TOMORROW’S VALUETM RATING
2014 GLOBAL REPORT
SAFER, SMARTER, GREENER
DNV GL Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organisations to advance the safety and sustainability of their business. DNV GL is a leading provider of classification, certification, verification and training services. With our origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000 professionals are dedicated to helping our customers make the world safer, smarter and greener. As a world-leading certification body, DNV GL helps businesses assure the performance of their organisations, products, people, facilities and supply chains through certification, verification, assessment, and training services. We also deliver deep insight and pragmatic support to major companies enabling them to build effective sustainability strategies. Partnering with our customers, we build sustainable business performance and create stakeholder trust.
DNV GL This report is the property of DNV GL AS. You are welcome to reproduce the content in full or in part as long as you clearly and unequivocally attribute it to DNV GL and provide links to our websites www.dnvgl.com.
Photo credits: Front cover: ©iStock.com/ROMAOSLO Inside front cover: ©iStock.com About the TVR: 1. Global — ©iStock.com/ROMAOSLO 2. Food and Beverage — ©iStock.com/xavierarnau 3. Construction and Materials — ©iStockphoto 4. Oil and Gas — ©Gettyimages Methodology: Shutterstock Key Findings: Skyscraper image — ©iStockphoto, Surveillance image — © iStockphoto Get in touch: ©iStock.com/merznatalia Designed by ab...
DNV GL | GLOBAL REPORT 2014
CONTENTS In short
1
Executive summary
2
About the TVR
3
Results 4 Measuring up
5
Key findings
6
Best practice
9
Methodology 11 Get in touch
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IN SHORT A REPORT SUMMARY This year’s Tomorrow’s Value Rating (TVR) evaluates the sustainability performance of 45 major companies across five key domains: strategy, engagement, governance, innovation and value chain. The TVR 2014 leaders are notable because they demonstrate greater ambition than their peers and set meaningful, long term SMART targets on key material issues. They place sustainability at the core of product innovation and their business strategies. However, our research conclusively demonstrates that the majority of companies globally are still struggling to display the leadership required to enable the world economy to remain within our shared planetary boundaries and create a future planet worth living on. The world’s top companies urgently need to develop collaborative responses across their value chains and sectors, and establish new, science-based metrics for sustainability with firm, visionary commitments to achieve the changes needed.
Key Facts 1. Unilever reinforces its position as the top sustainability leader 2. Just half of the companies analysed have meaningful SMART targets against material issues 3. Leaders such as Unilever, Microsoft and Nestlé are utilising sustainability innovations to drive future growth and competitiveness 4. The majority of companies are still failing to integrate sustainability risks and opportunities into their risk management approaches
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DNV GL | GLOBAL REPORT 2014
Executive summary
EXECUTIVE SUMMARY Throughout its eleven year history, the Tomorrow’s Value Rating (TVR) has always sought to challenge the companies we look at to illustrate which ones really are leading the charge towards truly sustainable business. We comprehensively analyse their strategies, examine whether there are sufficient supporting structures in place, and delve into how the companies have actually been performing on the most material issues. Most importantly, we look at what still needs to be done to realise a safe and sustainable future[1].
Leading the way Unilever is again the best performer from the selection of 45 companies that have been assessed. The multinational consumer goods company has succeeded in enhancing its score and further extending the lead it established in last year’s TVR. This is no accident as Unilever continues to offer a significantly more comprehensive, and ambitious vision of the future for itself, its sector and the global economy as a whole when compared with other multinationals. No one can yet say to what extent the company’s ambitions will be fully achieved and exactly how large the benefits will be, but the company already demonstrates strong performance on its most material issues.
