To create the most value for their businesses and communities, firms in the PwC network consult with their stakeholders and their own people to help decide business priorities.
At PwC doing the right thing is fundamental to our culture. We take our public interest role, and our broader role in society, very seriously. A key element of this commitment is the strong relationships that PwC maintains with a vast range of global institutions and international bodies.
For example, we help the International Integrated Reporting Council (IIRC) to develop their standards and participate in several working groups with the UN Global Compact (UNGC), including ‘Sustainable Energy for All’ and ‘CR Reporting and Transparency’. We also co-created the R!SE Initiative together with the UN, and participate in the UN CEO Water Mandate which launched the Corporate Water Disclosure Guidelines in 2014.
We continue to work closely with the World Business Council for Sustainable Development (WBCSD) and were co-chairs of Action 2020, the WBCSD’s primary platform for helping businesses work towards a sustainable future.
Through these relationships PwC firms gain inspiration and insight from the work of others, and share the wide experience of their people. Engaging with stakeholders is also essential for each of the firms in the Network to understand their stakeholders’ needs and create the value they’re seeking. Below are some examples of how PwC firms are listening and responding to their stakeholders.
A growing number of PwC firms’ clients are taking significant steps to incorporate the consideration of risks and opportunities related to CR into their business strategies and some are starting to make CR policy and performance a condition of doing business. This is a trend we expect to continue and grow in the future. Many PwC firms use relationship management processes and programmes of client activity including participation in industry and client forums, satisfaction surveys, and dedicated interviews to understand their clients’ needs and views on the CR agenda.
Every year PwC conducts its Global People Survey to gauge our employees' views on a range of issues including CR. In FY14, 77% of our people believed that PwC was taking appropriate steps to be socially responsible, a small increase in the score from FY13.
In terms of environmental stewardship the favourable responses increased from 68% to 69%. However there is still progress to make here, even though many individual firms do very well in this area. We continue to report on the Network’s GHG emissions made a public commitment to managing our environmental impact more effectively.
Firms representing more than 80% of our Network by revenue now have environmental policies or environmental management approaches in place.
Suppliers are important stakeholders within the global value chain. At a local level, many PwC firms have regular dialogue with suppliers as well as formal supplier assessments. These mechanisms are used to understand supplier challenges and enhance the quality of service and CR standards in the supply chain.
PwC firms also have an opportunity to leverage their purchasing power to influence social and environmental performance in their supply chains. The responsibility to understand and manage the social and environmental impacts of these procurement activities is an important area of focus for many PwC firms.
Examples of progress in this area can be found in many PwC firms’ sustainable supply chain policies and practices including: PwC Australia, PwC Canada, PwC Czech Republic, PwC Russia, PwC UK and PwC US.
“At our best, we hear and understand the goals of our clients, our people and other stakeholders, and work with them to create value.”Dennis M. Nally