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ValuingCorporate SocialResponsibility andSustainabilityMarch2009CONFIDENTIALANDPROPRIETARYAnyuseofthismaterialwithoutspecificpermissionofMcKinsey&CompanyisstrictlyprohibitedBCCCCPresentationDRAFT ObjectivesoftheresearchFocusonfinanciallinkbetweenESGactivitiesandfinancialvaluecreationDevelopunderstandingofwhatittakesto:CreatevaluethroughESGactivitiesDevelopmoresophisticatedmetricstocapturethefinancialvalueBuildbettertoolsandmethodstocommunicatethatvaluetointernalandexternalstakeholders1 KeyfindingsESGactivitiescreatevaluealongthefour areastraditionallyvaluedbythemarket:GrowthReturnonCapitalRiskManagementManagementQualityInvestorsandCFOsbelieveESGactivitiescreatevalue,butarenotfullytakingitintoaccountManycompaniescreaterealvaluefromESGactivities, butmostdonotmeasurethatvalue,andevenfewer communicatethevalueThereisarealopportunityforESGprofessionalstofillthisgap2 ResearchmethodologyExaminationofESGprogramstoday,thechallengeofmeasuringvalue,andmethodsforassessingandcommunicatingvalueExaminedexistingmetricsystems238CFOsandinvestmentprofessionals127ESGprofessionalsandsociallyresponsibleinstitutionalinvestorsthroughBCCCCRangeofindustriesand regions135interviewsacross20 companies11industriesU.S.andEuropeRangeoffunctions:ESGprofessionals,humanresources,environment,strategy,finance,andinvestorrelationsTieESGtovaluealong4 dimensionstypicallyusedbymarket:growth,returnoncapital,riskmanagement,managementqualityDevelop10bestpracticesfordesigningstrategicESGprogramsInitiativewhitepaper,withanalysisofESGmeasurementissuesandrecommendationsCFO,Investor,ESGProfessionalMcKinseyQuarterlysurveyCompanyinterviewsandcasestudiesFrameworkforlinkingESGactivities toValueCreation6.23 Whatareyour“painpoints”asanESGpractitioner?MeetingthedemandsofexistingmetricsystemsGettingadequateresources,tractionandintegrationinternallyEstablishingandmonitoringmetricstoassessimpactofprogramGettingrecognitionfromthemarketforeffectiveESG4 WeexaminedasampleofESGmetrics,measurement, andratingsystems1CategoriesofESGmetrics,measurementandratingssystemsExamplesOursampleIndicesdeveloped byfinancialindexcompaniesESGInitiativesandlearningnetworksReputationindicesproducedbymedia/polling/PRfirmsRankingsanddataproducedbySRIinformationprovidersESG-relatedstandards1AnalysisofESGmetricssystemsbasedonlyoninformationpubliclyavailableonrelevantwebsitesSOURCE:McKinseyAnalysis5 CapturesopportunitiesDistinguishesfinancially materialissuesAvoidstheproblem of‘noise’Coversthefullrangeof ESGissuesFinanciallyquantifiabledataSensitivetodifferenttypes ofcompaniesSOURCE:TeamanalysisAmajor“painpoint”istheexistingmetricsandindicesthatevaluateacompany’sESGprograms,butdonottakefinancialvalueintoaccountAveragescoreoftherangeofmetricssystemsassessedagainst6criteriaPoints(score0-3pointsoneachissue)123456466 HowmuchdoyouthinkthatESGactivitiesadd toshareholdervalue?Addbetween2and5%Addmorethan5%Don’tknowAddlessthan2%7 1Environmental,social,andgovernance2ExcludinganychangesstemmingfromthecurrenteconomiccrisisSOURCE:S.Bonini,N.Brun,andM.Rosenthal,“Valuingcorporatesocialresponsibility,”TheMcKinseyQuarterly,February2009PercentageofrespondentsEffectofESGprogramsonorganization’sshareholdervalueintypicaltimes2ValueaddInvestorsandCFOsalsobelieveESG¹drivesvalue>116-102-5<2NoeffectDon’t knowReducedvalueAlargemajorityofESGprofessionalsthinkthatESGprogramscreatevalueintheshortandthelongtermCFOsandinvestorsprofessionalsaremorelikelythanESGprofessionalstoseethelongtermbenefitoftheseactivitiesComplementaryfindingsfromthesurvey53CFOs,n=84Investment professionals,n=154ESGprofessionals, n=878 