Directions 2

Directions2TRENDS IN CORPORATE SOCIAL RESPONSIBILITY REPORTING 2001|02

Researched and published by

socialenvironmental context

An analysis of the environmental and corporatesocial responsibility (CSR) reporting practices ofthe UK’s top 250 companies.

With commentary and analysis from:

• Roger Cowe – Journalist• Mark Wade – Shell• Simon Propper and Peter Knight –

Environmental Context• Nigel Salter – salterbaxter

INTRODUCTION

CONTENTS

1

‘Should I worry?’ checklistContext

2

Levels of disclosureNigel Salter – salterbaxter

4

To verify or not to verify?Mark Wade – Shell

6

The oxymoronic world of the socially responsible investorAndy Brown

10

What SRI analysts say12

METHODOLOGY 13

FTSE 250

Analysis overview

Selected sector analysis

14

18

International Top 6016

Looking forward

About salterbaxter

22

About Context

31

32

33

Nigel Salter Simon Propper Peter Knightsalterbaxter Context Context

[email protected] [email protected] [email protected]

Welcome to our second annual Directions report which shows a significant increase in corporate social responsibility (CSR) reporting.

Is this sustainable or are we living inside a CSR bubble? Evidence abounds of frothy activity.

Questions from socially responsible investment (SRI) analysts – the current teenage scribblers of the financialcommunity – swamp listed companies in all sectors. Chief executives use every opportunity to speak publicly oftheir commitment to good corporate citizenship. The latest research by Business in the Community shows –somewhat unbelievably – that 73% of European top 200 CEOs think CSR boosts profitability.

Politicians are riding the bubble too. The UK has a minister responsible, the French have published a decree andthe EU is considering how to institutionalise CSR reporting.

Non-governmental organisations are panting from their pursuit by companies who want to engage with them.Public relations companies – excited by the potential fluffiness of the issues and the perceived need ofcompanies to communicate their good behaviour – are in a feeding frenzy, scrabbling to service the cuddlyworld of CSR.

The distorted vision from within the bubble makes it difficult to think clearly about the relevance of CSR tocommercial performance. Is CSR a real change in business sentiment or just a passing fad, a fashionableflirtation with doing good?

If reporting is an indicator of commitment to CSR then our research shows clearly that a fast-growing number ofcompanies are putting pen to paper, or at least pixels to screen.

Such reporting is essential to prevent a premature popping of the bubble. But so is the yet to be proven successof indices, such as FTSE4Good and those from Dow Jones. These will only work if enough money follows them.

Much is still to be decided. Our research has taken the pulse of the UK’s 250 largest listed companies and the world’s top 60. Overall the picture is positive with the majority of large companies reporting in some formor another.

We are, of course, ever conscious of spin and humbug. This is why we counterbalance our enthusiasm for CSRwith a more critical look at SRI investing. We also attempt to demystify the CSR management speak that isregurgitated by too many in our business.

We hope you find this report useful and we do appreciate feedback, no matter how critical.

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2 | 3

Discrimination (diversity & equal opportunities)

Working hours

Wages & benefits

Job satisfaction

Training & career development

Industrial relations (employment practices, unions & staff forums)

Should I Worry?

For example, if an issue is critically important to your company and you manage it poorly (be honest!), you score an embarrassing 12!(The system allows for irrelevance - no matter how well you manage an issue of no relevance, you will end up with a score of 0).

Importance Management0 Irrelevant 1 Good1 Little 2 Medium2 Moderate 3 Poor3 High4 Critical

Using the scale on the right, judge how important an issue is and then how well you manage it.

By the painful weight of acronyms and the sheer heat of the debate, onewould imagine that business had never thought of its corporate socialresponsibilities before, let alone tried to communicate its performance.

All those morally robust Quaker business leaders, Lord Lever and theCarnegie-look-alikes must be giggling in their graves at the antics of new-age CSR. Very few of the issues that business has to deal with today arenew, only the context has changed: a smaller, faster-moving world wherevalues are king and corporate reputations very vulnerable.

Our survey shows a steady increase in reporting but it's clear that there are still many companies that are struggling to put CSR into perspective.Despite the fog of confusion, it's worth remembering that CSR is not rocketscience - it's simple common sense.

Like telephones and PCs, the CSR report is fast becoming a must-havebusiness tool. This is not the place to debate its benefits nor justify the cost - when last have you done that with your mobile phone? But if you're a hesitant reporter, mystified by the fuss or turned off by the tediousprocesses recommended by management consultants, read on.

Managing CSR might involve cross-functional relationships and is certainlydemanding. For example, human rights issues cut across the organisation:human resources handle topics such as ethnicity and diversity, safetyprofessionals will be in charge of work safety and procurement would dealwith labour issues in the supply chain.

For those who have not given CSR much thought, the first step is toidentify the issues that are important to the company. All the relevanttopics are contained within the various codes and guidelines that havebeen issued by organisations ranging from the OECD to AmnestyInternational.

We have developed a short cut for those who don't know their SA8000from their GRI - and don't particularly want to. Each category in our‘Should I Worry?’ checklist has a number of sub-categories not listed, but don't be too concerned about them now.

Please tick the relevant box ✔

SCORES A + B + C + D + E =

Below 100No need to

worry!

In the band101-130

Under control,but watch it!

Above 130Ring our

emergencynumber now!

Importance Management

Child labour

Forced labour (slavery)

Disciplinary practices (abuse & intimidation)

Security (use of armed guards etc)

Indigenous rights – respecting

Health & Safety

0 1 2 3 4 3 2 1 TotalA HUMAN RIGHTS

✕ =

=

=

=

=

=

✕

✕

✕

✕

✕SUBTOTAL A


0 1 2 3 4 3 2 1 TotalB EMPLOYEE RELATIONS

✕ =

=

=

=

=

=

✕

✕

✕

✕

✕

Community investment

Technology transfer/co-operation

Charitable giving (money & resources)

Education


0 1 2 3 4 3 2 1 TotalC COMMUNITY/SOCIETY

✕ =

=

=

=

✕

✕

✕

Corporate governance

Bribery & corruption

Political donations

Product/consumer ethics (efficacy and honest marketing)


0 1 2 3 4 3 2 1 TotalD BUSINESS ETHICS

✕ =

=

=

=

✕

✕

✕

Resource consumption

Energy/climate change

Water use

Waste

Polluting discharges and emissions


0 1 2 3 4 3 2 1 TotalE ENVIRONMENT

✕ =

=

=

✕

✕

✕ =

=✕

SUBTOTAL B

SUBTOTAL C

SUBTOTAL D

SUBTOTAL E

TOTAL

INSTRUCTIONS

Step 1

Step 2 Tick the relevant boxes in the panels on the opposite page. For each issue, multiply the twonumbers together. Add these to give you a subtotal.

Add the subtotals to give you a worry quotient – the lower this number, the lower the risk andthe less you need to worry.

Step 3

by Simon Propper and Peter Knight CONTEXTl

Confused by CSR jargon? Unsure if you have all the issuescovered? Mystified by consultants’ self-assessment flowdiagrams? Relax. CSR is not rocket science. For peace of mind(or instant heart failure) complete our simple checklist and findyour unique worry quotient. And then decide how much to fret.


TO CHECK YOUR WORRY QUOTIENT, FOLLOW THESE SIMPLE INSTRUCTIONS (PhD NOT NEEDED):

Tel +44 (0)20 7251 0050

Below is a list of critical CSR issues. Most will affect your company, but others could be irrelevant. Follow these three easy steps:

Not everybody has to have an award-winning stand-alone report plus a fantastically detailed website. For many businesses an effective,straightforward and well written section in the annual report is moreappropriate.

And yet some companies with quite sensitive issues to address still only puta tiny paragraph on environment policy in the back of their annual report.

The most important thing in deciding your company’s approach is to identifywhat is appropriate.

Leaders in this field typically have a long heritage of reporting and almostcertainly have difficult or high profile issues to address.

Reporting is important but not everybody has to go the full monty on CSR – common sense, good communication and your overall businessobjectives in this field should be your guide.

Above all else, make sure that what you publish is credible and don’t assumethat publishing is the end of the process - on the contrary, it is the start ofthe debate.

The following levels of disclosure are a quick summary of the currentresponse from the FTSE 250:

This level of disclosure is most likely to suit amajor multinational or a business with exposure to difficult issues (for example bribery andcorruption or health, safety and environment(HSE) in the oil or chemicals sectors).

The programme would typically consist of aprinted report, a web report, a section in theannual report and an internal communicationsprogramme.

This level of reporting brings together teams fromall around the business. CSR, corporate affairs,human resources, legal, brand and HSE teamswould all be working together meaning that theCSR programme is very much in the mainstream of management disciplines.