Tipping points Our TVR research shows that most large companies have now embedded an approach to sustainability into their business strategy, although few are actively using that strategy to grow their business. We can see strong examples of leadership, but also many gaps and weaknesses in the approach of large multinational companies. Sustainable Growth is central to DNV GL’s own mission and vision. As part of its 150th Anniversary DNV GL commissioned research that looked at limits to growth and what is needed to enable the transition to a more sustainable world. This resulted in groundbreaking reports focused on some of the greatest challenges and opportunities we face. 2
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[1]
Recent work by leading scientists at the Stockholm Resilience Centre showed that we have already exceeded three of the nine planetary boundaries that they identified. DNV GL has used this and other research to set out a clear vision of what we need to achieve to maintain a healthy planet, the pathways to enable the transition and how to overcome barriers in achieving it. Our analysis suggests a need for companies to fundamentally rethink their approach to targets and long term strategic planning. In line with increasing demands for transparency, companies will need to set and communicate metrics that are rooted in a scientific understanding of what our limits are and what we can do to stay within them. This is not necessarily about more measurement. It is about better measurement as well as better targets and new ways to meet them. Decoupling economic growth from impacts such as carbon emissions, resource extraction and biodiversity loss is the only way forward. As yet only a select handful of the leaders in our TVR 2014 such as Holcim, Unilever and Intel are making these commitments, although all have quite some way to go before they get there.
A Safe and Sustainable Future: Enabling the Transition As part of DNV GL’s 150th anniversary, the company has been investing in considerable research including a landmark report on the paths to building a long term, sustainable future. Many facets of sustainability have been analysed including global mega-trends, planetary boundaries, barriers to change and technological solutions. Our TVR research aims to support this work to understand how major companies worldwide are enabling this transition, how they can learn from each other and where they should go next. DNV GL’s ‘A Safe and Sustainable Future’ report is available at: www.dnvgl.com/ssf
Jon Woodhead Director, United Kingdom DNV GL – Business Assurance
DNV GL | GLOBAL REPORT 2014
About the TVR
ABOUT THE TVR The Tomorrow’s Value Rating (TVR) 2014 examines the sustainability programmes of the world’s largest and most sustainable companies. Constituents included in this year’s TVR are listed on the S&P Global 1200 Index (SGL) and are also recognised as sustainability leaders by being in at least one of the following indexes: DJSI 2013 World Index, the Corporate Knights Global 100 Index or the 2013 CDP Global 500 Climate Disclosure Leadership Index. We have chosen to study the 15 largest[2] companies globally and the 10 largest companies from each of three sectors: food and beverage, oil and gas, and construction and materials. This includes 45 companies in total.
Global
Food and Beverage
TVR Sector reports provide in-depth analysis and insight of the sustainability practices and performance in each of the three sectors. Each report uses the well-established TVR methodology to assess companies against the five TVR domains: strategy, governance, innovation, engagement and value chain. TVR Sector reports are an indication of today’s leading sustainability practices, which will drive value creation in the future. Results and findings of the main TVR 2014 report and of the other TVR Sector studies, as well as details of the TVR methodology, are available at www.dnvgl.com/tvr2014
Construction and Materials
Oil and Gas
Bank of America
Danone
AkzoNobel
BG Group
BHP Billiton
Diageo
Asahi Glass Co.
Chevron
Citigroup
McDonalds
BASF
Ecopetrol
GE
Mondeléz
China Steel Corporation
Eni
GSK
Nestlé
Ferrovial
Petrobas
HSBC
PepsiCo
Geberit
Repsol
Intel
Starbucks
Holcim
Shell
Johnson & Johnson
Tesco
POSCO
Statoil
Microsoft
Unilever
The Dow Chemical Company
Suncor
Novartis
Woolworths
Umicore
Total
Philip Morris Roche Samsung Sanofi Schlumberger [2]
Largest S&P Global 1200 companies by market capitalisation as of 20.05.2014.
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DNV GL | GLOBAL REPORT 2014
TVR 2014 results
TVR 2014 RESULTS The top performers in the Tomorrow’s Value Rating 2014 are shown below. We believe that these companies are likely to create sustainable value in the future as they have demonstrated that they are on the path to integrating sustainability into the core of their business. 100%
75%
50%
25%
80%
E G
78%
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80%
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82%
el C C h or in po a S ra te tio el n
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82%
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84%
D
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87%
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87%
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87%
In
96%
0%
Overall average: 69%
Sector leaders The top performers in each sector and the region in which they are based are shown below. The majority of the top performing
companies in the 2014 TVR are based in Europe while there is a diverse mix of sectors represented amongst the leaders.
