Do you know what a Corporate Responsibility (CR) report is, and why it's important? Read on to find out. ?
What does ‘Corporate Responsibility’ mean?
‘Corporate Responsibility’ acknowledges that a company’s existence has an effect on the world, and with it an obligation to create lasting social, environmental and economic value for its stakeholders. This responsibility goes beyond the traditional understanding of sustainability as protecting our earth and extends to implementing a holistic approach to impact the lives of others. At Baxter, we are committed to being a responsible corporate citizen that strives to make a meaningful difference for our people and in the communities where we live and work.
What is a CR report?
A CR report is a company's opportunity to regularly share how it creates value for all stakeholders – not just profit for the company, but total and long-lasting value creation for patients, customers, employees, communities where you do business, investors, and beyond. ?
It's a transparent way to discuss what you stand for as an organization, and what actions you’re taking to advance those areas. This is all done by setting CR goals—how you aim to create value—and reporting progress. For Baxter, our priorities range from increasing access to healthcare for the underserved to improving the sustainability of our products and operations, promoting inclusion, diversity and employee engagement in the workplace, and more.
A CR report is a company's opportunity to regularly share how it creates value for all stakeholders – not just profit for the company, but total and long-lasting value creation for patients, customers, employees, communities where you do business, investors, and beyond.
Why is a CR report important??
It builds trust and accountability. In voicing a company’s values through setting CR priorities and goals, and providing detailed information and data on the actions you’re taking related to them, a CR report helps earn stakeholder trust.?
Who reads these reports? What information are they looking for?
A wide range of audiences look to CR reports for information, including customers and purchasing groups, employees, environmental groups and the investor community.?
Information in a report can influence customer buying decisions. Many potential customers ask companies to complete questionnaires on sustainability that play a critical role in their evaluation of a company, and some even have sustainability councils who make these assessments. Additionally, showcasing?efforts to foster a best place to work helps attract and retain top talent.
In recent years, the investor community has increasingly focused on environmental, social, and governance (ESG) criteria in evaluating companies for investment. Our CR reports include valuable metrics for ESG-focused investors, such as patient safety and quality, healthcare access and affordability, ethics and compliance, supply chain sustainability and management, board composition and community impact. Socially responsible investing relies on clear disclosure of these and other criteria.
Third-party organizations also publicly rank companies'?performance based on data found in CR reports. Being placed on leading lists like the Dow Jones Sustainability Index (DJSI) and 3BL Media's 100 Best Corporate Citizens, among others,?helps confirm a company's?excellence in corporate responsibility, and reinforces stakeholder trust. Baxter is the only U.S.-based company to be listed on the DJSI each year since the Index's creation, and as of 2020 is one of only 21 companies to have made 3BL's "100 Best" each year since 2009.
Do all companies produce a CR report?
No, but we are seeing more do so. Recent research by the Sustainable Investments Institute found 78% of companies in the S&P 500 issued sustainability reports.?This work has been a long-time priority for Baxter; we issued our first environmental report in 1992, which evolved into a sustainability report, and later to the CR report we currently publish.
To view Baxter's current and past CR reports, click here.?