Step 7 Examples: Set up internal monitoring
Corporate policies and their implementation need to be kept under constant review to keep abreast of developments in technology and scientific understanding, customer needs and wider societal expectations. It is for the company to assess its social performance through internal consultation and periodic review by management. Equally, it is the company’s responsibility to check that its business principles are being acted upon. The extent and manner of external reporting of performance is, of course, for the company to decide.
Tesco (Retail, UK) on CR Audit
"The audit team gathered information and, where available, collected supporting documentation, on the effectiveness of the following:
- Communication of our corporate responsibility strategy
- Governance of corporate responsibility processes
- Communication with key stakeholders (internal and external)
- Reporting process for the corporate responsibility review and other communications
- Monitoring our progress against established KPIs
- Benchmarking against other companies in the retail sector
- Our relationships with non-government organisations (NGOs) and socially responsible investors (SRIs)
- Management of external perceptions "
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GlaxoSmithKline (Pharmaceuticals, UK) on CR Audit
"The Audit & Risk Committee reviews the financial and internal reporting process, the integrity of the company’s financial statements, the external and internal audit processes, the system of internal controls and the identification and management of risks. The committee also proposes to shareholders the appointment, re-appointment and removal of the external auditors and is directly responsible for their remuneration and oversight of their work. The committee consists entirely of Independent Non-Executive Directors"
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