guillermo de Rueda Escardó (Director of Institutional Relations and Communication, Centros Comerciales Carrefour, S.A.), Christian Mignon (Vice President of Sustainable Development and HSE, Sanofi-aventis Group), Jouko Kuisma (Head of Corporate Responsibility, Kesko Corp.), Jacky Prudhomme (Sustainable Development Manager, Arcelor S.A.), Carlos Martinez Gantes (Deputy to the Chief Executive Officer, DKV Seguros), Pilar Puig (Corporate Development Manager, Eat Out Company—The Agrolimen Group), and Søren Vogelsang (Vice President of Sustainable Development, Danisco A/S).

The panel discussion was diverse and detailed reflecting the scope and complexity of matters that fall under this recently evolved term. The panel discussed strategic and policy issues that influence the response to the CSR agenda, ranging from the economics of families in developing countries to the quality control of raw materials or products from a vast number of small suppliers, and also to the pursuit of environmental and social performance in harmony with economic performance. The debate reflected the global variations in priorities, the vast scale of stakeholders who each have a perspective on what is responsible and to whom responsibility is owed. Discussions also came closer to home with consideration of the practical issues faced within each organisation. In this debate the workforce matters were high priority. Reflecting for example “‘social responsibility’ means to give each person something more than a job,” and the challenges of providing attractive and humane employment for a workforce of young mothers and heads of families. Another made the connection between workforce management and operational efficiency “The benefit for the company is that we have a lower rotation among these professionals. So we can invest much more in training.”

Amidst the wealth of subjects and perspectives discussed by the panel members, one theme emerged strongly which has lasting resonance. In the words of one panelist, “We try to build responsibility into our brands.” These words capture the mission of the PricewaterhouseCoopers SBS practice as it works with clients worldwide: helping our clients integrate the principles and practices of responsible business into their brands.

CSR panel (left to right): Carlos Martinez Gantes (DKV Seguros), Pilar Puig (Eat Out Company—The Agrolimen Group), Søren Vogelsang (Danisco A/S), Jouko Kuisma (Kesko Corp.), Jacky Prudhomme Arcelor S.A.), Christian Mignon (Sanofi-aventis Group), Guillermo De Rueda Escardó (Centros Comerciales Carrefour, S.A.), and Sarah Barclay (BBC Television)

“… the inter-dependencies between the UN and business have deepened in many, many ways. The overlap between the two different sets of purposes has grown.”Georg Kell, Executive Head of UN Global Compact


We have been working with our global network to renovate and enhance our global sustainability website over the past few months. Below, please find the link to our new and improved global Sustainability website. The new website features the latest news from our global network; useful information including descriptions for our five core services (with new case studies); two sections which discuss sustainability issues by industry and by geographic region; SBS publications and SBS key contacts for all our industry, solution and regional subject matter experts.

The new website can be used for:

• locating citations to use in presentations;• educating yourself on our business;• locating an industry, regional or solution expert within the network; • finding the latest news on our global network; and/or • accessing the latest publications from our network.

Global sustainability homepage link: www.pwc.com/sustainability

We urge you to take advantage of this useful information resource. We will be updating the information on this site regularly to provide you with the latest developments and news in the sustainability field. Also, we want the website to meet your needs, so please provide your feedback by contacting our Global Network Manager, John Battaglia in New York, at +1 646 471 1941, or via email at [email protected].

Our special thanks to Karl Pfalzgraf and his team for their invaluable assistance in launching this initiative and to all our global SBS practitioners for their tireless contributions.

PwC releases its new and improved Global Sustainability website

http://www.pwc.com/sustainability/

http://www.pwc.com/sustainability


February 22–23 How to Manage Corporate Responsibility in Asia Conference 2006Hong Kong Biggest issues in corporate responsibility and governance in Asia; organised

by Ethical Corporation. www.ethicalcorp.com/asia2006

March 9–10 Ethical Sourcing Forum: Driving Social and Environmental ImpactNew York, NY Implementation, performance measurement and impact of social and

environmental supply chain approaches; explore future cooperation and strategic partnerships with business leaders, policy makers, government, investors, social partners, academics and other stakeholders; organised by AccountAbility / Intertek. https://www.registrationassistant.com/p/rg.asp?Event=5DAC5A019D37234562524

March 26–27 2006 International Corporate Citizenship ConferenceOrlando, FL Discuss the core questions for corporate responsibility in the 21st century;

organised by The Centre for Corporate Citizenship at Boston College. http://www.bcccc.net/index.cfm?fuseaction=Page.viewPage&pageId=912&nodeID=1&parentID=476

March 28–29 Business-NGO Partnerships Conference London, UK Setting up a successful partnership, managing finances, solving problems,

communicating internally and externally, measuring progress; organised by Ethical Corporation. http://www.ethicalcorp.com/londonpartnership/

May 9–10 Business-NGO Partnerships ConferenceNew York, NY Finding the right partner, measuring progress, overcoming conflict, real-life

experience, communication; organised by Ethical Corporation. http://www.ethicalcorp.com/nycpartnership/

May 11–12 Ethics and Compliance: Pulling it All TogetherNew York, NY Link between ethics and corporate performance: the business case; ethics,

values and strategy; the expanded role of senior management; and more; organised by Conference Board. http://www.conference-board.org/conferences/conference.cfm?id=1124

May 31 – June 1 Europe Summit: Leading from the Top: How to Embed Ethical ValuesLondon, UK with Your Organisation

Internal management, internal culture and communication, supply chain management, stakeholder engagement, code of conduct and standards; organised by Ethical Corporation. http://www.ethicalcorp.com/europe2006/

June 21–22 The 2006 Business and Sustainable Develop ConferenceWashington, DC Role of business is sustainable development; Who is in charge, measuring

progress and results, communicating performance, etc.; organised by Conference Board. http://www.conference-board.org/conferences/conference.cfm?id=1141

Calendar of major Sustainability and CSR-related conferences and events, January – June 2006

Links

Contact an SBS Leader in your country

Rate our newsletter

Subscribe to this newsletter

Contributors:Melissa CarringtonBruce McIntyreHelle Bank JørgensenTony KingsleyClement LevefreRoger LipseySunny MisserGopinath MenonMathiew Vallart

Editors:John BattagliaRoger LipseyRose-Marie Brandwein

NY-ST-06-0829 © 2006 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. *connectedthinking is a trademark of PricewaterhouseCoopers LLP (US).

http://www.ethicalcorp.com/asia2006/



https://www.registrationassistant.com/p/rg.asp?Event=5DAC5A019D37234562524







http://www.bcccc.net/index.cfm?fuseaction=Page.viewPage&pageId=912&nodeID=1&parentID=476





http://www.ethicalcorp.com/londonpartnership/




http://www.ethicalcorp.com/nycpartnership/




http://www.conference-board.org/conferences/conference.cfm?id=1124





http://www.ethicalcorp.com/europe2006/











http://www.pwc.com/extweb/aboutus.nsf/docid/BE377577E6736B3B852570D60067EAE8

http://www.pwc.com/extweb/aboutus.nsf/docid/BE377577E6736B3B852570D60067EAE8

http://www.pwc.com/extweb/onlineforms.nsf/(docid)/9C0163D02EDBAA2485256FA40078B4A8?opendocument

http://www.pwc.com/extweb/onlineforms.nsf/weblookup/GXENGSUSTTheSustainableReport?opendocument

the corporate responsibility report* - pwc · 2 the corporate responsibility report, february 2006...

Documents