WEF-2022年利益相关者资本度量倡议合作伙伴案例研究（第2部分）

StakeholderCapitalismrWHITEPAPERContentstricsg458StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)2ytricsseontricssyDisclaimertStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)3September2022StakeholderCapitalismMetricsInitiativeSeptember2022Thiswhitepaperisthesecondinaseriesofcasestudiesprofilingtheexperiencesofsomeoftheworld’slargestcompaniesastheyreportagainsttheWorldEconomicForum’sStakeholderpublishedcasestudiesfocusingonTheAdeccoGroup,BankofAmerica,GinkgoBioworksandWiproInthissecondcollectionweprofiletheofEcopetrolHEINEKENJLLTwoyearsafterthelaunchofthemetricsintheWorldEconomicForumswhitepaperMeasuringCreation,thenumberofcompaniesadoptingboththecoreandexpandedmetricscontinuestogrow.Todate,183globalcompanies,withacombinedmarketcapitalizationofmorethan$6.5trillion,areadoptingthemetricsintotheirerialsOfthesecompanieshavedisclosedagainsttheSCMsintheirmainstreamreportsforeitheroneortwoyears,whiletheremaining62havecommittedtongonthemnwhiletheForumismakingsubstantialprogresstowardsachievingoneoftheinitiative’skeyaims:toaccelerateconvergenceamongleadingstandard-setterstowardsasharedglobalgstandardswntyenyStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)4ExecutivesummaryEcopetrol–ImpactcreatedbytheSCMs:Astheyare–Howthemetricshavedriveninternaltransformation:StakeholderstoldEcopetrol–Advicetofellowpractitioners:“Choosetoto–Advicetoregulatorsandstandard-setters:–ImpactcreatedbytheSCMs:HEINEKEN–HowthemetricshavedriveninternaltransformationThemetricsgobeyondESGnd–Advicetofellowpractitioners:“Thesooner–Advicetoregulatorsandstandard-dseStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)5JLLheopportunitytohelptherealestatesectortscontributiontoglobalcarbonemissionsrdingtotheInternationalcompany’sreporting.–ImpactcreatedbytheSCMs:TheForum’sexpandedmetricsarelessoutput-drivenandathasrealvaluesTheypushustodomorethantheotherortingframeworks–HowthemetricshavedriveninternalansformationTheForumscoremetricce–Advicetofellowpractitioners:Asreportingeingonimpacts–Advicetoregulatorsandstandard-setters:PhilipsisanofheeSCMs–ImpactcreatedbytheSCMs:Thegreat–Howthemetricshavedriveninternaltransformation:Accuratereportingonhe–Advicetofellowpractitioners:“Ifyourters–Advicetoregulatorsandstandard-setters:sonStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)6–Howthemetricshavedriveninternal–Advicetofellowpractitioners:Itisimportant–Advicetoregulatorsandstandard-setters:rdSchneiderElectricrs–ImpactcreatedbytheSCMs:Themetricssa–Howthemetricshavedriveninternallandt–Advicetofellowpractitioners:SustainabilityisnotaboutreportingorcomplianceorphilanthropyItisastrategicissueyouneedtoddresstomakeyourcompanyresilientandenableittothriveinthemarketofthefuture.–Advicetoregulatorsandstandard-setters:ThedraftEUstandardsaretoocomplicatedandwillresultina“hugeburden”ofreportingthatwillseecompaniesspendmoretimewritingcompliancereportsthanmakingtheplanetabetterplaceTheminimumtheEU,mustdoistoagreeontheclimatemetricsthatarecommonbetweenthem,includingdefinitionsofwhatshouldbereportedandhow.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)7Insightsfrompartners:howthemetricsdriveinternaltransformationandthewiderimpactheeHowthemetricsdriveinternalcorporatetransformationFacilitategreaterinternalalignment,integrationandengagementyIdentifyinternalgapsanddrivetangibleresultsbothwithinandbeyondthecompanyStrengthenintegratedfinancialandnon-financialreportingheChangecompanycultureanddrivegreatertransparencyrocessitcreatednforStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)8HowthemetricscreateimpactinthewiderworldQuantifysocietalimpactotributionstowardsEnablecomparabilitythroughsimple,crediblemetricsetoFocusoncommercialmaterialityolFacilitate“learningbydoing”throughapractitioner-ledprocessatsStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)9OfferadditionalperspectivesthroughexpandedmetricsPhilips,aglobalhealthtechnologycompanybasedintheNetherlands,wasamongthefirstorganizationstoreportagainsttheSCMs.IttoldusthattheForum’sexpandedmetricsencouragecompaniestoreportmoreontheirimpacts,aswellasoncomplexareassuchascircularityandanyhassetitselftheambitioustargetofgenerating25%ofitsrevenuefromcircularproducts,servicesandsolutionsby2025–upfromjust7%initsbaselineyearof2015.Atransitiontowardsacirculareconomycouldreduceglobalemissionsby40%in2050,accordingtotheEllenMacArthurFoundation.JLLalsofindsvalueintheForum’sexpandedmetrics;forexample,onParis-alignedusegasGHGemissionstargetsandtheestimatesof“societalcostofcarbon”requiredbythemetricontheimpactofGHGemissions.Thecompanysaid:“TheydefinitelypushustodoantheotherreportingframeworksTheyaremuchlessoutput-drivenandmoreimpact-DriveglobalalignmentandconvergencelyyityonvergearoundacommonngintegratedcanteStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)101Ecopetrolcallsforalignmentamongregulatorsandgreaterguidanceonevaluatingimpacts1IntroductionEcopetrolisnowinitssecondyearofreportingagainsttheWorldEconomicForum’sSCMs,whichfeatureinthecompany’slatestintegratedreport.Thesustainabilityissuesofgreatestmaterialitytothecompanyareclimatechange,watermanagementandstewardship,andlocaldevelopment.litygonForthiscasestudy,weinterviewedMariaVilla,fromEcopetrol’sCorporateResponsibilityteam,whichoversees,amongotherthings,environmental,socialandgovernance(ESG)reportingandstakeholderengagement.OneofthemainpurposesoftheForum’smetricswasnottoreinventthewheel,itwastodrawonexistingmetrics.Soit’sgreatthatreportingagainsttheStakeholderCapitalismMetricsdoesn’trequirealotofre-engineering.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)11KeytakeawaysolfeaturestheForumsSCMsinthisyear’sintegratedreport;themostmaterialsustainabilityissuesforthecompanyareclimatechange,watermanagementandstewardshipandlocaldevelopment.methodologiestodoso.mentisconductingRationaleforreporting:prioritizeclimate-focusedinvestorsplusalong-termcommitmenttolocalcommunitiesllauncheditsbusinesssinessarbonstheenergytransitiontureandetrolstraditionalgascompanymeansthataterialtoonclimate-relatedindicatorsandongovernance,”tnotonlytheSCMstheUNsGlobalCompactandtheDowJoneslderssuchasthestateandinthecompanyssocialperformance,sheadds.Asastate-ownedenterprisethatisoneofthecountry’slargestemployersanddelivers11%ofColombia’snationalbudget,Ecopetrolisacutelyconsciousoftheroleitplaysinsocietyanditsresponsibilitiestowardslocalcommunities.“Thecountryexpectsawholelotmorefromourcompanythanjustsellingoil,”saysVilla,adding:“Wehavecommitmentstodeliversocialwelfareonthegroundnearouroperations–that’swhylocaldevelopmentisoneoftheelementsmostmaterialtoourcompany.”ThetypeoflocaldevelopmentinwhichEcopetrolengagesincludesinvestingintransportinfrastructure,educationandaspecialfocusongeneratingjobsandskillsoutsidetheoilandgassectorastheenergytransitiongatherspace.Thecompanyalsotakesitscommitmentstoits18,000-strongworkforceveryseriously,especiallyinthewakeoftheCOVID-19pandemic.Thecountryexpectsawholelotmorefromourcompanythanjustsellingoil–that’swhylocaldevelopmentisoneoftheelementsmostmaterialtoourcompany.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)12Challenges–reportingoverloadandimpactevaluationygtoeeringresdeltodoillaWeareworkingwithoursupplierstohelpthemmeasuretheirScope1andourScope3emissions–it’samajorendeavour.Solutions:focusonvalueandtechnologyingoverloadeverymetricagainstacommonmetricgeneratevalueforthepanyanddoesitgeneratevalueforotherstakeholders?