Scope and objectives
Bacardi Limited commissioned Csrnetwork to undertake an assurance assessment of the Corporate Responsibility section of its corporate web-site (www.bacardilimited.com) as at 1st March 2008. Our objectives were to review the information in this section of the web-site and to undertake selected checks on the accuracy of the statements made and the processes used to generate the data provided. Our work focused on the Environment, Health and Safety (EHS) section which is the most established in terms of reporting on current performance.
Responsibilities of the directors of Bacardi Limited and the assurance providers
The directors of Bacardi Limited have sole responsibility for the preparation of the Corporate Responsibility information on the web-site. During the past 12 months, Csrnetwork has provided advice to Bacardi Limited in developing its corporate responsibility programme. Nevertheless this statement represents our independent opinion and is intended to inform all of Bacardi Limited's stakeholders including the management of Bacardi Limited. We adopt a balanced approach towards all Bacardi Limited stakeholders and a Statement of Impartiality relating to our contract with Bacardi Limited will be made available on request.
The assurance team for this contract with Bacardi Limited comprised Richard Dalley and Mark Line. Further information, including individual competencies relating to the team can be found at: www.csrnetwork.com
Basis of our opinion
We based our opinion on face-to-face and telephone interviews with members of the Corporate Responsibility Committee, the Global Director for EHS and senior managers at a number of Bacardi sites, including several members of the EHS Steering Group. We visited the manufacturing site at Buxtehude, Germany and examined evidence of the application of Bacardi's EHS data collection system. Our review was based on discussion of management processes and sample checks of data and evidence provided. Our opinion expressed in this assurance statement should not be relied upon as the basis for any financial or investment decisions.
Opinion
On the basis of the method and scope of work undertaken and the information provided to us by Bacardi Limited, we have found that overall the information in the Corporate Responsibility section of the web-site presents an accurate description of Bacardi Limited's management arrangements. Nothing came to our attention to suggest any systematic issues with data collection or consolidation that could result in material mis-statement of performance data, or claims.
Observations
The Corporate Responsibility section of Bacardi Limited's web-site represents a welcome first step in reporting on the company's programs and performance in this area. Bacardi has established clear commitments through its policies in each of the five priority areas. For EHS, Bacardi Limited is in the process of establishing a coherent and consistent approach to the identification and management of EHS issues across its international portfolio of businesses. The creation of the company-wide EHS Steering Group and the focus on developing and implementing standard Codes of Practice reflect the company's commitment to continual improvement.
Bacardi have recognised that further work is required to provide stronger definitions for certain EHS metrics. Some variations in data provided by sites in different locations were noted, and the reasons for these need to be better understood. Future reporting would also be strengthened by extending the scope of data reporting to include co-packers and major office locations. We welcome the company's plans to extend the range of environmental KPIs that are reported to include important aspects such as wastewater discharges.
Csrnetwork ltd
U.K. 1st March 2008
Mark Line
Director
Richard Dalley
Associate
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Csrnetwork is an international corporate social responsibility consultancy organisation.
www.csrnetwork.com
