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KÖVET (Grundfos Manufacturing Hungary Ltd.) - How to be transparent? Corporate tools to ensure transparency

Added on 22-03-2013

Company

Grundfos Manufacturing Hungary Ltd.

Network

KÖVET Association for Sustainable Economies

Year

2010-11

Business challenge

Grundfos Group recognizes that any company, declaring itself as responsible, is expected to ensure accountability and transparency, it has been identified that it is important to communicate and build relationships effectively with its key stakeholders. This allows stakeholders to review its operations and present certain pieces of company information to the public.

Description

This company responded to this challenge by the preparation of financial and sustainability results (Group Annual Report and Sustainability Report) which are available to employees and the public.

The Hungarian Grundfos company came second after the German production company, decided to present its stakeholders with the sustainability efforts, basic operational data, environmental impacts all illustrated in the sustainability report of year 2009, the target group of which was employees, local communities and suppliers.

Another reason behind the report is a society survey conducted among the stakeholders. The results showed that certain commitments, such as activities exceeding legal requirement and corporate social responsibility were underrated compared to our real efforts. (The sustainability report won Deloitte’s Green Frog Award in „The best first report” category.)

Based on employee feedback, the company presented and provided full access to the Group’s Code of Conduct (effective as of 2006). An Ethics Committee was set up with the objective to support the favorable and right corporate attitude as well as focus on general company values. Grundfos ensures confidentiality and protection to those employees who report real issues lacking any personal interests. Grundfos in Hungary takes advantage of all its internal communication channels and tools to supply employees with actual and public information (e.g. intranet, displays in the plants, e-mail, news boards, interactive forums, plant meetings, magazines, etc.).

Impact

  • The method for forwarding data and information with efficiency, comprehensibility and ways of improvement need greater attention, based on experience. 

Challenges/Lessons learned:

  • Targeted communication of stakeholders, especially employees.
  • The report enabled a mapping of stakeholder relationships, to build closer relationships to influence local companies to move towards a similar direction.
  • Creating awareness of sustainability within the company.

More information

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