Sustainability & Social Impact

The United Nations Sustainable Development Goals (SDGs) provide a framework for our environmental sustainability and social impact strategy. We support all 17 SDGs, which help guide our priorities and programs, and which will guide our future goal setting and reporting.

We are a signatory to the United Nations Global Compact (UNGC) and support the ten principles focused on human rights, labor, environment, and anti-corruption.

 

The Social Impact of Corporations and How to Address It Corporations today significantly influence society, impacting communities, the environment, and individual well-being. This influence, known as social impact, can be positive or negative. To prevent harmful effects, companies must actively work to mitigate any negative impacts they may cause. One effective way to avoid negative social impact is through robust corporate social responsibility (CSR) programs. These programs involve ethical business practices that go beyond legal requirements, focusing on the welfare of employees, customers, and communities. Key components include fair labor practices, safe working conditions, and philanthropic activities. Another important strategy is conducting thorough impact assessments before starting new projects. These assessments identify potential negative effects on the environment and society, allowing companies to take proactive measures. Engaging stakeholders like community members, environmental experts, and social activists can provide valuable insights for minimizing harm. Transparency and accountability are also crucial. Corporations should maintain open communication with stakeholders and regularly report on their social and environmental performance. This builds trust and allows for continuous improvement. Independent oversight bodies or third-party audits can further enhance credibility. Innovation and technology can help create positive social impact. By investing in sustainable practices and developing eco-friendly products, companies can reduce their environmental footprint. Examples include using renewable energy, recycling, and designing long-lasting products. Collaboration with other businesses, NGOs, and government agencies can also address complex social issues. Strategic partnerships can pool resources and knowledge to tackle challenges like poverty, education, and healthcare access. In summary, avoiding negative social impact requires a holistic approach that integrates ethical considerations into all aspects of a corporation's operations. By embracing CSR, conducting impact assessments, maintaining transparency, leveraging innovation, and fostering collaborations, corporations can contribute positively to society and build a sustainable future for all.