“Wearedisciplinedandfocused,”ariaVillawedontjustfillgapsforthesakeofit;webelievethereareaspectsthatdon’teisimportantutrelatestofacilitatingthecompanyswidersocietalgoals,aswellasitsalignmentwiththeUN’s2030AgendaforSustainableDevelopmentandtheParisAgreementonclimate.Whenchoosingwhattodisclose,thecompanylookstosatisfyitsstakeholdersandreportonthemetricsthatprovidevaluableinformationtothem.ThemultiplicityofreportingstandardsobligesEcopetroltochoosewhatitsmostpertinentandrelevanttoitsstakeholders,whilediscardingthosemetricsthataddcomplexitywithoutbringingmuchvalue.Weareveryrigorouswhenitcomestodecidingonsustainabilitymetrics.Wedon’tjustfillgapsforthesakeofit–themetrichastogeneratevaluetoourstakeholdersandvaluetoourcompany.EcopetrolhasprioritizedtheroleoftechtohelpeliveronitsTESGagendaWebelievewewillachieveallourgoalsbyleveragingtechnology,”saysVilla,“sowe’veembeddedtechnologyattheheartofthesustainabilitypillarofour2040corporatestrategy.”Startingthisyear,EcopetrolisusinganonlineplatformcalledMerotocollectallTESGdatafordisclosure.“Wenowhaveoneplacethatholdsalltheindicatorsandinformationthatmeasureoursustainabilityagenda,withallthenecessaryevidencetobedisclosedtostakeholders,”shesays.Thesystemhasthreedifferenttypesofuseraccessrelatedtodatafunctions(input/revision/approval),withdifferentpeopleresponsibleforeachsteporfunction.“Wecoordinate,buteveryoneactivelyparticipatesanddataproducersareaccountable,”saysVilla.We’vedoneintegratedreportingsince2009,butit’sstillachallengetoreportnon-financialaswellasfinancialinformation.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)13Impact,learningandadvicetoreportontecidedtobaseitsedfromourhatsaysVillaDatacollectionusedtobeunsophisticated,donethroughmeanssuchasemailingExcelspreadsheets,butinnovativetechnologyhasprovidedagilityandtraceabilitytotheprocess.ThenewonlineplatformMerohasgreatlystreamlinedthecollectionofsustainabilityinformation,includingthenecessarysupportingevidence.ThecorporateresponsibilityteamsharesadetailedreportingtimelinewithalldepartmentseveryOctobertoensureEcopetrol’sintegratedreportcanbedeliveredbythefollowingMarch.“Everyvice-presidencyinthecompanyhasdelegatedsomeoneforcorporateresponsibilityreporting,whoisourfocalpoint–thatensuresefficiencyanddatareliability,”saysVilla.Leadershipisalsoimportant:“OurCEOisvery,veryESG-driven–itisapriorityforhimandtheboardofdirectors,sotransparencyanddisclosurecomefromthetop,”saysVilla.Choosetoreporttheinformationyouknowisgoingtogeneratevalueforyourstakeholders–goforqualityoverquantity.AdviceforregulatorsontheexpandedmetricsofferedbytheSCMs,houghshethinksthereisstillmoreworktobedonetoreachagreementonacommonmeansatingandmonetizingtheimpactsoficsEcopetroliscloselyfollowingthediscussionsonimpactvaluationandintendstognizedstandardsratherthanpursuingitsownmethodologies.ThedemandforESGreportshasnowbecome“reallyunmanageable,”saysVilla.Shecallsonthestandard-setterstouseexistingmetricsratherthancreatingnewones,andencouragestheEUandUSSECtoworktowardsasingleglobalrtingframeworkthatisrigorouscomprehensiveandscience-based.Villaalsorequeststhatregulatorsconsidernationalcontexts.Forexample,Colombianlawrequirespubliclistedcompaniestopresenttheirfinancialreportstoshareholdersinthefirstquarterofthecalendaryear(i.e.byMarch).SoacompanysuchasEcopetrol,whichproducesanintegratedreport,mustcollateallitsnon-financialdisclosuresbythesamedeadline–whichismuchearlierintheyearthanforEuropeanorUScompanies.Villa’srequestisthatregulatorsaccountforsuchtimelineswhenmakingtheirdemandsonsustainabilityreporting.Pleasestopgettingsocreative!Wecan’thaveanymoremetrics–usewhat’soutthere.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)14AddedvalueoftheForum’sStakeholderCapitalismMetricsVillafounditstraightforwardtointegratetheForum’sSCMsintoEcopetrol’sexistingGRI-basedreportingframework.