CR standard launched
A corporate responsibility (CR) assurance standard has been developed and was launched earlier this year to ensure the credibility and quality of corporate public reporting on social, environmental and economic performance. This level of accountability is in response to demand from campaigners, the public, and increasingly investors and regulators.
It is expected that the standard will help address concerns in business and organisations highlighted by research. The poll, conducted across 46 countries for the World Economic Forum, found that public trust in the corporate community had fallen below that of other distrusted institutions, such as the World Trade Organisation and the International Monetary Fund.
'The AA1000 assurance standard will play an important part in re-establishing trust around corporate reporting and bridging the divide between business and communities', said Stephen Timms the English MP responsible for CR.
The new standard has been developed by AccountAbility, an international institute established to promote organisational accountability for sustainable development. It is the result of two years global consultation involving hundreds of organisations from the investment community, Non Governmental Organisations (NGOs), labour and business.
The standard has already been piloted by some of the world's leaders in sustainability reporting and practice, including Danish pharmaceutical company, Novo Nordisk, the UK lottery provider, Camelot, and the Co-operative Bank. It is already being used by leading assurance providers including Deloitte & Touche, KPMG, PricewaterhouseCoopers and Bureau Veritas.
The AA1000 assurance standard was designed to be accessible and non-commercial
and to make certain that corporate claims are carefully assessed.
It is expected to help satisfy growing demand from investors and regulators
for disclosure of relevant information showing the links between business
performance and social and environmental impacts.
The standard will increase pressure on consultants and accountants
giving external audit and verification. It requires them to show both
independence and impartiality by publicly disclosing commercial relationships
with their clients, and their competencies in examining complex issues
like human rights, labour standards and climate change. For
further information on the standard click here
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