Levels of ddiisscclloossuurreec how important is this to your business?c how exposed are you? (See the previous article)

c where does your company want to get to on CSR?c what are your competitors doing?c who are you publishing for?c what systems do you have to support a reporting programme?c how do you respond to the debate once you have published?

Companies opt for widely differing degrees of disclosure – choosing the right levelshould reflect your business objectives.

THE KEY QUESTIONS WHEN DECIDING ON YOUR LEVEL OF DISCLOSURE:

It’s getting cold andlonely out there.

Only 5 of the FTSE 250fall into this category.

1A PRINTED REPORT (possibly supported by a pdf on the web)The key aspects here are:- make sure you have enough content to make it worthwhile.- what is the scope? Is it mainly environment with a bit of community,

is it mainly community, or is it environment, health and safety?- is it a full report or a summary complementing the web?- leading from the above, what is the title? Many documents claim

to be CSR reports and then fail to deliver.- make sure it is well designed by people who understand CSR. CSR is

fundamental to corporate reputation but is not marketing. Too manyreports look like they’ve been either poorly conceived, designed bypeople who don’t understand the content or designed as a marketingbrochure.

- make sure it is well written. Not too technical, not too much PR, nottoo much self promotion.

- make sure you get it to people. If your report is good, lots of peoplewill want to see and use it.

Possibly worse than level 2 as it smacks of puff anddecoration. The content may consist of a couple moreparagraphs than level 2 and it may have a dedicated title.

Typically focused on charity information or work in thecommunity. This is the type of response frequently supportedby pictures of bunny rabbits, ducks on a pond and the CEOhanding over a cheque to a local charity.

For many businesses, the limited range ofissues they are exposed to does not justify a separate report on CSR.

This doesn’t mean that they don’t want toaddress CSR seriously and effectively. In suchcases a succinct section in the annual report,addressing the key issues and supporting thosewith data is an excellent solution.

Getting to grips with the issues but not divinginto over-spin. Done well this is actually abetter solution than a stand-alone documentfull of fluff and no substance.

Lots of companies have a section in the annualreport but, unfortunately, an effective responseat this level is all too rare. Carlton and GKN aregood examples of how to do it.

Typically a paragraph in theDirectors’ Report. Probably onlymentions environment policy and possibly includes charitabledonations.

74 of the FTSE 250 fall into thiscategory.

WEB REPORT ONLYThis makes sense for reasons of cost but simplydoesn’t stack up when viewed from thecommunications angle.

The simple fact is that the more senior theaudience the less likely they are to use the web.

If you want people to hear what you’ve got to sayand if you want to influence the serious opinionformers you need at least a printed summary.

People like printed documents!

Every piece of corporate communication will fullyintegrate social, environmental and economic issues.

Few have gone this far.

Such a scenario may well have been provoked bysomething of a corporate nervous breakdown or thedecision will have been taken that the company wouldbenefit from operating on full sustainability principles.

BAA have gone down this path and The Shell Reportleads the way in many people’s eyes.

This is more a business philosophy than an approach to disclosure.

6 MULTI-CHANNEL 7 THE FULL MONTYSINGLE CHANNEL (WEB OR PRINT)5SHORT BUT SWEET

MONOSYLLABIC WITHADDED PICTURES3 42MONOSYLLABICMUTE1

4 | 5

4

by Nigel Salter SALTERBAXTERl

6 | 7

e recognise the importance of accountability to stakeholders andare learning to be more open, through greater engagement. Peopleare less willing than they were in the past to take the assurancesof authorities such as government, scientists and companies on

trust. There is an increasing call for corporations to show what it is they are doing. And in the absence of trust – something that characterises themodern world – there is a demand for independent verification of what isbeing shown.

Verification increases stakeholder confidence that what is being reported is a fair picture of performance. It also improves an organisation’s ability tomonitor and manage its activities. This is why we go to considerable lengths toverify the Shell Report – a publication we want to embody completeness andbalance, display accountability and be an active document that invites debate.

Our peopleAs managers and staff, we need to have confidence in the effectiveness of our internal systems. It also helps us establish progress against targets and commitments – we know how much has beenachieved and what still needs to be done. We need confidence too that our work will be seen to makea difference by those inside and outside of our organisation.

SpecialistsThese include what we call ‘special publics’, those people who are particularly interested in what we do. Included in this group are shareholders, analysts – particularly those specialising in sociallyresponsible investment - rating agencies, our business partners (who need to know that they are dealingwith a trustworthy company), government officials, journalists and non-governmental organisations(NGOs), such as labour organisations, UN agencies, church, human rights and conservation groups.

Industry colleaguesTo build mutually-beneficial knowledge in your sector on impacts, you need to be able to benchmarkperformance. Verification provides greater confidence in the information that is being compared inthis way and helps in developing industry norms and standards.

CommunitiesWe are very much part of the communities in which we operate and we need to establish credibilitywith our neighbours. They need to feel confident that what we say is correct.

The general public is not a key audience. Few read corporate reports. They tend instead to take theirlead from opinion formers among the special publics, such as NGOs and journalists.

WWho are we verifying for?We verify for a range of audiences. These include:

c

c

c

c

c

Independent verification of CSR reporting is relatively new. Shell has pioneered socialand environmental verification, starting in 1996. Mark Wade, founding member of theShell Sustainability Team, looks forward.

314,300

12,400,010

22,200,700

65,916,768

15,700,000

12,300,000

39,000,000

107,680,000

2,893,000

2,029,000

639,000

8,109,000

100,000

15,000,000

7,800,000

40,909,000

893,000

029,000

639,000

109,000

“They need to feel confident thatwhat we say is correct.

�

by Mark Wade SHELL SUSTAINABILITY TEAMl

”

cont.

BEST METHODS

Verification is built on the experience gained over the past decades inverifying financial data. This model can be applied to much of our health,safety and environmental (HSE) information – certainly the bulk of it thatcan be expressed in numbers. But complexity increases dramatically as youshift from financial to environment information, and then by a furtherorder of magnitude greater as you move to social information, very little of which can be expressed in simple numbers.

Despite recent controversies in financial auditing, that system – whichfocuses on a single unit, the dollar – is still evolving but reasonably matureand has taken a profession over a century to develop to its current state of sophistication.

The financial model of verification has been successfully applied to the HSEfield where the parameters can be mostly expressed in figures. Despite theincreased complexity – tens of different units and numerous definitions –verifiers have made considerable progress over a decade and are deliveringuseful environmental verification within the inherent limitations in theaccuracy of data.

In 1996 we started verifying our environmental data in the upstreambusiness and extended this to the rest of the Group in 1997 and 1998, when we commissioned the most extensive verification ever undertaken by a multinational. This involved the verification of 25 parameters andvisits to 40 operating units around the world. The rigour of the verificationgave the verifiers, and us, a better understanding of the quality of ourunderlying systems and processes.

With this information in hand, we worked with our verifiers to focus ourattention on the 12 HSE parameters that we – supported by our verifiers –believe reflect the significant HSE impacts at Group level. Those Shelloperating units that were subject to on-site verification in 1999, and thatcan demonstrate to the verifiers that their HSE data management systemsare still effective, are subject to review centrally. Other Shell companiescontinue to receive on-site verification of their data.

Providing assurance on social information – such as the effectiveness ofanti-bribery and anti-corruption practices – is a far less mature process.There are hundreds of potential areas that could be verified (conforming tohuman rights, integrity, inclusiveness…) but few standard definitions existand there are neither calibrations nor formulae that can be used. Socialinformation can be fuzzy and difficult to define. Because of the sheervolume and complexity, applying standard verification procedures to socialinformation would be a very expensive failure. That is why we have lookedinstead at alternatives that can help achieve our ultimate goal: the trust ofstakeholders.

And if it is this trust that we are after, why not ask the stakeholders for their views? This is exactly what we have done. We have been looking athow we can make use of stakeholder panels to offer advice on ourperformance (this is working well in Canada and the Philippines),testimonials from independent experts who know what we do, and surveysto tap into people’s views. If they make a judgement of our performancethen their perception is our reality.

Of course there is still a role for classic verification processes because one can check to see if management systems are working and that data from such systems are reliable. So far, for example, we have verified the centralconsolidation of social data (has it been added up correctly, how manyreturns?). We have also made progress in developing with a broad group of stakeholders a set of key performance indicators (KPIs) that will form abasis for reporting and verification in the future. We also published anindependent view of the effectiveness of our Business Principles letters ofassurance process, undertaken by the US-based Ethics Resource Center.

Because of the different levels of verification that apply across theenvironmental and social aspects of the Shell Report, we have, working with our verifiers, developed three types of verification. These are:

Global verificationApplies to the most important HSE data.

