Novo Nordisk singled out in global reporting survey
- November 2004
In a new survey of corporate sustainability reports, Novo Nordisk is ranked second in the world for its ability to identify and manage social and environmental issues as part of ‘how we do business’.
The benchmark study ‘Risk & Opportunity: Best Practice in Non-Financial Reporting’, which was released on Monday, ranks Novo Nordisk number 2 on the Top 50 Global Reporters, with a score of 69% -- a 9% improvement from 2002. The first place goes to UK-based Co-operative Financial Services with 71%.
Novo Nordisk is the only Danish-based company on the Top 50, and by a wide margin the best performing in the pharmaceutical industry.
The benchmark survey, which is conducted every other year, is a collaboration between the think tank SustainAbility and the United Nations Environment Programme (UNEP). This year, Standard & Poor’s was a partner, in order to explore the link between credit ratings and the quality of companies’ governance and disclosure of non-financial risks.
Particularly strong
The survey notes three particularly strong aspects to Novo Nordisk’s sustainability reporting:
- First, it describes the Novo Nordisk Way of Management as “a convincing approach to embedding sustainable development in the company’s culture and corporate governance”
- Second, it describes the company’s ability to report robustly and transparently on commitments, targets, and activities as 'leading edge'
- Third, it gives Novo Nordisk’s application of international assurance standards the maximum score
“We are very pleased to learn that Novo Nordisk performs so well in a global survey like this. Over the years, we have won many awards for our sustainability reporting, but this is the only comprehensive global survey of its kind. Being quoted as an absolute leader here means a lot to our reputation as a leading global pharmaceutical company that manages its business from a holistic perspective,” says Lise Kingo, Executive Vice President for people, reputation, and relations.
“The report findings underscore the need to drive a more integrated approach to reporting, communicating both financial and non-financial perspectives. This is fully in-line with what we in Novo Nordisk will do,” she adds, noting that in 2005 Novo Nordisk will publish one full and inclusive annual report, plus an abridged summary annual report.
From more than 350 reports submitted, an independent expert committee selected 50 for detailed analysis. Other pharma companies on the list are Bristol-Myers Squibb (ranked 22), Novartis (ranked 27), and Baxter (ranked 42).
The full report on the benchmark survey is being presented internationally at events in London, Seattle, Berlin, and Paris during the first week of November.
It is available for free in pfd format at http://www.sustainability.com/publications/engaging/risk-opportunity.asp
