Brussels, 30/11/2010 (Agence Europe) - A modern and ambitious policy for “corporate social responsibility” (CSR) - this was the aim set out by the vice-president of the Commission, Antonio Tajani (Enterprise, Industry) and Commissioners Lázsló Andor (Employment, Social Affairs, Inclusion) and Michel Barnier (Internal Market, Services) during the European Multi-stakeholder Forum on Corporate Social Responsibility held in Brussels on Monday 29 and Tuesday 30 November. Debate covered the way companies can contribute to the EU 2020 strategy on questions relating to “company reporting” and disclosure of non-financial information.
When it comes to the importance of CSR today, it is difficult to overcome the CSR crisis. For a long while now, the race to make shareholder profits has been the only rule guiding a capitalist economy, Michel Barnier noted, pointing out that CSR proposes to assess the performance of companies in relation to a triple bottom line - financial, social and environmental. It is well known, however, that mainstream investors primarily use financial data. Only minor account is taken of social and environmental factors when analysing the investment potential of businesses.
Quizzed on the tools available for action against this, Michel Barnier cited: - the EU 2020 strategy, measures aimed at promoting long term private investment, measures to ensure companies are more accountable to their shareholders but also towards their employees and towards society in general, i.e. not only shareholders but also stakeholders. Michel Barnier, like Lázsló Andor, believes the question to be answered is that of the meaning of the company and of the role that it can play with all those concerned (employees, suppliers, creditors, etc), as not only the shareholders participate in the company's success. In addition to corporate governance, areas concerned related to social and environmental responsibility, areas in which European rules are neither set out or given in detail. Relevant information could help those who place sustainability and responsibility at the heart of their strategy and promote better accounting of the beneficial effect of corporate responsibility.
To the question “How should one proceed?”, Barnier stated this was through transparency and public consultation. He spoke of the public consultation exercise initiated on 22 November on corporate reporting in social and environment matters (to be open until 24 January 2011). On this point, Andor noted that reporting could be voluntary or compulsory, related to key principles or key performance indicators. The important thing, according to Andor, is that one should end up with a system that can be put into practice and which has the agreement of a majority of stakeholders. In a world where competition is fierce, companies want increasing transparency. Companies have a substantial role to play in restoring sustainable growth and consolidating the EU's role in the international arena. That is why CSR is now necessary, concluded Andor. (G.B./transl.jl)