Here the verifiers obtain an understanding of the systems used togenerate, aggregate and report these data. They assess thecompleteness and accuracy of the data reported by visiting theoperating units (site level) to test data and systems. They perform areview of all data reported and assess the appropriateness of the datatrend in discussion with management. They test the calculationsmade at Group level. For financial parameters they also check thatthey are properly derived from the audited Financial Statements.

Systems and process verification Applies to case studies and benchmarking data.

The verifiers assess systems and processes and underlying evidencesupporting the data and statements marked with this symbol. Theirassessment includes interviewing Shell people and external experts,reviewing documentation and confirming the accurate use of dataderived from external sources.

Aggregate verificationApplies mostly to social and ethical data.

At the central level only the verifiers test the integrity and accuracyof the aggregation of data pertaining to the Shell Business Principles.This includes testing samples from a complete set of site (OperatingUnits) returns. No site visits are made by the verifiers and noverification is made of the reliability of the data at site level.

We have adopted this multi-level approach to acknowledge the differences in the nature of the information and to demonstrate to our stakeholdersthat we are being open and honest. We did not want to publish blandstatements normally associated with verification and we use the symbols to help communicate better.

THE FUTURE

We are now exploring ways of moving from confirming the accuracy ofdata to adding further meaning for stakeholders: for example, is ourperformance good, bad or indifferent? To achieve this we will use othermethods of assurance, such as testimonials from experts, makingcomparisons with other companies (benchmarking) and recordingstakeholder perceptions of our performance. This is part of our effort to understand how well we are performing, communicate this to others,and to learn from those that do better.

Fundamental to this approach is to focus on what is important forstakeholders. Our experience shows that while they want less information, it has to address their concerns. One way of creating focus – and theapproach we have chosen – is to develop a limited but significant set of key performance indicators (KPIs) in collaboration with stakeholders.

We see KPIs as the logical basis for targets and milestones and for developingstandards of reporting and verification. Here common definitions andsystems are in place and data are verified and reported regularly. Effortssince 1999 to test the practicality of the other 11 have led us to concludethat these fall into two basic groups. The first includes those whosemeasurement can be largely and meaningfully achieved by survey and the results from local or other levels can be aggregated (reputation, brandperformance, acceptability of environmental performance, integrity, stafffeelings on how they are treated with respect, and diversity and inclusivenessin the workplace).

The second set contains those that can best be developed by a ‘learning-by-doing’ approach for corporate reporting, focused on a particular ‘hot spot’ or case study. Examples include: stakeholder perception of the quality of engagement, social performance and acceptability of environmentalperformance at local level. Pilot studies are continuing to develop tools and approaches in a range of operational and cultural contexts.

Each study involves external experts and extensive consultation with local communities and other stakeholders to seek their view of Shell’sperformance, identify areas for improvement and agree local performanceindicators. We have growing confidence in this new model of assurancewhere classical verification is complemented by independent expertappraisal and stakeholder perception of social performance. Data from this approach at different locations cannot be aggregated meaningfully. We advocate reporting performance at the corporate level on a hot spot or case study basis, aligned to international stakeholder interest and localreporting elsewhere.

We still have a long way to go, but we feel confident that we are makingprogress towards our goal of improving stakeholder trust in our actions. We believe that our inclusive approach – through greater transparency and a broader interaction with a wide range of stakeholders – is simply goodbusiness practice in a more demanding and uncertain world. If youunderstand and respond to the expectations of society – and make this partof your everyday business – there is less need to attach a formal verificationprocess at the end. This is because trust is established along the way.

8 | 9

“Despite recent controversies in financialauditing, that system – which focuses on a single unit, thedollar – is still evolving but reasonably mature and hastaken a profession over a century to develop to its currentstate of sophistication.”

“We believe that our inclusive approach –through greater transparency and a broader

interaction with a wide range of stakeholders– is simply good business practice in a more

demanding and uncertain world.

…complexity increases dramatically as you shift from financial to environmentinformation, and then by a further order of magnitude greater as you move to socialinformation, very little of which can beexpressed in simple numbers.”

“

”

ut I’m not so sure it is. It seems to me that virtually any financialasset could be deemed to violate at least somebody’s notion of whatconstitutes socially responsible behaviour. That would make ‘sociallyresponsible investing’ an oxymoron.

The contradiction begins with government securities, known in Britain asgilts. Gilts are prized for their government-guaranteed certainty of being re-paid, with interest. Gilts form the cornerstone of most long-terminvestment portfolios. In the investment world, gilts are viewed as the ‘risk free’ benchmark against which all other investments should be judged.

My problem is this: if you invest £1,000 in a new issue of gilts, you areputting your capital to work in support of a government that routinelypollutes the environment; procures, uses and sells arms; promotes nuclearpower; and sponsors a state lottery.

You might prefer to think that your £1,000 was contributing expressly tosuch worthy expenditures as hospitals or schools. But you’d be wrong.Money is fungible, as the economists say. Your £1,000 is interchangeablewith all other monies raised by the government. Once you have purchasedyour gilt, your £1,000 cannot be traced to any specific governmentexpenditure, but to all government expenditures, ‘responsible’(kindergartens) as well as ‘irresponsible’ (nuclear submarines).

Socially speaking, are gilts responsible or irresponsible investments? Thatdepends on where you draw the line. As a professional investor (but only an amateur moralist), I do not presume to draw that line in my investingactivities. But an ideologically rigorous do-gooder could and should excludegilts from what he or she considered to be a responsible portfolio.

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oxymoron icT h e

wor ld o f t h e s o c i a l l y r e s p o n s i b l e i n v e s t o r

SOCIALLYRESPONSIBLEINVESTOR

oxymoron n.,an epigrammatic effect, bywhich contradictory termsare used in conjunction.

j £ 505050

Investing is the outlay of capital in exchange for expected income and/or profit.‘Socially responsible’ investing is investing while steering clear of activities deemedobjectionable by people who pronounce on such matters. Assuming you listen to theright pronouncements, ‘socially responsible’ investing should be a relativelystraightforward exercise.

“If you invest£1,000 in a new issue

of gilts, you are putting

your capital to work

in support of a

government that

routinely pollutes the

environment; procures,

uses and sells arms;

promotes nuclear

power; and sponsors a

state lottery.

If we can’t run a responsible gilt portfolio, what hope can we have when it comes to investing in equities? As anybody who has had anything more than an academic involvement in the corporate sector knows, thepurpose of companies is to pursue their corporate self-interest, rather thansome notion of the public interest, and any chairman or chief executivewho tells you otherwise either is pulling your leg or has lost the plot. Try taking this simple Social Responsibility Quiz:

Which group is more responsible for atmospheric pollution?A Oil companiesB Motorists

Which group is more responsible for lung disease?A Tobacco companiesB Smokers

Which group is more responsible for gambling?A Casino operatorsB Punters

If, like me, you chose answer ‘B’ to each question, you probably agree withmy notion that companies would not provide products or services frownedupon by the social responsibility lobby if there were not a great deal ofconsumer demand for such products and services. For some (perhapsprimordial) reason or reasons, the personal mobility afforded by the car ormotorbike, the paradoxically stimulating and relaxing effects of smoking and the thrill of betting hold a powerful attraction for many human beings.To disabuse people of such urges requires altering the very course ofhuman nature, either through proselytism, or legislative fiat – or both, as in America’s disastrous experiment with Prohibition in the 1920s.

If you answered ‘A’ to any of the questions, you may find a kindred spirit in Morley Fund Management, a socially responsible investor that purports to rank the companies in the FTSE 100 Index according to what it calls‘Business Sustainability’. Companies are graded from A to E, with the A listseen as providing a “sustainability solution to major environmental or socialissues,” and E companies regarded as “fundamentally incompatible withsustainable development”. Morley aims to ‘engage’ with management andencourage companies to improve their sustainability ratings. Morley’s own‘Sustainable Future Funds’ cannot hold shares in companies rated D or E.

Unsurprisingly, companies receiving a D or E from Morley are in businesseslike oil and gas, power generation, mining, building materials, alcoholicbeverages, weapons, and tobacco. To improve their sustainability ratings,Morley presumably urges such companies to abandon their ‘unsustainable’activities and acquire or develop businesses characteristic of companiesearning an A, B, or C grade – typically drugs, telecommunications, financialservices, media, food or retailing.

Perhaps Morley and its ilk in the social responsibility industry will succeed.Perhaps companies will dutifully work their way onto the buy list of Morley’s‘Sustainable Future Funds,’ thereby transforming the FTSE 100 into aPotemkin village for socially responsible investors. That wouldn’t mean therewould be any fewer socially irresponsible businesses in the world; there justwould be fewer FTSE 100 companies with the stomach for owning suchbusinesses.

