Why is this important to us?
Compliance with regulations is a core responsibility, but this alone is not enough. Organisations today must strive to create a positive culture in which everyone wants and knows how to do the right thing.
Our stakeholders’ expectations
Our stakeholders expect a strong independent Board of Directors to perform effective and independent oversight. The US and Europe, in particular, have significantly tightened the rules companies must abide by, and increased the civil and criminal penalties that can apply, especially in relation to corruption and anti-trust.
Compliance is becoming more demanding, and the voluntary codes driven by stakeholders or imposed by law are broadening the scope of what governance covers. For example, stakeholders, shareholders, the media and consumers all expect us to disclose how we implement human rights and environmental standards, and to measure and publish our social and environmental impact. This includes what taxes we pay and where.
The global accounting profession, along with investors and business leaders, are motivating companies to take these issues into account in their decision-making, and report publicly on their performance. Likewise employees expect their company to observe high standards, and the best talent increasingly look for employers whose values align with their own.
These issues also have a commercial dimension: the companies that buy our steel products have to be confident that their own business is not threatened by risks in our production processes or supply chain. In a digital age, reputations that have been built over decades can be damaged in minutes.