Increased regulatory scrutiny, corporate and social responsibility (CSR) pressures, and accountability for the health and wellness of consumers, present companies with the challenge of being compliant, ethical, and socially conscious - while also maintaining competitiveness and profitability.
Many issues affecting the ‘greater good' for society' need to be addressed by the industry as a whole, rather than by individual companies. The survey shows that external pressure, either as a threat to brand equity or to overall consumer demand, leads the list of drivers of environmental sustainability. Forty-one percent of the respondents cited reputation and brand equity as their primary motivation to be environmentally responsible, although this concern was cited by only 34 percent of those in emerging markets.
Increasingly global and complex supply chains, coupled with the demand for and availability of more information from sourcing to sale, are driving companies to seek greater transparency in their end-to-end value chains. When asked which goals around corporate responsibility were most relevant to their company this year, respondents across the board were most likely to identify transparency as one of the top three.
For the most part, the companies surveyed (52 percent) are confident in their capabilities required to meet their environmental and sustainability agendas, particularly those that are larger and/or experiencing relatively higher growth. These companies are also not only aware of their role in improving the health and wellness of society, but also the need to collaborate in order to affect such change.