What possibly could be the purpose of such an approach to investing? Is it to change the world? Or is it to make socially responsible investors feelgood, if not morally superior? If the former, then it’s ineffectual. If thelatter, then let’s be clear about it.

by Andy BrownAndy Brown is an independent investor. Until April 2002, he was aManaging Director of Morgan Stanley Investment Management.

l

”

B

The cut off date: for inclusion was Monday 13th May 2002 and our assessments are basedon information in the public domain on that date.

The FTSE 250 listing: was taken from theFinancial Times on 13th May 2002.

The top 60 international companies: are takenfrom the Fortune Global 500 index, based onrevenue.

Number of years reporting: refers to eitherEnvironment or CSR reports. Mergers andacquisitions may affect this data by reducingthe number of years recorded.

Printed reports: classified as full or summary.(see key)

Web reports: browsable unless marked as pdf only.

Section in annual report: refers to content ofone full page or more. We indicate if data areincluded.

Independent verification statement: refers toformal auditing of the report by third partiesand excludes informal comments by externalcommentators.

Includes environmental performance: coversresource use, emissions and discharges, wasteetc. A dot in this box means that some but not necessarily all the company’s impacts arereported.

Includes social and ethical performance: coversa wide range of subjects including health andsafety, employment, human rights, supply chain,business ethics and community. A dot in thisbox means that some but not necessarily allrelevant issues are reported.

FTSE4Good: a dot in this box means a companyis included in either the World or UK index.

Dow Jones: a dot in this box means a companyis included in either the World or European‘STOXX’ index.

Investment Trusts: are excluded because theyare not regarded as trading companies. Theirplaces have been taken by the next largestcompanies outside the FTSE 250.

12 | 13

“SRI is a one way valve – and the message to companies has to be that

investors are interested in their CSR performance. You only have to look at the assets represented by SRI analysts at

sector seminars organised by the UK Social Investment Forum,(where companies are asked to present their environmental andsocial performance), or those investment institutions supporting

the Carbon Disclosure Project ($2.3 trillion and growing), torealise that SRI is a major driver for environmental and social

change in business. As long term players in the SRI industry, weincreasingly see the value in working with other investors on

issues which are at the very core of sustainable development.

Emma Howard Boyd

We have made every effort to ensure that the data in Directions are accurate. Our research was based on information on company web sites and in printed reports.This was verified with each company on the telephone. Most companies were extremely helpful.

Although our categories are simple and non-judgemental, we still had to apply some‘rules’ and definitions to ensure a consistent approach between companies. These areas follows:

2

1

3

4

5

6

7

8

9

10

11

12

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Methodology

“It’s effective because it’s money speaking and that makes business people,dare I say it governments too, sit up as nothing else does.

It’s ineffective because there’s petty behaviour among some SRI competitors towardscollaborative efforts and some providers are not serious about the resources and strategicsupport which they give to their SRI operations. There’s also an element of careerism ‘it’s coolto work in SRI, and I’ll simply keep on pushing paper and collect my pay cheque and not worrytoo much about real outcomes’.

There are some truly brilliant people working in SRI, but as a whole the industryhas got to get to grips with setting its own targets, or it’s at risk of being a con.”

Tessa Tennant

“Maxwell, the controversy over remuneration at British Gasand the introduction of theCombined Code, all placed corporate governance

on the map for fund managers and pension trustees in the eighties. Is a similar revolutionhappening on social and environmental issues in the first part of the 21st century? The Mynersreview and the amendments to the Pensions Acthave both ignited interest but does this have any substance? If the main SRI players are topromote better practice then there must be a shift in how the industry approachestransparency. There must also be further ‘buy in’from mainstream managers – a more robustbusiness case must be built aroundsustainability and shareholder value – both interms of practice and policy and actual product.”

Toby Belsom

“Neither companies norinvestors should underestimatethe challenge that achievingsustainable development willpresent to their businesses andinvestment strategies. Both parties,

therefore, have a choice; either they open a constructive dialogue to explore whatsustainable development means for businessesand for shareholder value – and a comprehensiveCSR report is an effective way of opening such adebate. Alternatively they can wait for otherstakeholders, be they governments, customers oremployees to force change on them.

It is easy to see which approach is likely to bestprotect and enhance shareholder value.”

Mike Tyrrell

And this is what they said…

c

c

c

c

Howeffectiveis SRI in driving social andenvironmentalchange inbusiness?

Tessa TennantCo-Founder, The Merlin Ecology Fund 1988

Mike TyrrellSocially Responsible Investment Analyst, HSBC Investment Bank

Toby BelsomMorley Investment Fund

Emma Howard BoydHead of Jupiter Environmental Research Unit

We asked this question to:

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001 A company … * ** … … … … 1 *Comment. **More comments.

KEY = Yes Summary/partial * See comments AR Annual Report BiE Business in the Environment CSR Corporate Social Responsibility SHE Safety Health and Environment

�

”

14 | 15

AnalysisOverview

50reported for the first

time last year

KEY FACTS OF THE FTSE 250 COMPANIES…

91produce nothing of substance

103produce stand-alone reports

(print or web)

95include ethical and social information

12publish only on

the web

36have independent

verification

KEY = Yes Summary/partial * See comments AR Annual Report BiE Business in the Environment CSR Corporate Social Responsibility SHE Safety Health and Environment 16 | 17

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025 Allianz (GER) 4 * ** … … *Pdf only. **Brief data.

046 Assicurazioni Generali (ITL) … … … … … … … …

031 AT&T (USA) … * … … … *Updated monthly.

017 AXA (FRA) … * ** … … … … … *2002 environmental report planned.

**Small ‘Corporate Citizenship’ section.

041 Bank of America Corp. (USA) 3 … … * … … *Information on Community projects in the

‘Bank of America Foundation Report’.

042 BNP Paribas (FRA) … … … * … … … … *Brief data.

050 Boeing (USA) 7 * … … … *No data.

007 BP (UK) 8* *Previously reported as BP Amoco and old BP.

037 Carrefour (FRA) … … * … … … … … … *Some information. No data.

035 CGNU (UK) 4 * ** *No data. **Biennial.

051 Chevron Texaco (USA) … * * ** … … … … … *List of charitable donations. **Case studies. No data.

012 Citigroup (USA) 2 * … *No data.

038 Credit Suisse (SWIT) 8* ** *** *Biennial. **Pdf only. ***No data.

005 DaimlerChrysler (GER/USA) 2 … * … *Community projects reported on German website.

029 Deutsche Bank (GER) 5 * ** *** … *In German only. **Pdf only. ***No data.

053 Duke Energy (USA) 9* ** … … *** … *Previously reported as Duke Power. **Pdf only.

***Website contains information on Community projects.

027 E.ON (GER) … … … … … … … …

016 Enron (USA) 3 * … … … … *Pdf only.

001 Exxon Mobil (USA) 2* … … … *Previously reported as separate companies.

047 Fiat (ITL) 10 * … … … … *Pdf only.

004 Ford Motor (USA) 8 … … … …

052 Fujitsu (JAP) 6 * … *Web contains Community project information.

008 General Electric (USA) … … * … … … … … … *Web contains light SHE and Community information.

003 General Motors (USA) 6 * ** … … … *’GMAbility’. **No data.

056 Hewlett-Packard (USA) … * * … … … ** … … *Brochure and data sheet only. Web based report

planned for 2002. **Covered in Philanthropy Report.

022 Hitachi (JAP) 2 * ** … *** … *Pdf only. **No data. ***Web contains some country

specific Community activity information.

040 Honda Motor (JAP) 3 … * ** … *States reasons for exclusion. **Web has ‘Community’ section.

057 HSBC Holdings (UK) 1 * ** *** … *’HSBC in the Community’. **Pdf only. ***Brief reference.

019 IBM (USA) 12 … … * … … *Corporate citizenship report.

024 ING Group (NETH) 7 * ** *Pdf only. **No data.

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013 Itochu (JAP) 2 * ** … … *No data. **Web has ‘Social Responsibility’ section.

036 J.P. Morgan Chase (USA) … * * … … … * … … *List of charitable donations.

058 Koninklijke Ahold (NETH) 1 * ** … … *Pdf only. **No data.

054 Kroger (USA) … … … … … … … … …

020 Marubeni (JAP) 2 * ** *** … *Pdf only. **No data. ***Social Contribution section.

026 Matsushita (JAP) 5 * ** … *No data. **On web only.

009 Mitsubishi (JAP) * … … … … … … *No group report. 7 of 28 subsidiaries report.

011 Mitsui (JAP) 4 * … ** … … *No data. **On web only.

048 Mizuho Holdings (JAP) … … … * … ** ** … … *No data. **Web has some information on environmental and

corporate citizenship activities.

055 NEC (JAP) 7 … … … …

059 Nestlé (SWIT) 1* ** … … *** … *One off report in 1995. **Summary distributed with

annual report. ***Country specific info on web.