AlthoughmanycompaniescreatevaluefromESG,veryfewassessthefinancialvaluecreationandevenfewercommunicatethattothemarketsCreatingvalueAssessingvalueCommunicatingvaluePercentofcompaniesinterviewed=100%-40%-5%-40%-10%5ESGprogramMaximizingvaluefromESGEstablishedmetricstomonitorprogramConvertingESGmetricstofinancialvalueCommunicateESGvaluetoCFOs,investors9 SOURCE:TeamanalysisPathwaytovaluefromESGalongfourdimensionsLeadershipdevelopmentDevelopleadershipskillsandimproveemployeequalitythroughESGparticipationAdaptabilityBuildabilitytoadapttochangingpoliticalandsocialsituationsbyengaginglocalcommunitiesLong-termstrategicviewDeveloplong-termstrategyencompassingESGissuesLicensetooperateFacilitateuninterruptedoperationsandentryinnewmarketsusinglocalESGeffortsandcommunitydialoguetoengagecitizensandreducelocalresistanceSupplychain/securityofsupplySecureconsistent,long-term,andsustainableaccesstosafe,highqualityrawmaterialsandproductsbyengagingincommunitywelfareanddevelopmentMitigaterisksbycomplyingwithregulatoryrequirements,industrystandards,andNGOdemandsRegulatoryriskReputationalriskAvoidnegativepublicityandboycottsbyaddressingESGissuesWorkforceefficiencyReducecostsgeneratedbyemployeeattractionandturnoverbyusingESGtobuildmoraleDevelopemployees’skillsandincreaseproductivitythroughparticipationinESGactivitiesEnablebottomlinecostsavingsthroughenvironmentaloperationsandpractices(e.g.,energyandwaterefficiency,lessrawmaterialsneeded)OperationalefficiencyReputation/pricepremiumDevelopreputationonESGthatgarnerscustomers’willingnesstopaypriceincreaseorpremiumGainaccesstonewmarketsandmarketsharethroughexposurefromESGprogramsNewmarketsReputation/differentiationFosterbrandloyalty,reputationandgoodwillwithstakeholdersbyengagingwiththemonESGprogramsInnovationDevelopcuttingedgetechnologyandinnovativeproductsandservicesforunmetsocialorenvironmentalneedsthatcouldtranslatetobusinessuses,patents,proprietaryknowledge,etc.Newcustomers/marketshareUseESGtoengageconsumersandbuildknowledgeofexpectationsandbehaviorsNewproductsCreateproductstomeetunmetsocialneedsandincreasedifferentiationManagementqualityRisk managementReturn oncapitalGrowth10 SOURCE:Teamanalysis4dimensionsSub-dimensionsExamplesInvested$1billionover10yearstoreduceitsenergyconsumptionandimproveitsefficiencyandhassaved$7billioninlast5yearsOperationalefficiencyReturn oncapitalEngagedwithlocalstakeholdersandbuilttrustwithlocalcommunitiesbybeingresponsivetocommunityneeds.HasallowedInteltobeproactiveaboutmanagingconcerns,avoidingzoningdelaysandfines,andbenefitingfromtax incentivesReputationalriskRiskmanage-mentDeveloped“CorporateServiceCorps”tosendemergingleaderstoworkprobonoinemergingmarketstofostereconomicgrowth.Hasledtoimprovementsinfiveareas:globalleadershipskills,culturalintelligenceandglobalawareness,employeeretentionandcommitmenttoIBM,newknowledgeandskillcontributiontoIBM,andintrapersonalgrowthLeadershipdevelopmentManage-mentqualityNovoNordisk:EngagedinemergingeconomieslikeIndia,China,andBangladeshtohelpbuildclinics,nationaldiabetesprograms,systematiceducationfordoctors,nursesandpatients,andcomprehensivepatientsupportinitiatives.Asaresult,inChina,NovoNordiskhasearnedmarketleadership(e.g.,marketshareabove70%)Verizon:Launchedanewproductforelderlyanddisabledtomeetsocialneedsofpopulation.Hasresultedinincreasedsalesand100,000newcustomersNewcustomers/marketshareGrowthIllustrationofhowcompaniescancreatevaluefromESGILLUSTRATIVE11 IndirectimpactDirectfinancialimpactESGprogramscanhavedirectandindirectfinancialimpacts, depending