Corporate Responsibility Practices Survey 2013

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1 Corporate Responsibility Practices Survey 2013 A survey about sustainability practices of companies in Malta carried out in Q June 2013 The PwC Corporate Resposibility Practices Survey 1

2 Introduction Carried out for the first time in Malta, PwC s Corporate Responsibility Practices Survey gauges the awareness of sustainability issues and evaluates the practices of companies in Malta. Through the survey and this report, PwC aims to spread awareness and foster a better understanding of the value of corporate responsibility (CR) practices. This Report focuses on four different dimensions: 1. Internal awareness The survey explores the degree of internal awareness among participants of corporate social responsibility (CSR): their understanding of the meaning of this term and the extent of importance given to corporate responsibility. This section of the survey identifies whether a CSR policy is in place, which department is responsible and why companies invest or otherwise in CSR initiatives. 2. Current practices & external awareness The level of external awareness assesses whether companies believe that their stakeholders and the general public are aware of CSR and whether companies have been faced with calls for action by their stakeholders in relation to the impacts of their operations. We also report on current practices in relation to water and energy consumption, and waste management practices. 3. Social responsibility The section on social responsibility provides an understanding of the extent of responsibility companies feel towards society and the environment. 4. Regulation, compliance & disclosure This section evaluates the level of regulation, compliance and adoption of standards by local companies. It also illustrates the incidence of nonfinancial disclosures. 2 PwC

3 Internal awareness Understanding and awareness of CSR Existence of CSR policies and procedures Information and internal communications Drivers and barriers to investment in CSR External awareness Importance attached to CSR by stakeholders Stakeholders perceptions and expectations Existing company practices Social responsibility Impact on the community Actions to mitigate environmental and social impacts Current and future importance of CSR Regulation, compliance & disclosure Environmental regulations Certifications and standards Non-financial reporting Rationale for disclosures The survey was carried out during Quarter The survey included 45 questions and evaluates: internal and external awareness, social responsibility and regulation, compliance and disclosures. Participation in this survey was open to all companies in Malta. Over 50 companies participated in the survey. The survey covered a wide range of sectors. The financial and insurance sector participated actively in this survey, followed by the manufacturing and information and communication sectors. The PwC Corporate Resposibility Practices Survey 3

4 Participants characteristics The companies that participated in the survey are medium to large companies with the majority employing 50 persons or more and having an annual turnover of over 5 million euros. Company size, by number of employees Company size, by turnover ( ) 4% 10% 18% 12% 28% 6% 12% 26% 26% 10% 12% 10% 14% 12% 18% Less than 10 26% Between 10 and 50 10% Between 50 and % Between 100 and 250 6% Between 250 and 300 4% Between 300 and % Over % 0-2 million 12% 2-5 million 12% 5-10 million 14% million 10% million 12% million 12% Over 100 million 4 PwC

5 Sectoral distribution The financial services, insurance, and the information and communication sectors participated actively in this survey. However, over half of the responses relate to the manufacturing sector, services, professional activities, accommodation and other private and public sector activities. 86% invested in reducing electricity consumption 4% 4% 4% 4% 4% 6% 6% 8% 36% 64% have a code of ethics in place and monitor its compliance regularly 60% monitor water consumption 12% 12% 36% Financial and insurance activities 12% Information and Communication 12% Manufacturing 8% Other service activities 6% Professional, scientific and technical activities 6% Transportation and storage Wholesale and retail trade, repair of motor vehicles and motorcycles Accomodation and food service activities Education 4% Public Administration and defence, compulsory social security 4% Real Estate activities The PwC Corporate Resposibility Practices Survey 5

