How business measures sustainability one company s perspective
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How Business Measures Sustainability: One Company’s Perspective. Sandra Odendahl Director, Corporate Environmental Affairs Royal Bank of Canada CSIN Conference March 2010. Overview. About RBC Why Measure? Who Cares? Setting Priorities Measuring Success How to Report What next?.

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How business measures sustainability one company s perspective

How Business Measures Sustainability:One Company’s Perspective

Sandra Odendahl

Director, Corporate Environmental Affairs

Royal Bank of Canada

CSIN Conference

March 2010


Overview

Overview

  • About RBC

  • Why Measure?

  • Who Cares?

  • Setting Priorities

  • Measuring Success

  • How to Report

  • What next?


I about rbc

I. About RBC

  • Assets ~ $655 billion; Market capitalization ~ $77.6 billion.

  • Approximately 80,000 employees in 50 countries

  • Major operations in Canada, US, UK and the Caribbean

  • Over 1700 branches and more than 4,800 ABMs globally

  • Business areas:

    • RBC Canadian Banking (~44% of revenue)

    • RBC Capital Markets

    • RBC Wealth Management

    • RBC US and International Banking

    • RBC Insurance

Largest Canadian bank, 5th largest bank in North America

13th Largest Bank in the World


Why measure financial measurement and reporting

Why Measure?- Financial measurement and reporting

Financial performance measurement and reporting well-established

  • Objective:

    • “…to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.”

  • Users of financial statements:

    • present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the general public.

  • What users want:

    • All user groups interested in the ability of an entity to generate cash and of the timing and certainty of those future cash flows.

From the IASB's Framework for the Preparation and Presentation of Financial Statements


Why measure sustainability measurement and reporting

Why Measure?- Sustainability measurement and reporting

Sustainability performance measurement and reporting less well-established

  • Objectives:

    • management, increased comparability and reduced costs of sustainability, brand and reputation enhancement, differentiation in the marketplace, protection from brand erosion resulting from the actions of suppliers or competitors, networking and communications, benchmarking tool, corporate governance tool and an avenue for long term dialogue with reporting organizations*

  • Users of sustainability reports:

    • Subset of present and potential investors, employees, lenders, customers, governments and their agencies and the general public.

  • What users want:

    • They all want something different!

* From the Global Reporting Initiative


Why measure why rbc measures reports

Why measure?Why RBC measures & reports

  • To inform stakeholders of progress

  • To inform socially responsible investors

  • To track progress toward goals

  • To benchmark against other organisations

  • To demonstrate commitment

  • Federal requirement that all financial institutions produce an annual PAS

Formal CR Report since 2003


Who cares indicators our stakeholders care about

Who Cares? Indicators our stakeholders care about

Significant interest

Some interest

Little interest


How business measures sustainability one company s perspective

IV. Setting PrioritiesOur Corporate Responsibility Vision

Indicators Depend on Priorities

8


Iv setting priorities integrity governance and ethics

IV. Setting PrioritiesIntegrity: Governance and Ethics

Priorities

  • Demonstrate sound corporate governance principles

  • Provide clear disclosure of financial results, and disclose reliable performance data on key non-financial items

  • Comply with all applicable laws and regulations in every country in which we operate

  • Conduct business with honesty and integrity

In Financial Reports & Websites


Iv setting priorities economic impact

IV. Setting PrioritiesEconomic Impact

  • Priorities

  • Provide strong return to shareholders

  • Pay fair share of taxes

  • Create employment

  • Support small businessand economic development

  • Foster innovation and entrepreneurship

  • Purchase goods and services

In Financial, CR Reports & Websites


Iv setting priorities workplace

IV. Setting PrioritiesWorkplace

Priorities

  • Maintain progressive workplace programs and practices

  • Respect diversity and promote inclusion

  • Provide competitive compensation and total rewards, and enable growth through training and development opportunities

  • Foster a culture of employee engagement

In CR Reports and Website


Iv setting priorities communities

IV. Setting PrioritiesCommunities

Priorities

  • Provide donations with a lasting social impact

  • Sponsor key community initiatives

  • Enable employees to contribute

In CR Reports and Website


Iv setting priorities environment

IV. Setting PrioritiesEnvironment

The RBC Environmental Blueprint sets priorities on environmental management

Priority Issues

Priority Activities

  • Reduce our environmental footprint

  • Risk Management & Responsible Lending

  • Environmental products and services

  • Engage with Communities

Climate Change

Forests/Biodiversity

Water


V measuring environmental success

V. Measuring Environmental Success

  • Meaningful indicators

    • Snapshot - Summary indicators

    • Progress Report – Qualitative

    • Data

  • High standards for data quality

  • Broad data coverage

  • Targets

  • Benchmarking


Measuring environmental success meaningful indicators summaries

Measuring Environmental SuccessMeaningful Indicators - Summaries

Vital Statistics

The Snapshot


Measuring environmental success meaningful indicators progress

Measuring Environmental SuccessMeaningful Indicators - Progress

Blueprint Report Card

The Progress Report


Measuring environmental success meaningful indicators data

Measuring Environmental SuccessMeaningful Indicators - Data

Operational Footprint

The Details (for Data Junkies)


Measuring environmental success meaningful indicators data1

Measuring Environmental SuccessMeaningful Indicators - Data

Responsible Lending

Green Products and Services


V measuring environmental success meaningful indicators data

V. Measuring Environmental SuccessMeaningful Indicators - Data

Community Engagement


Vi how to report

VI. How to Report

  • RBC.com/environment

  • RBC.com/responsibility

    • Customised PDF generator

  • Annual CR Report and PAS

    • Online only

  • CR Review

    • Brief printed brochure

    • For consumers, general public and employees

  • Ad hoc “sustainability surveys”

    • We avoid them, and direct people to our website

  • Quarterly reports to shareholders, Annual Report and Management Proxy Circular

Websites, print documents, surveys, financial reports


Vii what next

VII. What next?

  • Shift away from hardcopy reporting to electronic disclosure

    • RBC CR Report (full) only available online

    • RBC report generator for customized reporting

  • Manage increased volume of client, staff and public inquiries on sensitive environmental and social topics

  • Establish criteria to screen surveys and requests for more detailed information

  • More rigorous assessment of which sustainability indicators are financially material

    • Hint: not that many


It takes a lot of reporting to be considered a sustainability leader

It Takes a Lot of Reporting to be Considered a Sustainability Leader


How business measures sustainability one company s perspective

Thank You!

Questions?

[email protected]

www.rbc.com/environment


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