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Strongest CSR Management And Reporting Concentrated In A Few Canadian Industries
Strongest CSR Management And Reporting Concentrated In A Few Canadian Industries
Published 06-01-04
Submitted by Conference Board of Canada
Mining, forestry, chemicals, and energy companies have responded more to pressures from external stakeholders for responsible conduct, because they are industries that have a heavy environmental or social footprint. Companies operating in heavily regulated sectors, such as banks, have also adopted comprehensive practices.
"What the data shows is that Canadian companies are making progress in CSR, but the progress is slow and it is not universal. The report shows that corporate behaviour is visible and that CSR is practical, doable and growing," said Anne Golden, President and CEO of the Conference Board. "Two issues of concern arise from the research: first, just one-third of Canada's 300 largest companies publicly disclose their CSR activities. Second, companies focus on their processes instead of measuring the outcomes of CSR conduct in their reporting."
The report, the first of its kind in Canada, was released today in Toronto at the Board's 2004 Corporate Social Responsibility Conference: From Dilemmas to Solutions. It includes an in-depth analysis of the CSR management practices of 53 of Canada's 300 largest companies. Of the 53 companies surveyed, 62 per cent issue formal CSR reports.
Most corporate CSR reports describe policies and processes without connecting them to results. However, stakeholders want to know about the outcomes and impacts of corporate behaviour. In addition, stakeholders are most interested in human rights.
"We are entering a period of transition: corporations are trying to move away from the old ways of corporate conduct," said Prem Benimadhu, Vice-President, Organizational Performance. "Corporate citizenship is an essential component of the global economy and CSR performance is linked to bottom-line results.
"Canada's largest companies can do more to reap the benefits of CSR. Benefits include building stakeholder trust, enhanced reputation, better risk management, ability to attract and retain employees, and access to capital markets."
The report identifies nine key future directions for CSR in Canada. At the top of the list is growing stakeholder demand for corporate accountability and prescribed standards of responsible business conduct.
The National Corporate Social Responsibility Report was sponsored by a number of leading public and private sector organizations. It is publicly available at www.conferenceboard.ca/boardwise.
