Page 23 - Economy_CSR

23

- Specialists: the need for more transparency has materialized into various private standards. One standard
example is the AA1000 serieswhich improves the accountability and overall performance of organizations
by increasing the quality of social and ethical accounting, auditing and reporting.

- International organizations: UNEP’s Financial Institution Initiative engages a broad range of financial
institutions in constructive dialogue about sustainable development and promotes the adoption of
sustainable practices in all levels of financial institutions operations.It has put into place its own Corporate
Sustainability Reporting tool.

In practice, among the European Commission advices in its EU Sustainable Finance Action plan, we can
retain:

• Mainstreaming sustainability in risk management: include environmental and social goals in financial
decision making in order to limit the financial impact of environmental and social risks

• Foster transparency in the long term: corporate transparency on sustainable issues is seen as
pre-requisite to enable to properly assess the long term value creation of companies. Long term risks
should be fully transparent. This long term transparency can be supported by innovative technology. In the
long run, it empower citizens and allows to make informed investment decisions.

• The creation of financial sustainability labels

• Financial sustainability benchmarks: Useful instruments allowing investors to track, measure
performance and allocate assets accordingly.

4.4 Transparency & Anticorruption EXAMPLESAND BEST PRACTICES

Accountability – The case of Titan in Greece

Context: Titan is a cement company implemented in Greece since 1902. In 1995 it was the first company in
Greece to publish a social report. Titan employs directly 1 142 workers and indirectly 5 000 workers
through its supply chain (3500 local suppliers).

Description: Titan has also taken a leading role in the implementation of the “CSR supply chain
Laboratory” under the EU Business Alliance for CSR. It has also a code of conduct underlying its compliance
with human rights, health and safety, sustainable growth, fighting bribery and corruption, preventing
conflicts of interest and committing to fair competition and financial and non-financial reporting.