The Novo Group is considered a world leader in social and environmental reporting but could improve by giving more weight to ‘the voice of others’ in its reports, a study has found.
A stakeholder survey carried out for the industrial enzymes and pharmaceutical group by a UK business school found that Novo’s 2000 report, Values in a global context, was ‘admired and highly respected’ by nearly all respondents, and that the group was ‘clearly perceived as an international leader in the area of environmental and social reporting’.
Novo’s report was formally verified by Deloitte & Touche and reviewed by Simon Zadek, chair of the Institute of Social and Ethical Accountability.
But the stakeholder survey says the group could further enhance its reputation by giving space in future reports to other independent views of Novo’s performance, and by including ‘an alternative commentary to Novo’s view on key issues’.
This commentary might consist of case studies of Novo initiatives written by a third party, such as a non-governmental organization or independent consultant. ‘The independent voice might be expected to be more critical but would add significantly to the credibility of Novo’s overall reporting,’ the study suggests.
The Centre for Stakeholding and Sustainable Enterprise at Kingston University Business School based its findings on telephone interviews earlier this year with 54 interested parties.
The study also suggests Novo should have more social and environmental performance targets and fewer targets relating to management processes.