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Summary Financial Statement 2005
Strategy Review
Goal 5: Reinforce reputation2005 priorities
An engaged and committed workforce and high standards of corporate and social responsibility are vital to business success and the creation of shareowner value. We pay particular attention to the motivation, reward and development of our team, and to the stewardship of the communities in which we do business. We invest, innovate and execute with excellence as much in this area as in any other of our business. We believe our heritage as a business rooted in social responsibility is a competitive advantage and uniquely motivating to our employees. In 2005, we were proud once again to gain external recognition around the world for the way we conduct our business and as an excellent employer. We received awards across our regions recognising Cadbury Schweppes as a good place to work, and we were especially pleased to win the UK's pre-eminent award for HR excellence. Other awards recognised the quality of our management team, our excellence as a supplier, our status as a respected company, our contribution to the communities in which we operate and our high environmental standards.
Our reputation and our Corporate and Social Responsibility (CSR) agenda is paramount and a report on its progress and potential future challenges is tabled at the Main Board. In 2006, reputation management will be built into the formal business risk management process and will be audited annually. On the People strategy page we explain our approach to people management and report on our global climate survey. We believe in growing our business both profitability and responsibly. CSR is central to all we do and we work to high standards. Verification of CSR was made a priority in 2005 and in 2006 we will produce our third CSR report. Our Board-level Corporate and Social Responsibility Committee reviewed progress on all our five pillars of CSR:
Our approach to diversity and inclusiveness has continued to develop over the 11 years since the launch of our global Equal Employment Opportunities & Diversity Policy. A new global inclusiveness and diversity steering group was created in 2005 and is putting in place a framework to ensure the organisation is more inclusive and increases diversity in its current and potential workforce. The proportion of women in the executive population of approximately 160 was 13% in 2005 (2004: 13%; 2003 11%). We created and filled the position of a new ethical sourcing director in 2005. Over the next three years, we are undertaking a review of our supply chain, working closely with our suppliers to further implement our Ethical Sourcing Standards. These Standards were communicated to over 90% of our priority suppliers and over 200 procurement employees within the Group were trained in them during 2005. We continued to play an active part in the industry-wide initiative to promote responsible practices in cocoa farming and improve sustainability. We remain a signatory to the UN Global Compact and are a participant of the Roundtable for Sustainable Palm Oil. Our food issues strategy group, led by Chief Executive Officer, Todd Stitzer, drives our global strategy in this area and ensures we are innovating and investing throughout the business in light of the changing role of food in public health. A twelve-point plan has been developed and is now being executed across the world. This is highlighted in the case study. The Group operates an integrated EHS Policy and standards based upon both ISO 14001 and OHSAS 18001. This improves our ability to deliver against our KPIs. In 2006 we are launching a safety campaign across the business to improve safety practices in all work activity. Community investment continued to grow around the world, with a series of new or enhanced programmes being put in place. The Group's performance in external CSR ratings:
The Board expects the highest standards of corporate governance as well as compliance with our Business Principles. Our Business Principles are signed by managers to confirm they understand them and operate by them. Compliance with this process is now audited annually.
We also employ a financial Code of Ethics that applies to our Chief Executive Officer and senior financial officers. Both the Code of Ethics and Our Business Principles are available on our website, www.cadburyschweppes.com We have put in place training programmes to ensure employees understand and comply with legal requirements such as workplace practices, competition law, health and safety and environmental compliance. The Company operates a Speaking Up programme which enables employees to report in confidence any breach of Group policy or other fraudulent or criminal activity. Any serious matters are brought to the attention of the Audit Committee. The programme is audited annually. |
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