“OneofthemainpurposesoftheForum’smetricswasnottoreinventthewheel,itwastodrawonexistingmetrics,”saysVilla,“soit’sgreatthatreportingagainsttheStakeholderCapitalismMetricsdoesn’trequirealotofre-engineering.”TheForum’smetricsareagoodfoundationforESGreporting,accordingtoVilla,becausetheyworkasacomprehensivebuildingblockinthesustainabilitydisclosurejourney.Intermsofaddedvalue,VillaappreciatestheperspectivesofferedbytheForum’sexpandedmetrics,whichothersustainabilityreportingframeworksdonotcapture.Ecopetrolisintheprocessofestablishingsocialandenvironmentalimpactvaluationmetrics,butmoreguidanceisneededonmethodologiestocapturethemonetaryorsocietalvalueofthoseimpacts.Thereisaseriesofreallyinterestingexpandedmetricsthatwewouldliketoreporton,whicharestillnotpartofotherplatforms.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)152theconsistentandcomparablereportingofferedbytheForum’smetrics2IntroductionrtesTheoutcomeofthisprocessrevealedthatthecompany’spriorityenvironmentalconcerns,intermsofstakeholderinterestandbusinessimpact,arewatersecurity,carbonemissions,andresourcesandcircularity,whilethetopsocialconcernsareresponsibledrinking,sustainableandresponsiblesourcing,diversityandinclusion,andafairwage.dalWereallywelcometheStakeholderCapitalismMetrics–theyarethefirstrealprototypeofaninternationallyrecognizedframeworkthatwilldrivemoreconsistentandcomparablereporting.StakeholderStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)16KeytakeawaysNsngcomplicated.tsnseportingframeaconsistentpictureofperformancewhilepushingintonewareasofimpactsInvestorshaveshownaparticularinterestinclimatereporting,rampingupthepressureonHEINEKENtoreportinlinewiththeframeworkofTCFD.Meanwhile,thecompany’snon-governmentalorganization(NGO)andcommunityinvestorsaremoreinterestedinsocialmetrics,suchasemployees’termsandconditions.InvestorsexpressedinterestinHEINEKENreportingagainstTCFD,whichweadoptedinour2021reporting.urallyforadrinkscompanywatersecurityaterconsumptioncomesfromitsvaluechain.Asycompaniesitisverychallengingtoobtainconsistentthird-partyinformation,allersuppliersthatoftenckdevelopedreportingprocessesForwaterthisisevenmorecomplexthanforcarbon,becausethetechnologiesandmethodologiesformeasuringwaterarenotyetasmatureastheyareforcarbon.“It’saverycomplicatedproblem,”saysSmirnova,“we’redoingpilotswiththemandwe’regoingintoourdirectsuppliers’data–it’saworkinprogress.”Informationaboutwaterconsumptioninthevaluechainisevenlessreadilyavailablethandataoncarbon.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)17onsoSolutions:greaterreportingwilltriggernewmarket-baseddataDevelopmentsliketheStakeholderCapitalismMetricsandtheIFRSFoundation’sworkarecreatingabigdemandforScope3emissionsdata,andthiswilltriggernewmarket-basedITdatasolutions.rocessismuchgtheneditsequalitygratedreportingprocessStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)18Impact,learningandadviceletStandards(ESRS)currentlybeingdraftedbytheEuropeanFinancialReportingAdvisoryGroup(EFRAG).“WewillhavetoreportunderthisnewEUlegislationandit’squiteprescriptiveintermsofreferencepointsandmethodologies,”saysSmirnova.Bycontrast,theprocessbeingledbytheIFRSFoundationismoreprinciples-based:“Theygivemoreroomforusingdifferentreferencepoints,makingiteasierforcompaniesoutsidetheEUtofindalignment,”shesays.TheStakeholderCapitalismMetricswerereallywelcomedbothwithinthefirmandbyourstakeholdersbecausetheyarecomprehensive,coverallthecoretopics,areindustry-agnosticandfallverynaturallyinlinewithourstrategy.Intermsofadvicetopeers,Smirnovarecommendsthatcompaniesinvestineducatingandencouragingtheirworkforce,tobuildgreaterconsistency,rigour,qualityandtimelinessinsustainabilityreporting.Thisisimportanttoensuretheinformationisactionable,saysSmirnova,“becauseiftheinformationislateorit’snotgoodenough,managementcannottaketherightdecisionswhentheymaketheirinvestmentallocationsforthecomingyears.”Equally,colleaguesmayhaveconsiderableuntappedknowledgeandexpertisetooffer.