Europe AkzoNobel 82% Unilever 96%
USA Intel 87% GE 80% Microsoft 80%
Diageo 84% BG Group 71% Nestlé 87% Holcim 87% Repsol 73% Eni 71%
Asia China Steel Corporation 82%
Oil & Gas Construction & Materials Food & Beverage
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Global
DNV GL | GLOBAL REPORT 2014
Measuring up
MEASURING UP It is becoming increasingly clear that as a global society and economy, we are reaching the limits to traditional growth and unfortunately only a handful of even the top performing companies in the TVR seem to be properly preparing for a paradigm shift in how we do business. Mega-trends such as population growth, rapid urbanisation and over-consumption of finite natural resources are beginning to push us towards a point where, without urgent change, global systemic collapse becomes not just a remote possibility, but a distinct probability. Only a few companies have defined clear ambitions for the role they want to play in finding the required solutions and thus future-proofing their continued success. The companies rated in TVR 2014 are all seen as sustainability leaders yet the average score was still under 70%. This shows even the leaders have some way to go. With planetary boundaries such as biodiversity loss and climate change already being exceeded, we need to fundamentally alter how we measure impacts. Companies are often simply not effectively measuring important aspects of their impacts. Our TVR analysis shows that the setting of SMART targets, for some companies, across a variety of sustainability issues is either inconsistent, lacking in ambition, or absent altogether.
We also see an inconsistent approach between some sectors, even those that may face similar challenges. For example, few in the Oil and Gas Sector are setting absolute or — with the notable exception of Statoil — emissions-intensity targets. However, companies in other sectors such as Holcim, Dow Chemicals, Intel and Samsung are setting much tougher energy and emissions targets. There needs to be a stronger drive to explore more realistic, fact-based metrics – an area that has been coined ‘New Metrics’. DNV GL’s own research has laid out longer term global sustainability goals that we believe must be met to realise the world we want to live and work in [see below]. Some companies are impressing more than others, in terms of the corporate contribution to sustainability. Diageo, BASF and particularly the 2014 TVR leader Unilever, stand out for their ambition, SMART targets and sensible milestones. Unilever is attempting to radically decouple its growth from it’s impacts and has set a target of halving the environmental impact of its products by 2020 while still maintaining economic growth in that period. This is a challenging target, but being brave and challenging the status quo is an essential component of leadership and is one reason Unilever tops our TVR rankings for the second consecutive year.
The World We Want: Goals and Targets 1.5OC temperature increase
0 net Deforestation
35m tonnes Nitrogen removed from the atmosphere
70% Increase in food production
0% Child and maternal mortality
100% SDGs achieved by 2030
350ppm CO2 concentration
4000km3 Annual freshwater use
276 Ozone concentration (Dobson units)
100% Access to safe drinking water
IIRC Mandatory reporting
True Costing and valuation
0 net Biodiversity loss
15% Land converted to cropland
0% Extreme poverty
0% Child and forced labour
Beyond GDP A new measure of prosperity
0% Harmful subsidies 5
DNV GL | GLOBAL REPORT 2014
Key findings
KEY FINDINGS
The human side of business The importance of recognising and upholding the human rights of employees, suppliers and local communities has become a hot topic in recent years. In our TVR 2013 Global Report we noted that awareness is increasing, particularly in those sectors most susceptible to supply chain human rights risks. Since last year we have seen ever more acknowledgement of the seriousness of this subject from the companies we analysed. More companies are signing up to multi-stakeholder collaborations and referencing international standards and frameworks such as the globally recognised United Nations Guiding Principles on Business and Human Rights (UNGPs) and sector-specific frameworks such as the ETI Base Code. Increasingly we are also seeing leading companies such as Diageo and Repsol producing standalone human rights policies often based on their adherence to such principles and frameworks. While this is genuinely positive progress, many companies are still focusing disproportionately on their supplier base. This appears to be at the exclusion of the wider company by only including explicit human rights considerations within their supplier codes of conduct rather than for the company as a whole, including employees. A more inclusive value chain approach is needed.
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There is a need to tailor existing policy and due diligence mechanisms to ensure relevance and consistency in the management approach. We found that most standalone human rights policies or codes of conduct remain purposefully high level without sufficiently clear guidance to support organisational implementation on the frontline. Bridging this disconnect through the development and roll-out of comprehensive, company-wide management systems is essential. Holcim is leading the way in this regard by implementing a specialised Human Rights Management System. The system prescribes a different impact assessment approach and corrective actions depending on country specific risks of violating human rights. The categorisation of the operating environment risk level is based on the Freedom House Index and the UN Human Development Index. While things are clearly moving in the right direction, getting to grips with human rights is still likely to be a challenge even for corporate leaders over the next few years.