028 Nippon Life Insurance (JAP) … … … … … … … … …

015 Nippon Telegraph & 3 * ** *** … *No data. **Planned for next report.

Telephone (JAP) ***Web covers Community projects.

043 Nissan Motor (JAP) 12 * ** … *No data. **States reasons for exclusion.

039 Nissho Iwai (JAP) 3 * … ** … … *No data. **Charity work and education.

045 PDVSA (VEN) 2 … * … … … *No data.

034 Philip Morris (USA) 4 * ** … *** … … *Pdf only. **No data. ***Web contains information

on Health & Safety and Community projects.

049 SBC Communications (USA) … … * … … … … … *Sections on Community projects and diversity.

006 Shell Group (NETH/UK) 6 * … *Report sent out to shareholders with AR.

023 Siemens (GER) 4 * ** … … *Environment Report as pdf. Corporate Citizenship browsable.

**No data.

030 Sony (JAP) 5 * *No data.

018 Sumitomo Group (JAP) * … … … … … … … *No group report. Subsidiary reports only.

044 Toshiba (JAP) 4 * … … … *Also publish ‘Environment Report for Children’.

014 Total Fina Elf (FRA) 2 * ** … *** … *Soon to be link to 2001 report. **No data.

***Includes Community, Diversity and H&S issues.

010 Toyota Motor (JAP) 4 * ** … … *No data. **Biennial.

033 U.S. Postal Service (USA) … … * ** … … … … … *Web contains brief environmental information.

**Employee health & safety.

032 Verizon Communications (USA) … … * … … … … … *Web has information on ‘Verizon Foundation’.

021 Volkswagen (GER) 7* … *Biennial.

002 Wal-Mart Stores (USA) … … * … … … … … … *Brief community projects & recycling data.

InternationalOverview


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022 BAE SYSTEMS 2 * … … … 64 *Pdf only.

154 Cobham … … … * … … … … … … *Brief reference in Directors’ Report.

218 Meggitt … … … * … … … … … 189 *No data. ‘Our people and the community’.

086 Rolls-Royce 4 * … ** … … … 39= *Brief reference in Report of the Directors. **HSE focus.

058 Smiths Group … * ** *** … … … … … 116= *Health & Safety Report. **Pdf of H&S Report.

***Mainly H&S.

255 Vosper Thornycroft … … … * … … … … … … *Brief reference in Report of the Directors.

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193 Arcadia Group … … … * … … … … … *Brief reference in Directors’ Report.

045 Boots Company 4 * ** *** … 46 *Published printed report at end of 1999. **Plus pdfs.

***Very brief.

199 Brown (N) Group … … * ** … … … … … *Policy and position statement only. No data.

**Brief reference in Directors’ Report.

267 Carpetright … … … * … … … … … … *Brief reference in Directors’ Report.

224 Carphone Warehouse Group … … … * … … … … … *Corporate Responsibility section. No data.

268 DFS Furniture … … … * … … … … … … *Brief reference in Directors’ Report.

136 Debenhams … … * ** … *** … 97 *Policy statements plus summary overview. No data.

**No data. ***Some info on web only.

060 Dixons Group … … * ** … 107 *Brief section with statements of position. **No data.

230 Game Group … … … * … … … … … … *Brief reference in Report of the Directors.

043 GUS 2 * … 102 *2000 report only.

180 JJB Sports … … * ** … … … … … *Pdfs of policies.

**Several references in Directors’ Report.

052 Kingfisher 1 * … … 113 *Pdf only.

187 MFI Furniture … … … * … … … … … *EHS objectives/commitments. Planning to report.

027 Marks & Spencer 1 … * ** … 14= *No data. **Selected data only.

128 Matalan … … … * … … … … *Brief reference in ‘Corporate Citizenship’.

244 New Look Group … … * … … … … … … *Brief reference to policies.

076 Next … … … … … … … … … Planning to report.

254 Selfridges … … … * … … … … … *Brief reference in Directors’ Report.

111 Signet Group … … * … … … *Detailed section on CSR policies. Not really a report.

155 Smith (WH) Group … … * … … 118 *Section on policies.

198 Woolworths Group … … … * … … … … … *Brief section. No data.

Chemicals(FTSE ranking on the left)

048 BOC Group … … * … … 73 *Local case studies only.

220 British Vita … … * … … … … 138 *Policy and position statement only.

069 Imperial Chemical Industries 9 * … … 48 *Printed report to be published June 2002.

106 Johnson Matthey … … * ** … … … 69 *Policies and overview. **EHS section, no data.

262 Yule Catto 1* * * … … … … *Last reported in 2000.

Food & Drug retailers(FTSE ranking on the left)

271 Greggs … … … * … … … … … *Brief reference in MD’s statement.

075 Morrison (Wm) … … … * … … … … … … *Brief reference to policy. More planned in next AR.

Supermarkets

077 Safeway 1 … … 66

035 Sainsbury (J) 6 … 4=

213 Somerfield … … * … … … 167 *Community activities plus policies.

014 Tesco 1 … * … 36 *CSR Review.

SelectedSector Analysis

20 | 21KEY = Yes Summary/partial * See comments AR Annual Report BiE Business in the Environment CSR Corporate Social Responsibility SHE Safety Health and Environment

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110 Alliance UniChem … … … * … … … … *Brief reference in Report of the Directors.

061 Amersham 1 * * … … 132 *Summary. Full report imminent.

249 Nestor Healthcare … … … * … … … … … *No data.

194 SSL International 2 * ** … … … 70 *Policies/overview plus pdf. **Brief reference.

072 Smith & Nephew 2 … * … 77 *Sustainability Report.

Leisure, Entertainment & Hotels(FTSE ranking on the left)

195 Enterprise Inns … … … * … … … … … … *Brief reference in Directors’ Report.

214 First Choice Holidays … … … * … … … … … … *Policy only.

252 Fitness First … … … … … … … … …

221 Greene King … … … * … … … … … … *Brief reference in Directors’ Report.

066 Hilton Group … … * … … 164 *Extended section but no data.

212 Luminar … … … … … … … … … Planning to report Summer 2002.

174 Millennium & Copthorne … … … * … … … … … *Brief reference in Corporate Governance.

164 MyTravel Group … … * ** … … … … … … *Mini overview. **Brief reference in Directors’ Report.

078 P & O Princess Cruises … … * ** … … … 67 *Policies only. **No data. Full report planned.

269 Pizza Express … … * ** … … … … … *Brief reference in Report of the Directors.

**Pages on ‘Community Initiatives’.

126 Rank Group … … … * … … … … … *Brief reference in Directors’ Report.

042 Six Continents* 3 ** *** … 72 *Formerly Bass. Second full report historically.

**Report plus magazine update. ***No data.

210 Thistle Hotels … … … * … … … … 134 *Brief reference in Directors’ Report.

192 Wetherspoon (JD) … … … * … … … … 183 *Brief reference in Directors’ Report.

115 Whitbread 1 * … … 76 *Annual Review is fully integrated Stakeholder Review.

238 Wolverhampton & Dudley … … … … … … … … …

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149 Aegis Group … … * … … … … … … *Mini statement of policies.

021 British Sky Broadcasting 1 … * … … 154 *Brief reference in Directors’ Report.

206 Capital Radio … … * ** … … … … … *Overview on Social Responsibility. **No data.

117 Carlton Communications 3 … * … 129 *With detailed data.

265 Chrysalis … … … * … … … … … … *Policy only.

080 Daily Mail & General Trust … … … * … … … … … … *’DMGT in the community’. No data.

108 EMAP … … … … … … … … … …

100 EMI Group 9 * … 62 *With detailed data.

073 Granada 1 * ** … *** 112 *DTP only. **Pdfs only. ***Community/Charity in AR.

264 HIT Entertainment … … … * … … … … … … *Brief reference in Directors’ Report.

161 Johnston Press … … … * … … … … … *Brief reference in Corporate Governance.

044 Pearson 1 … * ** … … *Limited data. **Brief reference in Directors’ Report.

032 Reed Elsevier … … … * … … … … 160 *No data.

039 Reuters 1 … … 179

240 SMG … … … * … … … … … *Brief reference in Directors’ Report.

245 Taylor & Francis Group … … … * … … … … … … *Brief reference in Directors’ Report.

177 Taylor Nelson Sofres … … … * … … … … … *Brief reference in Directors’ Report.

146 Trinity Mirror … … * … … 185 *CSR ‘Document’ – Policies and statements.

031 WPP Group … … … * … … … 192 *No data.

Mining(FTSE ranking on the left)

015 Anglo American 2 … … 106=

153 Antofagasta … … … * … … … … … … *Policy only.

030 BHP Billiton 2* ** … 52 *BHP had reported for 4 years prior to merger.

**Pdfs plus overview.

124 Lonmin 2 … * … … *Quite short. No data.

019 Rio Tinto 6 * ** … 16 *Highlights document. **Sections in Review and AR.

Pharmaceuticals & Biotech(FTSE ranking on the left)

006 AstraZeneca 2 * ** … 98= *Summary. **Titled ‘Corporate Social Responsibility’.

131 Celltech Group 1 * ** … … … 144= *Pdf only. **Brief reference in Directors’ Report.

166 Galen Holdings … … … * … … … … … … *Brief reference in Directors’ Report.

002 GlaxoSmithKline 2 * * ** 28 *CSR review and EH&S report. **No data.

084 Shire Pharmaceuticals … … * ** … … … … 176 *Policy only. **Brief reference in Directors’ Report.

SelectedSector Analysis



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063 3i Group … … * ** … … … … 99 *Position/policy statements. **Mini section. No data.