“Wefoundalotofexistingprocessesthatwejusthadn’tdeployedactivelyinESGreporting,”saysSmirnova.Thesooneryoustartreportingthebetter.Encourageyourcolleaguestogetinvolved,becausecollaborationimprovesthequalityofdisclosures.histAboveallsaysSmirnovaThesooneryoustarttingthebetterEncourageyourcolleaguestogetinvolved,becausecollaborationimprovesthequalityofdisclosuresandtriggersquestionssuchas,‘Arewedoingtherightthing,intherightwayAreweambitiousenough?Arewegoingfastenough?’”Fromanindustry-wideperspective,HEINEKENwouldlovetoseeitspeersreportingagainstthesamesetofmetrics,sothatthesectorcanbuildupasetofcomparativedataandcompaniescanlearnfromeachother,throughexistingforumssuchasthebeverageindustry’senvironmentalroundtable.Thisinturnrequiresconvergencebetweenstandard-setters–starting,forexample,withtheIFRSFoundationandtheForummergingtheirmetricsintoapriorityset.toersandinvestorsbasedasmuchepointswithionsandmethodologiesListentoallthepartiesandtrynottobetooacademic”iseStakeholderStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)19AddedvalueoftheForum’sStakeholderCapitalismMetricsForHEINEKEN,however,theSCMsprovedtheirworth.“TheForum’smetricswerereallywelcomedbothwithinthefirmandbyourstakeholdersbecausetheyarebothsimpleandcomprehensive,coverallthecoretopics,areindustry-agnosticandfallverynaturallyinlinewithourstrategy,”saysSmirnova.Sheadds:“Forme,themetricsarethefirstrealprototypeofaninternationallyrecognizedframeworkthatwilldrivemoreconsistentandcomparablereporting.”OneofthemostinterestingaspectsoftheSCMs,inSmirnova’sview,isthattheydonotsimplycoverclassicsustainabilitymetricsonsocialandenvironmentalissues;theyalsoaddProsperitymetricsthataddressemployment,economiccontribution,investmentandtax.“Thisisveryinterestingforourreaders,”saysSmirnova,“becauseitpullstogetheralotofinformationthatisnormallyscatteredandpresentsitlikeabalancesheetorhealthcheck.”Asabodyofcomparableinformationisbuiltupintheyearstocome,HEINEKENwillbeabletomapitsprogressusingthisdashboardofconcisedatatogiveasnapshotofthehealthofthecompany.TheForum’smetricsdeliveranannualdashboardofcomparabledataonbothsustainabilityandprosperitythatwillprovideusasnapshotofhowhealthyourcompanyis.StakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)203JLLseizestheopportunityprovidedbyESGreportingtohelpclientsreduceclimateimpacts3IntroductionSustainabilityiscentraltothecompany’spurpose:“WeshapethefutureofrealestatefortterworldThecompanyiscommittedtoassessingbothbusinessandsocietalimpactsacrossthethreeissueareasofitssustainabilityprogramme:“climateaction,healthyspacesandForthiscasestudyweinterviewed:ainabilityOfficergLeadalystKeytakeawaysngyStakeholderCapitalismMetricsInitiative:PartnerCaseStudies(Part2)21mpaniesort––parencyascompaniesseektouiredorthatcanbeguaranteedas100%accurate.Companiesneedtoworkhardtocommunicatenwhenthedataisimperfect.JLL’sadvicetofellowpractitionersis:focusongoodgovernance,process,controlsanddataqualityasthesewillhelpyoudeliverimpactandensureyouhavetheinformationyouneedtobecompliant.Rationaleforreporting:optimizethehugeopportunitytohelpclientstackleclimatechangeAsarealestatecompany,JLLisacutelyawarethatthebuiltenvironmentisresponsibleforalmost40%ofglobalcarbonemissions,accordingtotheInternationalEnergyAgencyrisesfromthespacesitsclientsoccupyWemanage1,200timesthespaceweoccupyourselves,”saysRichardBatten,thecompany’sreachtoshapethefutureofrealestateforthebetter,”headds.ForJLL,carbonemissionsareitsmostmaterialmetric,andthecompanyhassetambitioustargets:100%net-zerocarbonemissionsby2030withinitsownofficespace,andnetzeroacrossitsentirevaluechainby2040.Forthis2040target,JLLisaimingtodecarbonizeby95%,allowingjust5%ofemissionstobeoffset–aligningitselfona1.5°CwarmingpathwayasdefinedbytheScienceBasedTargetsiveSBTiWehaveahugeopportunitytohelptherealestateindustrymeetthechallengeofnetzero,andwecandothatbysupportingcompanies,communitiesandwiderstakeholderssuchascitiesandgovernmentstomeettheircarbongoals.LThecompanyisalsosubjecttogrowingexpectationsfromthreesetsofstakeholders:shareholders,clientsandemployees.“Shareholdersarenowbecomingmoreactivistintheboardroom,”saysBatten–“theyare