onthebusinessdriverstheytargetILLUSTRATIVETrust&reputationNewgeographicalmarketsInnovationHumanefficiencyOperationalefficiencyBusinessdriverESGprogramStrengthenreputation,goodwillandloyaltywithstakeholdersFacilitatemarketsentryExpandthenumberofpatentsDevelopcuttingedgetechnology/productsEnablebottomlinecostssavingImprovetalentattraction,moraleandretentionImproveskills(e.g.leadership,…)EffectonbusinessdriverFavourabilityratingsevolution,#meetingswithstakeholders#andvalueofnewmarketsenteredthroughprogram#andmarketvalueofnewpatentsdeveloped#andvalueofnewproductsdevelopedandsoldWater,energyandrawmaterialsusesreductionEmployeeretention,Costoftrainingnewemployees#employeeswithnewskillsfromexperienceExamplesofmetricsIncreaserevenuethroughincreasedsalesIncreaserevenuefrompatentsIncreaserevenuethroughincreasedsalesDecreasecostofhiringandtrainingnewemployeesIncreaserevenueperpersonIncreaserevenueindirectlythroughgoodwillDecreasecostFinancialimpactSOURCE:McKinseyanalysis12 ImprovedcommunicationaboutthevalueofESG activitiesisneededOfferingintegratedcorporatereporting
(corporatefinancial+ESGprogramsdata)IntegratinginformationonESGprograms’
financialvalueintocorporatereportsReportingdatarelatedtonewmarketsorcustomersreachthroughESGprogramsReportingdatarelatedtoemployeesProvidinganecdotalevidenceof
howtheseprogramscreatevalueUsingregularbusinessterminology
tocommunicateaboutsuchprogramsReportingdatarelatedtoinnovationPercentageofrespondents2,multiplechoiceanswersSOURCE:S.Bonini,N.Brun,M.Rosenthal,“Valuingcorporatesocialresponsibility”,McKinseyQuarterly,February2009WaystoimprovetheeffectivenessofcommunicationabouttheperformanceofESGprograms31Environmental,social,andgovernance2Respondentswhoanswered“other”,“noneoftheabove”or“don’tknow”arenotshown3Excludinganychangesstemmingfromcurrenteconomiccrisis36ESG1professionals,n=87CFOs,n=84Investmentprofessionals,n=15413 GrowthReturnoncapitalRiskmanagementManagementqualityPathwaytovaluecreatedbyESGprogramsIndustryissuesStakeholderneedsBusinessdriversMetricsCommunicationCreationofESGProgramMeetstakeholderexpectationsandensuretheirsupportinmanagingESGopportunitieswhilecreatingvalueforthecompanyTurnsocio-politicalissuesintoESGopportunitiesbymeetingstakeholderneedsandcreatingfinancialvaluealongthebusinessdriversImpactbusinessdriversandcreatefinancialvaluewhilemeetingstakeholderandsocietalneedsandturningthemintoESGopportunitiesDevelopfewrelevantmetrics tocapturethefinancialvalue oftheprogramSetclearmessagedependingonthetargetedaudience andprovideinforma-tionthattheaudienceislookingforDesignESGprogramresultingfromindustryissues,stake-holdersneedsandbusinessdriversPathwaytovalueSOURCE:McKinseyanalysis14 QuestionsfordiscussionWhatarethebiggestobstaclestointegratingbettermetricsintoESGwork?Whatarethedirectbenefitstothecompanyofbettermetrics?Howmightusingbettermetricschangewhatcompaniesdo onthegroundintermsofprojectlevelimpactofESG?HowcanESGprofessionalsbegintoapplyamorefinancialmindset/languagetothedesign,measurement,andcommunicationofESGprograms?HowcanESGpractitionersfacilitateconversationsaboutthevalueofESGactivitieswithintheirowncompanies?HowcanESGpractitionersbegintocreatequantitative,financialmetricsforESGactivitiestoallowforseamlesscommunicationbetweenESGprofessionals,CFOsandinvestors?15 Appendix16 BusinessFormalcontractSemi-formalcontractFrontierexpecta-tionsSocietyBusinessoperateswithinanoverallsocialcontractGlobaltrendsConsumersandemployeesGlobalizationESGissuesEnviron-mentalSocialGovernanceGrowthandopportunityLicensetooperate17 Participantsoftheresearch20companiesfromacrossindustriesandgeographies18 SOURCE:TeamanalysisWesee10bestpracticesforcreatingvaluefromESGUtilizecorecompetenciesTakealong-termperspectiveCreateopportunitiesandmanagerisksStrategyOrganizationImplementationFundamentalsEnsurestrongleadershipsupportEmbedintothestrategy,organization,andcultureSelectappropriatepartnersSetcleargoalsandmanagelikeabusinessAlignwithcorebusinessstrategyIdentifyandengagestakeholdersAddresskeyissuesfacingtheindustryBestpractices45678321910Examples19
