CORPORATE RESPONSIBILITY AT BACARDI LIMITED
The five pillars of our Corporate Responsibility program – 1) Marketplace 2) Environment, Health and Safety 3) Responsible Sourcing 4) People 5) Philanthropy and Community Involvement – reflect our main areas of activity.
Our business and the world in which we operate are constantly changing, and the specific priorities, risks and opportunities within each of our Corporate Responsibility pillars need to reflect this. As a result, we undertake a biannual materiality assessment to prioritize the importance of the issues within each pillar.
Our last materiality assessment, undertaken in fiscal 2012, used the results of the independent stakeholder research. We have reviewed the materiality rankings and concluded that they remain relevant for fiscal 2014. Our next assessment will be conducted in fiscal 2016.
To complete the materiality assessment, we combine the level of stakeholder interest in specific issues with the current or potential impact of the issues on Bacardi. This establishes the relative importance – the materiality – of our Corporate Responsibility issues to one another.
The results of the materiality assessment reflect the relative importance of issues within our Corporate Responsibility program, not the overall importance of the issues to Bacardi. For example, being a responsible employer is critically important to our business overall but is less material than other issues within our Corporate Responsibility program, such as responsible marketing or environmental protection.
We use the results of these assessments to inform our Corporate Responsibility strategy and the specific approach taken within each pillar of our program.
CRLT assesses the materiality of Corporate Responsibility issues for Bacardi on a regular basis.
Our material issues
The results of our materiality assessment (last conducted in 2012) are shown on the matrix below.
Notes to the results:
- Responsible Marketing includes responsible includes responsible commercial communications, marketing, advertising and product promotion.
- Product Responsibility includes product quality and product labeling.
- Sustainable Agriculture and Sourcing focuses on improvement in social and environmental standards throughout the entire value chain.
- Good Governance includes business ethics, transparency and controls to achieve regulatory compliance.
- Sustainable Packaging focuses on making our packaging more sustainable including material type, packaging weight and recyclability.
- Responsible Drinking includes action to promote responsible drinking and address alcohol-related harm.
- Direct Environmental Impacts includes carbon footprint, air emissions, effluent, water use, waste, transport.
- Responsible Supply Chain focuses on the minimum standards required of immediate suppliers to Bacardi.
- Responsible Employer includes employee rights, health and safety, diversity and training and development.
- Local Communities includes employee volunteering in community projects, as well as fundraising and donations.