6 Internal awareness A review of news releases and information found in local company websites gives the impression of a narrow view of corporate responsibility, with most companies associating corporate responsibility solely to charity contributions or the investment in energy saving or renewable energy technologies. On the other hand, this survey shows quite a good understanding of the term, with 64% of respondents recognising a more holistic understanding of corporate responsibility. Nearly half of the participants claim to have a department identified as responsible for corporate responsibility. This function seems to be most commonly vested within the Public Relations/Marketing Department or the responsibility of a dedicated CSR team established for this purpose. The most common internal communication channel is , followed by internal newsletters that keep members of staff up to date with CSR initiatives. Companies mentioned the lack of funds and human resources as significant barriers to further their CSR efforts. Participant companies feel strongly about the impact of corporate behaviour on their image and brand reputation. Companies state that this is not motivated by their stakeholders. It is clear that stakeholders are not yet as influential as in other countries when it comes to expectations of responsible behaviour. The drivers for action on corporate responsibility are mostly internal forces arising from the company s corporate values and the belief that they should do their part for the environment and the community. 66% of respondents feel that their customers, suppliers and shareholders are not very aware of the importance of environmental and social issues. How would you define corporate responsibility? conducting business in an ethical and professional manner 36% taking initiatives to reduce the company s impact on the environment 34% providing a safe working environment for employees 24% giving donations to charity 18% 64% said all of the above Does the company have a CSR policy or programme? 38% No 2% Do not know 48% have a department responsible for CSR Main driving forces behind companies CSR efforts Brand reputation Community environmental concern Employee interests Regulatory compliance Cost reduction and efficiency Your customers environmental concern Pressure/ interest from stakeholder Other 60% Yes 0% 20% 40% 60% 80% 70% chose Brand Reputation 6 PwC

7 Current Practices CR reporting is still in its infancy in Malta. Over the last five years, we have seen a few CSR reports being published and information on eco initiatives being publicised on company websites. Some companies have also started to include brief sections in their annual report. The use of internationally recognised frameworks such as the Global Reporting Initiative (GRI) is still very low even amongst those companies that publish separate CR reports. 52% of companies have implemented measures to reduce water consumption 36% of companies have invested in some form of renewable energy technology 96% of companies have invested in some form of energy saving measures, with the most popular being: new lighting fixtures, procurement of energy efficient equipment, installation of sensors and staff awareness campaigns Sustainability initiatives implemented Reduction in electricity consumption Waste recycling Conserving water Corporate Social Responsibility reporting Quantifying your carbon footprint Replacement of vehicles to reduce fuel consumption Giving consideration to the affordability of products/ services for different social groups Product redesign to improve eco-efficiency None Other 0% 20% 40% 60% 80% % of respondents 100% The PwC Corporate Resposibility Practices Survey 7

8 Social Responsibility 76% of companies believe that CSR will become very important in five years time. Over half of the respondents attach importance to environmental and social issues. In particular, companies illustrate concern over water and energy consumption, health and safety, pollution and waste management. 84% of companies feel strongly about their responsibility, towards their people, to create an ethical and safe working environment. This goes beyond ensuring compliance with occupational health and safety standards and deals with ethical behaviour in their HR practices and service delivery. 8 PwC

9 Top 3 actions to reduce the company s environmental and social impact 1. Reducing energy consumption 2. Ensuring health & safety at the workplace 3. Conserving water How important is CSR in your company? At present 6% 34% 58% 2% Very Unimportant Neither unimportant nor important Very Important Extremely Important In 5 years time 4% 20% 56% 20% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % of respondents The PwC Corporate Resposibility Practices Survey 9

10 Regulation, compliance & disclosure As a result of Malta s membership in the European Union, local operators are subject to European regulations and have a number of obligations, particularly in terms of the environment and social protection. Most organisations are subject to some form of regulation. Companies operating in the financial and insurance sector are regulated by the MFSA. Other companies, particularly those involved in the manufacturing sector, may be regulated by an environmental permitting regime, environmental legislation, health and safety and other sector-specific regulations. As regulators may hold companies responsible for their practices and the impact of their operations, companies have an incentive to become more transparent in reporting about their non-financial performance. When asked about any specific environmental legislation which affects their organisation, the main legal instruments mentioned related to waste management regulations, notably the Packaging and Packaging Waste Regulations and the Waste Electrical and Electronic Equipment (WEEE) Regulations, both of which are based on the concept of producer responsibility. Other legislation included food safety regulations and health and safety. 53% of companies stated that they have been questioned by regulators about their impact on the community and on the environment 10 PwC

11 Standards and certification 16% Strongly Agree 26% Disagree 74% of companies agree that holding such certification or standards is beneficial 58% Agree 12% of the companies surveyed hold some form of certification or standard. These include the ISO (Environmental Management), EMAS (EU Eco-Management and Audit Scheme), ISO 26000(Social Responsibility) and eco-certification Non-financial disclosures 24% of companies stated that they carry out some form of non-financial reporting. The companies that disclose such information make it available to the general public. Only a minor proportion of these companies make this information available directly to parent companies and regulators Regulators Other General Public 0 20% 40% 60% 80% 100% % of respondents that disclose information The PwC Corporate Resposibility Practices Survey 11