DNV GL | GLOBAL REPORT 2014
Key findings
Green bonds lift off The year 2014 may well be recognised as the point in which the market for green bonds suddenly became a mainstream method of raising much needed capital to enable companies to transition to a more sustainable future. The value of such bonds issued by the end of this year is expected to reach $40bn, a quadruple rise over 2013. With the bonds issued so far being hugely oversubscribed by enthusiastic investors, it is now projected that a further $100bn will be raised by the end of 2015. This acceleration in the market is encouraging news, as green bonds should form a critical component of the transition to a low carbon economy. The IEA estimates $1 trillion needs to be raised on an annual basis between now and 2030 to make this become a reality. Our TVR 2014 research shows that a rapidly increasing number of the world’s leading companies are making green bonds announcements through their websites and press releases. Companies included in the 2014 TVR such as Unilever, Total, HSBC, GDF SUEZ and
Bank of America are moving quickly to take advantage of this new investment stream to support their sustainability strategies. These companies are using green bonds to finance significant environmental programmes and capital expenditures aimed at reducing energy and greenhouse gas (GHG) emissions or improving water and waste management and biodiversity protection. These activities will all play their part in assisting companies in staying within our shared planetary boundaries. This new way for companies to diversify their investor base and access deeper pools of capital, while improving their sustainability performance and enhancing their reputation, is a significant win-win development. The long-term success of green bonds will inevitably depend on the trust placed in them by investors to derive genuinely measurable benefits. Robust metrics and independent verification of the sustainability criteria behind green bonds will be critical to the long terms success of the system.
Trouble at the top In the World Economic Forum’s 2014 Global Risks Report, over half of the top ten key global risks to business are sustainability risks relating to megatrends, such as climate change and water shortages. DNV GL’s own ‘A Safe and Sustainable Future’[3] research echoes these findings. Many sustainability reports are effective tools for articulating the most material sustainability risks that companies are facing. However, our TVR 2014 research suggests that there remains a significant disconnect between the sustainability risks identified and those that CEOs and directors understand as being the most critical to their business. The challenges associated with ‘mainstreaming’ sustainability risks into core business thinking are not new. CEOs regularly omit sustainability risks from their most identified concerns. Our TVR 2014 findings show that annual reports still do not sufficiently align with companies’ corresponding sustainability reports. However, some — such as Diageo and Unilever – recognise how global mega-trends and sustainability issues actually pose very significant risks to their future business viability. In some cases, these trends can also illuminate business opportunities and competitive
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[3]
advantages. As a result the leaders are incorporating these factors into their strategic approaches to risk management. Others, such as BG Group, provide in-depth examples on how sustainability risks are identified and managed prior to entering new markets. However, this type of inclusive thinking remains a significant challenge for many companies. Our analysis shows that a more comprehensive approach to integrating sustainability risks into a company’s overall risk management frameworks is needed. Companies should expect increasing calls for clarity over how they anticipate sustainability risks which could impact on their bottom line. They also need to be more transparent on their mitigation strategies. Disclosures made on risks in many annual reports indicate that only a select few companies are building sustainability risks into the public disclosures they make about their long term business planning.
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DNV GL | GLOBAL REPORT 2014
KEY FINDINGS
Key findings
CONT.
