Here they come: emerging markets' companies win reporting awards
May 9, 2008
Out of the eight categories six were won by companies from emerging markets (2 times Brazil, two times India, Argentina and Russia in categorie Non-OECD company).
To select the awards, GRI asked readers of sustainability reports to vote for the best reports based on their needs and preferences. More than 1,700 readers in 70 countries participated in the scoring process. Participants scored 800 reports from 50 countries and evaluated reports based on five criteria.
GRI commissioned KPMG to assist with the awards process, and worked through with an integrity committee to analyse the results from the individual responses. (For more information, click here)
The fact that so few “Western” companies have taken home an award is surprising on the one hand. One could be sceptical and blame the voting process. The European Song festival comes to mind: not the best song, but the best connected Eastern European country takes home the price.
However I believe this kind of comment would be unfair and wrong. Sustainability is really taking off in emerging economies. We also see that in our work and business portfolio.
Last January I already predicted that it would become increasingly tough for Dutch (and with that other Western) companies to top the ratings. (For full text, click here). Referring to the Dow Jones Sustainability Index I then stated: “As things stand, the number of companies from the “emerging economies” is negligible: only seven from Brazil and none whatsoever from China, Russia and India. But inevitably, sustainability is also being taken more seriously there. So it is only a matter of time before companies from these countries start asserting themselves. Clearly, globalisation is also changing the sustainability playing field and Dutch companies will need to stay on their toes to keep ahead. Which can only be a good thing!”
It is definitely a good thing. Instead of a race to the bottom, we are in the middle of a race to the top.
For the record the winners of the eight categories.
Best Report: All Stakeholder Groups: Petrobras (Brazil)
Best Report: Civil Society: Petrobras (Brazil)
Best Report: Media: Gas Natural SDG (Spain)
Best Report: Financial Markets: ABN Amro India (India)*
Best Report: Employees: ITC (India)
Best Report: Non-Business Organization: Fundacion Emprendimientos Rurales Los Grobo (Argentina)
Best Report: Not-so-big Business:Frigoglass (Greece)
Best Report: Non-OECD Company: TGC-5 (Russia)
*A special congratulations to ABN AMRO India! It was a pleasure to work with you on this report.
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