CR strategy advice for leading electronics brand
In 2007 and 2008, we were asked by LG Electronics to undertake comprehensive assessments of its approach to corporate responsibility.
In both cases, we started by evaluating its CR strategy, management systems and performance using our Accountability Rating framework, which is based on internationally recognised sustainability standards such as the United Nations Global Compact, the Global Reporting Initiative and the AA1000 Standards series.
As well as mapping LG Electronics’ performance against the Rating and underlying standards, we undertook a systematic evaluation of relevant best practices demonstrated by global CR leaders. We also carried out work to identify and prioritise its material social and environmental issues, and to assess its approach on each of these.
Based on this three-fold assessment, we identified the company’s key strengths and weaknesses, put them into the context of the performance of its competitors and other globally leading companies, and made recommendations accordingly. These were designed to help LG Electronics manage its major social and environmental risks, make a tangible contribution to the achievement of its primary business objectives, and improve its approach to sustainability reporting.
In 2008, for example, we recommended changes to the company’s:
- overall CR strategy
- organisational arrangements for driving responsible behaviour covering not just the CR function, but also the high-level allocation of social and environmental responsibilities elsewhere in the company
- approach to communicating with stakeholders.