Innovate to accumulate Why do companies innovate? Traditionally, this is how companies add future value to their business for shareholders. Without new ideas, processes and products to differentiate from the competition, companies ultimately falter and slide into decline. As we reach the limits to traditional growth, innovation needs to be re-invented in order to find new processes and products that align with the social and environmental challenges of society. Our TVR methodology seeks to understand whether companies innovate for sustainability and are moving more sustainable products and services into their core business. Examples would include, developing products and services that save energy, are more recyclable, use less raw materials or have a net positive impact in other ways. The same principle also applies to developing more sustainable business activities ‘behind the scenes’ such as more efficient production processes, or less impactful supply chains. Our research demonstrates that while many companies still have a long way to go to integrate sustainability criteria into their entire innovation processes and core revenue streams, some are certainly moving further in that direction. The leaders in the Food and Beverage Sector — such as Danone and Nestlé — are investing in new product portfolios to address health and nutritional challenges. In the technology sector, Intel and Samsung are focusing on reducing material use, enhancing recyclability and
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reducing energy demand at the use stage. Moving to truly ‘closed loop’ production systems — systems that decouple production from resource depletion — will take time and more investment into research and design. For now, the leaders need to embed sciencebased sustainability criteria — alongside appropriate metrics — into their innovation processes to ensure they achieve this vision. The other key pillar of this transition is to ensure that sustainability innovation aligns with ambitious business targets to fundamentally increase the proportion of more sustainable goods and services companies offer, rather than remaining as a niche part of their income. Some of the leaders attempting to do this include AkzoNobel which has set a target of generating 20% of all revenue from its sustainable products range by 2020. Holcim has also recently set an ambitious target to increase its portfolio of sustainability enhanced solutions to one-third of revenues by 2030 and to improve the quality of life of 100 million people at the base of the economic pyramid through inclusive business solutions. This is the sort of business ambition and target setting that companies will need to embrace if they are to thrive in the long term. David Keddie TVR Global Report Lead DNV GL – Business Assurance
DNV GL | GLOBAL REPORT 2014
Best practices
BEST PRACTICES Strategy Unilever’s world leading SMART targets For each of Unilever’s nine focus areas within its Sustainable Living Plan, a number of commitments have been established and, for each commitment, SMART targets have been set. Performance is displayed using a tracker system, to clearly highlight areas that are on track, and those requiring further improvements. Unilever’s ambition sets it apart from the rest. Source: Unilever Sustainable Living Plan 2014
Engagement
Source: Repsol Corporate Sustainability Plan 2013-2014
Repsol’s nuanced approach to understanding and addressing stakeholder concerns Repsol makes explicit reference to several key international standards as a basis for understanding concerns about its material issues, along with direct dialogue with its
stakeholders. Crucially, the purpose is to integrate stakeholder expectations into the company’s decision-making processes and thereby transition the company from simply listening to stakeholders to actually responding to their views.
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DNV GL | GLOBAL REPORT 2014
Best practices
BEST PRACTICES
CONT.
Governance Novartis comprehensive materiality mapping shows governance issues are a priority Novartis has worked carefully to map which issues are of most importance to stakeholders, both internal and external, in order to analyse where expectations may diverge. This has shown the company that governance issues including bribery and corruption and political lobbying are of more importance to external stakeholders than may have been anticipated, and therefore should be considered focus areas to satisfy stakeholder concerns.
Source: Novartis Corporation Responsibility Performance Report, 2013
Innovation Samsung’s Eco-innovation Samsung, like all technology companies, has some way to go in manufacturing completely sustainable products, however its use of a systematic process to integrate sustainability criteria into the product innovation process, is a step in the right direction. This approach should reduce energy consumption while improving resource efficiency and recyclability.
Source: Samsung Sustainability Report 2014
Value chain McDonald’s carbon emissions mapping and management You can’t manage what you can’t measure, so large companies such as McDonald’s are increasingly taking an entire value chain approach to measuring their impacts, in order to ensure their focus is placed on the best areas to reduce those impacts as quickly as possible. 10
Source: McDonalds Corporate social responsibility and sustainability report 2012 – 2013
DNV GL | GLOBAL REPORT 2014
Methodology
METHODOLOGY Criteria The TVR examines companies’ performance against 15 criteria developed over 10 years in conversations with global leaders in sustainability and business management. The criteria questions are designed to assess the ability of a company to deliver on its potential to be sustainable in terms of environmental and socio-economic risks and opportunities. Each of the 15 criteria includes a series of sub-criteria against which companies are scored. The criteria reflect the qualitative nature of sustainability management and performance. Sustainability practice balances many factors
Moderation To ensure consistency and fairness across evaluations, we carry out a formal moderation process: ++ Evaluators compile evidence and commentary for each score assignment. This analysis is made available to the moderators. ++ Scores for all companies are reviewed for outliers based on our experience – for example, a low score for a widely regarded strong practitioner. ++ A select set of direct comparisons is established – for example, two oil and gas companies evaluated by two different evaluators will be reviewed by the moderators in detail to look for discrepancies in scoring. ++ Any ‘red flags’ raised during the moderation are discussed with the evaluation team to determine if adjustments to scoring need to be undertaken.
including differing stakeholder priorities, differing risks and opportunities for various sectors and operating regions, variability in core business models and variability in regulatory requirements. In the face of this complexity and variability, the TVR relies on the expertise of the research team and feedback from evaluated companies on our methodology. We base our assessments on companies’ public disclosures including annual reports and sustainability or CR reports as well as website-based reporting.
