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Date de publication: 4 nov. 2011
Auteur: Y. B.
Noter cette article :

Le Boston Consulting Group a publié un rapport sur la création de valeur et l'enrichissement de l'actionnaire.

Introduction :

The shareholder value approach to corporate management has come under increasing scrutiny in recent years, with critics arguing that it contributed to theglobal economic crisis as well as to recent environmental disasters such as the BPoil spill and Japan’s nuclear crisis. It is commonly argued that the approach encour-ages managers to put the interests of shareholders above those of other stakeholdergroups, and to focus on managing quarterly earnings at the expense of long-termsustainable value.

Against the backdrop of this ongoing debate, many companies have been takingconcrete steps to broaden their views on value creation, with the majority ofFortune 500 and FTSE 100 companies now maintaining a corporate-social-responsi-bility function and issuing an annual sustainability report for investors. Leaders inthe practice, such as BMW and BASF, go so far as to specify their sustainabilityobjectives and achievements on a number of social and environmental dimensionssupported by a range of metrics, including value creation for each stakeholdergroup over a long-term horizon.

A handful of companies have taken steps toincorporate sustainability goals into their employees’ incentive plans. Royal DSM,for example, links almost one-quarter of management compensation to the compa-ny’s performance in eco-product development, energy efficiency, and employeeengagement, with another quarter tied to greenhouse gas efficiency.

Individual company initiatives are the product of a growing focus on sustainabilityby the wider business community. A number of indexes have been developed toallow investors to evaluate the performance of companies on criteria related tosustainability. The Dow Jones Sustainability Index (DJSI) measures companies’long-term economic, environmental, and social performance. Other organizationshave worked to establish standards for sustainability reporting, such as the widelyfollowed Global Reporting Initiative (GRI). The International Organization forStandardization (ISO), DJSI, GRI, and Bloomberg have all compiled lists of keyindicators to assess companies’ performance in areas such as reporting transparen-cy, management integrity, risk management, and environmental and social impact.

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