099 ARM Holdings 1 … * ** … … 161 *Called ‘Corporate Social Responsibility Report’.**Brief reference in Corporate Governance.

127 AWG 9 * ** … 4= *’Sustainable Development Report’. **Summary plus pdf.

017 Abbey National 1 * ** 78 *No data. **’Corporate Citizenship’.

149 Aegis Group … … * … … … … … … *Mini statement of policies.

150 Aggregate Industries 1 … * ** … … … 109 *Summary plus pdf of ‘Sustainability Report’ that only exists as pdf. **No data.

189 Aggreko … … … * … … … … … *Brief reference in Corporate Governance.

057 Alliance & Leicester 1 … * ** … … … 141 *Policy and ‘Environmental Update 2000’ available.**No data.

110 Alliance UniChem … … … * … … … … *Brief reference in Report of the Directors.

056 Allied Domecq 2 45

137 AMEC 1* ** … … … 124 *First time as full report. **Policies and pdfs.

061 Amersham 1 * * … … 132 *Summary. Full report imminent.

231 Amey 1 * … … 123 *Brief reference in Report of the Directors.

015 Anglo American 2 … … 106=

153 Antofagasta … … … * … … … … … … *Policy only.

193 Arcadia Group … … … * … … … … … *Brief reference in Directors’ Report.

196 Arriva … … … * … … … … … *Section on Community.

055 Associated British Foods 1 … * ** … … … … … 172 *Corporate Citizenship section. No data. **Brief reference in Directors’ Report.

129 Associated British Ports 3 … * … … 79 *Focused on environment.

006 AstraZeneca 2 * ** … 98= *Summary. **Titled ‘Corporate Social Responsibility’.

233 Atkins (WS) … … * ** … … … … … 162 *Mini pdf/powerpoint summary. **Brief reference inDirectors’ Report. Planning full web report.

148 Avis Europe … … … * … … … … 170 *Policies only.

041 BAA 7 * 4= *Fully integrated with annual report.

022 BAE SYSTEMS 2 * … … … 64 *Pdf only.

140 BBA Group … … * ** … … … … 94= *Intro section with policies only. **Extended paragraph in Directors’ Report. No data.

024 BG Group 5 * 55 *Pdf only.

030 BHP Billiton 2* ** … 52 *BHP had reported for 4 years prior to merger. **Pdfs plus overview.


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048 BOC Group … … * … … 73 *Local case studies only.

001 BP 8* 7 *Previously reported as BP Amoco and old BP.

109 BPB … … * ** … … … … … … *Intro and policy only. **Focus on Health & Safety.

012 BT Group 10 20

163 Balfour Beatty 1 … … … … 150

009 Barclays 2 * 83 *No data.

152 Barratt Developments … … … * … … … … … … *Policy only.

232 Bellway … … * … … … … … … … *Policy only.

158 Berkeley Group … … … * … … … … 116= *Brief reference in Directors’ Report.

219 Bodycote International … … … * … … … … … … *Brief reference in Directors’ Report.

045 Boots Company 4 * ** *** … 46 *Published printed report at end of 1999. **Plus pdfs.

***Very brief.

239 Bovis Homes 1 … * … … … *No data.

105 Bradford & Bingley … … * … … … … … 169 *Mainly policies.

095 Brambles Industries * … … … … … … … … … *Company listed in 2001. Planning to report.

133 Britannic Group … … … * … … … … 89 *Brief reference in Directors’ Report.

096 British Airways 11 * 9 *Brief reference in Directors’ Report.

016 British American Tobacco 1 … … … … … 32=

162 British Energy 6 * … … … 51 *Main focus on SHE.

081 British Land Company … * ** … … 80 *Summary documents on Environment and

Biodiversity. **Policy and pdf.

021 British Sky Broadcasting 1 … * … … 154 *Brief reference in Directors’ Report.

220 British Vita … … * … … … … 138 *Policy and position statement only.

211 Brixton … … … * … … … … … *Brief reference in Directors’ Report.

199 Brown (N) Group … … * ** … … … … … *Policy and position statement only. No data.


104 Bunzl … … … * … … … … … *Brief reference in Chairman’s statement and

Directors’ Report.

018 CGNU 4 * ** 37 *No data. **Biennial.

184 CMG … … … * … … … … … *Brief reference in Directors’ Report.

054 Cable & Wireless 3 … * ** *** 15 *No data. **Verification in 2002. ***Mainly Community.

023 Cadbury Schweppes 4 … 30

257 Cairn Energy 2 * * ** … … … 163 *Review with data. **Signpost to other documents.

Full DataFTSE 250



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083 Canary Wharf Group … … * ** … … … … 82 *Policy only. **Policy with objectives and

commitment to report.

090 Capita Group … … … * … … … … … *Section on Community.

206 Capital Radio … … * ** … … … … … *Overview on Social Responsibility. **No data.

263 Carillion 2 * ** … … 87 *With detailed data. **Also with detailed data.

117 Carlton Communications 3 … * … 129 *With detailed data.

267 Carpetright … … … * … … … … … … *Brief reference in Directors’ Report.

224 Carphone Warehouse Group … … … * … … … … … *Corporate Responsibility section. No data.

167 Cattles … … * ** … … … … … *Short overview. **Brief reference in

Report of the Directors.

131 Celltech Group 1 * ** … … … 144= *Pdf only. **Brief reference in Directors’ Report.

028 Centrica 2 * … … 68 *Small section on Social Responsibility.

175 Chelsfield 1 * ** *** … … … … *No data. Mainly on development projects. **Pdf only.

***Brief reference in Directors’ Report.

265 Chrysalis … … … * … … … … … … *Policy only.

132 Chubb … … … * … … … … … … *Brief reference in Directors’ Report.

159 Close Brothers … … … * … … … … 191 *Brief reference in Directors’ Report.

154 Cobham … … … * … … … … … … *Brief reference in Directors’ Report.

202 Colt Telecom … … … * … … … … … *Brief reference in Directors’ Report.

026 Compass Group … … * ** … … *Intro pages on Community/Environment. **No data.

235 Computacenter … … * … … … … … … *Reference to charity and sponsorship activity.

207 Cookson Group … … … * … … … … … … *No data.

089 Corus Group 1* ** *** … … 58 *Report every 3 years. **Short section. No data.

***Validation statement.

225 Countrywide Assured … … … * … … … … … … *Brief reference in Directors’ Report.

268 DFS Furniture … … … * … … … … … … *Brief reference in Directors’ Report.

080 Daily Mail & General Trust … … … * … … … … … … *’DMGT in the community’. No data.

204 Dairy Crest Group … … … * … … … … … … *’Care in the community’. Short section.

181 Davis Service Group … … … * … … … … … *Brief reference in Directors’ Report.

176 De La Rue … … * ** … … … … 157 *Overview statement. **Very brief statement.

136 Debenhams … … * ** … *** … 97 *Policy statements plus summary overview. No data.

**No data. ***Some info on web only.


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011 Diageo 4 * ** *** … 84 *2001 Corporate Citizenship Guide. **Group report is

web-based, individual companies produce separate

reports. ***Brief reference in Directors’ Report.

182 Dimension Data Holdings … … … * … … … … 190 *‘Corporate Social Responsibility Report’. Limited data.

060 Dixons Group … … * ** … 107 *Brief section with statements of position. **No data.

108 EMAP … … … … … … … … … …

100 EMI Group 9 * … 62 *With detailed data.

145 EasyJet … … … … … … … … … …

134 Egg … … … … … … 119

101 Electrocomponents … … * ** … … … … … *Overview/briefing statement. **Brief reference

in Directors’ Report.