Revenue model and conflicts of interest The TVR is funded solely by DNV GL. The research team members are all full-time employees of DNV GL and do not hold affiliations with any of the companies studied. DNV GL uses the TVR criteria and results to inform its advisory services as appropriate including the provision of benchmarking services to its customers based on the TVR criteria. DNV GL has several customers among the companies studied. However, the research team must rely on publicly available information only to undertake assessments and document this evidence in the course of assigning a score. To prevent potential conflicts of interest, the TVR moderators review evaluators’ assessments to look for evidence of ‘insider knowledge’. Where questions arise, the company will be assessed by a second evaluator who has no customer contact with that company.
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DNV GL | GLOBAL REPORT 2014
Methodology
METHODOLOGY
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CONT.
1
Is the core business model sustainable?
2
Do the company’s operations or historical performance indicate a clear risk of accident, incident or harm to the environment or detrimental impact on society?
3
Does the company have systematic processes for integrating sustainability and non-financial risks/ opportunities into its core business decisionmaking?
4
Does the company have an executive governance model that allows for and actively integrates a wide range of stakeholder feedback?
5
Is the company position and communication on sustainability balanced?
6
Does the company demonstrate positive performance against material issues?
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Does the company have the capacity to manage material issues?
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Does the company have a strong understanding of material issues?
9
Does the company set effective targets to promote performance?
10
Does the company consider and manage upstream and downstream impacts?
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Does the company effectively use a wide range of stakeholder feedback to drive product and/or operational innovation?
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Does the company effectively engage stakeholders?
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Is the company an active participant in multi-stakeholder initiatives to address material issues for the sector?
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Does the company have a systematic process to innovate products and/ or operations to create greater social and/or environmental impacts?
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Is there evidence that the company is exploring leadership opportunities through innovation in sustainable practices or products and integrating these opportunities into the core business model?
Research team
History
The TVR is carried out by a team of sustainability experts. They all have deep and extensive experience in sustainability programme implementation as well as communication and reporting practice. All have experience in sustainability assurance projects with customers across the sectors studied by the TVR.
The TVR 2014 builds upon its previous editions, which has run from 2009 to the present day, and its predecessor, the Accountability Rating (2004-08).
Jon Woodhead TVR director
Samantha Parsons TVR manager
David Keddie TVR researcher
Bettina Reinboth TVR researcher
Louise Ayling TVR researcher
Ivaylo Dimov TVR researcher
Youri Lie TVR researcher
Egle Sakalauskaite TVR researcher
Shyla Girvetz TVR researcher
Natasha D’Silva TVR researcher
Sheryl Joy Lawry TVR researcher
DNV GL | GLOBAL REPORT 2014
Get in touch
GET IN TOUCH Contact us to arrange an open conversation through our ‘reality check’ service, reviewing your sustainability or corporate responsibility report against the TVR 2014. A ‘reality check’ includes: ++ Understanding how your sustainability performance compares to other sustainability leaders; ++ Validating your existing or emerging strategies and programmes and learning from global best practice; ++ Receiving specific feedback on your sustainability reporting and our recommendations based on industry best practices and trends; and ++ Receiving insight about emerging risks and opportunities, both globally and within your sector.
David Keddie TVR Global Report Lead E: David.Keddie@dnvgl.com T: +44 (0) 207 716 6514
Samantha Parsons TVR Manager E: Samantha.Parsons@dnvgl.com T: +44 (0) 207 716 6579
To find out more about services from DNV GL – Business Assurance, please contact our relevant business development managers in your region. Europe
USA and Canada Jon Woodhead Director, United Kingdom E: Jon.Woodhead@dnvgl.com T: +44 20 7357 6080
Dave Knight Director, USA and Canada E: Dave.Knight@dnvgl.com T: +1 510 891 0446
Asia Chee Keong Lai Business Development Manager, Asia E: Chee.Keong.Lai@dnvgl.com T: +60 32 050 2864
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