Like it or not, it is increasingly difficult for organizations to ignore the concept of corporate sustainability. Companies are under unprecedented scrutiny from governments, regulators, NGOs, investors and consumers in terms of how their business practices and operations impact society and the wider world. In the context of business, sustainable practices encompass everything from reducing the environmental impact of industry to socially-responsible investing, ethical supply chains regulatory compliance and safety and diversity in the workplace. Sustainability has implications for virtually all aspects of business, including strategy, finance, HR, procurement, compliance, product development and marketing.
Mark Vergnano, Group Vice President, DuPont Safety & Protection, spoke to a standing-room audience of more than 200 business and public policy leaders in New York City at a February 12th conference on corporate sustainability hosted by The Economist, one of the leading publications focusing on international politics and business news.
Vergnano was part of the opening panel entitled: “Outlook for Business and Sustainability: What Forces Will Shape Corporate Sustainability Policy and Strategy?” He shared the podium with Paul A. Laudicina, Chairman of the Board, AT Kearney and Gentiane Weil, Senior Vice-president, Orange FT Group.
The panel discussion focused on 5 key topics:
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Where does corporate responsibility begin and end?
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Social responsibility vs. responsibility to shareholders.
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How can companies respond to a changing dynamic between business, society and government, to the advantage of the bottom line? A look at best practice.
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What can companies expect from government?
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What do consumers expect from companies, and how will consumer pressure influence companies?
In his remarks which were referenced throughout the day by other speakers and participants, Vergnano said that safety and sustainability are the pillars and science is the vital enabler of corporate responsibility. He stressed that to meet global challenges, collaboration is a requirement not an option.
As examples, he cited DuPont’s commitment to introduce at least 1,000 new products by 2015 that help make people safer globally. Specifically, he talked about the company’s efforts with BP to market biofuels in a way that promotes sustainable agriculture and Hybrid Membrane Technology’s role in improving air quality and lowering energy costs.
Vergnano also discussed the use of science to create more sustainable plant operations, citing company efforts in Memphis, Tennessee to replace natural gas with landfill gas to fuel plant boilers which has reduced greenhouse gas emissions to the equivalent of removing 70,000 cars from the road or planting 95,000 acres of forest.
His concluding comments shared DuPont’s belief that corporate responsibility never ends if a company values people, ethical behaviour, safety and the environment. In fact, DuPont believes that these values will only become more important in the future and a more powerful definer of a company’s success.