195 Enterprise Inns … … … * … … … … … … *Brief reference in Directors’ Report.

209 Eurotunnel … … … * … … … … … *Brief reference in Corporate Governance.

092 Exel … … … * … … … … … … *Titled ‘Corporate Social Responsibility’. Limited data.

171 FKI 1 … … * … … … … 159 *Safety, Health and Environmental Report, with data.

214 First Choice Holidays … … … * … … … … … … *Policy only.

143 First Group 4 … … … 108

252 Fitness First … … … … … … … … …

079 Friends Provident 1 … … … 135

103 GKN 1 … … * … … … 98= *Detailed summary with data.

166 Galen Holdings … … … * … … … … … … *Brief reference in Directors’ Report.

067 Gallaher Group 1 … * … … … … 90 *EHS Report.

230 Game Group … … … * … … … … … … *Brief reference in Report of the Directors.

229 Geest … … * … … … … … 186 *Mini section.

002 GlaxoSmithKline 2 * * ** 28 *CSR review and EH&S report. **No data.

073 Granada 1 * ** … *** 112 *DTP only. **Pdfs only. ***Community/Charity in AR.

217 Great Portland Estates … … * … … … … 148 *Brief reference in Report of the Directors.

221 Greene King … … … * … … … … … … *Brief reference in Directors’ Report.

271 Greggs … … … * … … … … … *Brief reference in MD’s statement.

043 GUS 2 * … 102 *2000 report only.

010 HBOS 1 * ** … … *** *Section from AR plus policies. **Halifax and Bank

of Scotland had separate reports. ***Not as HBOS.



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264 HIT Entertainment … … … * … … … … … … *Brief reference in Directors’ Report.

003 HSBC Holdings 1 * ** *** … 173 *HSBC in the Community. **Pdf only. ***Brief reference.

234 Halma … … … * … … … … … *Brief reference in Directors’ Report.

118 Hammerson … … * ** … … … 133 *Hammerson Charter – Policy statement. **Reference in

Directors’ Report with commitment to report in 2003.

071 Hanson 2 * … … … … 117 *No data.

087 Hays … … * ** … … … … … 165 *Mini section – same info as AR. **No data.

066 Hilton Group … … * … … 164 *Extended section but no data.

157 IMI … … * … ** … … … 41 *Policy plus some objectives and achievements.

**HSE overview.

069 Imperial Chemical Industries 9 * … … 48 *Printed report to be published in June 2002.

037 Imperial Tobacco 1 … … … … … 144=

203 Inchcape … … * ** … … … … … *Charity and Community statements. **No data.

082 Innogy 1 * … … … 18 *Pdf only.

098 International Power … … * ** … … … … *Overview of EHS – light on data. **Same as web.

208 Interserve … … … * … … … … … … *Brief reference in Directors’ Report.

064 Invensys … … … … * … 33 *’Community’ and ‘People’ sections.

180 JJB Sports … … * ** … … … … … *Pdfs of policies.

**Several references in Directors’ Report.

142 Jardine Lloyd Thompson … … … * … … … … 182 *Policy statement in Directors’ Report.

227 Jarvis … … * ** … … … 122 *Overview plus section from AR. **No data.

106 Johnson Matthey … … * ** … … … 69 *Policies and overview. **EHS section, no data.

161 Johnston Press … … … * … … … … … *Brief reference in Corporate Governance.

125 Kelda Group 7 * ** … 31 *Summary published in 2000.


197 Kidde … … * ** … … … *Policies plus pdf of AR section. **Some data.

052 Kingfisher 1 * … … 113 *Pdf only.

050 Land Securities 1 * ** … … … 104 *Summary plus pdf. **No data.

040 Lattice Group 1 1=

033 Legal & General 1 * ** … 25 *As a pdf on web only. **Summary plus pdfs.

216 Lex Service 1 … * ** … … … *Review with some data.


119 Liberty International … … … * … … … … … … *Brief reference in Directors’ Report.


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008 Lloyds TSB 3 * ** 35 *Pdfs only. **Brief section only.

102 Logica … … … * … … … … … … *Brief reference in Report of the Directors.

135 London Stock Exchange … … * … … … … … … *Brief reference to policy.

124 Lonmin 2 … * … … *Quite short. No data.

212 Luminar … … … … … … … … … Planning to report Summer 2002.

187 MFI Furniture … … … * … … … … … *EHS objectives/commitments. Planning to report.

091 Man Group … … … * … … … … … *Brief reference in Directors’ Report.

027 Marks & Spencer 1 … * ** … 14= *No data. **Selected data only.

251 Marshalls … … * … … … 128 *Policies only.

128 Matalan … … … * … … … … *Brief reference in ‘Corporate Citizenship’.

259 McAlpine (Alfred) 1 * … ** … … … … *Pdf only. **Safety, Health & Environment.

218 Meggitt … … … * … … … … … 189 *No data. ‘Our people and the community’.

250 Mersey Docks & Harbour 1 * ** *** … … 121 *Environmental Review. **Overview plus pdfs.***Brief reference in Report of the Directors.

200 Michael Page International … … … * … … … … … … *Brief reference in Directors’ Report.

174 Millennium & Copthorne … … … * … … … … … *Brief reference in Corporate Governance.

275 Minerva … … … … … … … … … …

138 Misys … … * ** … … … … 188 *One page on Community. **Mini section after Corporate Governance.

070 mm02 * ** *** … … … … … *Company only 6 months old. **Statement of commitment. ***Will have a dedicated section.

075 Morrison (Wm) … … … * … … … … … … *Brief reference to policy. More planned in next AR.Supermarkets

164 MyTravel Group … … * ** … … … … … … *Mini overview. **Brief reference in Directors’ Report.

186 National Express Group 1 * ** … … … 178 *Overview plus pdf. **No data.

029 National Grid 6 * ** *** … … *Leaflet as signpost to website. **Full Sustainability Report. ***‘Responsibility’ in Review, EHS in AR.

249 Nestor Healthcare … … … * … … … … … *No data.

244 New Look Group … … * … … … … … … *Brief reference to policies.

076 Next … … … … … … … … … Planning to report.

169 Northern Foods … * ** … … … … 180 *Community Summary. **Position statements only.

085 Northern Rock 3 * ** *** … 27 *Pdf to be made available. **No data. ***Also publishNorthern Rock Foundation report.

205 Novar … … … * … … … … … 177 *Brief reference in Directors’ Report.



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059 Old Mutual 1 … … … …

078 P & O Princess Cruises … … * ** … … … 67 *Policies only. **No data. Full report planned.

116 P & O Steam Navigation Co 6 * … … … 50 *Brief reference in Chairman’s Statement.

272 PHS Group * … … … … … … … … … *Company only floated in June 2001.

044 Pearson 1 … * ** … … *Limited data. **Brief reference in Directors’ Report.

178 Pennon Group 6 * ** 61 *Overview plus pdfs. **No data.

147 Persimmon … … * ** … … … … … … *Mini section on Community. **Small section on

corporate social and environmental responsibility.

141 Pilkington 3 … * … … … 110 *Overviews and policies. Limited data.

223 Pillar Property … … … * … … … … … … *Brief reference in Directors’ Report.

269 Pizza Express … … * ** … … … … … *Pages on ‘Community Initiatives’.

**Brief reference in Report of the Directors.

049 Powergen 10 * … 92 *Summary plus pdf.

185 Premier Farnell … … * ** … … … … 152 *Policies only. **Brief reference in Directors’ Report.

123 Provident Financial 1 * ** … 139 *Intro, questionnaire, verification plus pdf. **No data.

020 Prudential 1 … * … … 105 *No data.

114 RMC Group 2 * … … 75 *Individual operating companies have printed reports.

126 Rank Group … … … * … … … … … *Brief reference in Directors’ Report.

034 Reckitt Benckiser 1 … * ** … … … 115 *Policies, overview and full report as pdf. **No data.

258 Redrow … … … * … … … … … … *Short section on Community.

032 Reed Elsevier … … … * … … … … 160 *No data.

051 Rentokil Initial … … * ** … … … … … 131 *Policies only. **Brief reference in Directors’ Report.

039 Reuters 1 … … 179

113 REXAM … … * … … … … *Overview, questions and policies for HSE.

019 Rio Tinto 6 * ** … 16 *Highlights document. **Sections in Review and AR.

086 Rolls-Royce 4 * … ** … … … 39= *Brief reference in Report of the Directors. **HSE focus.

065 Royal & Sun Alliance 2 * ** *** … 54 *Summary of issues. **Overviews and policies plus pdf.

***Corporate Citizenship section with data.

005 Royal Bank of Scotland 1 … … * 57 *Information on Community.

240 SMG … … … * … … … … … *Brief reference in Directors’ Report.

194 SSL International 2 * ** … … … 70 *Policies/overview plus pdf. **Brief reference.

077 Safeway 1 … … 66


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097 Sage Group … … … * … … … … … *Brief reference in Corporate Governance.