12 Interesting Findings 98% of companies believe that Malta has a problem with natural resources Companies participating in the survey show a strong acknowledgement of the problem of resource scarcity in Malta. Over half of the companies state that they have a CSR policy in place, a code of ethics, and that they have invested in energy savings activities, amongst other initiatives. In other words, companies state that they give a lot of importance to CSR. Yet, close to 70% of the companies do not disclose information about their CSR efforts in their annual report. This could be explained by the perceived lack of interest by stakeholders, such as customers, suppliers and shareholders. 66% of the companies claim that their stakeholders are not aware and do not give enough importance to environmental and social issues. Companies that report on their non-financial performance appear to see value in non-financial disclosures. Those who provide non-financial information do so to show their internal commitment, and use it as a marketing tool to associate their organisation with sound environmental management practices. In the minds of participant companies, procurement is one of the areas through which they impact the environment. The recent launch of Green Public Procurement Regulations and targets may have increased this awareness. Companies feel they affect the environment when purchasing office equipment, purchasing paper and choosing brands and suppliers. Companies feel responsible towards their people in terms of creating a safe and ethical working environment. 84% of the companies surveyed feel the responsibility to create such an environment for their staff. Over 60% of companies show awareness of their impact on the environment and on the community. The top three impacts are: energy consumption, waste generation and health and safety. 12 PwC

13 Existence of a CSR policy number of employees Over 500 Between 300 and 500 Companies that have a CSR policy in place mostly belong to the medium to large category Between 250 and 300 Between 100 and 250 Between 50 and 100 CSR policy No CSR policy Between 10 and 50 Less than number of respondents Disclosure of non-financial information turnover ( ) Over 100m 50m - 100m The incidence of disclosure on environmental and social aspects tends to be higher across larger companies 20m - 50m 10m - 20m 5m - 10m Disclose Do not disclose 2m - 5m 0-2m 0 10% 20% 30% % of respondents The PwC Corporate Resposibility Practices Survey 13

14 Those companies that have a CSR policy or programme in place are more inclined to report on their environmental and social performance No CSR policy Disclose Do not disclose CSR policy 0 5% 10% 15% 20% 25% 30% % of respondents 14 PwC

15 Results PwC Corporate Responsibility Practices Malta Survey 2013 was intended to raise awareness and understanding of corporate responsibility among local companies. The findings show an improvement in the understanding of these issues and an understanding of the importance of problems such as water scarcity in Malta. It is also evident that companies believe that corporate responsibility will become increasingly important in the coming years. Consciousness about the importance of CSR and the value that such responsibility brings to a company s reputation, attractiveness as an employer, and its direct benefit in terms of cost savings, is increasing. Companies are also starting to formalise their efforts through the development of a CSR policy / programme and /or the allocation of responsibility to a particular team. As one would expect, the availability of internal resources hinders the capacity to do more and to structure CSR efforts. Thinking strategically about CSR can help companies align their efforts to their core business strategy. As stakeholder expectations towards corporate responsibility and ethical business are growing, business opportunities such as new products / services relating to corporate responsibility may provide avenues for sustainable growth. Conclusions 1. Awareness of corporate responsibility is rising and the understanding of the term is moving away from just charitable donations to include environmental matters, health and safety, ethics and other considerations. 2. These findings show an increased sense of responsibility by companies towards their people, the environment and the wider community. The main drivers are clearly the brand and an internal commitment to corporate values. 3. The three main areas of activity in the local scenario are energy and water consumption, followed by waste management. As companies envisage CSR to grow in importance, other areas of corporate responsibility may see additional investment in the near future. 4. Stakeholders expectations and pressures are still low when compared to other countries. Disclosure efforts are mainly driven by a desire to show a company s internal commitment to CSR and to some extent by regulatory bodies. The PwC Corporate Resposibility Practices Survey 15

16 Contacts George Sammut Partner, Sustainability Advisory Services Nadia Mifsud De Marco Consultant, Sustainability Advisory Services Follow us on: PricewaterhouseCoopers. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 16 PwC

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