035 Sainsbury (J) 6 … 4=

093 Schroders 1 … * ** … 136 *Overview plus full pdf report.


068 Scottish & Newcastle 3 * … ** … 59 *Overview plus pdfs. **Separate report for Community.

046 Scottish & Southern Energy 3 * ** 8 *Policies and overview plus pdfs. **Brief reference.

036 Scottish Power 6 * ** 1= *Various sections plus pdfs. **Brief reference.

190 Securicor … … * ** … … … 175 *Policy plus some Community info. **No data.

254 Selfridges … … … * … … … … … *Brief reference in Directors’ Report.

170 Serco Group … … * ** … … … … … 103 *Overview. Limited data. **Mentioned in Board

Message plus dedicated section. No data.

088 Severn Trent 9 * ** … 11 *’Stewardship Report’. **Numerous references.

007 Shell 6 * 10 *Printed report is also sent to all shareholders.

084 Shire Pharmaceuticals … … * ** … … … … 176 *Policy only. **Brief reference in Directors’ Report.

111 Signet Group … … * … … … *Detailed section on CSR policies. Not really a report.

042 Six Continents* 3 ** *** … 72 *Formerly Bass. Second full report historically.

**Report plus magazine update. ***No data.

122 Slough Estates 1 … … * 81 *Some Community content.

072 Smith & Nephew 2 … * … 77 *Sustainability Report.

237 Smith (David S) … … * … … … … … *Summary, policies and strategy. (Same as in AR)

155 Smith (WH) Group … … * … … 118 *Section on policies.

058 Smiths Group … * ** *** … … … … … 116= *Health & Safety Report. **Pdf of H&S Report.

***Mainly H&S.

213 Somerfield … … * … … … 167 *Community activities plus policies.

053 South African Breweries 2 * ** 137 *Overview/highlights plus pdf. **External commentary.

253 Spectris 1 … * … … … *Pdf summary report.

172 Spirent … … … * … … … … … *Small section/statement.

274 St Ives … … … * … … … … … *Brief reference in Directors’ Report.

165 St. James’s Place Capital … … * ** … … … … … *Page on charity activities.


173 Stagecoach Group … … * * … … … 140 *Pdf of policy 2000. **No data.

025 Standard Chartered 1 … * … 145 *No data.

121 Tate & Lyle … … * … … … 88 *Social Reporting section – policies and procedures.



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245 Taylor & Francis Group … … … * … … … … … … *Brief reference in Directors’ Report.

177 Taylor Nelson Sofres … … … * … … … … … *Brief reference in Directors’ Report.

151 Taylor Woodrow … … * … … 147 *Policy statement.

014 Tesco 1 … * … 36 *CSR Review.

210 Thistle Hotels … … … * … … … … 134 *Brief reference in Directors’ Report.

112 Tomkins … … * ** … … … … 96 *Policy statement. **No data.

144 Travis Perkins … … * … ** … … 100 *Policy statement. **Covers EHS.

146 Trinity Mirror … … * … … 185 *CSR ‘Document’ – Policies and statements.

013 Unilever 6 * ** 2= *Printed documents on specific areas (eg Agriculture,

Fish etc). **No data.

120 United Business Media … … * ** … … … … 187 *Policy and objectives.


074 United Utilities 5 * 12 *No data.

215 Viridian Group … * … ** … … … … 42 *Divisional reports only. (Northern Ireland Electricity)


004 Vodafone Group 1 * ** *** … 166 *Limited data. **Pdf only. ***No data.

Full reporting programme launches in June 2002.

255 Vosper Thornycroft … … … * … … … … … … *Brief reference in Report of the Directors.

031 WPP Group … … … * … … … 192 *No data.

243 Waste Recycling Group 3 * ** … … 17 *Policies plus pdfs. **Brief reference as signpost

to other documents.

222 Weir Group … … … * … … … … … … *Brief reference in Directors’ Report.

192 Wetherspoon (JD) … … … * … … … … 183 *Brief reference in Directors’ Report.

115 Whitbread 1 * … … 76 *Annual Review is fully integrated Stakeholder Review.

179 Wilson Bowden … … * … … … … 155 *No data – same info as AR.

156 Wimpey (George) … … … * … … … … … *No data.

062 Wolseley … … * ** … … … … … … *Policy only.


238 Wolverhampton & Dudley … … … … … … … … …

198 Woolworths Group … … … * … … … … … *Brief section. No data.

256 Xansa 1 … * ** … *** 181 *Focus on Community/Society with policies.

**No data. ***Limited.

262 Yule Catto 1* * * … … … … *Last reported in 2000.

There is much excitement about renewedinterest from business in doing good whilemaking money and we do not want to dampenenthusiasm. A quick look back might beinstructive to gauge the future.

In 1988 Margaret Thatcher made her leasehold speech (we only lease the earth, not ownit) and instantly changed the attitude of a reticent business community to environmentalmatters. She was reflecting a global mood of concern that culminated in the 1992 EarthSummit in Rio. The subsequent political support for environmental matters created thesame type of bubble in which CSR sits now, characterised by lots of political activity andmuch media hype concentrated on the so-called green consumer who was expected toshop the world into a better place. The green bubble burst shortly after Rio.

What’s different this time is the enthusiasm among a small but influential group ofinvestors, combined with stock markets that are in trouble and the rising anti-globalisationsentiment which worries governments and multinationals. That the CSR bubble will pop as the green one did is not in dispute – when, and how dramatically is the question.

Much depends on the gap between the reality of corporate citizenship and the storycompanies put forward in CSR reports. Critics are being patient, but companies will haveto improve the rigour of their reporting to ensure that the gap between perception andreality is narrowed, particularly in social issues where measures are few and far between.

But much rests on continued enthusiasm from investors and their willingness to buy the stock of CSR leaders. If the SRI community packs up and goes home the bubble willdeflate very quickly indeed.

We hope that those 73%* of chief executives who say that good CSR leads to betterprofits will get out there, do a lot of good and make loads of money. We also hope thatthis will be noticed and acknowledged by investors. If so, the bubble should deflate onlyslowly and CSR could indeed become an integral part of everyday business.

*Business in the Community survey 2002.

Looking forward

salterbaxter and Context areseparate companies.

Our skills are complementary.

We have been working together as partners for a number of yearsand we enjoy this partnership.

We work as a team for manyclients listed here.

Find out more about us at: www.salterbaxter.comContact Nigel Salter: [email protected]: +44 (0)20 7401 9401

salterbaxter is a corporate identity and corporatecommunications design consultancy.

We specialise in four areas of work:

brand/corporate identityannual reportsCSR communicationsinternet/multimedia

Established in 1998, we have quickly developed a broadportfolio of work with major UK clients.

We design and produce communications programmes anddocuments for companies in a variety of business sectors.

Current clients include:

AcambisAllied DomecqAmershamBBCCable & WirelessDiscoveryEMI Ernst & YoungGlaxoSmithKlineHansonMourantTite & LewisVodafone

The Context Group is a consultancy specialising in corporate social responsibility strategy andcommunications.

We believe that responsible businesses can - and must - be profitable. We work with multinationals inall sectors to help them devise and communicate more sustainable strategies.

We produce CSR and sustainable development reports covering environmental and social issues. We help companies with their internal and external communications.

Core services

Use of the internet for CSR reporting andcommunications.Development and writing of CSR performancereports.Opinion leader engagement and surveys.CSR and sustainability strategy development.Facilitation and chairing.Social and environmental issues tracking.Internal communications, workshops and events.

Our team includes:

Lord Tim Clement-Jones CBE, chairman, formercompany secretary and legal adviser toKingfisher plc. Tim is an experienced adviseron government policy development and hashelped many large companies formulate theirresponse to CSR legislation. Peter Knight, director, a former CSR journalist. Emily Osband, senior consultant, specialist inwebsite development. Simon Propper, managing director, anenvironmental consultant with 11 yearsexperience, following a degree in chemicalengineering.

Our clients include:

Amersham www.amersham.comAstraZeneca www.astrazeneca.comBAE SYSTEMS www.baesystems.comBP www.bp.comCarlton Communications www.carltonplc.co.ukCable & Wireless www.cw.comEgg www.egg.comEMI www.emigroup.comGlaxoSmithKline www.gsk.comHanson www.hansonplc.comICI www.ici.comOrange www.orange.co.ukShell www.shell.comSTMicroelectronics www.st.comUnilever www.unilever.comVodafone www.vodafone.comWPP www.wpp.com

Find out more about us at: www.econtext.co.ukContact Emily Osband: [email protected]: +44 (0)20 7251 0050

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salterbaxter design8 Telford RoadLondon W10 5SH

Tel +44 (0)20 7401 9401Fax +44 (0)20 7401 [email protected]

www.salterbaxter.com

The Context Group14 Baltic Street East London EC1Y 0UJ

Tel +44 (0)20 7251 0050Fax +44 (0)20 7251 [email protected]

www.econtext.co.uk

CONTACT:

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